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re: Age when bought first home ?

Posted on 1/29/14 at 10:23 am to
Posted by geauxbears08
Houston, TX
Member since Jun 2011
233 posts
Posted on 1/29/14 at 10:23 am to
22

Put down 10%, got the first-time homebuyer credit (2009), immediately dropped all $8k of that into the mortgage, then over-paid each month for a year until I got to 20% equity to drop the PMI.
Posted by Spirit of Dunson
Member since Mar 2007
23111 posts
Posted on 1/29/14 at 10:25 am to
32.
I lived in apartments around the country and was never settled enough until that age to buy a house.

I took out a LOC on some holdings to put 20% down since I didn't want a PMI and didn't want to cash out equities for a down payment in the down market (2010). I've paid off that LOC since then, though.
Posted by eelsuee
2B+!2B
Member since Oct 2004
4538 posts
Posted on 1/29/14 at 10:38 am to
I was 24 and bought a repo with 20% down. Paid it off a month before I turned 30. I got lucky and bought it two months before Katrina in BR.
Posted by NewIberiaHaircut
Lafayette
Member since May 2013
12282 posts
Posted on 1/29/14 at 10:43 am to
I was 25 and we put down %20.
Posted by TexasTiger34
Austin, Kind of
Member since Mar 2008
11344 posts
Posted on 1/29/14 at 10:56 am to
quote:

I see no reason to buy a house until you're married and have/having kids.

this is kind of why i feel comfortable waiting but at the same time you are missing out on a good investment opportunity and pissing away rent money for years and years
Posted by Zach
Gizmonic Institute
Member since May 2005
116588 posts
Posted on 1/29/14 at 10:59 am to
26. I can't remember the down payment but I want to say it was about 25% of the price.
Posted by Cold Cous Cous
Bucktown, La.
Member since Oct 2003
15316 posts
Posted on 1/29/14 at 11:09 am to
30, 20%.
quote:

this is kind of why i feel comfortable waiting but at the same time you are missing out on a good investment opportunity and pissing away rent money for years and years



After buying a house I was "pissing away" more per month in interest, taxes, and insurance than I had been spending in renting my previous house. Now that changes over time, but it's not as clearcut as you say.
This post was edited on 1/29/14 at 11:21 am
Posted by LNCHBOX
70448
Member since Jun 2009
88540 posts
Posted on 1/29/14 at 11:19 am to
quote:

After buying a house I was "pissing away" more per month in interest & rent than I had been spending in renting my previous house. Now that changes over time, but it's not as clearcut as you say.


Yea, but you should get some equity out of your "rent."
Posted by Cold Cous Cous
Bucktown, La.
Member since Oct 2003
15316 posts
Posted on 1/29/14 at 11:20 am to
Edited to clarify. I meant ITI, not rent, none of which you ever get back
Posted by LeonPhelps
Member since May 2008
8185 posts
Posted on 1/29/14 at 11:48 am to
I was 23 and put down 5%. I bought at the peak of the market in 2007, but I still live in the same home and have no plans of moving for a very long time. I used a 80/15 loan to avoid PMI (not tax deductible at the time). I have since paid off the home equity loan in full.

I paid nearly $200K for my home and bought it before it was built. If I had to do it over again, I would have gone for a much older and cheaper yet bigger home. Biggest lesson learned is that your primary residence is not an investment unless it is generating income for you. Never buy your primary residence with resale value in mind. Buy the cheapest house you want. That is the advice I will give to my nieces and nephew when they come of age.
Posted by KG6
Member since Aug 2009
10920 posts
Posted on 1/29/14 at 12:01 pm to
I was 25. Put down 20%. I was very lucky to be able to live rent free for a year and a half after graduation. Was able to save for a down payment and an engagement ring.
Posted by LSURussian
Member since Feb 2005
133327 posts
Posted on 1/29/14 at 12:04 pm to
21
Posted by Bubba Bexley
Member since May 2007
3579 posts
Posted on 1/29/14 at 12:30 pm to
I was 32. Nothing down and did an 80/20 loan. Sold it 2 years later.
Posted by makersmark1
earth
Member since Oct 2011
20038 posts
Posted on 1/29/14 at 12:42 pm to
34.

No PMI bc of VA loan
Posted by Venelar
The AP
Member since Oct 2010
1198 posts
Posted on 1/29/14 at 12:49 pm to
23 back in '06. Got a steal on the house and put nothing down. At 23 didn't have anything to put down anyway.
Posted by LNCHBOX
70448
Member since Jun 2009
88540 posts
Posted on 1/29/14 at 1:19 pm to
quote:

Edited to clarify. I meant ITI, not rent, none of which you ever get back


I'd have to imagine you are in a substantially better dwelling than you were renting then.
Posted by NOLA1128
Member since Dec 2011
3802 posts
Posted on 1/29/14 at 1:39 pm to
I'm about to buy my first house at 22, using a VA home loan.
0% down.
Posted by DawgCountry
Great State of GA
Member since Sep 2012
32180 posts
Posted on 1/29/14 at 2:02 pm to
26. Put down 10%
Posted by TigerDeBaiter
Member since Dec 2010
10617 posts
Posted on 1/29/14 at 2:05 pm to
I was 24. Did a RD loan, so nothing down and no PMI.
Posted by LSUfan20005
Member since Sep 2012
9118 posts
Posted on 1/29/14 at 3:06 pm to
27. RD loan for a $125K house, didn't pay for anything other than the inspector.

No money down, no PMI, no closing costs....and I got my 8K from Obama.
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