Friday, October 13, 2006

Buying that First Home

When I bought my first home in 1988, it was very very hard. We had to come up with a lot of cash (about $5,000) and found when we got close to the closing that we had to come up with another $1,000. Thankfully, one of my brothers had just come into money after leaving the military so he and his wife helped us out (which we paid back, of course).

According to an article in today's real estate section, buying that first home continues to be difficult. Part of the problem is that although there is a huge inventory of homes available in our local market, the inventory is very small for AFFORDABLE homes. Most first-time homebuyers go for FHA or THDA loans, but these have strict guidelines as to the condition of the home that are eligible for the loans. If it's a crappy place, it won't go FHA. And these nasty places are the ones that are in the price ranges of people looking to buy.

Read all about it in this article from MSNBC.


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