Comments on: How To Buy A Home Right Out Of College http://20smoney.com/2008/05/27/how-to-buy-a-home-right-out-of-college/ 20s Money: The #1 Website On The Internet For 20-Somethings And Their Money Tue, 06 Jan 2009 23:26:35 +0000 http://wordpress.org/?v=2.5 By: Sam http://20smoney.com/2008/05/27/how-to-buy-a-home-right-out-of-college/#comment-234 Sam Tue, 17 Jun 2008 20:31:15 +0000 http://20smoney.com/?p=75#comment-234 I bought my first home after college ... didn't have a ton saved but managed to split the down payment with my dad. After a year, I took out a home equity loan to repay my dad so that it was completely mine. The down payment was enough to get me in the house and I've had 2 roommates/friends living with me since I purchased it. The rent money pays the mortgage and some of the bills. I only have to come out of pocket about 200-250/month to live. Definitely has turn my house into an asset instead of a liability. Of course, i was lucky to have a father capable of helping me for a year. I bought my first home after college … didn’t have a ton saved but managed to split the down payment with my dad. After a year, I took out a home equity loan to repay my dad so that it was completely mine. The down payment was enough to get me in the house and I’ve had 2 roommates/friends living with me since I purchased it. The rent money pays the mortgage and some of the bills. I only have to come out of pocket about 200-250/month to live. Definitely has turn my house into an asset instead of a liability. Of course, i was lucky to have a father capable of helping me for a year.

]]> By: Scott http://20smoney.com/2008/05/27/how-to-buy-a-home-right-out-of-college/#comment-127 Scott Wed, 28 May 2008 17:49:06 +0000 http://20smoney.com/?p=75#comment-127 Did it the old fashioned way. Got an apartment after school, saved for 2.5 years to get a 10% down payment saved and bought our first home at 25. 80/10/10 fixed mortgage, with a 15 yr balloon on the 10% piggy back mortgage. It was great come income tax time this past year, you don't understand how valuable the deduction is on mortgage interest and property taxes until you see it with your own eyes. Incomes didn't change much from year to year, but we went from owing money to receiving a nice refund (unexpectedly). I like not having to worry about large rent increases at the whim of a landlord. Sure, property taxes can go up, but even if they go up by 10% it's not 10% of the entire monthly bill. Did it the old fashioned way. Got an apartment after school, saved for 2.5 years to get a 10% down payment saved and bought our first home at 25.

80/10/10 fixed mortgage, with a 15 yr balloon on the 10% piggy back mortgage.

It was great come income tax time this past year, you don’t understand how valuable the deduction is on mortgage interest and property taxes until you see it with your own eyes. Incomes didn’t change much from year to year, but we went from owing money to receiving a nice refund (unexpectedly).

I like not having to worry about large rent increases at the whim of a landlord. Sure, property taxes can go up, but even if they go up by 10% it’s not 10% of the entire monthly bill.

]]>