I really just find it hard to justify to myself only putting down like 3-5%. Like in the long run is it really worth it with all of the PMI you're paying and such? That's where I'm hung up on. So I'm currently saving for 20%. Also, Tears of the Kindom is amazing!!!
I sold my baby to get more money for a down payment. Still dont have enough saved. My wife and i are thinking we should have enough in about another nine months.
Just closed on my first house and I have nooooo idea how people are comfortable buying a house without money stacked aside. Closing costs were huge, money goes quick furnishing the house, and so many small costs you don't think of, starting utilities, changing drivers license, forwarding mail, getting a security system set up, it just doesn't stop. I'm so happy I waited and stacked my money for years to make this happen, otherwise I'd would be in way over my head
yea same I got 55K for a house downpayment + emergencies, and my GF has like 30K for a down payment + emergencies, I got 60K in long term retirement savings, and I still dont wanna pull the trigger and get a house yet, im 25 btw so first time home buyer, I just want the market to crash and grab a decent house for like 200K
Well, just as I got my 20% (plus closing costs and a 3-6 month emergency fund), the rates skyrocketed. Now I can't afford a house the current prices and rates. So, I'm still saving hard to try to get to 30% by the beginning of next year. Hopefully, prices/rates will allow me to pull the trigger then. If not, I'll keep saving until I am comfortable with the payment. I don't want to buy until I'm ready.
@@OlDirtyBuckus That's part of the problem I have. I'd be comfortable if my overtime was guaranteed. I have to be comfortable on my base pay though, which I'm not at the moment.
I managed to qualify this year for First home buyer program and lock the rate of 4% for a ARM 7. I am looking forward to refinance whenever the mortgage rates will go down...
We’re in the same position. I worked 2 jobs during the pandemic to keep myself occupied. I saved up $30k and just as soon as I thought we could buy our first home, they raised the ceiling with cost and interest. So we have to save more to get to a comfortable monthly payment. Part of me wants to save aggressively for 4 years and try to pay cash for a home instead.
i bought a home within my means 3 months ago i got a grant to cover closing costs and the total we paid for closing costs was $51 on closing day which ended up being paid back to me because the grant covered all expenses. i went with a local lender and fha loan. don’t listen to the lenders that try to make you feel like it’s out of reach for you, if they aren’t eager to help you they aren’t the one! my lender went all out for me like it was her mission in life lol keep positive it’ll happen you don’t need to stress and ruminate over every single detail trust the process 💓
@@rickyrivas4893 in Sharon Pennsylvania with Novus Mortgage-her name was Sara and she was amazing. like i said it was within my disability income budget which is very low (2k/month) so if you actually have valid consistent income it would probably be much easier
Ummm sir... where have you been? I've been waiting on a video 😆... Your videos have helped me greatly! These darn taxes in Texas are high as hell! My taxes are higher than the principal & interest. Edit update: CONGRATULATIONS on your beautiful bundle of joy.
@@Louisiana2Texas I see. A new law passed to hopefully lower tax rates in TX. I'm sorry to hear that yours is so high. Aren't you able to get a tax credit for some of that though?
I’m in Texas & my property taxes were $7,500 💀. But I have no more mortgage so I can’t complain, the only thing I can complain about is the Tex-mex food 🤢 .
I’m in Texas and I pay close to $5k for 1500 sq ft 1982 house. Where does all of this tax money go? Certainly not into maintaining the communities. The cities/state in general all look like wastelands. Don’t forget the $80 tax you pay in a set of tires. Or $10 on a meal out with your family. Texans pay a lot of taxes and most don’t even realize it.
I think the mortgage payment matters more when deciding how much to put down. If you can only afford a $2k mortgage payment and that is only for a loan of lets say 300k, then you can get a house worth 320k and put 20k down or a house worth 400k and put 100k down.
I just bought a home! It's a new build, and I got 20k in incentives. I only needed the downpayment ($10,500). I completely disagree with the fear mongering against first-time buyers. I am 100% confident that if the one-time student loan forgiveness is upheld in the Court, tons of buyers will flood the market regardless of the interest rates. It's better to at least LOOK for a deal when people are too scared to buy.
Im with @bdp295 how the hell do you pay almost $11k as a down payment ? What kind of house is it and where ..cause it seems like a hell of a deal unless I see it first hand
At this market you need bare minimum 10% down or even 20% if your in the pricier markets like California. This market is without a doubt unsustainable the Fed is targeting for a nice tick up on unemployment. We will see if they succeed. If not stagflation it will be.
Looking good man. Dude can pull off casual looks and educate. The professional look and actual facts takes you to the next level. Congrats on the kid. Keep going.
Realistically 250k is a decent home in MOST states. 20% of that is 50k. Let's be honest.... How long would it take the average American family to save 50k................
@Javier Vidana BTW, Javier, I think you look fine. I am curious to know (living in the Phoenix area) what are your favorite Mex-Mex restaurants in town? Great food (not gross Sysco food), esp. little hole in the walls, taquerias, whatever? Thanks!
@javierVidana: following up in case you didn't see this. We'd love to know your pics for great Mex-Mex restaurants in Phoenix/Scottsdale/East Valley, etc. or other amazing restaurants, especially if they're near some good housing areas!
I’m 31 years old. I just got my first home which is a brand new build for 359k in the Dallas, Texas metroplex for 3% down with a conventional loan. I do have great credit that I’ve been actively working on for about 10 years now. Saving for the down payment is straight forward but the closing costs are sneaky and annoying af.
@@dmavs4131 Congrats dude! I'm 30/31 as well! I should close right before my 31st bday in December. I'm glad we got good deals and didn't let the scare tactics keep us from making money moves! Dallas is cool! You've got the best BBQ only a stone's throw away at Goldee's! Nice.
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My Advisor....would tell me that saving nothing is foolish, and that saving every cent that isn't already being used to pay bills or buy groceries is unreasonable if you want to retire early. A well-diversified investment portfolio is a must.
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Just spoke with an agent and was told that the minimum someone needs to make to live in this area, and the surrounding 1.5 hour radius, is 300k per year. 250k might be doable but they won’t even show homes to people making less then 250. I appreciate the content but telling people to put on their big boy pants isn’t always an option. It takes a minimum 5k a month to run a house around here. Sometimes waiting it out is a far better idea
Might need to live outside the city or move entirely. Your housing costs (mortgage, insurance, utilities) really shouldn't be more than 30% of your take home pay. If you can't get that, either increase your income or move. You'll probably take a pay cut moving, but do the math and see what ratios your new income will have. A 20% pay cut but 50% lesser cost of living is a 30% upside.
@@TheTrueHardcorefr3k already live well outside the city. Family and pensionable jobs keep us in this area. Unfortunately there isn’t much further away to move, cliffs and water on both sides. Crazy part is we make more then the median income for our area. And what the realtor is saying a family needs to make is about 2x the median income. Can’t imagine this ends well
Meanwhile I have friends who bought in 2015 who could have never afforded the 20% back then plus a half year savings. They netted a cool 300k from a sale last year…. Don’t listen to this shit. They would still be saving to this day listening to stuff like this.
