If you’re in your 20s and 30s, there are a few myths you need to know the truth about to find out whether or not you can buy a home right now.
If you’re in your 20s or 30s, you might be thinking that there’s no way you can buy a home right now, and you may be right—prices in San Diego are high. On the other hand, you may be able to buy a home after all.
In any case, you need to get past a few myths first to really know for sure. One of these myths is that you’re too young to own a home. Another myth is that you need to be able to put 20% down—I hear that one from a lot of people no matter how old they are. You don’t need to put down 20% to own a home. You can get a loan with as little as 3.5% down, or if you’re a veteran, you can get a loan without putting down any money at all.
“You don’t need to put down 20% to own a home.”
Another myth is that you can’t afford a big house. Again, you may be right, but I suggest you start small and try for a stepping-stone house like a 1- or 2-bedroom condo in an area where prices aren’t as high.
If that sounds like something you’re interested in doing, your first step should be to find a good agent, such as myself or my team, so they can advise you and put you in touch with a good lender. Your lender will then tell you what you qualify for, what your mortgage payment would be, etc. If you can’t afford to buy just yet, they can also give you a roadmap of what you need to do to be financially ready.
If you’re thinking of buying or you have any other questions, feel free to call or email me anytime. I’d love to help you.
