Posts from October 5th, 2023
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The Power of First Time Home Ownership and Equity
Buying your first home can be exciting and terrifying at the same time. If you've been thinking about purchasing your first home or helping your child purchase their first home, I'd like to share my story of how I became a first-time homebuyer and then offer some specific insight into the process. After being a renter for eight years in various apartment complexes, I decided to buy my first home in November of 2001. Being a college kid and working part time, it was a bit daunting, but going from renting an apartment to a house payment of $825 seemed like a no brainer. Getting my younger brother to rent out the basement for $250 per month made it even more of an easy decision. The Mapleview home cost $97,850, just under the threshold for an FHA first time home buyer program limit at that time. And s...