Covington, LA
Quoted from SantaEatsCheese:I was exceptionally well off at 25 and bought my first house at $363,000 on a 30 year loan. I was a separating USMC Captain with a wife, kid, and new 6 figure job. With that said, I actually changed realtors because he kept showing me stuff outside of my budget. I didn't want to spend more than $350k on my house (although I fudged a little) and they wanted to show me stuff at the VA loan funding limit (550k) plus the down payment money I had saved up. They pushed hard to get you in the biggest home (for the biggest commission) that you could get with a 41% debt to income ratio.
What the realtors do to first time home buyers is help them get qualified for the biggest home loan they can find and then try and put them in the most expensive home they qualified for.
I could have bought the home I live in today as my first home, but the debt would have been crippling had I bought my current home at my fresh out of the military income... although the bank would have happily sold it to me.
Smart. Wish I got married and bought a house much sooner. College was a major setback for me, probably the biggest financial mistake I’ve ever made. Total waste of time. Imagine if you could start life four years sooner with $100k in your pocket and no student loans?? Yes please.
