topic Re: What age did you buy your first home? in Mortgage Loans

What age did you buy your first home?

dvroberts81 — Wed, 10 Dec 2008 19:58:48 GMT

I am just curious, at what age did everybody here buy their first home? I am currently 20 yo and just got my first auto loan on a new car without a co-signer and wondering what kind of criteria are banks looking for now for first time buyers. I am currently in school but I am also a reservist with USMC. I believe there are better loans for military personnel.

Re: What age did you buy your first home?

jedijennifer — Wed, 10 Dec 2008 22:57:38 GMT

I was 26 years old. My fiance bought his first house when he was 22.

Re: What age did you buy your first home?

cobaltnv — Wed, 10 Dec 2008 23:11:47 GMT

I was 29 when I bought my house. Based on the scores you have posted (I assume those are FICO scores) and the information I have heard on these boards you will probably need to raise your credit scores a bit before qualifying for a loan. If I remember correctly I have heard 580 used as the min score for a mortgage. To qualify for the best interest rates you want scores around 760. Basically the higher your scores the better your rate and the less your house costs you. Your car loan will help your scores as it will add an installment loan. You should see a score bump in 6-12 months as that account ages. Do you have a timeline for a home purchase or are you just starting to think about it?

Message Edited by cobaltnv on 12-10-2008 03:11 PM

Re: What age did you buy your first home?

dvroberts81 — Wed, 10 Dec 2008 23:41:26 GMT

Definetely just beginning to think about it. I am desperately trying to get rid of Wachovia charge off account. I have sent numerous PFD letters with no response. Its been about 6 months since I have heard anything from Wachovia. I will be finishing up my degree in the next 2 years and more then likely will transfer to active duty then. I have a good paying job now, around 36k after taxes and beginning to save up some money. I have a large balance on my credit cards now as I have been using them to buy christmas gifts but I usually see 80 score increase whenever I pay them off completely. I currently have 3 credit cards that I have applied for on my 18th birthday(yes, thats right) and have had them every since with no lates. I have a paid off lease through Aarons on some furniture that has been reported. $500 peronal loan from Navy Federal and a brand new (just mailed my first payment) auto loan through ford credit. Should I add another line of credit in the mix for a better long term outcome or am I ok? I have no trouble making my current payments.

Re: What age did you buy your first home?

Sdc0129 — Thu, 11 Dec 2008 01:44:42 GMT

Just bought my first place @ 22 wife was on the loan, same age.

I have around a 650 score and she was about 630, we both make pretty decent money, but I qualified on only making 38k, and her @ 36k.

It was a lil stretch but we did get a loan @ 180k.

Your credit score is important, as is your debt to income ratio. Assuming you are doing FHA.

Re: What age did you buy your first home?

DallasLoanGuy — Thu, 11 Dec 2008 03:43:54 GMT

we dont age discriminate.

you qualify or you dont.

right now, you dont. lets see the scores after you pay down cards.

ho long have you been working this job?

Re: What age did you buy your first home?

1111mel — Thu, 11 Dec 2008 05:58:16 GMT

I'm not being bitter at all (yeah right) I plan on buying next spring at the age of 29 for a max purchase price of $170K with a single income.

Good Luck to you! and Kudos to your financial security that you are able to buy a house so young.

You Honestly ROCK!!

If everyone at your age (or my age) had that security we would all be rich by the age of 40!

Re: What age did you buy your first home?

llecs — Thu, 11 Dec 2008 15:02:39 GMT

I guess I'm the only one still renting at 35. :smileysad:

Re: What age did you buy your first home?

JR2475 — Thu, 11 Dec 2008 15:27:54 GMT

Ehh, Don't feel bad. I am just now at 33, in a position to be abel to purchase a house. That is mainly because prices have taken such a dive here in California. Anyhow, my mom just bought her first house 5 years ago (can't tell you her age because that would just be plain rude). It's all a matter of timing an oprotunity.

Re: What age did you buy your first home?

ShanetheMortgageMan — Thu, 11 Dec 2008 17:36:57 GMT

I purchased when I was 26, I'm 30 now. I would've preferred selling at 28, then renting for the past 2 years while my home value took dive.

