I knew without a doubt that we hadn’t completed my list of conditions for buying a house, I didn’t think we were ready to buy our first house yet.
I know my first reservation about buying a house should be financial, but it wasn’t. I don’t want to live where we are, I want to travel and probably live in another country. I don’t want to be tied down to an area I’m just itching to get out of.
Of course, my honey had already planned I’d say that. He said that buying a house here doesn’t mean that we’re stuck here, we can always sell the house and move. Plus, he’s the only one who is working and he’s pretty much stuck in this location anyway.
It takes money to travel and move to other countries, money we don’t have if he isn’t working.
Then of course, I told him we couldn’t afford to buy our first house yet. It’s more than just trading rent for mortgage payments, there’s:
- property taxes
- private mortgage insurance (PMI)
- fixing things and replacing things
- increased utility bills
- homeowner’s insurance
- and who knows what else
Still, he believed that if we could find a house that would be around the same amount of our apartment rent, we’d be okay. I still doubted whether we could do it.
I’ve noticed his increased interest in buying a house ever since he discovered that I dramatically improved his credit. He actually said, “we should buy a house now that we both have great credit,” right after he found out.
After doing some research, my husband thought the USDA Guaranteed Loan was the way to go. He was so excited, I told him to give it a shot. He applied us for the loan and we were approved with flying colors for a USDA Guaranteed Loan for up to $175,000 at 3.75%.
That’s a ton of money, but not so much for a nice house in the areas we can purchase a home in. I’d honestly never even heard of USDA Guaranteed Loans before he told me about them, but I also hadn’t been looking into buying a house either.
Does anybody (who does the budget) ever feel ready to buy their first house?