I found a house that is dirt cheap and I want to get it so bad. I can afford the payments but am afraid I will not be able to get the down payment in time. I have tried going through the process of getting approved for a loan that does not need a down payment and I was denied for supposedly having too much money. I NEED OPTIONS!!
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You can’t afford the home. That simple. Buying a home does not end with being able to make the mortgage payments. Can you afford the property taxes, maintenance, repairs, insurance, and upkeep costs? If you don’t have the liquid cash for the down payment, does not sound like it.
Save for a bigger down payment. There will be other homes out there.
Repay the scholar loans first. Live like a student for a few years and pay off those loans. Then retailer up for a residence. Why? Considering that you’re decreasing risk, you’re saving curiosity and you are going to be a long way forward of your former classmates. Pay off the loans in a couple of years. Then buy that apartment in a couple of years after that. Don’t let a excellent new income permit you to be fooled into the seeking out the new “American Dream”: Mountains of money owed and repayments on residences, automobiles, furnishings, vacations, and so forth… My spouse and i sacrificed various stuff for the first couple of years of our marriage. We paid off our wedding, some debt she had got, paid off some real estate apartment property losses from a property that will have to certainly not had been bought and different stuff. You may learn that and consider that you simply will not make those identical mistakes. But, debt has a technique of creeping into you lifestyles. We don’t owe for some thing besides just a little of one condo, we’ve financial savings in the financial institution, we’ve got two paid for cars, we’re remodeling our residence with money, we go on trip anyplace we prefer,and so forth… Simply reside small at the same time and pay off as so much which you could. This of direction way you additionally must have a emergency fund, saving for retirement and have lifestyles insurance if you have any dependents.