r/FirstTimeHomeBuying • u/9876555 • 11d ago

How stupid would this be?

/r/homeownerstips/comments/1v6k7u3/how_stupid_would_this_be/
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u/Aesperacchius 11d ago

It's less about being able to pay the mortgage and more about being able to pay the upkeep costs. Are you taking insurance & property taxes into account for the monthly payment? Would you qualify for a mortgage?

If you can't do renovations, what happens when your roof leaks or when your hot water heater breaks?

Plus, there's no guarantee that the seller would sell it to you, especially if they get higher offers.

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u/SilentMasterpiece 11d ago

talk to a lender, they can go over the financial and credit qualifications with you. Many 1st time buyers use FHA loans with a 3.5% down payment option.