Re: What age did you buy your first home?

demi — Thu, 11 Dec 2008 18:47:37 GMT

I'm a late bloomer, just bought my first at 50. Some excuses due to living in a really, really expensive place (Monterey) for 20 years, some lousy credit situation and needing to grow up. For me, the housing situation (mess) we are in was perfect timing, sounds awfull, but probably would not have happenend otherwise for me.

Re: What age did you buy your first home?

cam006 — Thu, 11 Dec 2008 18:54:41 GMT

well, I'll put it out there....39. After some credit ignorance and lots of missteps DH (36) and I got there. So don't feel bad if your still renting everyone doesn't get there at the same time. And honestly being a bit older, wiser and making more money than I was when I was younger certainly doesn't hurt me. Being military- you should consider VA depending on when you want to buy.

Re: What age did you buy your first home?

Lady_Scarlet — Thu, 11 Dec 2008 23:49:18 GMT

I was 20 years and 9 months old... cost was $26K for a 2 bed/2ba condo on an FHA loan. I still own it (it's a rental property now). Six months later I bought a new TransAm.... OH, TO BE YOUNG AGAIN!

Re: What age did you buy your first home?

Wonderin — Fri, 12 Dec 2008 03:30:15 GMT

We're **hoping** to be home-owners for the very first time next year! I will be 39 (40 in July) and DH will be 42 (43 in May).

So, Ilecs, no offense, but yannow ... compared to us, you and your sweet wife are just babies!! :)

Which I could tell by your avatar! Mine haven't looked THAT young in nearly 10 YEARS!! :)

Re: What age did you buy your first home?

llecs — Fri, 12 Dec 2008 04:06:49 GMT

Well, Wonderin, we are following wisdom (aka You).

Re: What age did you buy your first home?

MsKiwi — Fri, 12 Dec 2008 04:19:52 GMT

llecs wrote:
I guess I'm the only one still renting at 35. :smileysad:

Not to worry I have you beat, 46 and still not a homeowner. :smileyindifferent:

Re: What age did you buy your first home?

dvroberts81 — Fri, 12 Dec 2008 14:12:50 GMT

Demi, I used to live in Monterey as a kid and its a wonderfull place but it is extremely expensive. I was recently looking at listing in Monterey. Tiny condos are going for 300k. :smileysad: I would love to move there but as you said it yourself I simply cant afford to. Looks like Northern Virginia will be my home for a while....

Message Edited by dvroberts81 on 12-12-2008 06:12 AM

Re: What age did you buy your first home?

demi — Fri, 12 Dec 2008 17:20:09 GMT

Funny thing is when I moved there, right out of college, I would look in the paper and think how inexpensive every thing was (came from the Bay Area, was way more expensive there then, at least for your average house), but I was in no position to buy. The problem is its not only very expensive, but the wages are low...it is regularly on the "lists", often tops them, of the most expensive place to live, when you compare wages and housing costs. I worked for the county, and when they would look at comparison counties for wages, they would literally adjust the salaries down 5% for the "pleasure" of working in such a beautiful, desirable area.

Re: What age did you buy your first home?

slyhouse08 — Fri, 12 Dec 2008 17:24:43 GMT

I'm 24...and in underwriting...

Message Edited by slyhouse08 on 12-12-2008 09:24 AM

Re: What age did you buy your first home?

llecs — Fri, 12 Dec 2008 17:47:20 GMT

dvroberts81 wrote:
Demi, I used to live in Monterey as a kid and its a wonderfull place but it is extremely expensive. I was recently looking at listing in Monterey. Tiny condos are going for 300k. :smileysad: I would love to move there but as you said it yourself I simply cant afford to. Looks like Northern Virginia will be my home for a while....
Message Edited by dvroberts81 on 12-12-2008 06:12 AM

Tiny condos go for $300k here too, right? There were going to build new condos down the road from us here in Fairfax before the crunch. The sign was up and advertising for $1.1M for a 2 bedroom condo. Since the credit crunch, the sign was removed and they never began construction. No surprise they didn't have any takers.