Comments on: Preparing to Buy a Home, Financially

By: FinanceMan

FinanceMan — Fri, 05 Mar 2010 23:33:59 +0000

I am a mortgage specialist. You are fine. You do not have to wait 7 years. If all is as you say, I can get you a mortgage with no problem. Contact me at wwi_2@yahoo.com so I can walk you through the process. If you have a house picked out, I may be able to get you closed in 2-3 weeks.
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By: wanker_fartass

wanker_fartass — Fri, 05 Mar 2010 23:31:59 +0000

no, 4 years out is good. i think the minium is 3 years. idealistcally, have AT LEAST $6000 in savings. that really depends on how much the house is. but you have to remember, there are closing costs. and no house is perfect. you will want to do things to it right away. and maybe even NEED to make repairs overlooked earlier. also, most homes wont include appliances…fridge, stove. if you dont own your own, plan to purchse these things too. generally the actual down payment is about half of what it actually costs to get into a house.
your credit socre is important too. instead of paying off your credit cards in less than 6 months, leave a balance. generally up to 30% of your credit limit is considered good. for it to impact your credit score a balance must be carried for MORE than 6 months. there is also a thing called debt to income ratio. the more expendable income you have the better. payment history on bills like utillity, phone, cable…things like that are taken into account too. job history…not so much if you have been at the same place, but how long have you been in the same field of work. 3 years + is a good thing.
GOOD LUCK!! and HAPPY HOUSE HUNTING!!!
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By: linerak

linerak — Fri, 05 Mar 2010 23:29:59 +0000

I think the best way to find it out is to talk to your bank or several banks. Ask them if they accept such situation, if yes, fine – go ahead.
If no, what you need to do or provide to prove that you are ready for it.
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By: muchtodo

muchtodo — Fri, 05 Mar 2010 23:27:59 +0000

work on getting your credit score up as high as posible. Keep saving for huge downpayment.
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By: sansjazz

sansjazz — Fri, 05 Mar 2010 23:25:59 +0000

Your best bet is to attend a Fannie Mae homeownership workshop. It will provide you with sources of where to find income and how much you should have saved before you even purchase a home.
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By: nanlwart

nanlwart — Fri, 05 Mar 2010 18:23:24 +0000

How do I prepare financially to buy a house?
I had a couple of years with barely any income and had to declare bankruptcy. Now I have a good job, savings and no debt other than car payments. I bought a few things on credit and paid them off in less than 6 months.
I’m ready to buy a home, but I am still worried that the bankruptcy will make it impossible. I am only 4 years out, do I have to wait 7 years?