Mortgage and Marriage?

Question

My husband and I plan on buying a house within the next couple of years however most mortgage company's ask for 10k to 20 K down. I just don't have 10 k laying around somewhere. Advice from other newlywed?

What did you do when you first got married?

Answer 1

the mortgage companies probably won't make you put that much down if both of you have decent credit.  the only thing is, if you don't put at least 20% down you will get charged for mortgage insurance along with your monthly payment.

Answer 2

Saved all my income tax checks.

Answer 3

Try to find a house with equity in it already. The reason they want a down payment is in case you default, they can cover their losses. Another option is military service... you can borrow 100% via the GI BILL.

Answer 4

don't even THINK about buying a house until you can put 20% down, in cash.  

people who didn't were the ones that are getting kicked out of their homes now and foreclosed.

don't spend money you don't have on stuff you don't need.  Live in an apartment until you can afford something bigger.

Answer 5

How much are you spending on your wedding?  I'm always amazed to hear about "broke" newlyweds who spend thousands on a ceremony that lasts one day, but can't seem to find the money for a house that lasts years.    

Answer 6

I went with the FHA option, they usually only require as little as 3% down payment, and will allow the seller to cover some of the closing costs.

Answer 7

Have you looked into renting to own? Place an ad in the paper as to what your looking for. Sometimes that works too.

Answer 8

my husband owned his house...already had a mortgage before the mortgage system went down the tubes.

Look into foreclosures....a lot of the bank owned homes only ask for 2,500 down or less and as long as your credit is good, you shouldnt have a problem.

Ask for money for your wedding instead of gifts.

Answer 9

You can get a loan.  Or sometimes you are able to work out a plan with seller so that you don't have a full down payment and you just pay a higher mortgage.

Answer 10

You save the 10,000 and then you buy a house. You have to work for what you want in life and this is just the start. GOOD LUCK!

Answer 11

I too didn't have much financial backbone to bring into my marriage.  My husband and I have been together now for a year. We have been working hard together now, as a married couple, to pull the money together for our house.  We now live in a condo and we both dream of our first home together.  Keep in mind there is no major rush to buy a house right our of the gate.  Use the experience as a way for you both to come together as a team, come up with a game plan of finances and keep to it.  Money is something we will never argue about and we ensure it;even though I was broke when we met.  

Answer 12

the economy is so bad right now, but with housing prices down so low they say its a buyers market, only thing is no banks want to lend right now. banks are going under faster than a sinking ship with a hole in it. dont rush anything, nothing says you HAVE to have a house this year .. take your time. save what you can . take one life challange at a time, right now its getting to the alter... good luck to you

Answer 13

You can borrow 10K from retirement funds.