Would like to purchase a house... new buyer

**chrislex07dj** · 02-20-2011, 11:23 PM

hello everyone, thanks for the time reading my post. I would like to purchase a house here in Downey, Ca., however Im young and I don't really know anything about real estate market. How much do they usually ask for down payments? When my parents bought our house 11 years ago in SFV, we did put $10k down payment and it was ok. I heard today, usually they would ask about 20% down. I feel like thats too much for my budget, Im looking at my budget with 350K house thats including the cost of new buyer stuff.
What would it be the best for a new home buyer like me, look for a foreclosure house and what else are my options as far as looking for house...THANKS FOR THE TIME READING THIS!!! all your inputs are greatly appreciated....

**flash.investing** · 02-21-2011, 08:41 PM

It would be hard to answer your question adequately without knowing what your credit is like, income and a few other variables. If you are looking to purchase and have 35K to put down maybe 20% of a less expensive house...? Don't forget to budget in closing costs.

**chrislex07dj** · 02-21-2011, 10:52 PM

thnx for all the reply... i have good credit, the last time i ran my credit with lexus financial services, it was on 755. i have pretty stable income, i work in the healthcare field. This is why im asking so many question due to my lack of knowldge about purchasing my first houe...Its not like buying the car with option a and b...i heard about closing cost and escrow stuff and not really familiar with that either. What do i need to do? Do i find a good real estate agent and then what about the lender? does my real estate find that for me?...thank you very much for the time...

**Greg** · 02-22-2011, 05:23 AM

Talk to some local lenders in the area you wish to purchase. Don't give them any money but answer their questions and you should come away knowing exactly how much you can borrow and how much you would be comfortable borrowing.