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I've never owned my own home. I've always had an aversion to settling down...paying an early termination to an apartment complex always seemed like a lot less hassle and less expensive than trying to sell a house or condo if your job opportunities take you to another state or out of the country. That was my logic and it's worked over the last 33 years of my career.
However, with savings accounts and MMA being what they are today, it doesn't make sense to park money for a whopping 0.02% interest so I've realigned my thinking to include a possible purchase of real estate. With interest rates today it seems like an easy decision but wanted to get some feedback from the community.
Excellent credit (FICO's in the low to mid 700's) no BK ever, no lates ever, 9 credit cards with total credit line of $36,000, annual income for the last 5 years tax returns at $105k per year, stable employment, car loan at $627 per month (1 yr until payoff), checking/savings/MMA, IRA account, etc. I have $40k cash for down payment without dipping into savings, MMA or IRA. House I'm looking to buy in my area are around $150k (I'd be financing $110k or thereabouts). I don't intend to live in the house, possibly rent or leave empty; I could do renovation upgrades (kitchen, bath, flooring, etc) over a few years until the time comes for me to settle down in one spot.
So, anyone got any advice for a first time homebuyer?
That's something to consider. However, I could simply make the house my permanent residence which will ultimately save me at tax time.....I work in a different state where the house would be. Making it my permanent residence would help me with two things....1.) the State where I'd be a permanent resident does not have a state income wittholding tax 2.) My temporary duty address is just that....temporary....and the State income tax wittholding burden would be minimized since it's not my permanent address.....
I'll have to check the IRS rules on that one.