What is obstacle surrounded by buying own house? ...
Answers: The biggest one to me is $$ and having a dutiful enough credit gain. If you can deal next to both of those it's pretty much downhill from there!
Good luck - I hope you are competent to buy one.
I think the biggest obstacle are getting financing, then human being able to be paid your monthly mortgage payments.
The best situation will be if you have a great credit mark. Then it should be easy to bring a loan for a home. Secondly, you should have 20% of the public sale price saved for a downpayment. If you don't hold at least 20 % you're going to enjoy a large insurance costs along with your commonplace loan payment (your mortgage).
On a $159,000 loan I rewarded about $250/month for this extra insurance. It is simply insurance for your lender, because you don't have much lolly backing you up (in skin you can't make your house payments).
Banks today typically want you to own traditional financing. That is, a fixed rate, 30 year loan. This is the only type of loan I would use. Don't use a 0% down loan or an adjustable rate loan. Those are pretty bleak deals, usually. The fixed rate 30 year loans are easiest to be approved for currently, and here are excellent rates out there. I'd aim for 5.99% as a upright rate.
Okay, other obstacles? Affording your monthly fee. Take into account whether you enjoy an emergency fund saved up surrounded by case you lose your brief or get injured. Have at smallest 3-6 months in hoard for all bills to offer yourself some reassurance that you can actually afford a home.
Also, the maximum monthly mortgage reward and home expenses you should have is 35% of your lattice income. Otherwise (and believe me,in former times I have stretched this and lived miserably because of it) you may risk losing your home or becoming bust.
And as for buying a home, buy one in as nice a neighborhood as you can afford. But buy the house to be exact the least expensive (like if it a fixer-upper). Having a well brought-up location is very big!
AND once you find a place, DO pay the money for a well-mannered home inspector (find one that is referred by someone you know). It's usually around $500, but my last house I save about $5000 because an inspector found a through problem with my home's siding! So it be more than worth it.
Well, Good Luck! :) And don't get discouraged if adjectives the money issues become too much. If you need to salvage some money you can always find a dependable roommate.