Calling all Home Owners: Please share tips and advice

[enayes]

What all your credit card hustling hasn't afforded you enough extra cash to buy a home?

It has. Which is the main reason we are going to start looking soon.

Thanks for the all the replies so far, good advice.

As far as 2 years of "steady" employment goes, do they really need 2+ years at the same job? What if you were at a job for 1.5 years, switched to a "summer job" then took a couple months off because you got married and then had 4 different jobs over the next several months?

[dazzer87]

It has. Which is the main reason we are going to start looking soon.

Thanks for the all the replies so far, good advice.

As far as 2 years of "steady" employment goes, do they really need 2+ years at the same job? What of you were at a job for 1.5 years, switched to a "summer job" then took a couple months off because you got married and then had 4 different jobs over the next several months?

4 job over several months.....? Good luck this is not 2007....

[Meticode]

As far as 2 years of "steady" employment goes, do they really need 2+ years at the same job? What of you were at a job for 1.5 years, switched to a "summer job" then took a couple months off because you got married and then had 4 different jobs over the next several months?

It won't look good because of the change if income. That's 3 changes of jobs in the course of 2 years. Changing jobs, quitting jobs or becoming self employed in the last 2 years when applying for a loan is a big commandment.

They'll prefer salaried employees over hourly. Also some people even if they have the same job over 2 years have trouble getting loans because some jobs make most of their money on overtime. There was one guy I know that made about 45K a year regularly on his regular 40 hour a week pay, but he had actually been making 100K+ the last 3 years because of all the overtime he had done.

[SpecialQue]

get a good home inspector and take your time.

Can't stress this enough. My gf and I rushed into buying a place years ago and had a real estate agent talk us out of getting the inspection. Thankfully we got a small place where the repairs aren't too expensive, but several years into it and I'm still finding shit that I didn't know about that I WOULD have if I just got the damn inspection done.

[enayes]

It appears that the "normal" down payment is 20%....

20%!?!!

I was under the impression that if you had around 10% to put down you were in good shape.

So on a $200K house, they want $40K down?

Are people really able to do this?

[Hawker]

It appears that the "normal" down payment is 20%....

20%!?!!

I was under the impression that if you had around 10% to put down you were in good shape.

So on a $200K house, they want $40K down?

Are people really able to do this?

I would think DINK (dual income no kids) couples that are good with money can easily come up with that kind of cash if they have semi-decent paying jobs and living below their means and save.

[dazzer87]

It appears that the "normal" down payment is 20%....

20%!?!!

I was under the impression that if you had around 10% to put down you were in good shape.

So on a $200K house, they want $40K down?

Are people really able to do this?

Really dont know if you are trolling or not..... 40k is not alot of money. 200k for a house by any chance you are in Detroit or OKC? 2005-07 wouldve be perfect for you.

[DCL]

acquire some handiman skills.

if there's no one to teach you, go teach yourself from youtube.

if a high school drop-out can repair house shit, so can you.

because shit around the house WILL break occassionally. nobody is coming over to fix it for free.

you'll save a lot of money if you can do it yourself.

[FashionIssues]

pull out one of your credit cards and show em you good!

[tomtucker]

Also, keep in mind, having a house is a 24.7 business. There's constantly shit that needs to be done. But its yours so you don't mind it.

Good luck my friend, and congrats! If you have any other questions, fire away. I closed on my house a few months ago so the process is still fresh in my mind.

no doubt....right now i am in a fight with a lot of swallows that are trying to build nets everywhere and forcing themselves into cracks.........driving me fukking insane .......im going up ladders 24/7, shooting BB guns left and right .....motherfukkers are attacking me !...and shitting everywhere....relaxing summer my ass !

[UK2K]

It appears that the "normal" down payment is 20%....

20%!?!!

I was under the impression that if you had around 10% to put down you were in good shape.

So on a $200K house, they want $40K down?

Are people really able to do this?

Without a 20% down payment, you're going to pay PMI.

5% is about the lowest they'll accept, unless it's a VA loan and then they don't require anything.

[sd3035]

lots of 9-5/credit slaves here. It's not hard to make money

[UK2K]

lots of 9-5/credit slaves here. It's not hard to make money

Money doesn't buy you a house though...

Credit does.

Unless you are paying cash, your credit is everything.

[nightprowler10]

It appears that the "normal" down payment is 20%....

20%!?!!

I was under the impression that if you had around 10% to put down you were in good shape.

So on a $200K house, they want $40K down?

Are people really able to do this?

IMO, if you can't do this, don't buy a house. Just rent and save as much as you can. Buying a house isn't the end of it. You have to maintain it, do little projects, etc. It all costs money.

[KyrieTheFuture]

It appears that the "normal" down payment is 20%....

20%!?!!

I was under the impression that if you had around 10% to put down you were in good shape.

So on a $200K house, they want $40K down?

Are people really able to do this?

Jesus you should not even be considering buying a house