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What age did you buy your first home?

Moderator Emeritus

Re: What age did you buy your first home?

At 30 I bought a 2 BR 1920s bungalow (800 sq ft) for 80k and at 36 I built a 4BR ranch (1725 sq ft) for about 140k.  My income at 30 was around 38k and at 36 I'm just under 50k.

 

I'd say my only 'mistake' was building a home during this credit mess.  (Of course, I didn't know that we'd be in this mess when I signed on last November.)  I am currently renting the bungalow and not quite breaking even w/ the mtg payment -- some income is better than none, right?  Smiley Happy

 

If I could do it all over again from the beginning, I would have made sure I had a bigger chunk in the bank -- beyond the down payment.  It was tough to finally 'grow up' financially AFTER I was responsible for a mortgage.

~*~*~*~*~*~*~*~*~*~*~
From 700 in 2008 to 498 in 2012...
4/23/12 -- BK 13 date of filing EQ = 505
4/18/12 -- EQ 498
12/5/13 -- EQ 669
Here we go.... back on track.
Message 21 of 49
Valued Contributor

Re: What age did you buy your first home?

Lots of issues from bad credit issues, partying too much, large moves(2 x's cross country), to 9-11...we are finally buying now. I am 51-and hubby is 55.

 

Gotcha all beat so far! Smiley Happy


Kathy


We are finally homeowners!!

Closed May 5th-30 yr fixed at 5.25%.

Message 22 of 49
Frequent Contributor

Re: What age did you buy your first home?

I wish it was this year but next month I'll be 26 years old and WILL BUY my first home by the summer.
Message 23 of 49
Regular Contributor

Re: What age did you buy your first home?

Hey llecs, I didnt know you were from Fairfax too, small world. I was looking at condos/small town houses in Herndon. Townhouse next door to my friend's was being repoed by the bank and resold for $100k. I would like

to buy a house in that area in hopes that they MIGHT actually put up metro there.Smiley Happy

09/2008-515
10/2008-522
11/2008-540

Single charge off, Wachovia won't PFD.
New Auto Loan at 10.9% w/ Ford Credit
Message 24 of 49
Moderator Emeritus

Re: What age did you buy your first home?


dvroberts81 wrote:

Hey llecs, I didnt know you were from Fairfax too, small world. I was looking at condos/small town houses in Herndon. Townhouse next door to my friend's was being repoed by the bank and resold for $100k. I would like

to buy a house in that area in hopes that they MIGHT actually put up metro there.Smiley Happy


 

Yep, Herndon-Monroe station may be a reality soon:

 

http://www.dullesmetro.com/stations/index.cfm

 

Message 25 of 49
New Contributor

Re: What age did you buy your first home?

I'm 37 and still haven't bought - I lived in Manhattan for most of my 20s, so buying a place wasn't an option when 600-1000 sq. ft. apartments were anywhere from $300k - $1 million+.  Of course, most of those places have doubled or tripled in value, but when you're living in Manhattan at a young age, it's tough to save for a down payment if you're not making a great salary and if you didn't spend time at home.

 

I'm happy I did it, but it definitely postponed home ownership and probably wasn't the best long-term decision.

Message Edited by FICOScott on 12-14-2008 11:11 AM
Message 26 of 49
Valued Member

Re: What age did you buy your first home?

20.  Couldn't believe I qualified as I never had so much as a auto loan at that time.  Was a $100,000 home (nearly 100% financing).  $36k in annual income but no debt whatsoever.  Never a day late on a payment.  Was 5/3 bank - special program.
Message 27 of 49
Regular Contributor

Re: What age did you buy your first home?

I was 28 when I had bought my first house. 149500. Would have been years earlier had I had all my credit issues in order.
Message 28 of 49
New Contributor

Re: What age did you buy your first home?

My BF and I closed on both of ours first home on 11/25.  I'm 28 and my BF is 32.  We went through FHA and was approved with my CS of 731 and his CS of 608.  The purchase price was $80,000 at 6.00% interest, DP of 3%.
Message 29 of 49
Regular Contributor

Re: What age did you buy your first home?

WhirledPeasPlease , I think that would be my biggest concern. Having just enough money in my bank account for a downpayment/approval. I am afraid I won't be able to resist and then I will be broke, on the other hand throwing away $1200 on rent is just as bad.
09/2008-515
10/2008-522
11/2008-540

Single charge off, Wachovia won't PFD.
New Auto Loan at 10.9% w/ Ford Credit
Message 30 of 49