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C-XRS2005
Posts: 50
Registered: ‎01-16-2009
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Re: What age did you buy your first home?

I had just turned 28 and wife 26.  We have been in it for about 9 months now.  I live in Asheville, NC and homes are expensive compared to income so we settled on a little 3 bed 2.5 bath townhome for $147,000.  It appraised for 155k and we hope to sell in about 3-5 years and make a little so we can buy a stand alone home. 

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JMW331
Posts: 80
Registered: ‎02-17-2008
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Re: What age did you buy your first home?

22 y/o for me!

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johnnyv5
Posts: 53
Registered: ‎04-01-2008
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Re: What age did you buy your first home?

23 when I bought my first home.  1000sqft 2 bed/1bath house paid 119k for it.  My second home I bought at 29 w/ my then fiance (now wife) that was 2000sqft 3bed/3bath poolhome.  We Paid 460k for it.  We are now in the process of buying a 700sqft 2bed/1bath house for 220k.  I'm 35 and my wife is 28.  We are buying the smaller house to build when things get better.  The property on the 700sqft house is 17k sqft.  We're renting out the 3bed/3bath home.....

 

jv

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1drwoman
Posts: 4
Registered: ‎01-23-2009
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Re: What age did you buy your first home?

I was 24 when I first purchased.  I had saved $20,000 for a down payment, but I couldn't get my loan approved because my DTI was too high due to my auto loan.  I ended up using $11k of my savings to pay off the auto loan and VOILA!  I now qualified for the mortgage.    I still own the home, which has more than tripled in value, and have purchased three more properties since.  Even in these troubled times, I still feel that home ownership is the key to wealth accumulation.  Good for you for thinking about a home purchase at such a young age!
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teacherhere
Posts: 276
Registered: ‎07-22-2008
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Re: What age did you buy your first home?

Got married at 32 in 1999, hubs and I bought first house when I was 33, I 3 br townhouse in Phila for  55,000. We did it with 10% down and seller paid closing. We had a high interest rate for a variety of reasons.  It needed work! Did the work ourselves and refinanced a year later for 80,000 and brought down our interest rate. We divorced in 2007, the mortgage was 66,000 and house worth 120,000 with a difference of 54,000. He paid me off ( or rather his mommy did) and I walked away with 25,000 A year later the market dropped and he can't give the house away but that is another discussion.

 

I will be buying between now and June 30 (to take advantage of the 7500 tax rebate) using USDA for 100% mortgage. I have 15,000 in the bank. How is that for a compensating factor? (Used 10,000 of the money to pay off CC, Student loans and car loans) I will be 42 this year.

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rmily
Posts: 670
Registered: ‎07-12-2008
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Re: What age did you buy your first home?


teacherhere wrote:

 

I will be buying between now and June 30 (to take advantage of the 7500 tax rebate) using USDA for 100% mortgage. I have 15,000 in the bank. How is that for a compensating factor? (Used 10,000 of the money to pay off CC, Student loans and car loans) I will be 42 this year.


I may be missing some of the details of your situation but if you owned a home in 2007, you wouldn't be eligible for the first-time home buyer's tax credit.

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teacherhere
Posts: 276
Registered: ‎07-22-2008
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Re: What age did you buy your first home?

[ Edited ]

Sorry, I left out that I was not on the first mortgage or deed due to my own credit issues that I brought into the marriage.  They collected no info on me whatsoever.  It was easier to qualify under his income and credit. But since my state is a common law state and whose name is on the deed determines ownership interest, he owed it. He only paid me off so I couldn't force sail b/c in a common law state, a divorcing spuse can force sale for an equitable distrubition of the property regardless of who owned it.

Message Edited by teacherhere on 01-25-2009 12:21 AM
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iltph
Posts: 356
Registered: ‎02-28-2008
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Re: What age did you buy your first home?

I'm 33 and my wife is 34 and neither one of us have bought a home before so we are career renters.

 

We moved up to MD three years ago from NC when the market was outrageously overpriced. Good thing we decided to rent because all of the properties around us are still going down. We're going to wait another year or so to continue saving and wait for things to keep going down and also continue to rebuild our credit. It's hard to believe what it costs here to get a house with a lot that we would really like. Where we lived in NC (at the beach) the prices were 1/3 that, but the income there was wayyy lower. If only both of us could telecommute with our jobs. ;-)

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April 2009: TU 768
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February 2009: EQ 666
January 2009: TU 667 | EQ 620 | EX 669
December 2008: TU 651 | EQ 625 | EX 649
April 2008: TU 642 | EQ 636 | EX 635
November 2007: EQ 542


November 2006: EQ 501
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JagerBombs89
Posts: 406
Registered: ‎09-13-2009
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Re: What age did you buy your first home?

Bought my first home when 3 months after turning 20.  $125k for a 4br, 2ba, 1892SqFt home :smileyhappy:


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