Profile picture for irynamatnenko

i want to buy a house

Im 22 years old, and i want to buy a for the first time house, i have job and Im attending college
  • September 21 2010 - Moreno Valley
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Answers (14)

Best of luck. Make sure to have a solid game plan, include facts and figures, then consult a local real estate agent and lender.
  • September 21 2010
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Profile picture for the_country_hick
You are in college. Talk to an economics professor. Ask them what happens to buying ability when interest rates rise. You may be shocked to discover that a 5% $200k mortgage payment shrinks to a $152k 7% mortgage payment. When buying power drops how can house prices not drop more?

Are you going to live there forever? If not reselling will cost you somewhere between 10-12% overall. That means a $100k house will lose around $10k in fees to get rid of it. That is not including price drops to come.
  • September 21 2010
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I agree that you should focus on your studies and finishing college. You will have the opportunity to buy your first home after college and you are more settled in your career. You have so many options after college for jobs and perhaps relocating that it it wouldn't be the best time to have such a financial responsibility while in college or right after you graduate. I think it is great that you want to buy a home at 22 years old. You are already thinking about your future and knowing more about the home buying process now will help you reach your goals if you were to purchase in the future.  Purchasing a home is one of the largest financial decisions of your life that will effect every aspect of your life. 
  • September 21 2010
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Focus on finishing college first. Learn as much as you can, and enjoy college life.

Aside from the stress and financial burden, there are also too much uncertainty at your current stage.

Depending on your degree, you might need to relocate from where you currently are at inorder to secure a nice position with a great company.

The first 2-3 years after college is also the most important time, as it defines how you will be viewed by your co-workers and superior. Last thing one needs is the stress of homeownership at this time.

It might be a good idea to put off homeownership until then.

It is admirable that you have the foresight to consider this option. Best wishes to you.
  • September 21 2010
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Profile picture for sunnyview
Good for you for knowing what you want! Here are 11 steps to buying a home. I think that building credit and learning to stick to a budget are both really important before you buy. It may sound cheesy but I think that Suze Orman here has about the best budget calculator around and this site has calculators for everything from paying down debt with the snowball method to saving for a down payment.

You can buy, but you need to make sure that your finances are stable before you do. It also helps to keep your mortgage as close to rent as possible and consider having a roommate if you want to pay off your mortgage even faster. Zillow is a great place to gather information about buying, building credit and shopping for a mortgage.
  • September 21 2010
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Hi irynamatnenko, congrats on making the decision to want to buy a house!  I would say your first step should be to speak to a lender to get an idea of what you might qualify for in terms of price point.  I'm assuming you will need to utilize financing in order to purchase your home, so this is a very important step for you to take.  The lender will go over your credit score, review your debt vs. income, and evaluate your overall creditworthiness for a home purchase.  Good luck!  Best, Caroline
  • September 21 2010
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I'm kind of with the professor on this one, although of course, you know what is best for you.
Its just that home ownership carries a great deal more responsibility than many people are aware of when they go into their first home buying experience. 
Especially these days when depreciating values mean you are tied to your home for years to come.
If you know that you will be fine being tied to the same location for years, if you have a significant down payment, if you have significant savings in the event of job loss and unplanned house issues, and many, many more things that are entailed in home ownership, then perhaps you are ready.
There's no hurry.  Be patient, plan well and it will all work out in your favor.

Good luck with whatever you decide to do!
  • September 21 2010
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The market is fantastic for buyers in many parts of the country because prices are the lowest we've seen in years and financing is about as cheap as we've seen in the last 30 years. You are certainly younger than the average buyer, but if you are able to buy now and afford the payments without interrupting your lifestyle too much, I think you'll look back when you're older and realize you made a great decision by buying now. Just because you are so young, you might want to be sure you've got some financial backing - savings or a helpful relative - to help you out if you have intermittent earnings when you transition from college to a full-time career.

I'd strongly advise you to check out the terrific rates you can get on FHA loans these days. These allow for a minimal down-payment, and current rates are actually lower than for a standard mortgage (for some lenders). As a young person just buying your first home, you can also take comfort in the fact that FHA loans are assumable (so you can pass it on when you sell your home), and FHA works with its borrowers to help them keep their homes if they get into trouble (job loss or other unexpected financial hardship). Since your life will surely change as you move through your 20's and 30's, these factors may help you make the best of your purchase decision.

Good luck!
- Lucy Armentrout
CA Broker's Lic. #R01249688
  • September 21 2010
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Don't stress yourself out with buying a house. Enjoy college and have a fun time. There is plenty of time to buy property and gain wealth in the next 60 years of your life. Let someone else deal with the hassles until you are out of school, done with your fun, and financially stable!
  • September 21 2010
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Check out the website calhfa.ca.gov.  There are some wonderful programs to help 1st time homebuyers finance their homes if you qualify.
Good luck and happy home hunting,
Sharon

  • September 21 2010
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Congratulations on making a huge step in your adult life! There are plenty of homes available in the Moreno Valley and surrounding areas. Let me know what it is you are looking for in a home and let's get out there and start shopping! :-)
Mike
[contact info removed by moderator]
  • September 21 2010
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Congrats! It couldn't be a better time to become a homeowner. The first thing you will need to do is get prequalified for a home loan so that you know what you can afford. If you need a reference let me know! Once we know where you stand we can go shopping! Let me know how I can help! Good luck!
  • September 21 2010
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Profile picture for broker_GRI
Irynamatneko,
What an exciting time for you!
Take this time to interview several agents so that you may find the right one to help guide you through the process.

Zillow has a great area that may prove helpful as a jumping off point...

Zillow mortgage market place


There are many benefits and pitfalls to home-ownership and challenges still in the current real estate market so take your time and enjoy the process.

Best wishes for a smooth successful outcome,
Tanya
  • September 21 2010
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Profile picture for Mills Realty
Great.  Do you have a question?
  • September 21 2010
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