(Closed) Newlyweds looking for a house

posted 5 years ago in Married Life
  • poll: How long after getting married did you buy your own house?
    less than 1 year : (33 votes)
    62 %
    1-2 years : (6 votes)
    11 %
    3-4 years : (8 votes)
    15 %
    5+ years : (6 votes)
    11 %
  • Post # 3
    Member
    5554 posts
    Bee Keeper
    • Wedding: December 2011

    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
    Hostess
    7564 posts
    Bumble Beekeeper
    • Wedding: January 2013

    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
    Member
    2697 posts
    Sugar bee
    • Wedding: June 2012

    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
    Member
    413 posts
    Helper bee
    • Wedding: April 2012

    I bought a house with my now husband 3 months before our wedding.

     

    Post # 7
    Member
    3982 posts
    Honey bee
    • Wedding: July 2011

    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
    Member
    9256 posts
    Buzzing Beekeeper
    • 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
    Member
    5671 posts
    Bee Keeper
    • Wedding: August 2010

    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
    Member
    1069 posts
    Bumble bee
    • Wedding: August 2012

    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
    Member
    10368 posts
    Sugar Beekeeper
    • Wedding: September 2010

    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
    Member
    8474 posts
    Bumble Beekeeper
    • Wedding: July 2012

    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
    Member
    5494 posts
    Bee Keeper
    • Wedding: August 2011

    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
    Member
    39 posts
    Newbee
    • Wedding: May 2013

    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
    Member
    193 posts
    Blushing bee
    • Wedding: June 2014

    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
    Member
    1096 posts
    Bumble bee
    • Wedding: June 2011

    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.

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