Posted on: 07th May, 2013 01:23 am
I have around $1000 saved for emergencies and I’m a mom and going to work full time. I currently live with my in laws but want to move. Im thinking of getting a loan just to give me a little more money to have in my pocket. But I’m still going to look for a place within my price range. What do you think?
Well, I don't think this is the right time for you to buy a house as you don't have much in savings. Moreover, the $1000 that you have in savings is for emergency. If you want to go for a conventional loan, you need to have around 20% down payment saved.
Not a very sensible idea. Try saving up more and improving your credit before you actually go ahead and buy a house.
Buying doesn't seem to be an option for you at the moment.Have you thought of renting, if you have to move out of your in-laws place.
Before you plan to buy your own home, you can work on repairing your credit. In the mean time, you can rent or share an apartment with your friend.
Yes, I agree to what the above posters have to say. In addition to that, if you are looking for a property within your budget, then you can get in touch with a real estate agent to ready yourself accordingly. This refers to your financial health like savings, emergency fund, credit score, pre-approval letter and the likes.