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Young adults and mortgages


Scarlett
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We have been talking to dss20 about buying his own home.  I hope he will go talk to our bank, but I am curious if anyone has any experience with such a young person qualifying for a mortgage.  He has almost a year at his current job.  His credit score on Credit Karma is 710 or so (I know that is not the exact real credit score, but should be close).  He has used and paid off monthly the credit card I helped him get.  

Does anyone know if he is likely to qualify?

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4 minutes ago, JumpyTheFrog said:

Does he have a down payment? Also, someone so young is likely to move around a bit for a job. Maybe it would be better to wait until life and a career is more stable.

He has a down payment.  He seems pretty settled in this job after trying a couple of different things. I am just not sure if he will qualify.....I guess he needs to go talk to a loan officer. Well actually they do all of it over the phone and internet now.

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Have him call your bank. If he hasn’t had a large car loan they may have him do a credit builder account for a year or two, then give him a mortgage. But yes, if he can’t get a mortgage immediately due to not enough credit history or not enough money down he can probably qualify sooner than later. 

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6 minutes ago, TexasProud said:

You might have to cosign .  I have several friends whose kids are in great financial shape and needed to buy cars and houses.  The banks have really clamped down and would not give tgem a loan without cosigning

I would strongly advise against cosigning for a loan.

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32 minutes ago, Scarlett said:

We have been talking to dss20 about buying his own home.  I hope he will go talk to our bank, but I am curious if anyone has any experience with such a young person qualifying for a mortgage.  He has almost a year at his current job.  His credit score on Credit Karma is 710 or so (I know that is not the exact real credit score, but should be close).  He has used and paid off monthly the credit card I helped him get.  

Does anyone know if he is likely to qualify?

What size mortgage would he be trying to qualify for?

Are you sure he’s mature enough to handle home ownership and the stresses of having to pay a mortgage and all of the bills and responsibilities involved with a home? Isn’t this the same son who doesn’t even want to commit to a full time job? 

Is this his idea, or is it something you and your dh are suggesting that he do? 

I guess I just don’t get the big rush to get a 20yo out of your house and into his own home, unless he is the one who is highly motivated to do it. I feel like I’m missing something here.

Edited by Catwoman
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Bought house at 22 (DH 26). Had a downpayment, didn't have trouble qualifying. Regret the decision overall: it held us in place when really at that age we needed to be more flexible to take advantage of opportunities, and less flexibility in terms of jobs and career moves even just in the area. It may be a good move in his case, but would not want to be the parent/person that pushed too hard if he isn't interested, as that parent/person will be blamed for any negative fallout of the house down the road.

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16 minutes ago, DawnM said:

I would strongly advise against cosigning for a loan.

I know.  They hated to do it. Her daughter needed a car. She has been out working after college for 3 years, but no one would sell it to her without it, despite the fact that she had spotless credit and a decent credit score.  So they did. I am not sure what the other ones chose to do. 

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Generally, a lender wants to see at least one year at a current job with some sense that this will be a permanent/stable job.   A lot will also depend on the local real estate market, the amount the person has to put down, and the percent of income that the mortgage would be of monthly take-home pay. They will want to know the value of any assets he has (car that is in his name, etc.)  The credit score will help but it will be viewed in a bigger picture.  They will probably want two years of past tax forms; if he has been claimed as a dependent rather than filing on his own, that may cause some issues

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9 minutes ago, TexasProud said:

I know.  They hated to do it. Her daughter needed a car. She has been out working after college for 3 years, but no one would sell it to her without it, despite the fact that she had spotless credit and a decent credit score.  So they did. I am not sure what the other ones chose to do. 

I think cosigning (or even straight out buying a used car) for a new graduate to get employment is WAY different than cosigning on a house.  And I would never recommend cosigning for something you couldn't comfortably pay for if it came down to it.  So risky.  

I bought a house as a single but I was more like 25 or 26.  There are some really disadvantages to buying so young, I'm not sure I'd encourage it without him renting for at least a year somewhere. Assuming we're talking about the same kid who doesn't want to work 40 hours a week and keeps his room a mess.  I wouldn't be surprised if a bank would want more financial history before a mortgage unless he has an astronomically large down payment.  

