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Im 18 and a job at $ 9 an hour (40 hours per week) (I’ll get a raise in about 6 months) I go to all that I have to save for a year. Each month, the only money I can spend is $ 118 on my credit card to try, good credit and everything else will be in the bank for. (I’ll stay with my grandmother) a house I want to buy costs $ 64.900. The website has been home for sale on a computer automatically aufgelistet.Die deposit was quoted $ 12.980. (Is that 20% of the house, or what percentage is that?) There is a fixed rate loan at 30 years @ 6% interest. The monthly payment is $ 311 auf.1. Can I use the loan with 6% interest?, The total amount of money I spend on my credit card for this year, only $ 1,400 will be nothing werden.2 stored at home. I just got my first credit card TODAY. Will I have to get a good credit score at the time the loan with 6% interest and buy the house? Im in Texas.Ist it? $ 4,311 (monthly payments) 12 years (1 year) equal to $ 3.732 multiplied. 30 years (loans) to $ 3,732 (1 year) mutliplied equal to $ 111 960. $ 111 960 and added my $ 12.980 (deposit) equal to $ 124.940.Also if I paid for the house made of 30 years, the total payment of all I added to the interest already spent would 124,940? THANK YOU!

4 Thoughts on I want to buy a house, can you please tell me if I’m right?
  1. Reply
    MM C
    July 6, 2013 at 5:58 am

    That’s very good of you. I’m surprise that an 18 years old can be so discipline on planning to buy a house. First you should make sure your job is steady and secured. Many people loss their job and cannot make any mortgage payment. You got your 1st credit card which is good to start build your credit score. Make sure you don’t over charge and carry balance in it. The 6% interest rate is not guarantee until you lock the rate and the interest rate changes everyday. Don’t be hurry, do it step by step. Talk to a Realtor and loan officer to get more informations on how to qualify a loan.

  2. Reply
    Megan
    July 6, 2013 at 6:23 am

    1) Divide 12,980/64,900 and yes that is 0.2 or 20%

    2) The monthly payment of principal + interest over 30 years is $ 311. You need to consider hazard insurance, property taxes, and PMI (if paying less than 20%) as part of your monthly payment also. Your monthly payment would more realistically be somewhere around $ 520, once you factor in those things.

    3) If you have brand new credit, and less than 2 yrs work history, you will probably not get an interest rate of 6%. I think 6.5% might be a more realistic figure for you to work with for right now.

    4) Do not carry a balance on your credit card. That does not help you in anyway, nor does it build your credit any better. To build your credit, use your credit card for all of your purchases during the month, and then when you get your statement – pay off your entire credit card. Each and every month – pay it off. You will simultaneously be building your credit by showing responsible use, and saving yourself interest!!!

    5) If you just got your first credit card, it is probably going to take you 2 yrs to build really good credit. That doesn’t mean you won’t qualify for something, that just means you won’t qualify for the best rates

    6) I think you would be able to buy a house with an FHA loan.

  3. Reply
    Elsa D
    July 6, 2013 at 7:04 am

    Your interest rate will be higher with that low of income.

    Don’t forget property tax, which is around 3% in TX.

  4. Reply
    Chris L.
    July 6, 2013 at 7:08 am

    Your numbers look right. Remember to check into the property taxes, if they are 3% then that will be 3% of the ASSESSED value not the purchase price. Plus homeowners insurance, so add about $ 200 more per month to your total monthly payment for those 3 items. I am not sure if you would get 6% interest with your short credit history and low income. Figure a payment of $ 600 per month to cover yourself. Plus you will need savings ahead for repairs and emergencies. You may want to wait another year to be more financially stable before you buy.

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