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How old were you when you bought your 1st home?

 
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leftywefty View Drop Down
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Post Options Post Options   Thanks (2) Thanks(2)   Quote leftywefty Quote  Post ReplyReply Direct Link To This Post Posted: Feb 21 2014 at 3:45pm
I hope this isn't being to invasive, but anyone who has purchased a home care to say how much money they put down, and how much the place was?
It's no joke out here in boston, seems like homeownership is becoming a thing of the past in these northeastern cities. The 2bd condo i'm renting is valued at 200k…TWO BEDROOM!


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shellbee823 View Drop Down
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Post Options Post Options   Thanks (3) Thanks(3)   Quote shellbee823 Quote  Post ReplyReply Direct Link To This Post Posted: Feb 21 2014 at 3:54pm
The minimum down payment for an FHA loan is 3.5% of the purchase price. Plus all closing costs.

If you are a veteran you can get a No down payment loan.

I bought my home at 25. It was 63k. I live in the Midwest. Suburban. 2 bed 1 bath 1100 sq feet with a 2 car garage.
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Maple Syrup View Drop Down
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Post Options Post Options   Thanks (1) Thanks(1)   Quote Maple Syrup Quote  Post ReplyReply Direct Link To This Post Posted: Feb 21 2014 at 5:04pm
Originally posted by leftywefty leftywefty wrote:

I hope this isn't being to invasive, but anyone who has purchased a home care to say how much money they put down, and how much the place was?
It's no joke out here in boston, seems like homeownership is becoming a thing of the past in these northeastern cities. The 2bd condo i'm renting is valued at 200k…TWO BEDROOM!




When I live that's cheap, That's the starting price for a 1 bedroom.

At Toronto current prices- It look like I'm going to be a renter for life.


Edited by Maple Syrup - Feb 21 2014 at 5:05pm
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nitabug View Drop Down
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Post Options Post Options   Thanks (1) Thanks(1)   Quote nitabug Quote  Post ReplyReply Direct Link To This Post Posted: Feb 21 2014 at 5:09pm
24 or 25
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Sang Froid View Drop Down
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Post Options Post Options   Thanks (3) Thanks(3)   Quote Sang Froid Quote  Post ReplyReply Direct Link To This Post Posted: Feb 21 2014 at 5:11pm
I probably won't look to buy until I'm married. 
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MinnyMiss16 View Drop Down
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Post Options Post Options   Thanks (1) Thanks(1)   Quote MinnyMiss16 Quote  Post ReplyReply Direct Link To This Post Posted: Feb 21 2014 at 7:10pm
Dang, so who can actually help me plan this out? Im so serious! PM ME Smile
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Katrenia View Drop Down
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Post Options Post Options   Thanks (1) Thanks(1)   Quote Katrenia Quote  Post ReplyReply Direct Link To This Post Posted: Feb 21 2014 at 7:36pm
Originally posted by MinnyMiss16 MinnyMiss16 wrote:

Dang, so who can actually help me plan this out? Im so serious! PM ME Smile

Go to the city hall of your city and several other surrounding cities to find out about home buying incentives. Some cities offer no down payment if you qualify and many have different first time buyer plans. 
Most of these programs are funded early in the year and once they've been depleted, there may be a waiting list or they'll stop accepting applications.
NACA is a good program but with them you must be persistent.
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ThatGurlD View Drop Down
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Post Options Post Options   Thanks (2) Thanks(2)   Quote ThatGurlD Quote  Post ReplyReply Direct Link To This Post Posted: Feb 22 2014 at 12:53am
32, $300,000 for a 1900 sq ft 3 bedroom with a 2-car garage and fenced yard.  It is my DREAM house.  We waited until the rates dropped.  Hubby is a veteran so no down payment.  I can't get over this place.  It's not huge (we have 3 kids) but it's so right for us.  By a lake and lots of trails, good schools.  Not nearly the biggest or smallest house in the neighborhood (good resale value).

We had a ton of pressure.  We looked for TWO YEARS!!  Between not finding what we loved and not having our finances truly on point, we stopped looking a couple times in the past but they say the third time is a charm.  If buying a home isn't right for YOU, don't do it.  It's financial fitness, it's timing, it's location, resale, work proximity, finding a community you really want to be a part of.....it's so many things.  I couldn't be happier but we waited until it was right for us.  Now many of the same people who were urging us to buy during the bubble have been foreclosed.  Now is a great time if you can, but housepoor is not an investment in my opinion.  I'd personally rather rent and have lots of positive cash flow than buy and have nothing but a house.  Even if you don't buy now, you can start getting in position to buy.  I raised my credit score 88 pts in 7 months and that made a huge difference in the rate we ended up with.  In the words of my daddy, "Y'all stole this house!" Being a homeowner feels good but getting a great deal feels even better. 

Good luck OP!
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melly View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote melly Quote  Post ReplyReply Direct Link To This Post Posted: Feb 24 2014 at 12:22pm
Originally posted by Maple Syrup Maple Syrup wrote:

Originally posted by leftywefty leftywefty wrote:

I hope this isn't being to invasive, but anyone who has purchased a home care to say how much money they put down, and how much the place was?
It's no joke out here in boston, seems like homeownership is becoming a thing of the past in these northeastern cities. The 2bd condo i'm renting is valued at 200k…TWO BEDROOM!




When I live that's cheap, That's the starting price for a 1 bedroom.

At Toronto current prices- It look like I'm going to be a renter for life.



http://toronto.kijiji.ca/c-real-estate-condos-for-sale-OWN-A-CONDO-500-MONTHLY-MINUTES-TO-DOWNTOWN-TORONTO-ON-LAKE-W0QQAdIdZ567119724QQfeaturedAdZtrue
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Ms_Kudos Quote  Post ReplyReply Direct Link To This Post Posted: Feb 24 2014 at 2:18pm
23.
My mom cussed me out for buying a car before a home...it's well worth it.  Depending on where you live, they may have First Time Homebuyer Assistance as well. This could just be your 'starter' home, not necessarily the home you'll have when you're married and have children.
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