Reply to If you were born in 1990, how do you plan on ever affording a house?

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[quote=Anonymous]I was born in 1990, and bought my "starter home" townhouse in MoCo 3 months ago for ~$250k. This post is not to pat myself on the back, but to try to provide encouragement from a different perspective that it is possible .

- I had no parental financial support whatsoever. In fact, I'm a 1st gen American from a low-SES background whose parents have been struggling financially my entire life. I help them and my siblings out when I can.
- I still have around $40k in student loan debt from undergrad and my Master's that I'm trying to diligently pay off. 
- I'm single, so no advantages of a dual income. My salary is just under $80k. I was not able to save much until I received my last two promotions (and didn't have the advantage of living at home after college since my parents live out of state). I did have roommates though.
- I compromised on location, and live a bit further out (Gaithersburg/Germantown). I have to make more of an effort to have a social life now, but I'm managing all right.
- I went through the DC NACA program, which I actually found out about through DCUM when I was looking up first-time homebuyer programs (although it's not just for first-time homebuyers). NACA's no downpayment, no closing costs, no PMI, and below-market interest rate loan helped TREMENDOUSLY. I had some savings, but would have otherwise done FHA or a 5% down Credit Union mortgage. And no, the program isn't just for "low-income minorities." The requirements were annoying, but worth it. I was able to buy down the interest rate to ~2% with the seller's contribution and the savings I didn't have to spend on a down payment, and my PITI and HOA fee are just below $1300. I'm very, very grateful.
- My friends in my age range who have bought houses have also gone through first-time homebuyer programs. They're out there!

I won't pretend to be an expert on real estate, but the latter has been my experience. I also agree with PP's suggestions to watch the market closely and not rush until you feel ready. Save slowly and steadily and the time will come. [/quote]

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