I want to buy my own house soon?

Question

I only have about a year of credit history (i need 2 years, right?) and i have nothing down, so i'm not planning to buy anytime soon. But generally how much down is it required and how good of a credit score? my score used to be almost perfect until i bought a car on my name, that hurt my score but do i have to pay off the car before it goes up again? Also, i know that income has an affect but i'm currently making apprx. 23k a year (i'm in college and work part time) how much house can i afford?

Answer 1

I don't think your car should hurt you score much if you are paying you bills on time or early.

When you do get a loan make sure to get on that pays the interest.

You probably want to putting money into something like internet saving account or money market until you find where you will get an after collage job.

20% down is best but the good news is if you have to throw away money on PMI, it is tax deductible and you can get some back.

Don't forget to find out about costs of insurance, Property tax, assessments, and home owners fees. Avoid home owners assignations.  

Answer 2

When you figure it all out, come and buy a house in Reno, NV.  There are so many great deals right now, it is a buyer's market, there are tons of foreclosures, and new homes at bargain prices.

Answer 3

How can you be in college, only working part time and earning £23K a year? That's ridiculous! I live in cornwall, have a full time professional job as a quantity surveyor, study at college on the weekend and I'm only earning £15K a year - and I've been working for three years! Whats your secrete?

Answer 4

.   YOu can afford a condo or house that costs under $75,000. You will pay 7.75% because of your car payment trouble.  You can buy a house today, if you want.