Hello everyone! I am thinking about putting a pause on investments and focus hard on getting a house.
20k saved up
2 cars paid off. One worth around 20k that I can sell
I’ll have about 40k. I was currently putting aside 2k a month but I’m thinking about doing 3k and not investing for a year.
My job pays for a pension
My only issue is by the time I save up 100k. I won’t have 2 years of employment history. I’ll have about a year and a half of employment, possibly only a year if housing drops and won’t need 100k for 20%.
I’m conflicted. Do I just not save as much per month since I need to have 2 years of recent employment history or does it not matter much because they can see that I’m a recent graduate for the lack of employment?
Graduated university, thinking about getting a house
byu/Just_Guest3365 inRealEstate
Posted by Just_Guest3365
3 Comments
Too little information here. What is the price range you are looking at? 40k save up for 200k house is different from 40k saved for 1 million house
W2 for 2 years is a typical requirement for conventional loan. You have alternate choice to get a Loan does not require that, but may require higher down payment or have higher interest rate
Do you know anyone who’s bought a house recently? If so ask them who they liked as a lender and talk to that lender. They can tell you based on your exact situation what you qualify for, and what you might want to work towards.
Are you going to stay there at least 5 years? Are you ready to care for a single family home? Lawn care, regular maintenance, etc.
Most young folks find it advantageous to rent. It provides flexibility and makes it easier to travel. You don’t have to worry about a tree falling on the codo while you’re away!