Edited by FuzzyCatz
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My 22 year old half brother is buying a house right now. I don't know many details, but he definitely is getting a mortgage. He's been at the same job for at least a couple of years now. DH and I bought our first house when we were 24; he'd been working at his job for a year, and I was in grad school. They gave us a special loan for low income first time homebuyers with 1% down and no PMI. The 90s were a very different time 😂

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12 minutes ago, Moonhawk said:

Bought house at 22 (DH 26). Had a downpayment, didn't have trouble qualifying. Regret the decision overall: it held us in place when really at that age we needed to be more flexible to take advantage of opportunities, and less flexibility in terms of jobs and career moves even just in the area. It may be a good move in his case, but would not want to be the parent/person that pushed too hard if he isn't interested, as that parent/person will be blamed for any negative fallout of the house down the road.

This.   
 

Dh and I bought our first home at 21.    His grandmother gave us $5k for the down payment and we got an FHA loan.  It was easy-peasy.   
That said, I would not push ds to buy a house.    To get out and live on his own some?  Yes, I'd encourage that and help him out.   But to buy something?    I wouldn't say anything to ds about that.  If he comes to you about buying a house, great!   But otherwise, I would help him find a rental.  Ds19 is renting and I won't lie...  it's been awesome.  😆   I love my son more than anything in the world and he is always welcome back home (and he knows that), but my word, it is hard living with a young adult.     Home ownership is great for some people, but it is a money pit and ball & chain for others.   I'd let him initiate the home buying process.   

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Another big consideration for him in qualifying will be assets.  He will need to have a healthy savings account so lenders are assured he won’t be over his head should job changes etc.  arise.    Reserves are an important piece of underwriting.

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7 minutes ago, FuzzyCatz said:

I think cosigning (or even straight out buying a used car) for a new graduate to get employment is WAY different than cosigning on a house.  And I would never recommend cosigning for something you couldn't comfortably pay for if it came down to it.  So risky.  

I bought a house as a single but I was more like 25 or 26.  There are some really disadvantages to buying so young, I'm not sure I'd encourage it without him renting for at least a year somewhere. Assuming we're talking about the same kid who doesn't want to work 40 hours a week and keeps his room a mess.  I wouldn't be surprised if a bank would want more financial history before a mortgage unless he has an astronomically large down payment.  

I agree completely.

If the kid can’t keep one room clean and he’s not on a solid career path, how will he possibly handle keeping a whole house tidy... and mowing the lawn... and trimming the bushes... and paying all of his bills... and any number of other responsibilities? And what if he loses his job — or what if he figures out what he really wants to do with his life and that new goal requires more education that costs more than he can afford due to all of his home expenses? 

It seems wrong to throw the kid into the deep end of the pool when he has never even lived on his own. I just can’t see any benefit to encouraging him to buy a house when he has just turned 20 years old. 

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We bought our house at... 24? I seriously don't regret it a bit. We had an opportunity to buy the condo we were in before and I do regret not doing that. We could have had both. We just young and dumb and didn't buy it. It would have made a fortune.

I think this really depends on the kid. And while it's really not advisable to co-sign unless you're really ready to take on the risk, if you can, for the right situation, that's a way that you give a kid a boost. I think you want to think really carefully.

See if he qualifies before you go too far down the line worrying or considering possibilities though. He can always find out, look around, realize he's not ready for the responsibility.

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I would not encourage someone that young to purchase a house *unless* they had a dedicated career/job (full time with benefits) that they had already been working there for at least a year and it was not a career/business likely to be impacted by financial woes (I know all are, but some are more resilient than others). Generally, my understanding is you don't buy a house unless you intend to stay there for at least 5 years. The # of years might have changed recently. Plus at least here, houses are selling like hotcakes and for more money than listing price. No way I'd want to buy a house right now. 
https://moneyning.com/housing/the-five-year-rule-for-buying-a-house/

There is nothing wrong with renting for a young adult. 

Now if he was an upwardly mobile highly compensated professional who would be expecting major increases in salary or getting a new job where part of the package was moving expenses + closing costs + helping with buying/selling home (used to not be unusual, but I don't know how usual it is any more) - my advice might be different. 

