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re: Age when bought first home ?
Posted on 1/29/14 at 10:23 am to BearCrocs
Posted on 1/29/14 at 10:23 am to BearCrocs
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.
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 on 1/29/14 at 10:25 am to BearCrocs
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.
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 on 1/29/14 at 10:38 am to BearCrocs
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 on 1/29/14 at 10:43 am to BearCrocs
I was 25 and we put down %20.
Posted on 1/29/14 at 10:56 am to cwill
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 on 1/29/14 at 10:59 am to BearCrocs
26. I can't remember the down payment but I want to say it was about 25% of the price.
Posted on 1/29/14 at 11:09 am to TexasTiger34
30, 20%.
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.
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 on 1/29/14 at 11:19 am to Cold Cous Cous
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 on 1/29/14 at 11:20 am to LNCHBOX
Edited to clarify. I meant ITI, not rent, none of which you ever get back
Posted on 1/29/14 at 11:48 am to BearCrocs
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.
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 on 1/29/14 at 12:01 pm to BearCrocs
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 on 1/29/14 at 12:30 pm to BearCrocs
I was 32. Nothing down and did an 80/20 loan. Sold it 2 years later.
Posted on 1/29/14 at 12:49 pm to makersmark1
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 on 1/29/14 at 1:19 pm to Cold Cous Cous
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 on 1/29/14 at 1:39 pm to cwill
I'm about to buy my first house at 22, using a VA home loan.
0% down.
0% down.
Posted on 1/29/14 at 2:05 pm to BearCrocs
I was 24. Did a RD loan, so nothing down and no PMI.
Posted on 1/29/14 at 3:06 pm to TigerDeBaiter
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.
No money down, no PMI, no closing costs....and I got my 8K from Obama.
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