Reply to How are Millennials affording new $1.5+million home in MD, DC and VA?

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Reply to "How are Millennials affording new $1.5+million home in MD, DC and VA?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]We each bought condos in 2009 with the 10k from Obama. They were foreclosures where the owners had just abandoned them. Lived with roommates who paid nearly the entire mortgage. We still saved a lot. We didn't live together until we married so that we could keep getting the roommate money. Sold the condos in 2016 and bought a 1m house. We only owe 350k on it and our salary is under 200k. We're 32 and plan on staying here long term. Key also was waiting until we could afford kids.[/quote]

Interesting you could pursue a condo with zero equity that generates enough rent to cover mortgage and hoa.

And these were 1bedroom condos — so were you sleeping in a closet or something?[/quote]

As I wrote, the roommate income paid part  of the mortgage and condo fee, not all of it.  The roommate had the bedroom. I had a pullown trundle bed in the living room and my husband had a futon in his living room.  For the VA loans both of the upfront costs were mitigated somewhat because we were wounded in battle and got a reduction for that [/quote]

Sorry I am a different poster and was responding about VA loans  [/quote]

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