What should I do to start saving for a house?
I just found out that I have about two years until I have to move from the house where I now live. I know this is a great deal of time to save up a down payment to buy my own home, but do not really know how to begin. Should I put the plan as of each paycheck into a savings account? I like to save enough for a down payment of 20%. The average home size you want in the area that would seeing is between $ 100,000 and $ 150,000. Is it possible to save about $ 20,000 in two years and still have a life? I am a teacher, so do a lot of money.
Probably only need 3% with a FHA loan. So look at that first. have good plans at this time. It is a buyers' market at this point, I do not know how it will be in two years, probably still a buyers' market. But it does put a little away in a money market account each month. 10% of their salary is a good start. If not I can not spend. There are also rent to own homes now available that can put 10% or more of payments each month in an escrow account and then after two years will have a nest egg to bring down the house. Good luck!
Finance & Investment Tips : What Is an Average Mortgage Rate?