Reply
Moderator Emeritus
Posts: 3,417
Registered: ‎12-27-2007

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.
Valued Contributor
Posts: 1,080
Registered: ‎06-08-2008
0

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%.

Frequent Contributor
Posts: 365
Registered: ‎07-27-2008
0

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.
Regular Contributor
Posts: 200
Registered: ‎06-28-2008
0

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
Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
0

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

 

New Contributor
Posts: 50
Registered: ‎07-24-2007
0

Re: What age did you buy your first home?

[ Edited ]

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
Valued Member
Posts: 36
Registered: ‎04-25-2008
0

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.
Regular Contributor
Posts: 143
Registered: ‎12-05-2007
0

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.
New Contributor
Posts: 69
Registered: ‎07-15-2008
0

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%.
Regular Contributor
Posts: 200
Registered: ‎06-28-2008
0

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
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.