Recently I had the pleasure of coming across such couple just like that. They were both under 30 (maybe under 25) and work hard and want to "go places". They have aspirations. They know you can live life by design and not by default. Their income wasn't high but they had come to the realization that "by paying rent, you are paying someone else's mortgage" and that financially it wasn't a smart thing to do. We looked at some condos, townhomes and single family homes until they decided to go with a condo, where they had access to a pool and gym and didn't have the responsibilities of single family home-owner. I put them in touch with my preferred lender, someone I trust from doing lots of transactions with, and after looking at their finances, she got them pre-approved and we opened and closed escrow. BAAAAM!!! Handed them the keys and off they went.
What was my point? They had saved "some" money for downpayment. But nowhere close to the 20% most buyers think they got to have before starting to look at homes. They became homeowners with only 3% down. That's $6,000 for a $200,000 home. I don't really think there are that many places in this world where you can buy a home with that little down. Only in Good Old US of A.
Moral of the story: If you or anyone you know have a steady job and have saved just a little, it only makes financial sense to purchase a house and stop renting. Call me. Lets get the conversation going. You might be surprised as to what you can afford.
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