First job and owning a home? Help!

[Bluezy]

Re: First job and owning a home? Help!

... If you don't have any sort of emergency fund and you still want/need a house you might want to consider putting 10% down instead of 20%.

This is fabulous advice! You are young enough and have time to build up equity, do not be in a hurry to get the mortgage paid. Enjoy having the tax benefits and a secure place to raise your upcoming children, for they pop up when you LEAST expect them Keep as much personal funding as you can for emergent expenses. You are most fortunate in having this kind of money available - use it wisely and you won't be caught off guard.

All the best for your future!

Bluezy

[CRFSaver]

Re: First job and owning a home? Help!

If you can put the 20% down thats great. Remember if you only put down 10% you have PMI which adds a chunk. If you are worried about getting qualified you can always check out a no-doc loan. It is what a lot of private contractors and business owners use as it is a pure underwriting decision. The biggest players are Indymac, Countrywide and check out Green Point Mortgage.

[jmjj215]

Re: First job and owning a home? Help!

Also, in putting less down, obviously your payment will be higher. Avoid having your payment be more than 25-30% of your take-home pay. You don't want to work for your bank