I’m 23 and I bought a start -up home with less than $ 12,000 down – Realtor.com News

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Today a couple buys a starting home for less than $ 12,000 down – thanks to the side bustle, FHA loanand the help of a healthy rielor^®S

Foundations

Age: 23

Marital status: Married

Occupation: Server and student (works for Master of Labor Therapy)

What was your home experience that grew up?

My family and my husband’s family owned the homes we grew up in. For me, the property of the home is something I have always strived for. It is a security and family.

What made you start thinking about buying a house?

We lived in an apartment in Meridian, Idaho (outside Boyz) and it was expensive. After a few years, we were disappointed that we were pouring our money into nothing. Then we learned that our apartment complex was about to increase the rent by another $ 100 a month. This is not many, but we also learned that a new rental apartment of the same size will pay less than what we paid when we first moved. It was the last straw.

What did you look for in a house?

We wanted a big backyard. I imagined gardening and we also hope to have chickens and a dog someday. My husband’s list was garage as we have four cars. (Most of them are part of our Touro Car Business.)

How long did you look before you find your home?

About two months. We personally looked at 10 homes. Most were really nice, but not quite what we wanted. We’ll see one and like the backyard, but for example, the washer and dryer will be in the garage.

How did you learn about this house?

It was the last addition to our composition. It was not at all in the apps. It turns out that the seller who lived abroad has checked the box, saying that they do not want their home online. For some reason, they did not want their neighbors to know that the house was being sold – which also meant that only someone knew that this house was on the market. But it was on MLS, so our real estate Jody Sharp had access to it.

How did you know this was this?

We realized right away. The home was sweet – it had arches and a lot of character. Outside, we really liked the backyard, which already had garden boxes. There was also a really big bench shop and built -in shelves that were separate from the garage and perfect for my husband, who fixes and builds things. Plus, the location was great for us: just five minutes from the airport, which works really well for our business in a tour.

How did you save advance payment?

My husband works as a firefighter in the wild and he has put a lot of overtime. We both worked as many jobs as possible and as much as we could.

How much did you postpone?

We made FHA, so it was 3.5% more nasal, not the traditional 20%. It was just under $ 12,000.

How did you manage to secure a loan from FHA?

The list says sellers will only take a conventional loan, but our real region called and asked if there was a reason not to make FHA. It turns out, there was no.

As Jody knew what we needed to do to make sure the house meets the requirements of FHA and the seller does not want to worry about anything, my husband is over the bigger part of the work. He touched the paint and installed smoke detectors. There were a few more minor things that appeared at home inspection, but the seller paid for these small amendments.

What does it take to qualify for purchase?

Our Rielor went over and beyond to help us be qualified. She connects us with a creditor and then returned with them to make sure that they include all our flows from a variety of income so that we can qualify.

What was the negotiation process?

We were the only suggestion on the table, probably because no one else saw this house online, but still had some back -behind. We made our offer. The sellers countered once. We countered back and they accepted this.

You also managed to negotiate your interest rate – how does this work?

Initially, Jody received a $ 8,000 discount to end the cost. Then, during a check, several pieces appeared, so she managed to get us another $ 8,000. Our creditor managed to use $ 5,000 from this concession to buy the interest rate down by 1%. In the end, our mortgage payment was only $ 200 a month more than the rent of our old apartment.

Have you ever thought you would have a home this early in life?

Not really. We are so young and we were just married! I am the only one of my friends who has a house. We could not do this without our country or the help of our real estate help by collecting it. Everything turned out better than we could imagine.