So many people assume that buying a house depends on their credit score. That is partly true. Depends on which program you are qualifying for, your income to debt ratio, and your employment.
How much should you have to buy a house?
How much should you have saved to buy a house?
This is a question I hear frequently. There are no fees charged to the buyer for using a realtor. The fees are negotiated prior to the sellers house being put on the market by the listing agent. So it's a great idea to find a realtor you trust to work with.
Buying a house costs vary depending on the loan type you qualify for. VA buyers can buy with zero down and have their realtor negotiate closing cost down or to sells price. FHA loans typically ask for a minimum of 3.5% of sells price. (Example $200,000 house will need $7000 for the down payment) Plus closing cost can also be negotiated. (Estimate can vary depending on lender) Conventional loans work the same way but typically require more of a down payment and same for closing.
So if you're not using a VA loan and trying to buy a house aproximately 200k I would recommend saving a minimum 10k.
There are programs for down payment assistance as well. Not all lenders offer this.
My best advise is to shop lenders and see what you qualify for. Typically your pre approval is good for 90 days. Then share with your realtor and discuss how the market is going. Share your wants and must haves to start your home search.
Good luck. Hope this helps you have some more clarity. I am more than happy to talk with you more on your situation.
This is all based on previous and current expierience. Things can always change so get your accurate info from the lender you choose.
I have been a realtor with the San Antonio Board of Realty and Texas real estate commission since 2012. I chose this field because my background in sales management. I believe in listening to my clien....