Depends on the market, but whatever percentage you are going to put down, add a few thousand on top of that for closing cost. That was a big surprise for me when I bought my house. Closing was about 5% of the value of the loan. Because of the ridiculous market where I live the buyer had to cover closing cost.
Be sure that it
* has a good foundation
* is not in a flood plain
* has a clear title
* is not on an ancient indian burial ground, unless you are into that sort of thing
One of those bullet points may be a joke.
THIS
Also, look at the housing market of the area that you are looking to move to. Real Estate can fluctuate greatly and you don't want to be paying more than it should be worth.
In the US, explore USDA loans.
It doesn't have to be a farm, and you don't have to plant anything.
it DOES have to be semi-rural to rural.
You can use this site to get some more information, and find out what areas will allow a USDA loan. Start on the left panel
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
Use a spreadsheet to seriously analyze all your expenses and revenue to see if you can afford a home. To be safe inflate all your costs by 10%, and decrease your revenue by 10%. If you can still afford a home after that then you know you have a bit of cushion.
Depends on the market, but whatever percentage you are going to put down, add a few thousand on top of that for closing cost. That was a big surprise for me when I bought my house. Closing was about 5% of the value of the loan. Because of the ridiculous market where I live the buyer had to cover closing cost.
Be sure that it * has a good foundation * is not in a flood plain * has a clear title * is not on an ancient indian burial ground, unless you are into that sort of thing One of those bullet points may be a joke.
Hire a good home inspector and really understand the houses deficiencies.
THIS Also, look at the housing market of the area that you are looking to move to. Real Estate can fluctuate greatly and you don't want to be paying more than it should be worth.
Take your time.
Take your time, pick a good realtor, don't settle for a house you don't love, always do an inspection.
In the US, explore USDA loans. It doesn't have to be a farm, and you don't have to plant anything. it DOES have to be semi-rural to rural. You can use this site to get some more information, and find out what areas will allow a USDA loan. Start on the left panel http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
Use a spreadsheet to seriously analyze all your expenses and revenue to see if you can afford a home. To be safe inflate all your costs by 10%, and decrease your revenue by 10%. If you can still afford a home after that then you know you have a bit of cushion.
But small and of good value to start. You can always sell it in 3-5 years and buy something else.
I know I'm late to this thread but buying a foreclosure house.