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So I have about a hundred grand that I can use for a down payment on buying land and building a house.

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Save the difference, or as much as you can, and rent for as long as you need to build up a down payment that lets you buy a property comfortably.

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No one is going to set you up to buy a house, you need to put in the work.

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If people can't afford housing and there are spare houses, the prices WILL come down.

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10 down with 3 going to mortgage insurance means you have 7 equity in your home.

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Even if you take this advice seriously, it would take years for you to save up for a down payment as you would be saving a couple of hundred dollars a month, and.

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going to have to adjust spending habits.

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Normally I say "If you love the house, if you're staying 5-10 years at least, if you can afford the house, then buy the house.

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The 11 pack of cigarettes every day is 330 a month, which makes a big dent.

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You can qualify for mortgage rates way higher than 3x your income fwiw.

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Insurance is variable too, but I would estimate around 750 per year.

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Combined, we make somewhere in the high 200s, pushing almost 300k, depending on bonuses.

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Minimize debt, prepare for the future, spend less on.

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10 down reduces that to about 9.

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Somewhere down the line, return the money to your parents as they can always use it for other things (or other children).

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Thanks This thread is archived.

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Let&39;s look at a LOAN of 400K.

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That dictated our price range. Any house after that or additional houses I'd recommend doing 20.

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The issue that Im having is that its impossible to save the money for a down payment because of renting is so expensive and dead money.

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Lets say Jane Investor saves 6,000 a year for five years before turning 25.

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If you have no high-interest debt (carrying 13.

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We put 10 down and our closing costs were around 14k (not including the remainder of the down payment).

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my opinion is if you have to scrounge for the down payment youre probably buying the wrong house. and that's 20k above asking.

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N0timelikethepresent offered this insight "We saved for our 130k down payment in a HYSA.

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Not a realtor but used to be a mortgage broker.

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We put about 12k into retirement a year with employer putting another 6k in.

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We cant afford to buy a house with cash so we need a mortgage.

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4, the mortgage payment on that average home is 3,800 per month. While I can pay all of my bills, there really isnt anything left over to put towards savings.

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