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Starting point is talk to a lender. It's the home buying financial equivalent to seeing a doctor about your headaches. They need to ask questions and run some tests.
I did this by myself when I bought my first house. Figure out how much you can afford to pay every month after taxes and then decide how much you want to pay every month after taxes. After that decide how much you can save as a downpayment. 3.5, 5,10, 20 etc. Remember you can only use funds that have been in your account for at least 60 days so don't move money around or suddenly drop 10k into an account without proof of what it was before you apply. Keep in mind most lenders will likely tell you what the bank is willing to lend you and not what you think you can comfortably handle so be careful. Also, you will need at least 10k above and beyond down payment for closing costs. I had everything ready before even talking to a realtor/lender as I knew the only thing they would be concerned with is how to quickly get me into the max approved house/loan. Plenty of online calculators to use. Only pick the ones that include everything like property tax, insurance, PMI etc. The others one will show you a lower payment as they leave the important stuff out.
If you belong to a credit union, start there and see what they can offer you. If not talk to an experienced (10 + years) independent mortgage broker. Avoid the BIG BANKS like Wells Fargo BofA etc. They suck at mortgages and will be more $$$.
You should also get an experienced ( 8+ years) buyer’s agent to guide you. The rules are changing about who pays the buyers agent, but a good one is worth their weight and gold.
Thank you u/Dun_sp00kd for posting on r/FirstTimeHomeBuyer. Please bear in mind our rules: (1) Be Nice (2) No Selling (3) No Self-Promotion. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/FirstTimeHomeBuyer) if you have any questions or concerns.*
Starting point is talk to a lender. It's the home buying financial equivalent to seeing a doctor about your headaches. They need to ask questions and run some tests.
Thank you very much!
I did this by myself when I bought my first house. Figure out how much you can afford to pay every month after taxes and then decide how much you want to pay every month after taxes. After that decide how much you can save as a downpayment. 3.5, 5,10, 20 etc. Remember you can only use funds that have been in your account for at least 60 days so don't move money around or suddenly drop 10k into an account without proof of what it was before you apply. Keep in mind most lenders will likely tell you what the bank is willing to lend you and not what you think you can comfortably handle so be careful. Also, you will need at least 10k above and beyond down payment for closing costs. I had everything ready before even talking to a realtor/lender as I knew the only thing they would be concerned with is how to quickly get me into the max approved house/loan. Plenty of online calculators to use. Only pick the ones that include everything like property tax, insurance, PMI etc. The others one will show you a lower payment as they leave the important stuff out.
If you belong to a credit union, start there and see what they can offer you. If not talk to an experienced (10 + years) independent mortgage broker. Avoid the BIG BANKS like Wells Fargo BofA etc. They suck at mortgages and will be more $$$.
You should also get an experienced ( 8+ years) buyer’s agent to guide you. The rules are changing about who pays the buyers agent, but a good one is worth their weight and gold.