I have $29,000 in the bank and am looking at a $65,000 home. Should I put nearly all of it as downpayment? Im 25, first home and make $1200 a month..

Also how long do you have to build up your credit before getting a bank loan for a home? I just got my first credit card last year and have been using it for simple things just to get my credit up. I have been paying the full balance every month. Or does not having enough credit matter if I plan to put down a big downpayment. Im thinking of putting down around $23-$25,000 depending on closing costs and leaving $2-$4,000 in savings for unexpected purchases or emergencies...

(0) | asked by: Chris Jager | share | 3 months ago | Report

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answer by Joan Dixon | Visit My Website | Contact Me
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In my opinion I would leave more in the bank than the $2-4000 for the unexpected and put 20-25% down payment; thereby leaving you a better cushion as your payments, with rates as low as they are, you will be able to handle easily. Paying the full balance every month on a credit card is to be applauded. That is the right way to use credit - for convenience; and not because you don't have the money. Good luck!!

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answer by FRED SPONSELLER | Visit My Website | Contact Me
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Ask your mortgage person to help you decide. Put enough down to get your payments in your comfort zone and pay closing costs. Keep the rest in savings. Try to keep 6 months income in reserve.

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answer by David Polk | Visit My Website | Contact Me
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There are programs designed to assist 1st time homebuyers. This should allow you to make a smaller down payment. It is always advantageous to make as large a downpayment as possible. But, there are also other considerations. Are there any repairs or enhancements you must or want to make to the home after moving in, for example.

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