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I got my first mortgage at 22. I'd been working for two years, saving almost everything, and was able to put 1/3 down. But . . .  that was a long time ago and things were vastly different in lots of ways. We've got two young adult sons in their 20's and we're not encouraging them to buy right now, not even the upwardly mobile highly compensated one who could easily afford it. Home prices are crazy and most people are paying way over appraisals. That doesn't really compute with me as a good thing, even with very low interest rates.

 

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Guys, the math changes in a low cost of living area.  It can be much cheaper to own than to rent.

And I know DH isn't the only man to put a lot more effort into a home he owns than the ones he used to rent.  I don't think this is solely my influence.

Also, it isn't immoral for a young man to live like a slob in his own house.  Distasteful maybe but he can choose.

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I've heard that it's better to wait until your 1st wedding anniversary.  You know each other and your future plans better.
It allows you to make a better house choice.
Home-owning can be much more costly than renting, esp. if the couple does not have DIY repair skills.
(Not intending to undermine the opposite opinion, but it helps to realize that repairs can be quite surprising.)

ETA:  saving up together for a down payment really can bind the couple together.

Edited by Beth S
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1 hour ago, DawnM said:

I would strongly advise against cosigning for a loan.

A saying I like is that cosigning means having "all the responsibility but none of the fun" of owning whatever it is.

35 minutes ago, Bambam said:

Generally, my understanding is you don't buy a house unless you intend to stay there for at least 5 years. The # of years might have changed recently.

Clark Howard used to recommend not buying unless a person would be in the house at least 7 years (10 for a condo) because the transaction costs are so high (and to lesson the chance of ending up being upside down in the house when you want to sell). Recently I think I heard him say on his podcast that he's changing it to 10+ years because housing prices are so crazy.

I would recommend almost all 20 year olds rent. They need the flexibility to not have home ownership weighing them down when considering moving for new opportunities.

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2 minutes ago, Katy said:

Guys, the math changes in a low cost of living area.  It can be much cheaper to own than to rent.

And I know DH isn't the only man to put a lot more effort into a home he owns than the ones he used to rent.  I don't think this is solely my influence.

Also, it isn't immoral for a young man to live like a slob in his own house.  Distasteful maybe but he can choose.

Who said anything about it being immoral for him to live like a slob in his own house? 

 

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1 minute ago, Catwoman said:

Who said anything about it being immoral for him to live like a slob in his own house? 

 

You're right.  It was implied he was too irresponsible to buy, not too immoral.  I tend to equate the two, but I don't think being messy equals being irresponsible so much as not having ownership.

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I used to keep ds's bedroom door closed so I didn't have to see the mess.  Now he and his gf keeps their rental looking like Martha Stewart lives there.   Dh and I went to see him one day and he was there alone and had candles going.  I was like, "who's this guy??"  😆

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I have a 20 yo. He has already graduated college and does not have a steady job but he has landed interviews for some good jobs so I am hopeful he will get something very soon. 
 

He is pretty responsible and independent but we are having a hard time because he is hesitant to even sign a year lease. Of course he can and he will but the point for us is that even a year commitment to stay in one place and not follow opportunities seems so restrictive. A year at 20 yo just seems like a very long time!

Now, I am a big proponent of home ownership. My 22 yo has a very good job. However, for him I think he should wait out the market a little bit. These prices doesn’t seem sustainable. Maybe they are but it just seems not the time to buy if it isn’t a pressing need.He just signed another lease on his rental but I suspect he will be looking to buy next year. 
 

I’m not entirely against co-signing. We have done it for a car. A house is more than what we could take over comfortably and I wouldn’t go-sign for an amount that would be really uncomfortable for us or for an amount that would cause relationship damage if it went badly. 
 

I do know that banks have tightened up lending considerably. It was easier to buy at 25 yo than at 40 yo and we were much more established with a big down payment at 40.

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4 minutes ago, Katy said:

You're right.  It was implied he was too irresponsible to buy, not too immoral.  I tend to equate the two, but I don't think being messy equals being irresponsible so much as not having ownership.

Thanks for clarifying!

