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I'm 30 and closing on Monday for my first "real" purchase. My sister was 30 when her house closed. Aiming for early 30's is not the worst thing ever.
If you don't like the options that FHA gives, then you have to suck it up and deal with your hand of cards.
I know of brokers who can close a mortgage with USDA (less than 3.5% down, hard to qualify for), FHA at 3.5%, and conventional at 5%. If you're absolutely ready to take the plunge, get in touch with a good broker. If you don't like how the numbers come back for any of these options, then you know what you gotta do.
FHA is not a wise idea IMO. The payments would be ridiculously high even for a small house. I'm talking $1,400+ just for a $200,000 ranch here in CT. I simply can't do that on my own. At least having put down 20% would allow the payment to be $1,200 max. Also, FHA is not a good idea, because if the buyer wants to buy a 2nd home, they MUST put 20% down, which means that they will have to stay in their firsthome for at least 4 years so that a large enough equity/downpayment is accumulated again for the 2nd home. People don't see this fallacy in going with FHA. With a 20% downpayment, the homeowner is free to move out of the house as early as they wish and still have enough equity to apply to the 2nd house.
You don't even have your first home and you have allready in your head bought your second home? Are you talking about as an investment or you plan to buy and then sell in 2 years and buy another home? Maybe you should just wait it out and make that second home the first home. LOL
We just bought our first home and I am 45. We will be debt free in 15 years and I don't plan on buying another home. We found something that we both love in a neighborhood that we both love. Sure I always thought that I would have a home when I was in my mid to late 20's. It just didn't work out that way. So here I am very much into my carreer, with 6 kids of differant ages, in our first home. We are very happy to be there.
Where did you get the sense of entitlement that you should have a house in your 20s? Where did you get the sense of entitlement that says your first house should be something other than a starter home?
FWIW, my first house was bought at age 32. WTH is wrong with that? I am now 100% debt free -- including the mortgage -- at age 46. There's worse you could do than wait and be responsible.
Where did you get the sense of entitlement that you should have a house in your 20s? Where did you get the sense of entitlement that says your first house should be something other than a starter home?
FWIW, my first house was bought at age 32. WTH is wrong with that? I am now 100% debt free -- including the mortgage -- at age 46. There's worse you could do than wait and be responsible.
That's exactly what I am doing. All I can do is wait until I have the 20% downpayment, since I want to avoid FHA.
First, let me get this out of the way: Pick your future mate/companion wisely! I’m a true believer in opposite’s attract, BUT NOT when it comes to MONEY habits!
As others’ have said, there's no need to focus on the house/house payment right now—just continue saving. Most people will agree that Housing as we know it will be a different animal for the next several years—I say wait it out!
In the long run, what you do in your spare time is of key importance! Choose ‘hobbies’ that you enjoy & grow with them—it may ease the anxiety/craving to own a home so soon?
For instance: If you’re into wildlife, then go buy binoculars & enjoy nature. If you’re into the stars/planets, then go buy a telescope & enjoy Astronomy.
I'd move to a less expensive area and downgrade your current living. I know people renting in Bristol for $500 that have decent apartments in older 3 families. They can be found. Some even include heat and hot water. That would double your savings rate and reduce your time horizon.
I'm sure Middletown has similar options.
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Just my 2 cents nep321
