Budgeting to Buy a House in Fredericksburg VA
No matter how good the credit rating, today's home buyer no longer has the luxury of buying with little or zero down. Unless you are low-income with good credit, or a veteran, no-down loans are also a thing of the past. Research the area you want to purchase a home in by using free MLS Search tool. Compare areas find out community information in Fredericksburg, VA home prices, and trends.
Most lenders today want at least 20 percent of the loan amount as a down payment on a house. For a home priced between $168,300 and $287,500 in Fredericksburg, VA a home buyer would need to come up with between $33,660 and $57,500 just for a down payment. Then, there are closing costs to consider. These vary by state but figure you'll pay over $2,000 on a $200,000 loan.
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Saving up this money takes time and careful planning. The best way to start is by coming up with a budget that is realistic enough for you to stick with and by using other tips to help you get ahead financially. Keep in mind your location taxes vary depending on your location. Fredericksburg, Stafford, King George area homes for example in Virginia taxes are different. That can impact your monthly mortgage payment.
The only thing more challenging than setting up the budget is sticking with it over the long run. Using personal finance software will help you set it up, but only self-discipline and the desire for a new house will motivate you to stick with it.
First, you need to determine your total income from all sources. The second step is to list all the money that goes out every month, beginning with your fixed expenses. These include anything that has a fixed payment due every month, including:
- Rent or mortgage (if you have a fixed rate).
- Car payment
- Child support and alimony
- Cable or satellite TV
Anything you purchase on a daily basis (morning coffee, etc.).
Amy Fontinelle, writing at Investopedia, suggests that you track and update your budget daily so that nothing falls through the cracks.
Once you've used the budget for a month or two you'll be able to see where your money goes every week. This snapshot shows you where it's being wasted and, thus, where to make cuts. Any items cut from the budget mean more money to set aside for your house.
If you're like a lot of us, you may be tempted to use the money you're saving for something else that comes along. To avoid the temptation, put it in an online savings account that makes it difficult to withdraw. If you have to wait a few days for the money, you may think twice about withdrawing it.
Budgeting to Buy a House in Fredericksburg VA courtesy Pam Martin, Realtor Keller Williams Realty
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* All data pertains to single-family homes