Please review this page to help you think about how much to spend on your first or next house
These days it’s much more difficult to obtain a mortgage even with perfect credit. I may not have the answers but I can direct you to the people who do. The best idea before you even begin looking at houses is to get pre-approved by a bank. This shows the seller that you are serious about buying, it also helps you to determine what you can afford
Financial things you should be aware of prior to making an offer on a house
When you are ready to make an offer on that dream house, you will be asked to leave a check, called Earnest Money with the seller’s agent. This amount is usually about 1% of the cost of the house. It will be deposited but it will also go towards your down payment on your new house!!
Closing costs typically run about 3% of your loan amount
You will need to be prepared to pay for a credit report, an appraisal and an inspection
Taxes generally are less than 1% of the purchase price