Advice For First Time Buyer, Loans, FHA and Condos

[briansd1]

[quote=Looking2buysoon] Maybe we can stay in it for around 5 years until we out grow it and can upgrade. [/quote]

That time period seems like pretty common for people looking to buy.

5 years go by fast and it’s hard to predict if house prices will appreciate enough to amortize the transaction costs.

[jstoesz]

I was in a similar boat as you only we chose to move. So move to Sacramento! Move to a saner city…just kidding.

I would say, buy what you can afford and stay there. IMHO, The idea of moving up is a bad one. because by the time you have some earned equity, you have more expenses, more of a need to save for retirement, or a kid’s college tuition. At the very least I would find some cheaper digs for the next couple of years (~1200/month) while the housing market is so incredibly volatile and save save save. You would be surprised how much cheaper rent has become if you just look around a good bit.

But that is just what we were doing/would do.

[jstoesz]

I was in a similar boat as you only we chose to move. So move to Sacramento! Move to a saner city…just kidding.

I would say, buy what you can afford and stay there. IMHO, The idea of moving up is a bad one. because by the time you have some earned equity, you have more expenses, more of a need to save for retirement, or a kid’s college tuition. At the very least I would find some cheaper digs for the next couple of years (~1200/month) while the housing market is so incredibly volatile and save save save. You would be surprised how much cheaper rent has become if you just look around a good bit.

But that is just what we were doing/would do.

[jstoesz]

I was in a similar boat as you only we chose to move. So move to Sacramento! Move to a saner city…just kidding.

I would say, buy what you can afford and stay there. IMHO, The idea of moving up is a bad one. because by the time you have some earned equity, you have more expenses, more of a need to save for retirement, or a kid’s college tuition. At the very least I would find some cheaper digs for the next couple of years (~1200/month) while the housing market is so incredibly volatile and save save save. You would be surprised how much cheaper rent has become if you just look around a good bit.

But that is just what we were doing/would do.

[jstoesz]

I was in a similar boat as you only we chose to move. So move to Sacramento! Move to a saner city…just kidding.

I would say, buy what you can afford and stay there. IMHO, The idea of moving up is a bad one. because by the time you have some earned equity, you have more expenses, more of a need to save for retirement, or a kid’s college tuition. At the very least I would find some cheaper digs for the next couple of years (~1200/month) while the housing market is so incredibly volatile and save save save. You would be surprised how much cheaper rent has become if you just look around a good bit.

But that is just what we were doing/would do.

[jstoesz]

I was in a similar boat as you only we chose to move. So move to Sacramento! Move to a saner city…just kidding.

I would say, buy what you can afford and stay there. IMHO, The idea of moving up is a bad one. because by the time you have some earned equity, you have more expenses, more of a need to save for retirement, or a kid’s college tuition. At the very least I would find some cheaper digs for the next couple of years (~1200/month) while the housing market is so incredibly volatile and save save save. You would be surprised how much cheaper rent has become if you just look around a good bit.

But that is just what we were doing/would do.

[briansd1]

I agree with jstoesz.

Rent value for the money wise, Downtown is a good deal because of the high HOAs which the landlord pays for you (I think of value in terms of the rent the landlord pockets, net of HOA and property taxes).

A young couple could easily live in a studio, keep the junk to a minimum and save.

[briansd1]

I agree with jstoesz.

Rent value for the money wise, Downtown is a good deal because of the high HOAs which the landlord pays for you (I think of value in terms of the rent the landlord pockets, net of HOA and property taxes).

A young couple could easily live in a studio, keep the junk to a minimum and save.

[briansd1]

I agree with jstoesz.

Rent value for the money wise, Downtown is a good deal because of the high HOAs which the landlord pays for you (I think of value in terms of the rent the landlord pockets, net of HOA and property taxes).

A young couple could easily live in a studio, keep the junk to a minimum and save.

[briansd1]

I agree with jstoesz.

Rent value for the money wise, Downtown is a good deal because of the high HOAs which the landlord pays for you (I think of value in terms of the rent the landlord pockets, net of HOA and property taxes).

A young couple could easily live in a studio, keep the junk to a minimum and save.

[briansd1]

I agree with jstoesz.

Rent value for the money wise, Downtown is a good deal because of the high HOAs which the landlord pays for you (I think of value in terms of the rent the landlord pockets, net of HOA and property taxes).

A young couple could easily live in a studio, keep the junk to a minimum and save.

[(former)FormerSanDiegan]

I would build up more cash reserves and work on credit scores first. (Of course, that’s NOT what I did when I was in your shoes, but my timing was lucky)

If you decide to buy, though, consider the potential cash flow if you were to turn it into a rental. That way your future plans to move up or move on will have more flexibility.

[(former)FormerSanDiegan]

I would build up more cash reserves and work on credit scores first. (Of course, that’s NOT what I did when I was in your shoes, but my timing was lucky)

If you decide to buy, though, consider the potential cash flow if you were to turn it into a rental. That way your future plans to move up or move on will have more flexibility.

[(former)FormerSanDiegan]

I would build up more cash reserves and work on credit scores first. (Of course, that’s NOT what I did when I was in your shoes, but my timing was lucky)

If you decide to buy, though, consider the potential cash flow if you were to turn it into a rental. That way your future plans to move up or move on will have more flexibility.

[(former)FormerSanDiegan]

I would build up more cash reserves and work on credit scores first. (Of course, that’s NOT what I did when I was in your shoes, but my timing was lucky)

If you decide to buy, though, consider the potential cash flow if you were to turn it into a rental. That way your future plans to move up or move on will have more flexibility.

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