10 Cheap Reliable Cars Chevrolet Cruze — MSRP not yet announced. Toyota Corolla — MSRP not yet announced. Subaru Impreza — MSRP not yet announced. Hyundai Accent — MSRP $14,745. Kia Rio — MSRP $14,165. Scion i A — MSRP $15,700. Honda Fit — MSRP $15,890. Dodge Dart — MSRP $16,995.
The 20/4/10 rule. It all starts with what we call the 20/4/10 rule, which says you should: Make a down payment of at least 20%. Finance a car for no more than four years. And not let your total monthly vehicle expense, including principal, interest and insurance, exceed 10% of your gross income.
The average amount is 3% to 6% of the price of the home. Given that range, it's a wise idea to start with 2%-2.5% of the total cost of the house, in savings, to account for closing costs. Thus our $300,000 first-time home buyer should sock away about $6,000-$7,500 to cover the back end of their buying experience.
If you've never owned a home, you are considered a first-time homebuyer. But you are allowed to be a previous homeowner and still qualify as a first-time homebuyer. According to the FHA, you can do so if you have not been an owner in a primary residence for at least three years leading up to your purchase.
The Housing and Economic Recovery Act of 2008 established a tax credit for first-time homebuyers that can be worth up to $7,500. For homes purchased in 2008, the credit is similar to a no-interest loan and must be repaid in 15 equal, annual installments beginning with the 2010 income tax year.
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You could get an FHA-backed loan with as little as 3.5% down, but you'd have to pay mortgage insurance to help lenders defray the costs of loans that default. Conventional loans, which aren't backed by the government, also offer low down payment programs to first-time buyers. Down payments of just 3% are common.
Down Payment. The best advantage of an FHA loan over conventional loans is the low cash needed at closing. Most first-time home buyers do not have the funds available to put 20 percent down plus pay closing costs. The FHA requires only 3 percent of the loan value to be paid at closing.
The best cheap automatic cars on sale Skoda Citigo. Suzuki Celerio. Vauxhall Viva. VW Up. Peugeot 108. Hyundai i10. Toyota Aygo. Kia Picanto.
10 Good Cheap Cars For Teenagers Under $10,0002006-2011 Honda Civic.2006-2008 Toyota Corolla.2004-2009 Ford Ranger.2008-2010 Scion x B.2004-2007 Subaru Forester.2006-2007 Mazda Mazda3.2006-2007 Toyota Tacoma.2007-2012 Nissan Altima.
Here's our list of the 10 cheapest new cars you can buy right now, all of which are under $20,000. Toyota Yaris LE: $17,285. ... Kia Rio S: $16,100. ... Smart Fortwo Pure Coupe: $15,990. ... Fiat 500 Pop: $15,985. ... Mitsubishi Mirage G4 ES: $15,595. ... Hyundai Accent SE Sedan: $14,745. ... Nissan Versa Sedan S Plus: $14,130. ... Ford Fiesta S: $13,660.
We've rounded up the eight least expensive new cars you can buy today to help budget-minded shoppers find a brand-new vehicle. Nissan Versa Sedan - $12,815. ... Chevrolet Spark - $12,995. ... Mitsubishi Mirage - $13,790. ... smart fortwo - $14,090. ... Ford Fiesta - $14,790. ... Kia Rio - $14,815. ... Nissan Versa Note - $15,005.