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Hello Everyone

I want to save for my first home, but I feel like I need to plan better.

Any get resources or suggestions on trying to accomplish this goal. I am feeling its an impossible goal, as where I live is very expensive city and lower end home/condos start at 500,000.
 

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Talk to a Realtor or mortgage counselor about your options. Also, do some online research in your area about requirements for purchasing a home (how much total minimum you will need for down payment, closing costs, etc.) Sometimes there is also assistance for low income families and even homes available where in order to qualify, you must make BELOW a certain amount. Sometimes there is also down payment assistance (in certain states) if you meet certain guidelines.
 

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Hello Everyone

I want to save for my first home, but I feel like I need to plan better.

Any get resources or suggestions on trying to accomplish this goal. I am feeling its an impossible goal, as where I live is very expensive city and lower end home/condos start at 500,000.
Maybe see a financial planner for advice as well? I've been meaning to do that myself. I've been told it's free?
 

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Discussion Starter · #4 ·
Maybe see a financial planner for advice as well? I've been meaning to do that myself. I've been told it's free?
Thanks. I think this is the best way to approach this as I am getting overwhelmed not having a plan and not knowing where to start. I think that should be my start
 

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You might want to look at Dave Ramsey's plan. I don't agree with everything he says (and there is a definite evangelical Christian bent), but his ideas are sound.
 

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I would start with a monthly budget to get control of your money and figure out exactly how much you can put away each month. From there you can figure out how long you will need to reach your goal of saving enough for a down payment. Mint.com is a great free budgeting tool. Once you can see how far away the goal is, it can be quite motivating and push you to save even more each month.
 

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Do you have a budget? I use YNAB program and it has helped me immensely.
For the home loan look into FHA loans and USDA loans (has to be outside city limits). Both are good programs if you don't have much to put down. A regular loan is best if you have 20% down. We recently did a USDA loan, let me know if you want to know anything about it:)
 
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