Buying my first house: am I screwed now?
March 18, 2008 6:38 AM Subscribe
When should I buy a house? I'm freaked out about buying my first house to start with, and now this
posted by Stewriffic to Work & Money (33 answers total) 18 users marked this as a favorite
I've come into an offer that's hard to refuse: a parental gift of 20% down for a house + the basic startup costs associated with buying a house (inspector and whatnot). Lucky, aren't I?
But here's the rub. I don't have much/any money in savings ($1000?), I don't make a lot of money (non-profit job), and buying a house scares the bejeezus out of me. I have a vague idea of how to do it (get an independent inspector!), but the details and amount of information out there is overwhelming.
And now all I hear is that despite a potential glut of available and affordable housing, people can't secure funding for mortgages.
My question(s): How would/will this scary real-estate market affect me in general, as a first time home-buyer? If you'd anticipate my having problems securing funding, what can I do? Does my lower-income status and first-time buyer status hurt or help me? Are there programs I can take advantage of, being kind of on the lower-income side but certainly not destitute.
Should I wait?
Bonus if anyone can point me to a trustworthy (i.e. not offered by a realtor or bank) primer on how to buy a house for the first-time buyer.
Salary ~$36K (not that I love disclosing that here, but whatever)
Market: Durham or Raleigh, NC, USA. Urban or rural, as long as there's a good sized and appropriate space for a garden. (Which one of these would be another question altogether...I work in the downtown area of Raleigh, but currently live in and love Durham)
Banks: I have access to USAA, but no credit union.
Marital Status: single, no kids.