Post # 1
- Wedding: September 2011 - Baby boy 12/2015
How long after you got married did you start looking to buy a house? We have been married for a little over a year and are looking to start planning to buy a house. Imagine you started from $0 and with some debts.
Post # 3
We have been married almost a year and are looking to buy in two or three if we can get the emergancy fund and a down payment saved. Also, DH won’t be graduated from college for a couple years and we don’t want to buy a house in a college town so we are waiting until we can move where we want, not based on where there are univ for DH.
Post # 4
We are planning on buying a house when we save up 20% for our down payment. It’s not easy, but it will save you a lot in the long run.
Post # 5
We are looking right now, married 4 months. We aren’t starting from $0, though. I would probably wait until I could do a conventional loan.
Post # 6
I bought a house with my now husband 3 months before our wedding.
Post # 7
We started looking about 6 months into our marriage but didn’t buy until about a month or two after our first anniversary.
Post # 8
- Wedding: August 2013 - Rocky Mountains USA
We bought a house a few months prior to getting engaged. We waited til we had 10% down for a conventional mortgage plus a backup savings of several thousand $ in case the roof blew off, etc. I would definitely wait til you have some savings rather than simply piling onto your existing debt… Nothing wrong with renting til buying makes good financial sense.
Post # 9
We closed on our house 3 months before we got married. We had a 2 yr engagement so we could save for both, so at that time we were starting at $0.
Post # 10
We are aiming for about a year and eight months from now hopefully. We have eight months left on our lease then renew it for one more year. Hubby already made out a spread sheet of how we are gonna save each month. 🙂
Post # 11
We did not start with $0 and debt (debt free with substantial savings) and at over 2 years in, we are just now starting our search. We though we had a good 20% down payment, but didn’t realize how much the housing market had heated up in the Bay Area – things are going for well above asking here. We may have to back off and keep saving – condos that were listed for the low $400,000s are now going in the low $500,000s. It’s so aggressive and depressing.
Post # 12
We need to get started. We are only married 3 months but I cannot get used to apartment living. I hope to have my house by the spring or summer.
Post # 13
We got married in August 2011 and went into escrow on a house in November 2011. Escrow closed begining of January 2012. But we had been talking about buying even before hte wedding. After the wedding all our finances sort of fell into place and we were just lucky to find a house we really liked so quickly.
oh ETA, we didn’t start from $0 and debt. We had some money saved up and were debt free, (except student loans), and then also used our wedding gift money for the rest of our downpayment.
Post # 14
We might be the exception, but we bought our first home together a year before we got engaged. It was about a year into the recession, we had 15% to put down and we also wanted to take advantage of the 8k tax credit.
Post # 15
So we are a little backwards lol, we bought our house 3 years ago and won’t be getting married until 2014.
I had school loan debt and some cc debt and my FI at the time had some cc debt. What we did was sit down together and decide what price point for mortgage, insurance, utility bills we could afford each month along with paying our other debts. We were approved for about 3x the price point we settled on but our thinking was that we’d get a house where the mortgage was close to what we paid in apartment rent.
You don’t have to follow that but it was helpful for us as it didn’t put a huge strain on our finances and we could still afford to buy furniture, do some small renovation projects so far and enjoy it without feeling guilty. We put $0 down as VA loans allow this and they didn’t charge us PMI; we also were able to get an amazing interest rate compared to what the average rates were in 2009.
It’s not our dream house but we didn’t want to put ourselves so far into debt that we’d never afford to get married, have kids or just enjoy life.
Post # 16
There are some financing options out there that avoid PMI even if you don’t have a down payment. We were fortunate enough to get a VA loan which didn’t require a down payment. There are a few other options including a USDA loan if you decide to purchase in a “rural” area. Our house qualified and is only 10 minutes from downtown Raleigh. A lot of suburbs qualify as rural. We habe debt as well including some student loans and a new car. If you qualify have the 20% saved up and don’t qualify for 100% financing you will have to pay a ton of PMI and it will make your mortgage much less affordable. We were fortunate enough to get an awesome deal on an inventory home from a builder with 3.75% financing and closing costs paid just 7 months after we got married, we started looking right away but my husband only used cash and his car was paid off so we had to get him a credit card to use for a few months to create credit for himself. Even without putting any money down we got a gorgeous, brand new house with only a 50% increase from what we paid in rent for a one bedroom apartment since we didn’t have to pay PMI.