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Question for the Money Doctors

Question submitted on Mar 11, 2019.

Question

Dear Sir or Madam, I'm in need of some advice. I'm currently living in an apartment but I would really like to start saving up for a house. I don't make very much money right now. What are some things I can do to get started? Thank you for your attention

Answer

Let's take a look at your budget and set aside at least 10% of your income towards a down payment of a house.

Take a look at your credit situation and see if it needs to be improved.

Go to your local bank or credit union and see how much of a loan you can qualify.  This gives you an idea of what price range to shop for.

You might not be able to buy a house today, but you can if you work towards that goal.

Work on saving at least 20% for the down payment of the home.

https://www.360financialliteracy.org/Topics

Please read the articles on the 360 Degrees of Financial Literacy to learn more about credit and the home buying goal.

Good luck!


For additional information visit http://www.360financialliteracy.org/

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