Colli Real Estate

First Time Homebuyer – No Money Down and … (Is this wise?)?

I have one credit card with 15k in debt at 5% and pay $300 per month. I will also be a first time homebuyer and will most likely not be putting any money down. Was thinking of doing a 30yr fixed 80/20 loan (if numbers work out to be better than full 100% w/ PMI). Ideally, I would like to pay off my debt before buying a home, but cannot in this situation.

Hey Dude,
don’t think of the short term. I would just buckle down and payoff the credit card.
with the mortgage, Do what you plan with no money down. You can always refinance. The last thing you want to do is incur more debt onto your mortgage by adding credit card debt. It takes longer to pay that off. It you can, just cut some things out of your life here and there and you will payoff the credit card. But don’t just pay the minimum.

Try this.
Advice from someone that owns a home and did what u r thinking. Hindsight is always 20/20.

Good luck
-ar

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