If I want to buy a house under $130,000 how much do I need to save up?

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Do you think it's cheaper to get an apartment, a shed house or just purchase an house? Because me and my boyfriend want a house together but we want something that we can afford.
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Superb Opinion

  • In the US, you need a minimum of 10% down to get a mortgage, plus you can figure about 10% of the cost of the house for realtor fees and closing costs. That would be a minimum of 20% of $130K, or $26K.

    Some places require 20% down, in that case you'd have to save up $39K.

    If you're a first-time home buyer, you might qualify for a zero-down mortgage. Your real estate agent can help you with that.

    Be wary of areas that have HOAs, because they often have hard-to-understand rules and you'll have to pay monthly dues.

    Buying a house is a better investment, especially if the monthly mortgage payment is equivalent to what you'd pay for renting an apartment.

    Best of luck finding your home.

Most Helpful Guy

  • Build a tiny block house (without a foundation), nothing fancy. Invest into solar, wind setup. And a good earth pipe heating setup.

    Then build a regular, small house (don't build big or 2 story) next to it, with permits and stuff. Sell the tiny home and ship it to the new owner.

    Electricity will be the new gas in 15 years. And trust me, you don't want to pay some bills. You will also charge your electric car with it. Meaning only expenses will be for food.

    Moving to an area where temps don't fluctuate as much is also a good idea, 10c to 30c year around would be best. With so little expenses you could buy a trip every month.

    Buy land and first parts with a loan, to get to set up fast, pay it off fast, there rest with cash.

Most Helpful Girl

  • What category would you like it in? I can move it but likely asleep again soon. Not feeling well.

    @secretsofkb can move it.

    • Yep, just let me know where you want me to move it.

    • Thank you for MHO

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What Girls & Guys Said

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  • How much income do you have? Where can you buy a house under $130,000?

  • the best is at least 20% down, plus deposits for utilities, cable, internet, home insurance, taxes, closing costs, all of those sneaky things that show up.
    Plus, you will want to save up at least 2 months house payments in a savings account just in case, more is even better.

  • Twenty thousand dollars. You need 10% for a down payment. A couple of thousand for closing costs and you want some left over.

  • Just move to a small town. You can get one for less than that.

  • Screw a house, start investing in Crypto and Bitcoin.

    • This is why you young females need to be with older males who know what they're doing, especially financially

  • Depends on the type of mortgage you want, do you want a conventional mortgage where you put down 20% or an FHA where you only need 3% . Plus you need enough for closing costs. Not sure where you can find a house that cheap except a trailer home

    • I would save at least 30,000 or more

    • Do you think it's cheaper to get an apartment, a shed house or just purchase an house?

    • An apartment is cheaper but you don’t own it and can’t deduct the interest and taxes from your incomes, maybe get a condo

  • Housing market is gonna collapse wouldn't buy yet

  • what's the required minimum down payment?

  • Depending on where you live here you need 20%

  • Figure 20% normally for the down payment. But see about a FHA loan and could get by without a down payment.

  • My house was $85k and my down payment was $3k. It does depend on your own situation; but it should get you into the ballpark. Also never buy a house with a boyfriend/girlfriend. You buy a house with a spouse. What happens if you break up? Who gets the house? Do you become roommate exes? What if he brings his new girlfriend home and has sex on the couch? What if he gets jealous of your new boyfriend and they get into fisticuffs?

  • A house is the better investment as you'll have that asset. However what most people struggle with is the down payment. Do some calculations by researching different mortgage options. They have lots of online tools now you can enter some information and they'll tell you right away what money you need, your payments etc. And try a few different places, like bank, broker, etc. But that's a good price for a first home, and chances are good between the two of you, you could likely afford it.

    • Depending on where you live, your mortgage payments will likely be just as much (maybe less) than what you'd pay for rent. But, the house will be yours. That comes with plus and minus. Plus, you own it and have that asset you can sell later, likely for a profit. Minus you also own it lol, which means you have to pay for any repairs or damages or maintenance. But usually worth it. Just make sure the house your buying is in good shape and won't need any major repairs anytime soon.