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Money and Finances
Reply to "need to buy a home to save money but can't"
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[quote=Anonymous]There is so much wrong here. First, you have terrible credit. With only $12k saved, how do you think you will be able to have a 20% down payment and get a lender to finance the remaining 80%? Currently, you would be able to "afford" a $60k house. congratulations. List your budget. Do you have kids w/ daycare expenses? Two incomes? Is there a 2nd job you can take on for a while? Have you ever owned a home? Expenses like repairs, maintenance, replacing a washing machine, air conditioner, roof, etc come along and what are you going to do then. Only buy what you can afford on a 15 yr fixed mortgage with 20% down. Figure out from there what you can afford. Score of less than 680, I don't know of any banks or credit unions that would touch you. Find a cheaper rental further out, save some money like you NEED IT, make a longer commute and keep your eyes out for a great deal. You will be renting for a while.[/quote]
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