2. I will Save 10% of each payday. Whatever income you take home on a regular basis, divide by ten and start saving. You can ask your HR department to set up a contribution account for you. Name the account â€œNew Coopâ€ or â€œNew Home Onlyâ€; something that reminds you of why the account was created.
3. I will use my tax dollars. Go research your target towns. Your education dept tells you how many dollars they spend on each student. Your county assessor tells you how much tax you will pay. Your planning department will tell you about new developments in town. Your police department will give you crime statistics. You already pay for it. Use it.
4. I will put my vice money in the DOWN jar. Turn a bad habit into a good habit. Taking that money from smoking, drinking, excess eating, or whatever and put it in a jar labeled D-O-W-N. That stands for Doing Ownership Work Now. This is the start of your down payment money.
5. I will visit my neighborhood once a month. Drive, take the train, bus or walk around your target neighborhood. Go shopping there, go for ice cream, go to the bank, and walk around the schools. You will learn more than you ever imagined.
6. I will ask for help. Create a page called â€œImportant People.â€ It should have the name and contact number of the following: your best friend, your attorney, your banker, your local politician, your accountant, your religious leader, one police officer you know and trust, one crook you know and trust and your Realtor (my number is 917-855-0277).
7. Never ever give up. No matter how dark the future looks, do not give up. You will not be turned back. If you fall, you will get up. If you go broke, you will start again. If they say you canâ€™t, tell them to stuff it. You can will it to happen, if you believe in yourself.
If you need help...@AskReynet.
Rey Hollingsworth Falu
Licensed Associate Real Estate Broker
Houlihan Lawrence - Bronxville
You will have to contact me directly for the info.
Your best option for now would be to lease for 6 month's to a year and save as much money you can. In the meantime, keep your credit high. Depending on what housing type you are looking, houses for FHA loans will be 3.5% down. Condo's could be the same but need to make sure they are FHA approved. If not, 5% down will be your best option. Don't pull the trigger just yet and figure out your options.
As you may know, there are plenty of items to get in place as a first time home buyer.
If you'd like to discus all of your options, please feel free to call me. I do a lot of work with first time home buyers and they find my legal expertise quite helpful.
Please feel free to call me or email me with any questions.
I look forward to hearing from you.
"$1,500.00 Cash Back at closing when you Buy or Sell with R I G Realty!"