})(); 4 Reasons to Buy a House in Your 30s - ALCOVA Mortgage

4 Reasons to Buy a House in Your 30s

View of Wilmington North Carolina from across the river

Although buying a house for the first time is a big decision, there really is no perfect age to do it. While it’s more about individual readiness when it comes to home ownership, the National Association of Realtors (NAR) reports that the average age of first-time home buyers is 32. Here are some indicators that people are ready to buy in their thirties!

Savings

By the time people hit their thirties, they are likely married and in a stable job that allows them to set aside more money aside each month in preparation for their mortgage down payment. While a 20 percent down payment is preferred to avoid private mortgage insurance or PMI, buyers can pursue other loan options that require lower down payments. For example, qualifying buyers can put down 3.5% for an FHA loan, and USDA and VA loans offer a no down payment option. Conventional loans, which aren’t backed by the government, offer low-down-payment options to first-time buyers as well, so the down payment hurdle might be lower than you think!

Credit

Your twenties and any higher education you pursued probably brought on a load of debt that you have been steadily chipping away at. This also means you have established and built credit over time, and hopefully, this translates into a strong credit score that will help you qualify for a mortgage. Need to figure where you stand with your credit score? Start by requesting it from annualcreditreport.com. It’s free to request once per year, and is the only site authorized by the Federal Trade Commission to provide free credit reports.

Certainty

Once you entered the job market in your twenties, your primary focus is on your career which could mean moving around to accept new promotions or jobs with other companies. In other words, you have probably been around the block enough to know what you are looking for in a long-term home and where you would like to settle down and raise a family.

Financial Security

Buying a house is a lot more than forking over a down payment and paying a mortgage. Utilities, insurance and general maintenance and upkeep all add more weight on the monthly budget. By waiting until you are more settled in your life and careers, you are more prepared for whatever home ownership might throw your way.

4 Things You Should Do Before Looking at Houses

While looking at houses is a crucial part of the mortgage process, jumping straight in could land you into trouble! Here are 4 things to check off your to-do list before you ever set foot in a home.

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