My thought was that if the kid can’t even keep one room clean, an entire home might be too much responsibility for him.

I think my biggest reason for this concern is that in Scarlett’s OP, she said that she and her dh have been talking to her dss about buying his own home, not that her dss has been wanting to buy a home. If this had been the kid’s long term goal and he had been specifically saving up for a downpayment, my posts in this thread may have been different. 

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At that age, I would encourage my child to experience the world, or at least different areas of the country. No way would I want to saddle a 20 y/o with a house that limit mobility and flexibility.

Edited by regentrude
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And just to counteract some of you who bought houses younger.....I bought my first house, with DH, at 32 years old.   I didn't even marry until age 29, and I rented until then.   I am glad I did, it gave me more freedom for those years.    

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15 minutes ago, Catwoman said:

Who said anything about it being immoral for him to live like a slob in his own house? 

 

Agree.  My 20 year is a total slob.  I have ZERO issues with it lol.  It's his space.  He's respectful of shared spaces in his apartment with 2 roomies and our home when he is here.  

I just think a 20 year old without a full time job with benefits who still seems to be floundering a bit is maybe not the best candidate to own a home.  Home maintenance is tedious and boring.  My 20 year old is super academically motivated and driven.  But I cannot at all imagine him keeping up a house and doing all that entails right now.  Being in a rental is great adulting practice.  I totally remember feeling like signing a year's lease at that age felt like way TOO long.  I lived in probably 6 different rentals over the years.  I always knew the sublet contingencies.  LOL.  

I get the math can change in LCOL areas.  I only owned my house as a single for about 3 years and I actually made a good profit when I sold.  I had been working professionally full time about 3-4 years when I bought it (I was around 25 or 26).  I also think the math/decision making can be a bit different for a couple that decides to marry and buy young. 

I just personally would not push a single 20 year old to buy.  If he were driving the process and wanting to buy and showing independence and responsibility that way, that is different.   It would be not great to get him in a home, have him not do a good job with upkeep and regret it in a year.  

ETA I also married at 29.  I LOVED my 20's, I had so much fun.  I travelled a ton.  I was very happy with my rental years too.  

Edited by FuzzyCatz
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1 minute ago, DawnM said:

And just to counteract some of you who bought houses younger.....I bought my first house, with DH, at 32 years old.   I didn't even marry until age 29, and I rented until then.   I am glad I did, it gave me more freedom for those years.    

I was 33 and DH 36 when we bought a house.  Before then, we spent several years living in different countries - a house would have been a huge headache.

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My DS (20) is saving for a a house.  Right now he's hoping to buy it when he's 22.  But the age is less the target than the finances.  When he buys, he will have at least 20% down payment plus another $10K for furnishing/fixing things in the house.  Had is started working at 18, he'd be ready to buy this year but as it stands he's only been working about 6 months. It was his plan/decision to buy a house when moving out and I just supplied him with working numbers for our area.  If your dss wants a house, it should be his decision, he should be researching whether or not he qualifies and he should be asking the questions.  I understand planting the idea in their head because they might not even know what's possible but after you plant the idea, you walk away and let him decide if he wants to run with it or not.

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22 minutes ago, teachermom2834 said:

He is pretty responsible and independent but we are having a hard time because he is hesitant to even sign a year lease. Of course he can and he will but the point for us is that even a year commitment to stay in one place and not follow opportunities seems so restrictive. A year at 20 yo just seems like a very long time!

There is an insurance to cover breaking of lease. We were quoted $35 by the leasing office back in 2005. It is separate from rental insurance.

17 minutes ago, DawnM said:

And just to counteract some of you who bought houses younger.....I bought my first house, with DH, at 32 years old.   I didn't even marry until age 29, and I rented until then.   I am glad I did, it gave me more freedom for those years.    

I married just before turning 29. I stayed rent free with my parents and my husband paid his parents rent. That helped us save a lot for downpayment and we put 60% down for our first home.

14 minutes ago, regentrude said:

I was 33 and DH 36 when we bought a house.  Before then, we spent several years living in different countries - a house would have been a huge headache.

We were not able to sell our home when we relocated to the states due to government policy where we came from. When we bought when we were turning 29, we could not have for seen moving to another country due to unemployment. Our US taxes were complicated.

