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

[UberEatsDriver]

I am doing this now. In NYC/NJ with FHA I believe I can put down 25k to 35K.

 

[UberEatsDriver]

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

Not entirely true. If your 30 year monthly mortgage only takes up 28% of your net monthly pay then yes you can afford it.

 

[calixprynce]

Im looking at homes in the San Antonio area I think Imma just wait and rent . feel like a big deal and i want to live there for at least 6-12 months . these interest rates just got me itching

 

[Michael's Black Son]

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

- put away a couple of $ for closing costs
- you gon need a lawyer
- shop around for banks for your mortgage for the lowest rate
- make sure you got proof of where your $ is coming from and just have the $ sitting in the bank this entire time
- you’re gonna need to pay for insurance

 

[Formerly Black Trash]

Where you gonna put that money at while you save?

My Marcus Savings Account

 

[Formerly Black Trash]

I am doing this now. In NYC/NJ with FHA I believe I can put down 25k to 35K.

I was looking at NJ and ATL

For New Jersey:

First Time Homebuyer Mortgages in New Jersey | Spencer

 

[Buzzed Lightyear]

In.

 

[Knowledge]

Not entirely true. If your 30 year monthly mortgage only takes up 28% of your net monthly pay then yes you can afford it.

This, is the correct answer. Preferably 25% but no more than 28%

 

[UberEatsDriver]

This, is the correct answer. Preferably 25% but no more than 28%

You got some people out there that can afford it but picked a 15 year which they can’t afford cause some Financial Guru told them. Lol.

 

[UberEatsDriver]

I was looking at NJ and ATL

For New Jersey:

First Time Homebuyer Mortgages in New Jersey | Spencer

Southern NJ or Northern for you?

better yet Philly metro or NYC metro?

 

[Formerly Black Trash]

Southern NJ or Northern for you?

better yet Philly metro or NYC metro?

I would want Jersey City or Newark

 

[UberEatsDriver]

I would want Jersey City or Newark

Jersey City? Your money is right I see lol. I was looking more into west orange.

 

[BlackBall]

I would want Jersey City or Newark

Try Hempstead NY

 

[Kyle C. Barker]

You got some people out there that can afford it but picked a 15 year which they can’t afford cause some Financial Guru told them. Lol.

I'd be paying $1300 more a month if I went with a 15 year




For me personally, I would've missed out on so many shares in my brokerage account if I did that.

That would be $30K less to invest over the last 2 years which could possibly mean me missing out on $40k-100K realized.

 

[Formerly Black Trash]

Jersey City? Your money is right I see lol. I was looking more into west orange.

I would like lol

Probably will be somewhere cheaper