Re: First job and owning a home? Help!
My two cents...
Get in the housing market as early as possible. With your down payment, your mortgage is likely to be similar to your current rent, if not less!
I pushed myself to buy two years ago, and I'm so glad I did. (at age 28) Yes, sometimes it's a little tough, but it would have been tougher if I waited. Houses are going up 21%+ per YEAR in my area of Virginia! My condo from 2 years ago has gone up $80,000 ~ an increase that I would not have been able to afford.
Because of the great market, I've since moved to a townhouse and kept my condo to rent out. It is amazing what you can manage to do. And both places are in my name alone; my fiance is not on the mortgages and I did not have a co-signor.
Good credit will also go a long way in securing a mortgage rate.
If I had bought at 23, I'd be in better shape for my future. I know opinions vary, but to me...renting is like leasing a car ~ something that is hard to make financial sense of. (unless the rent is crazy low....) The tax benefits of owning a home are wonderful.
Good luck!
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