Good luck with the story Brian. If we can be of any assistance on this or any other story, please let us know.

The first time I bought a home, interest rates were about 9.5% and assumable loans were more common. I was able to assume a VA loan so I did not have to go through the mortgage qualification process. I knew the seller and we executed the deal without the home ever being advertised. This was in 1986.

Buying was the right choice for me, and it worked out well for me in the long run. For those who want to lay down roots, I endorse it. For those who expect to relocate often or who have limited resources, renting may be a better idea.

There is a lot of uncertainty in today's real estate market, but that creates opportunities for first time buyers who can financially qualify.

Ken Whitney
MLS4owners.com

It is a great time to become a first time homeowner if you have all your ducks in a row financially. Save for a down payment or take advantage of some of the great programs that exist through FHA, etc.

But as a buyer right now, you have a real luxury of taking your time looking and thinking about each home. You don't have to make a rash, quick decision to make an offer with the fear that 5 other people will beat you to it. Interest rates are decent too. I suppose the challenge would be getting a loan as the banks continue to tighten their restrictions.

Brian you "tagged along with a home buyer?" I assume she was looking for the home on her own? I hope you educated this homebuyer that if she is doing all the legwork she deserves to get paid for it. I assume you did not. I hope you didn't let her call the name on the sign. If she was using an Agent were you impressed enough by the tour that the 3% was earned by the agent?

My first home purchase 13 years ago was in Burien while working as a nurse at Riverton Hospital. I found the home driving everyday to work. I called the Agent on the sign. She opened the door and I was shocked to find out she got paid 4980.00 (the price was 83k) to do the paperwork. She advised me to offer full price. I quickly got my real estate license, put my nursing on hold, and said to myself this is the greatest career in the world. For 10 years I enjoyed the Buffet. I'm still casual friends with my 1st Agent. She hung up her license last year because she knew the CASH buffet was coming to a rapid end.

Go from renting to owning? Absolutely if you find a GEM of a deal. There will be thousands of them in the coming decade. Just ask yourself if you can afford the payment, taxes, insurance, and upkeep. If not keep renting. I assure you there is no rush.

Ray Pepper
Broker
www.500Realty.net







Ray Pepper
Broker
www.500Realty.net

I bought my first home in 1966 - put the required 25% down. Subsequent purchases required 20% down. My daughter bought a condo in Manhattan in 2007 and put 20% down. Seems to me the 20% down serves a valid purpose - gives the buyers a financial stake in the deal they're not likely to walk away from.

I don't know how realistic 20% DP would be in todays market, however, the idea that a 1st time buyer can borrow the necessary money for a DP is crazy. Thankfully, 100% financing is on it's way out and more reasonable lending standards will eventually bring the market back to where income and price will be in balance.

I've just recently bought my first home. The sagging housing market is the main reason why I could. Reasonable homes dropped into my price range, and interest rates dropped enough for the payment to make sense. I stayed away when a mortgage broker friend tried to get me to bite on an ARM a year or two ago. Thank goodness.

I didn't have the 20% down, thus the mortgage insurance for now.

My only problem has been the fire that occured on move in day. Two months removed from that (and counting) and we are still waiting to get everything put back together.

againstthetide, whether it's 0 down or 20%, it's the borrower who must be accountable.