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53 minutes ago, Beth S said:

I've heard that it's better to wait until your 1st wedding anniversary.  You know each other and your future plans better.
It allows you to make a better house choice.
Home-owning can be much more costly than renting, esp. if the couple does not have DIY repair skills.
(Not intending to undermine the opposite opinion, but it helps to realize that repairs can be quite surprising.)

ETA:  saving up together for a down payment really can bind the couple together.

I know lots of single people who have bought houses. I don't think marriage needs to be a factor at all in this decision.

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My ds23 bought a house when he was 20. He had saved half of the house cost. Had no trouble with the bank at all. In fact, the bank tried rally hard to lend him more than he needed. He had been living on his own and work g full time  since 18. The house is really in the middle of nowhere. A very small house, more like a 2 bedroom cottage. The house then was only 110k. House prices have just about doubled since then. 

On the other hand my oldest ds lives in Melbourne. He looked into buyi g a house begenning of this year. It would be practically impossible. Median house price in Melbourne has just reached 1million. And that isn't  fancy houses. He left home at 17 to go to university. He has a very good job, but to afford to live he has lived in share houses with mates and still does. 

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We bought our first house when we were 21 and 25. Even if he doesn’t live there long term, rentals are great assets (what we did with our second house) too. Our first house, which we sold, is now worth more than twice what we paid and there have been no major improvements. 🤷🏽‍♀️ My only advice is to spend less than what the bank wants to lend. We kept our mortgage to no more than 25% of our income so it was super affordable as our earnings increased. We’ve bought with 0% down and a VA loan and 0% down conventional. We’ve never had a huge down payment and never needed one to avoid PMI. Lots of young military people buy starter condos and turn them into rentals too.

Edited by Sneezyone
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Within the last few years I've known two young men within my circle who graduated high school and then bought a house within the year.  Small starter homes where the monthly mortgage payment is less than a nice rental around here. I thought it made great financial sense in the long run.  Should they decide to marry, move or who-knows-what, they can always sell.  

 

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My advice to my kids is to save, save, save until they KNOW they’re ready and able to stay put for a while. None of them are even close to knowing right now.

Right or wrong (and I obviously think it’s right, lol) I don’t subscribe to the idea of real estate always being a good investment. That comes from purchasing a house toward the end of a bubble that, when burst, plunged our value to less than 50% of what we paid. 16 years later, the current craziness is finally helping us out of our “starter home” now that two kids are out of the house and another is about to turn 18. So, yeah. I don’t trust the concept of “moving up”, lol.

My 17-22yos are still exploring all the options life’s got for them and which directions (figurative and literal) those might take them.

What *I* was doing at 20, 21, 22 (raising a kid and settling down) has nothing to do with what they are or aren’t ready for.

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Real estate decisions are tricky and complex for anyone at any age.  Some financial things to consider are:

1) Returns on homes, on average, are not as high as most people estimate them to be.  The returns that do occur tend to occur in unpredictable spurts rather than steadily over time. 

2)  As an investment homes are illiquid 

3) As an investment it is hard to diversify with homeownership.  You would not spend $100,000 on just buying Apple stock, you would diversify, but you can't buy $10,000 in each of 10 homes

4) Housing markets are highly localized.  While people one one market may be seeing rapdily rising prices, another town can be very different. The relative cost of renting versus owning also vary greatly by location.

5) The transactions cost of buy and selling a home (and moving) are high relative to many other investment possibilities.  

At the same time, a home purchase is a highly personal, emotional decision.  It isn't simply an investment like buying shares of stock is.  For some young people in some housing markets it can make a lot of sense to purchase property; for others it can be a huge burden.

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Wow, a lot of thoughts here......LOL I really just wondered if he could even qualify.  

We will not be co-signing.

We aren't pushing him to do anything.

Rentals here are horrible and/or expensive.  MUCH cheaper at the moment to buy.  

We  are really just wanting him to think in adult terms.  Dh did tell him recently he needs to start paying rent soon.  And he is applying for a different slightly better job at the same place this week.  

Not everyone is interested in traveling the world.  He has expressed no interest in doing anything that would be a problem if he bought a house.

