Banker here. Get rid of all your credit card debt first. Then agressively save for a downpayment. 10-15% is good, but 20% is best. However, I know not everyone can do that. Loans with 20% down avoid having PMI (private mortgage insurance) tacked on. FHA loans require a minimum of 3% down.
torne_lignum t1_jdv87xv wrote
Reply to Preparing to buy our first home by [deleted]
Banker here. Get rid of all your credit card debt first. Then agressively save for a downpayment. 10-15% is good, but 20% is best. However, I know not everyone can do that. Loans with 20% down avoid having PMI (private mortgage insurance) tacked on. FHA loans require a minimum of 3% down.