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David Dawson

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I'm 23. I have a steady job with good outlook. When can I afford to buy a house????

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stewart.turner88

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I've been renting a studio apartment for the last year now and living here with my girl friend.  We need SPACE!!  This is one of the many sacrifices I've made to save some money for an emergency fund.  Now that I have an adequate amount saved, I feel it's time for me to start using the money that I've paying on rent and using the same amount on my own home.  I'll be living here in Anchorage for at least the next two to three years.  Where do I start?  When is a good time to consider buying a house I know I'm not going to stay in long enough to pay off?  Is there any general rules to this whole house buying business?  I don't want to pay rent.  Please help!
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April 16 - Anchorage
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Michael Emery, "MikeEmery"

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I am not familiar with the cost of homes in Anchorage but as a rule, you will need approximately 10 percent of the purchase price to buy a home.

You mentioned you might be staying in Anchorage for just two or three years. Depending on the local market, it may be wise to buy only if you are planning on staying five or more years.But that's something you could learn from Realtors in your area.

Overall, home prices are down and the 8k First Time Home Buyers Incentive is encouraging alot of folks like yourself to buy. Just make sure you aren't encouraged to overspend - buy only as much house as you feel comfortable making the monthly payments.

The very first step is to talk to a mortgage broker who can give you an idea of whether you are qualified to buy and if so, how much.

The next step is to do what 80 percent of homebuyers do today; get on the internet and start looking at homes. Visit some open houses, talk to friends and coworkers and see if they know someone who they would refer to you for a Realtor.

Here's some links to get you started.

FIrst Time Home Buyers Info.

Homes In Anchorage From Realtor.com
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April 16
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[off-topic post, removed by moderator]
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May 13
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NTETS, "Caveat Emptor"

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[off-topic post, removed by moderator]
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May 13
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space_acer

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Your region could use a further correction based on inflaton..
Figure in additonal 75K-100K decline...20-30%


http://www.housingbubblebust.com/OFHEO/Major/Pacific.html
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May 13
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Linda Strasberg, "L Strasberg"

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I have a great link that asks you 100 questions...Are you ready to become a home owner?
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May 12
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NTETS, "Caveat Emptor"

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Depending on the local market, it may be wise to buy only if you are planning on staying five or more years.

in this market, if you buy and hold knowing you will have to move in 5 years, you should expect to take losses.

best way to counter this is to pay-down your principal, thereby reducing the actual cost of the home to you. even this strategy should not be tried in certain markets
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May 12
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Linda Strasberg, "L Strasberg"

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In our area FHA loans require only 3.5% down.  I ask the seller to contribute to their closing costs.  Many first time home owners tend to stay only for a few years (5-7) and then move up to something bigger to accommodate their needs.
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May 11
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Beth Fread, "Beth Fread"

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I agree 98% with Mike Emery.  My 2% is, if you are really only staying for 2-3 years (I came to Alaska for 3 months and am still here 27 years later), you might want to consider a zero-lot-line or condo.  It would allow you to balance the risk of the economy tanking with a marketable rental and/ or provide you with a potential equity-builder to "bounce" you into a larger home when your want's/ needs change.
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May 11
 

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Question I'm 23. I have a steady job with good outlook. When can I afford to buy a house????
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