My Affordable Real Estate

This is a snippet from real estate forums .com about a girl asking advice if she should buy a house. She only has a limited budget, only 10k dollars, so she doesn’t really have much to work with. What do you think she should do? Does she have enough capitol to invest in some affordable real estate? Read on to find out more if this woman can afford a home.

I am a 25 years old female and want to get out of my parents home, I don’t want to waste money on rent but right now I have only $10,000, So here I am looking for your suggestion that where should I go for this? Hope you will help me.

There are a number of loan programs that can work with $10,000 or lower, depending on how much you need to borrow, what your condition your credit is in, and other circumstances. I can refer you to a mortgage lender in your area if you would like more specific info about what you qualify for.

Also, I can refer you to qualified buyer’s agent that works in your area. Please contact me if I can be of any help.

10k may or may not be enough…depends on your area, the amount of the home, etc. Ask for closing costs by the buyer, look into First Time home buyer programs and see if your area has any type of grants that can be given to supplement your funds. It can be done with a knowledgeable real estate agent and talented mortgage broker.

If you don’t buy the house the right way, you will throw money away in interest anyway. I would buy a house you can afford on a 15 year note. You need to have money for an emergency fund after you buy, so that doesn’t leave you much to purchase with. Your payment needs to stay at no more than 25% of your take home pay. You can move up in house later when you build some equity and savings. Good luck.

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