Asked by V Echambadi, Sherman Oaks, CA • Thu Aug 9, 2012
I may be posting this too early. I am looking to buy a house in the next 1-2 years, sooner if possible. My credit is excellent (750 ) with no negatives on my credit report. If all goes well, I will be completely out of debt in the next 6 months. The downside is that I went on this "paying down my debt" binge in the last 2 years or so and in the next 6 months, will have brought my debt down to zero from about $25K a year ago (I am excluding car lease here), and I therefore have nothing to put down right now.
What are my options? I should have enough for a 10% down payment or so within the next 2 years or so for a $400K home, but I'd rather not wait 2 years to buy a home if home prices may rise much. Any advice would be appreciated.
FYI - I have had a stable job over the last 8 years and my salary is over 6 figures and I am targeting the Burbank/Sherman Oaks and surrounding areas for a home.
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