How to become a successfully first time home owner ?

Question

I'm trying to buy my first house but I have no money down. Just trying to get some good advices about how to do it successfully. In general don't know anything about this business and it's really stressful. Is there any good people out there with great advices?

Rosston Smith · Answer

Work hard.Save your money.Get an FHA loan.Unless you're a veteran, that would be the easiest way besides using private money. However, you need savings and income to own real estate.

David Faulkner · Answer

The first step is to master your personal finances, both income and expenses. If you have no money saved, then sorry, you probably have not mastered it yet and trying to skip this critical step will not likely end well for you.

If you would like to do this while you work towards home ownership, then try to figure out how much with your current income you could qualify for as a mortgage and set the goal to save 20% of that as a down payment. Figure out what the principal, interest, insurance, maintenance, taxes, etc. would be on that property (worse case), subtract out what you pay for rent, and try to save at least that every month ... this will not only help build your personal finance skills, but will also simulate what your finances would look like after you purchase the property ... if you are late or short even 1 day or dollar or don't like how your life is during that simulation, then you won't like it after your purchase ... you'll need to lower the simulated expenses until you are happy with it ... from that you will know how expensive a property you personally can comfortably afford and save up a down payment for it.

Chris T. · Answer

You have to save money every month. Despite the no-money advices and creative financing, you need to have some reserves.

Find out what your credit scores are, and improve them so that you can get a mortgage with competitive rates.

Listen to all the podcasts, you can start with the "beginners" podcast to get started. READ the books on BP

https://www.biggerpockets.com/renewsblog/2013/04/1...

Search for blogs on BP on starting out

https://www.biggerpockets.com/renewsblog/2015/12/2...

AND take a deep breath. Buying a house is not for everyone. Don't make yourself stressed out, learn and enjoy the process.

Good luck!