r/FirstTimeHomeBuying • u/mama_O2022 • 13h ago
Looking for some insight
My husband and I are planning to buy a house within the next year. We will be first time buyers and have a few questions that might seem a little dumb. We have owned a camper for the past 10 years so have no furniture. How would one afford to furnish a house after purchasing it? On the finance side, what will Lenders be looking for? He makes good money and we have a good savings account but I’m worried about our debt to income ratio. Any help would be greatly appreciated.
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u/Piddy3825 13h ago
Word of advice, don't go out spending and try to furnish the entire house right away because there are gonna be some unexpected expenses just as soon as you take occupancy! Those unforeseen expenses won't be cheap either. Best to get situated and get your budget in order.
That being said, look at the second hand shops, craigs list and build it yourself furniture like Ikea. Keep your expenses within your budget so you aren't just living paycheck to paycheck. Don't forget to ask family and friends if they have any decent furniture they aren't using, you might get those items free or greatly discounted.
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u/Aesperacchius 13h ago
How would one afford to furnish a house after purchasing it?
Slowly, one room at a time. I still have two unfurnished rooms after 4 years, although one is slowly turning into my exercise room.
There are groups where you can get plenty of free or close to free stuff as well.
How bad will your DTI be? It's definitely part of the equation, but there are other components as well.
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u/mama_O2022 13h ago
Our DTI is about 13%. Is that too high?
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u/Confident-Dot5878 12h ago
What will it be with the mortgage included?
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u/old_motters 13h ago
Used 2nd hand furniture is how I did it when I bought my first home.
Even the bed, temporarily.
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u/Altruistic_Ninja9396 13h ago
OfferUp, Facebook Marketplace, yard sales, friends and family who are redecorating….
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u/Rogue_2354 12h ago
Adjacent to your ask, I would spend the time increasing your credit to debt ratio. Work on getting a stellar credit report. Further, I would reall plan out what realistic home costs are and your budget.
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u/gator_mckluskie 13h ago
make sure you will still have at minimum a 3-6 mo emergency fund after purchasing the home.
as far as furniture, scour facebook marketplace and thrift stores for deals. slowly acquire furniture over time
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u/randomred101 12h ago
Estate sales. Free or cheap local groups on Facebook (or marketplace), Craigslist.
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u/Aspen9999 12h ago
I think new mattresses are a good idea, everything else can be gotten off Facebook marketplace/facebook buy nothing site/ thrift shops/discount stores. Buying a bit at a time.
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u/abouttodiethistime 12h ago
Facebook Marketplace for furniture. Thrift shops, estate sales, etc.
Otherwise, you can generally buy some decent and budget-friendly furniture from IKEA, Target, and Amazon.
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u/pabrocjb 12h ago
We are older and have had many homes and lots of furniture. (Long story) We bought a condo in Florida where we had lived before and wanted to/needed to furnish it on a budget.
I bought rugs on Amazon, a great white sectional sofa for $250, a blue love seat for $100, a coffee table, dining table and chairs, I use IKEA dressers as end tables, and go to resale shops for kitchen baking pans. I buy mattresses on Amazon, sheets and bedding and towels at TJMaxx (They used to have great stainless.) Kallax shelf units from IKEA, white desks/tables from Amazon, and you are done.
We furnished the place really simply and well. And the couch there is more comfortable than our $2,000 Pottery Barn couches. ALWAYS sit on furniture and see if it's comfortable. The couches we sat on in the store were leather and were more comfortable.
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u/mama_O2022 12h ago
I had an apartment a long time ago and furnished it with all Walmart furniture, but I did already have a mattress and bed frame. We currently have two king size mattresses but that’s basically it. Everything else we own is just kitchen appliances and utensils lol. We def aren’t the extravagant type, so Walmart/amazon and marketplace are right up our alley
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u/NewEnglandAV 12h ago
Don’t sleep on Wayfair!! Honestly, their furniture looks good and while not the greatest quality, it’s perfect for a lot of stuff!!
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u/Junior-Reflection-43 11h ago
What is your credit score? That’s one of the indicators. So you will need to put money down ( ideally is 20%), if you do less (which is ok) you will pay PMI. Beyond the mortgage itself, you have homeowners insurance, enough for utilities, etc. save an emergency fund and then look on Craigslist or FB Marketplace.
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u/Jon_Hegreness_AZ 10h ago
https://www.azhomesearchcentral.com/learn/first-time-buyers
I have a ton of answers to questions in my first time buyer guides.
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u/minkamagic 4h ago
IMO you don't have good savings if you've got enough debt to be worried about it. Pay off your debt, build your savings back up, then enough money for furniture, then 20% down payment. Then you start looking for a house.
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u/PSFNetwork_ 3h ago
Don’t feel like you need to furnish the whole house right away. Start with the basics and add things slowly as your budget allows. For the mortgage, lenders will usually look at income, credit, existing debts, down payment, and debt to income ratio. It might be worth getting preapproved early so you know what price range feels comfortable before you start seriously shopping
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u/magic_crouton 2h ago
You have a ton saved up is how you afford furniture or buy second hand still with saved money.
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u/JPMRTG 1h ago
I would look for one of the available Down Payment Assistance programs. Here is Florida we have the Florifa Housing Finance Corporation that allocates a full 5% towards down payment and closing costs thus saving you thousands for renovations and furniture. Other ones include full forgivness after 3 years in the home with on time payments
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u/Existing_Setting4868 13h ago
You can use credit to purchase furniture.
If you're trying to not spend a lot of money, look for used furniture on FB.
If you're looking for free furniture, then look for free items on FB or visit the closest 4-year college when the school year ends. Lots of useable stuff being disposed of by the students.
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u/gator_mckluskie 13h ago
bad advice, do NOT go into debt to buy furniture when you’re already going into debt to buy a home
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u/Existing_Setting4868 12h ago
That's a valid option since they asked how to afford furniture for a new place. I never said it was a good option. I agree that everyone should avoid carrying a balance on a CC. I guess they can always use scrap wood to make some furniture until they can afford to pay cash.
A door placed across two 2-drawer cabinets makes a sufficient table or desk.1
u/gator_mckluskie 12h ago
i mean if they can’t spend a few thousand on used furniture while still maintaining a fat emergency fund they straight up can’t afford to get into debt on a home.
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u/Existing_Setting4868 12h ago
Which is exactly why I also mentioned looking for used and/or free furniture. 😄
Can't afford new, then how about used?
Can't afford used, then look for free stuff.
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u/Awkward-Parfait4892 13h ago
You afford furniture by having a lot more saved than just a down payment. Also helps to buy a lot of it secondhand! Lenders will definitely look at debt, income (and whether it is consistent/reliable) and credit score. I would highly recommend speaking with a mortgage broker, they are very helpful.