Owning a house

Bidwell
Bidwell

What must i do in order to own my own house by the time im 26? Im 22 atm

lostmypassword
lostmypassword

buy a house

kizzmybutt
kizzmybutt

suck a dick

Playboyize
Playboyize

No shit how about some tips to be able to afford to?

Gigastrength
Gigastrength

Work.
I bought mine at 23.

Methshot
Methshot

I am im not very smart but i have a decent job that nets me 30k a year after bills im usually left with like 500 extra $ are there any tips to speed up the process besides obvious "get secondary job" also opinions on mortgages?

whereismyname
whereismyname

own my own house

WebTool
WebTool

build up a downpayment, keep your credit score decent

StonedTime
StonedTime

You're not gonna make it, you've already fallen for the house ownership meme.

whereismyname
whereismyname

Job for 2 years, credit over 640, get homebuyer assistance for the down payment and some closing costs, get your agent to ask for whatever is left over cost-wise in the initial offer to be paid by seller, go buy a house.

It's not a depreciating asset, so believe it or not, it's easier to qualify for a mortgage than it is for a moderate priced car.

Emberfire
Emberfire

Buy Trumpcoin now.

Barron Trump just got added to the dev team, shit is going to the moon.

idontknow
idontknow

Is there any kind of mortgage you can get with a high income and no down payment, that doesnt need 4+ credit cards open in your name for multiple years?

I could easily handle mortgage payments instead of rent but rent as it is makes it slow as fuck to save.

lostmypassword
lostmypassword

Didnt mean to direct that @OP

Lord_Tryzalot
Lord_Tryzalot

t. - someone who lives in shit house

haveahappyday
haveahappyday

Shit house > renting > nothing

Fuck landlords

hairygrape
hairygrape

Not really. Down payments and good credit are used to offset risk, remove both and the lender is way too exposed.

TalkBomber
TalkBomber

If you qualify you can get an FHA loan and the down payment can be as low as 3%. however not all banks/sellers will accept this for all houses.

Also if you're in a big city you'll want to look at something just outside the city limits. Usually it's a huge price drop.

CouchChiller
CouchChiller

I live in a rural area but thanks.

I feel like thats the one I was denied for before for not having 4+ open lines of credit for the previous 1/2 years, but Im not 100% sure.

I get having to have good credit, but having to have a hard number of credit lines versus one card that Ive made every payment on for years as well as previous car loans is retarded

JunkTop
JunkTop

It's probably too late to do this for you now but I have a 750 credit score for the sole reason that I had a shitty credit card when I was 16. It was capital one, they charged a yearly fee of $40. I just bought everything on the card and paid it off in full every month for 2 years.

The only other thing I'll say is, if you get the chance, go a little higher than what you were intending. I was going for the average around here, $60K will get you an ok house with 2 bed 1 bath. Bank said I would have no trouble getting up to $100K. For just 20 more, a total of $80K, I found
5 beds
3 bath
pillars in entrance
2 living rooms
I feel like I'm rich or something.

New_Cliche
New_Cliche

Thanks for the advice user

Need_TLC
Need_TLC

banks prefer to loan to married couples because they've got two incomes. Two incomes are better than one.

if you're going in single you need excellent credit, not a lot of debt, significant income, long work history, and probably savings over about $10k.

an amazing income will substitute for all that though, if you have it.

Garbage Can Lid
Garbage Can Lid

Are you in the US?
If so where the fuck do you live that you find houses for 60-100k flat.

Harmless_Venom
Harmless_Venom

most of the US is like that.

Sir_Gallonhead
Sir_Gallonhead

I hear this a lot, but every place I look has homes that size starting at like $300,000 at the very least.

Name a town/city.

Spamalot
Spamalot

Yep, USA, outside of big city. Houses inside cities are indeed insane price and poorly built.

You can even find a 2/1 house for $25K. It will be a foreclosure and you may need to bring 100% in cash, but you can do it.

If you are willing to do a shitload of work, they even have some for $15K. Usually result of a fire or tornado that only took out one room.

SomethingNew
SomethingNew

most of the US isn't a town/city.

that's your problem presumably. The places where you can get houses for $20k-$50k are usually pretty rural. Panhandle of Texas, coal country in Pennsylvania, the Appalachians, Nebraska, Kansas, Oklahoma.

shit places nobody wants to live mostly. Detroit. 90% of the south. Corn land. New Mexico. Parts of Hawaii even. Most of Oregon. Lots of Washington and California. Whatever.

5mileys
5mileys

Sup bros!

I'm 20 year old from Europe going to Med School and still living with my parents. I really want to move out, but I don't even want to start.

In my country it's normal to live with your parents until like 28 but I know I will go crazy if I do so.

I don't even know where to start, because my parents don't even have their own apartment (we are basically renting from the country). I have like 5k€ on my bank out from saving. I know it's not much but still.

Apartments in our city are expensive as fuck, I found someone selling 36m2 apartement for 90k which is a pretty good deal.

What would you advice to me? I need to work and I will try to, but it's really difficult to manage with med school and student jobs are paid really bad.

iluvmen
iluvmen

shit places nobody wants to live mostly. Detroit. 90% of the south. Corn land. New Mexico. Parts of Hawaii even. Most of Oregon. Lots of Washington and California. Whatever.
Corn land

Top fucking kek
As someone from Indiana I got a good laugh out of that

FastChef
FastChef

well at least you're not from potatoes and meth country.

SniperWish
SniperWish

Housing prices are even less in a 25K pop city close to me. Someone from here is from Long Island and the cheapest 2/1 house is $800K. This is 5/4 and $400K.

tech and high paying jobs are all in cities but if you're making a lot there, starve yourself for 5 years and live in a shithole nothing apartment, move out to the west and buy half a city, then rent it out per room.

TurtleCat
TurtleCat

move to detroit

CouchChiller
CouchChiller

Yep, we call those people equity queens.

live broke in SoCal for 30 years, then sell your house and retire like a king in texas or wherever. It's not a bad strategy so long as the average housing prices around the country don't catch up to you while you're paying off that expensive place.

stuff is rising. I remember when you could buy a new 3 room house in rural texas on acreage for less than $10k. Now not so much. But still cheap compared to places people want to live.

Fuzzy_Logic
Fuzzy_Logic

Loan officer here

Op, I am assuming when you say own a home you mean to live in one and not pay cash.

If a mortgage is what you are asking about all you need is 3% down and at least a 640 FICO. Unless you are big on putting more down 3- 5% is all you need. I can give you the monthly payments if you tell me the city and home price you are looking around. How much monthly debt do you pay?

massdebater
massdebater

Work your ass off and save your ass off.

Don't waste a single penny on useless stuff like expensive computers, beers, candies, ice cream, etc.

Methshot
Methshot

I'm assuming 500 per month or 6000 per year.
There's also tax returns, which I'd assume is around $3-5K, so around $10K saved per year.

2 years and its $20,000 saved. Thats 20% down on a 100K house.

Emberfire
Emberfire

expensive computers
It's amazing what you can get on ebay, businesses in california throw laptops from 2009-2013 out by the shitload and you can pick them up for less than $100.