re: First Time Buying a House

(Slackster not directed at you)

It is becoming very clear to me why America is in so much debt.

LOL at some of the comments here about their thought of a "starter home." Unless you are starting with Daddy's $$$, a starter home should never make you house poor. It should allow you an opportunity to build credit, make a sacrifice or two so you can start building something for yourself, save money, that sort of thing. Buy something that needs work and fix it yourself while you are young.

The idea that anyone would even consider a nice car before they'd consider beginning the process of buying a home is ludicrous especially given current interest rates.

Many a genius here justifying using a $70k salary and buying a $30k car at 2 or 3% interest now while putting off buying a house now at 4%. Newsflash, if this is you, you will forever live check to check or you'll grow up and regret you weren't such an idiot later....

eta: If you can even sniff buying a house now because you've become stable, you likely should. these interest rates won't last much longer. The money saved on house at 4% even with paying PMI will pale in comparison to paying a traditional rate like 7 or 8% 5 or 6 years from now. The moral to me is, drive a Civic or a Corolla if it means you're no longer able to buy a house.