Planning to make my first home purchase in the next few years....advice?
I'm 18 (19 in 2 weeks) and I am under a unique situation. I'm making $40,000 a year, which is expected to double in about a year-year and a half once I finish my college degree.
I am planning (and saving) for my first home purchase, which I'd like to make around age 21-22 (2021-2022). This home purchase will definitely be a starter home, that I would not stay in for life, ultimately depending on where life takes me. Besides working on establishing solid credit history, and saving a 20% down payment + emergency fund, is there anything else that I should keep in mind while planning for this purchase?
I really am clueless when it comes to the different types of home loans, and what I should be looking for. Thank you all in advance!
Re: Planning to make my first home purchase in the next few years....advice?
Sounds like a great plan! I wish I had your insight when I was your age. Only thing I can tell you is, I have learned that many things in life come down to timing and money. I have found the greatest opportunity by being in the right place and the right time. Having money to take advantage of a that good opportunity is crucial. Remember this, the housing market is a huge part of our economy and I am convinced that we are well overdue for a recession. It's coming. When? No has the crystal ball, but many of the true market gurus predict that it will most likely happen in 2020 or 2021. When the recession hits, you could see some real low housing prices and interest rates. Be ready my friend, be ready.
Mortgage Banker - Since 1988 offering FHA, VA, USDA, Conventional, Jumbo and Portfolio Loan Products. Licensed in AL, AZ, CA, FL, GA, IL, IA, IN, KY, LA, MI, MO, NC, NE, NV, NJ, OH, OK, OR, PA, SC, TN, TX, VA and WI.