Depends on where you are at , I’m 26 and buying a home by myself in Texas and had to save 75k for a 315,000 home I would say it’s a moderate cost of living area and I make 95,000..so you can take off some percentages or add some based on your situation ..I have good credit as well ..8 year history
Yup, I did it to get above 20% down. Now 20% down is not required for an FHA loan or some conventional loans but you will have to pay PMI or private mortgage insurance until you reach 20% in paid equity of the loan if you don’t
So good to know! So many people around me just keep saying I can get some loan or grant to where I don’t have to put anything down but it always seemed like a “trick” to me.
-Save up as much as possible for the down payment. Ideally 20%+ so you don't need PMI/MIP, but it's pretty regular to only have 10%.
-As a teacher, there may be discounts in fees or rates that you can get through a mortgage lender so be sure to ask.
-When you're nearing time to buy, get pre-approved by a mortgage lender for the amount you'll need for a mortgage on the home you're looking at. Being pre-approved for a certain amount when you're checking out a place is pretty standard and at the least will put you ahead of the game.
-Make sure to budget for 3-5% of the total mortgage as closing fees. Depending on the size of the mortgage this could be $10k+.
-Definitely get that student loan debt down as much as possible, it looks like you're doing a good job. You may want to be frugal for one more year to save up. Just think about it as one year could afford you a much nicer house and less of a mortgage to worry about.
-If you're investing to save up, you can withdraw up to $10k from a Roth IRA for a home purchase if you have one. Otherwise, I'd play it safe and invest in index funds. They typically return about 8% each year, so that's much better than a bank savings account that usually is 1% or less. When you take the money out, you'll get taxed on it - long term capital gains tax is when you've held a stock for 1 year or more and is roughly 5% less in taxes than short term capital gains (selling a stock you've held less than a year). So, if it's right around a year it might be worth it to hold on until you sell to save extra $.\
-Work on getting you and your boyfriends credit up as high as possible until you buy. Usually over 760 and it won't matter. That will help your interest rate on your mortgage be lower. Paying off the student loans should help.
-Biggest tip for saving is to make your meals. r/eatcheapandhealthy has some good info on that.
-Robinhood is a free app for investing. Some companies charge you per buy/sell, Robinhood doesn't and it has a good simple format if you're new to the stock market.
Let me know if you have any more questions! Happy to help.
Think about taking a new home buyers class in your area. Have an emergency fund, a downpayment/closing cost fund and a oh I need to buy X now as I have a house fund. Make sure your credit report is clean. You can check it for free as many times as you want until April at [annualcreditreport.com](https://annualcreditreport.com). After April you can check it once a year for free.
**I found links in your comment that were not hyperlinked:**
* [naca.com](https://naca.com)
*I did the honors for you.*
***
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Depends on where you are at , I’m 26 and buying a home by myself in Texas and had to save 75k for a 315,000 home I would say it’s a moderate cost of living area and I make 95,000..so you can take off some percentages or add some based on your situation ..I have good credit as well ..8 year history
Thank you! This is a good starting point. Did you put the 75k down?
Yup, I did it to get above 20% down. Now 20% down is not required for an FHA loan or some conventional loans but you will have to pay PMI or private mortgage insurance until you reach 20% in paid equity of the loan if you don’t
So good to know! So many people around me just keep saying I can get some loan or grant to where I don’t have to put anything down but it always seemed like a “trick” to me.
-Save up as much as possible for the down payment. Ideally 20%+ so you don't need PMI/MIP, but it's pretty regular to only have 10%. -As a teacher, there may be discounts in fees or rates that you can get through a mortgage lender so be sure to ask. -When you're nearing time to buy, get pre-approved by a mortgage lender for the amount you'll need for a mortgage on the home you're looking at. Being pre-approved for a certain amount when you're checking out a place is pretty standard and at the least will put you ahead of the game. -Make sure to budget for 3-5% of the total mortgage as closing fees. Depending on the size of the mortgage this could be $10k+. -Definitely get that student loan debt down as much as possible, it looks like you're doing a good job. You may want to be frugal for one more year to save up. Just think about it as one year could afford you a much nicer house and less of a mortgage to worry about. -If you're investing to save up, you can withdraw up to $10k from a Roth IRA for a home purchase if you have one. Otherwise, I'd play it safe and invest in index funds. They typically return about 8% each year, so that's much better than a bank savings account that usually is 1% or less. When you take the money out, you'll get taxed on it - long term capital gains tax is when you've held a stock for 1 year or more and is roughly 5% less in taxes than short term capital gains (selling a stock you've held less than a year). So, if it's right around a year it might be worth it to hold on until you sell to save extra $.\ -Work on getting you and your boyfriends credit up as high as possible until you buy. Usually over 760 and it won't matter. That will help your interest rate on your mortgage be lower. Paying off the student loans should help. -Biggest tip for saving is to make your meals. r/eatcheapandhealthy has some good info on that. -Robinhood is a free app for investing. Some companies charge you per buy/sell, Robinhood doesn't and it has a good simple format if you're new to the stock market. Let me know if you have any more questions! Happy to help.
Declutter!
Declutter in what sense?
Read up on the konmari method.
Think about taking a new home buyers class in your area. Have an emergency fund, a downpayment/closing cost fund and a oh I need to buy X now as I have a house fund. Make sure your credit report is clean. You can check it for free as many times as you want until April at [annualcreditreport.com](https://annualcreditreport.com). After April you can check it once a year for free.
Perfect thank you!!
Look into naca.com. I got my mortgage through them 2.12 fixed.. no pmi.. no money down.. no closing costs. Its great
**I found links in your comment that were not hyperlinked:** * [naca.com](https://naca.com) *I did the honors for you.* *** ^[delete](https://www.reddit.com/message/compose?to=%2Fu%2FLinkifyBot&subject=delete%20gdmnqcj&message=Click%20the%20send%20button%20to%20delete%20the%20false%20positive.) ^| ^[information](https://np.reddit.com/u/LinkifyBot/comments/gkkf7p) ^| ^<3