Posted on: 16th May, 2013 02:20 am
My husband and I want to buy a house. We will be buying home for the first time. What are the steps? We already went to a lender to see if we get approved. How much do we need save up to pay closing, down payment on a house that cost around $108,800?
Hi Vermont,
If you're going to take out a conventional loan, then you should save 20% for the down payment. Apart from that, you should have around 4-6 months of mortgage payments saved in your savings account. You should also take care of your credit. Your scores should be somewhere around 700-720. If you meet these basic criteria, getting a loan will be easier for you.
Thanks,
Jerry
If you're going to take out a conventional loan, then you should save 20% for the down payment. Apart from that, you should have around 4-6 months of mortgage payments saved in your savings account. You should also take care of your credit. Your scores should be somewhere around 700-720. If you meet these basic criteria, getting a loan will be easier for you.
Thanks,
Jerry
You may need to talk to an FHA lender for a 3.5% down payment and about a 580 credit score is acceptable but 620 preferred, 700-720 or higher would be fantastic. Lots of unknowns here. You can get a new home via a FannieMae Homepath loan with much less down. If you are a teacher or in law enforcement there are other programs you might find interesting. Some HUD homes offer $500 down payments if you qualify. M
Thanks for your comments, Mike! That was really informative :)
what is your credit score??? it should be atleast 700.