My first husband and I bought a house when we were 21 and 22.  Best decision ever.  We loved that little house and spent many hours working on it and taking care of it.  

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Something else I was just thinking of, that @Scarlettmay want to consider...

Scarlett, what if your dss buys a house, but then loses his job and is unable to make his mortgage payments? Have you spoken with your dh about what would happen in that type of situation? I am concerned that your dh would want to cover the payments for him while he was out of work, and you might not be as willing to do that, particularly if it took quite a while for your dss to find a new job.

I’m sorry to sound so discouraging!

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1 minute ago, Scarlett said:

Wow, a lot of thoughts here......LOL I really just wondered if he could even qualify.  

We will not be co-signing.

We aren't pushing him to do anything.

Rentals here are horrible and/or expensive.  MUCH cheaper at the moment to buy.  

We  are really just wanting him to think in adult terms.  Dh did tell him recently he needs to start paying rent soon.  And he is applying for a different slightly better job at the same place this week.  

Not everyone is interested in traveling the world.  He has expressed no interest in doing anything that would be a problem if he bought a house.

My first husband and I bought a house when we were 21 and 22.  Best decision ever.  We loved that little house and spent many hours working on it and taking care of it.  

 

I hope he gets the better job! Even if he doesn’t get it, I’m glad to see him showing the initiative to apply for it.

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4 minutes ago, Catwoman said:

Something else I was just thinking of, that @Scarlettmay want to consider...

Scarlett, what if your dss buys a house, but then loses his job and is unable to make his mortgage payments? Have you spoken with your dh about what would happen in that type of situation? I am concerned that your dh would want to cover the payments for him while he was out of work, and you might not be as willing to do that, particularly if it took quite a while for your dss to find a new job.

I’m sorry to sound so discouraging!

We aren't going to be paying his mortgage.  People lose jobs all of the time.  It is part of life's possibilities and when you lose a job you better go find another.  

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1 minute ago, Scarlett said:

We aren't going to be paying his mortgage.  People lose jobs all of the time.  It is part of life's possibilities and when you lose a job you better go find another.  

Yes, but in the meantime, who pays the mortgage? Is your dh really going to let the bank foreclose on his son’s house if he can’t make the payments? 

And I know you said that rentals are expensive where you live, but is it really cheaper to buy a house than it is to rent a small apartment? There are so many expenses associated with home ownership that aren’t a factor when you rent — and sometimes there are unexpected and tremendously expensive repairs that need to be made when you own the house, that would be taken care of by a landlord if the place is a rental. 

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And part of this discussion about houses has come about because he came to me and told me he was going to take $5000 of his savings and buy some stock on Robinhood (something similar to that Gamestock thing that went on).  So we strongly discouraged that and told him he would be MUCH smart to put his money in to a home. 

We aren't pushing him to buy a house but we are showing him what he is capable of doing. But then I got to thinking he might not qualify.  But I think he might.  I guess he just needs to go find out.  Even if he doesn't right now he will at least know what he needs to work on.

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Just now, Catwoman said:

Yes, but in the meantime, who pays the mortgage? Is your dh really going to let the bank foreclose on his son’s house if he can’t make the payments? 

And I know you said that rentals are expensive where you live, but is it really cheaper to buy a house than it is to rent a small apartment? There are so many expenses associated with home ownership that aren’t a factor when you rent — and sometimes there are unexpected and tremendously expensive repairs that need to be made when you own the house, that would be taken care of by a landlord if the place is a rental. 

We would not pay his mortgage even if he was going to get foreclosed on.  For starters we can't afford to.  And that is just not something we would do.  

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2 minutes ago, Catwoman said:

Yes, but in the meantime, who pays the mortgage? Is your dh really going to let the bank foreclose on his son’s house if he can’t make the payments? 

And I know you said that rentals are expensive where you live, but is it really cheaper to buy a house than it is to rent a small apartment? There are so many expenses associated with home ownership that aren’t a factor when you rent — and sometimes there are unexpected and tremendously expensive repairs that need to be made when you own the house, that would be taken care of by a landlord if the place is a rental. 

There are literally zero apartments in this town that are not income based.  

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