Asked by Ron, Charleston, SC • Mon Sep 3, 2012
I wanted to get some advice on buying a house in five years. I figure it's a good time to start thinking and saving up towards something. Here's my background I'm a 20 year old male have no other debt besides 2,800 on a car loan, I'm looking to buy a house in mt. Pleasent and wanted to get some advice based on my situation. I have 30k saved (was saving for a nice car but said this money is better suited for a first house) I have little bills, just cell phone, car note (6 months left), and car insurance. I was looking at homes in park west, specifically dunes west, or Hamlin Plantation. My budget would be 350,000 to buy a home it could be less depending on how much I've saved in the next 5 years. My question are what type of down payment I would need on a house in the 300,000-350,000 price range. Also should I do a 15 or 30 year loan, and how could I build more credit? I've never missed a payment on my car note or any other bill, I don't have any credit cards or any other loans.
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