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March_Latter t1_ixypv09 wrote

I was one of the youngest homeowners I knew in the year 2001 at 27. Here in New England the costs are just very high compared to other states. My advice is slow down. as the interest rates will knock the prices down shortly. When that happens remember a solid down payment and do not max out what you can afford. Best place I have seen lately is the USDA for certain towns. Take a look.

On the paperwork side you have to get that fixed. Understand the banks position on him as a loan risk.

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dollrussian t1_ixyr07z wrote

Just here to comment that roughly 20 years later, it’s STILL the case. If you’re buying at 27 / 28 / 29 it’s usually because you had help from your parents, have been saving since you were 19, or a combo of both. A lot of people also wind up super house poor without planning for it these days because housing is so $$$$$$$$$$$$$$ even if you buy.

I feel for OP, I really do, but I think she’ll be in a better spot to buy In roughly 5-6 years than she is now.

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Status_Silver_5114 t1_ixytgx6 wrote

It’s not just New England. https://www.nytimes.com/2022/07/14/upshot/housing-shortage-us.html?unlocked_article_code=AAAAAAAAAAAAAAAACEIPuonUktbfqYhkT1UaBybIRcMnqQHBhf_S2706iTrlLC-PVT9NwqEIGM6A50LJL-JFVucE4g66FpVHIaN9A7t71PNeNEhgDFOl8paIkslZZng_p9j2AzI71NfHA-FotDSxYDS0I7sjmbe0tljOKjW_ANyp2nwhIw1kpZRiZAvqjSROnvGZZ7Yzjtpu3v4hBYR5RSMAYkSJvfrqCRZ-PLaWf02Wq1l2C6wCB2alzZPL4KkAcQ5SFVrGUHt8hG4949pdM9gTV73tcQvPXc6XtUFL40ZJoO4AuA&smid=nytcore-ios-share&referringSource=articleShare

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March_Latter t1_ixyuegk wrote

Granted, on this cycle people bought some houses and raised the value in some shockingly stupid places. But compared to lets say Tennessee or Louisiana property here on the whole is more expensive. Most urban places are unless we want to discuss some real disasters like Baltimore or Detroit. Even Augusta Maine has risen out of the reach of any of its residents. A median income of 27k for a median property value of 244k? Thats worse than the 2006 numbers.

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MommaGuy t1_ixziw7q wrote

Bought my house when I was 22 back in 1993. Interest rates were 7-8% and you had to have a minimum of 20% and at least 3 months of payments in saving. Hubs and I had a combined hourly rate of $20 an hr. You re right about not maxing out what you are approved for. I also recommend having a “just in case” account. Just in case your hot water heater goes. Just in case you have a roof leak. Just in case your car breaks down. And your right about the prices will come down. You are already seeing it.

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March_Latter t1_ixzlgf2 wrote

I want to say it was 7.25 when I bought and the FHA allowed 10% down as it was a three family. Sold it for a massive profit in 2004 and the new owner spent a fortune remodeling it before the crash. He owned it 15 years and just covered his rehab in equity. I think I made $700 a week back then.

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MommaGuy t1_ixzpd0n wrote

We could sell the house and make a huge profit. The house is not our dream house but the location is awesome. Dead end street. Town services. And almost an acre of land. And we are only 5 miles from work. I would rather stay and keep socking money away for early retirement.

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March_Latter t1_ixzppfs wrote

I have the issue of a 3.5 mortgage and nowhere to live until prices crash. I think in the end I will buy one more house and keep my current one as an investment if I can keep more mortgage rate.

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