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Random Hero | Looking to buy a home, should we pay off debt or use it for a down payment? |
Me and my soon to be fiance (within 2 weeks, I just bought the ring), have been thinking about going house hunting. What I would like to know is that between both of us we have about $10,000 in credit card debt. We have about $12,000 saved for a house. Would we be better to pay off our debt and buy a house with little down payment or using all $12,000 for a down payment? We are looking for houses in the $100,000 range which is a nice size house for our area.
Thanks!
Additional Details
For some added info -
I make around $50,000 a year.
She makes $30,000 a year.
We will be financing through USAA since her dad was in the Air Force and she gets the benefits as well. So they may have different loan requirements (down payment, etc.).
Luckily, our wedding will be completely paid for by her parents and mine. |
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Pirate King
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Pay off the debt first.
Seriously, getting that out of the way is the single best thing you can do for your marriage (after the whole love, honor and cherish thing). Then continue saving the $ you would have been putting toward credit card payments, and you'll have the down payment money again soon.
The good news is, with the mortgage crunch, it's definitely a buyers' market out there. Good luck! |
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Rachel
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This is kind of a catch 22...having less debt will make it easier to get a mortgage, but not having a downpayment will make it hard (esp in this economy). What I would do, is go to your local bank and meet with the mortgage specialist. Give them both scenarios and see what rate you would qualify for (or if you would qualify at all). Then, you will have some concrete numbers that you can compare. It would be nice to get rid of the debt; especially if it is at a high rate, but I would definitely speak with the banker first to make sure that doing so won't prevent you from qualifying for a mortgage due to lack of down payment. |
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Real Estate Guy
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It depends on what your income is.
I would recommend paying off the debt first.
However, before anyone can give you advise, we would need to know about your income.
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.....
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I would pay down part of the debt and put part as a down payment, maybe half/half. |
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Christina
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First, since her father was in the Air Force I would check to see if she qualifies for a VA loan . . . sometimes the military benefits apply to dependents. If that's the case it would be great because VA loans are the only avenue for 0% financing. If you cannot go VA than FHA is your next bet with 3% down, moving to 3.5% January 2009. On $100K home with the down payment closing and moving costs I would budget $5000 - $7000.
Now, you have to consider your other debt. Depending on your loan program you have to have a certain debt to income ratio . . . Wikipedia has a great explanation of this http://en.wikipedia.org/wiki/Debt-to-income_ratio . . . and if you are over that it doesn't matter how much you have down and then it would be better to pay off the debt. Either way you want that debt gone as soon as possible but if it's important for you to buy a home now (it's a great time by the way, low home prices and low interest rates) I would look into the VA or FHA avenue with low down payments and then you can work on paying off the debt and having a separate savings for unexpected issues with the home because it would all be on you then.
If you're really serious, which you seem to be, I would go and talk to a lender, USAA would be great. They are a credit union (non-profit) which usually means lower rates and fees (a real live person not lending tree or something like that please!). They will be able to walk you through the process and help you decide which is best and then when you are ready for the home they can pre-approved you which will help in negotiations. Also use the help of a Realtor because it's scary out there with all of the short sales and foreclosures . . . you don't want to go up against a bank on your own, believe me!
Good luck!
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ran-dumb
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pay off debt first.
buying and maintaining a home is an expense.
you may have trouble finding financing.Even if you do get financed at this point, your interest rate will be super high because you are considered a risk. |
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melissa_marie_82
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I would split that 12,000 down the middle and put half down on both. That way you are still getting a good chunk of you debt paid off and hopefully lowering your house payment also! |
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mama penguin of destruxion
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pay of debt if its bad debt like a credit card bill
good dept is a house debt its always good to be finacially free of bad dept also if your buying a home for 100thou you only need 8 or 9k and if you need money for repairs or something you want to add use the bank say ill buy it for 100 with 5k back for repairs and such it works alll the time even so ide never buy a house for 100k i bought a house recently 125k was market price for 32 thousand cash |
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tallbrian1000
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Getting a no down payment home loan may be a problem so that may make the decision for you. You may want to pay down that CC debt some because you will spend about $10,000 on the new house for stuff like carpeting, furniture, house wares, drapes and bedding right away after you buy it. |
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Colin S
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Tough question. first know that you'll have to spend a lot of that money on an inspection, and the lawyer, possibly on points; there are a lot of expenses.
As for what to spend the money on, it may depend on the loan you can get. Especially now. If you can get a loan with no down payment and your rate is lower than your cc rate, then use the $ for your CCs. if you need to use it for a DP to get a lon, use it on the DP. |
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La Vie Boheme
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Pay down your debt first. |
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Ali
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You actually NEED to have down payment money to buy a house nowadays. If 100K is your price range you are going to need 10K and then you should have money for your other costs. That said, maybe you should wait while you pay off your credit cards. That's a high amount (higher then the average I do believe) for both of you to carry, especially with a new mtg. and all the expenses that usually follow a house purchase.Plus, a bank may ask you to pay down your debts.
Best way to find out for sure in your particular situation is to find a broker and get started. Ask family and friends for recommendations. |
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Jeanne R
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You should pay off all of your debt first. Then start saving your down payment. That will get you better terms on your loan (fixed rate ONLY please).
It is best to have a 20% down payment because then you can avoid PMI (private mortgage insurance) but that will also lessen your payments. It is best to have your house payment be no more than 25% of your take home pay. There are few things worse than being a "slave" to your house payment and never having the money to do anything fun. |
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btowntv007
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When buying a house, they want to see a bit of debt. I would use the money as a down payment. It will save you more in the long run on interest of the home loan. If you can afford both payments still, I would go this route. Paying interest on 88k is better then 100k |
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