I'm saving 1k a month for a housing down payment

[Formerly Black Trash]

I want to buy a house by next year
Other than getting my credit right, what other things do I need to prepare?

Edit: sometime next year

 

[MJ Truth]

Are you by yourself or do you have a wife/kids??

 

[Formerly Black Trash]

Are you by yourself or do you have a wife/kids??

By myself

 

[MJ Truth]

By myself

Make sure your sources of income are secure, that you have a strong emergency fund, and that you can afford fo comfortably furnish your new spot.

 

[Rawtid]

Research any new buyer or first time buyer programs in your state and locally. If you’re eligible, apply as early as possible. Any money they can give you is good.

I’d start looking for a handy man or general contractor. A home warranty is cool, but some smaller stuff you want to have someone on deck to help you out, if you aren’t handy. It’s better to have established rapport before hand, than trying to find someone new in the middle of an emergency.

 

[Hawaiian Punch]

Make sure all you paying down outstanding debt too. Also keep that money in a bank account so it can be seasoned.

 

[Heafcliffe]

Make sure all you paying down outstanding debt too. Also keep that money in a bank account so it can be seasoned.

This. Get that debt to income ratio down. Also, don't get any new credit accounts. Don't close any credit accounts with a long history either.

 

[Knowledge]

Some people dont realize they have to save for the closing cost too and get caught off guard when asked how they gonna pay. Credit is a big no no

 

[Vandelay]

Subs

 

[Kyle C. Barker]

Where you gonna put that money at while you save?

 

[Ezekiel 25:17]

Don't get a 30 year mortgage. If you can't pay it off in 15 you can't afford it

 

[MikelArteta]

Where you live?

I need like 100k as a down payment and would still be stuck with a 3-4K mortgage

 

[DrunkenNovice]

Look into all of the costs that go into buying a house.

Inspection, appraisal, etc or negotiation for the seller/builder to pay.

If not putting down 20%, and plan to stay in the spot for at least 5 years pay off your PMI.

 

[AQz]

Don't get a 30 year mortgage. If you can't pay it off in 15 you can't afford it

15 year is better but I wouldn’t go as far as saying if a 30 you can’t afford it.

 

[richaveli83]

Where you live?

I need like 100k as a down payment and would still be stuck with a 3-4K mortgage