A SUPER saver has revealed how she bought her first home at the age of 23 on a low income and with an average credit score.
Jazmin Bautista published a video on YouTube explaining how she saved money and prepared to buy the property last year.
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The young woman said her credit score was between 700 and 720 – which is not very high – due to some mistakes she made with her first credit card when she was 18.
However, she wanted to improve her credit score – which is really important when purchasing a property – and aimed for 740.
Jazmin said she was also asked for two years of tax returns when applying for a mortgage.
The first time buyer had to provide two months of bank statements, but some banks require up to six months depending on each person’s personal circumstances, she explained in her video.
The woman also revealed she had managed to save $12,000 – which made it easier for her to be given a mortgage.
In the clip, Jazmin demonstrated how to calculate closing costs on the purchase of a house through the Bank of America website.
The young woman said she got her house at 3.5 per cent down payment because she graduated from a university and was not required to have a job that paid more than the minimum wage.
She also revealed all her secrets for saving money while studying – including working side hustles and moving back with her parents.
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She said: “The first thing I did was I sacrificed my free time and my freedom by going back to leave with my parents.
“I was actually living in an apartment and I was paying $900 of just rent.”
She said that after deciding she wanted to buy a house, moving back home helped her save the money she was spending on rent, bills and food.
The young woman had moved out to study at the age of 18, but said she was willing to sacrifice her freedom in order to save money to buy a property.
She explained: “You have to sacrifice financially things that most people won’t do.
“If you really want this house, you need to put yourself in that position where you sacrifice and you are able to save money for your dream if this is something you really want.”
Jazmin also said she previously used her credit card to buy food, pay her bills and do many other things because she was on a low income.
However, she paid all her debt which made it easier for her to save more money for her home.
She added: “I remember when I was living paycheck to paycheck I always thought that I did not have enough money to save, but the reality was that I was using my money to go out and eat, to go and buy myself new clothes, to go out and watch movies.
“You need to understand that you need to prioritise your savings.”
The first time buyer also said people should also a way to earn some extra money, for example by finding a side job such as walking dogs.
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Posting a photo of her in front of her new home, Jazmin wrote: “My First Property at the age of 23. None of this would’ve been possible without the support of God and my parents.
“Especially my parents, they sacrificed everything for their kids to have a prosperous life.
“Not to mention they taught me to accomplish my dreams with hard work, patience, discipline, and gratitude.”
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