Saving to Buy a house in CASH

RENEECIS

Me and my husband have come to the conclusion after doing research for several months and being turned down for a home loan that instead of making loan payments anyways that we would rather pay for our house in cash.  I have figured out all my money planning including paying off the rest of his debts for the next 5 years and if we pay all our bills and my student loans we will be able to save enough to buy a house up to around $124,000 in CASH.  We do not however want to spend that much to begin with and want to look in to buying a foreclosure and the one we looked at was only $45,000 4 bedroom 2 bath it did obviously need repairs but it is something that me and him have discussed for a long time about and are willing to take on that responsibility.

I guess my question is what do you think and do you have any other ideas for money saving tips? 

kimberlygo

Totally jealous that you could find a house for so little money. The parking spots in our condo cost $30,000!

MommyLiberty5013

Become an extreme couponer.

Sisugal

I would aim to pay off all consumer debt but woud not worry about student loans.

Why were you turned down for a loan?  Poor credit, too much debt, insufficient income, no downpayment & insusfficient savings?  Basically live frugally, necessities at best price, non essentials - limit and find the best price.

(Language lesson:--- it is NOT Me and my husband --- it is My husband and I)

 

BriGiboo

The experts generally agree that buying a home cash even when you can is not a good idea. The few people rich enough to buy homes cash that I know personally have always regretted it. The bank tends to protect its investment and you have a lot more protection with a loan. Our "cash house" has been a pain in the neck and a money pit. Things that "need a little work" Usually need a lot of work once you get going. Before you know it $45,000 has become $95,000 not to mention renovations done while you live in a home are REALLY hard on your marriage. Good Luck:) Saving money for a big down payment and paying off debt, getting your credit straightend out are all good things.

RENEECIS

I already do that me and my sister go at it when ever i go back to my home town she gives me coupons I can use and i give her mine and we do trades with our friends also

RENEECIS

I am completely out of debit I made sure to pay off all of mine before I got married and he only has 3 things that need to be taken care of.  As far as financially being able to afford I was told by the banks that I can afford what I want to spend and then some so that's not the problem.  I have been working on my credit score for a while now and it has gone up significantly but apparently not good enough so they told us we needed up to a 5 percent down payment and we offered 20 and they still turned us down.