Danielle, Home Buyer in Norfolk, VA

Am I too young to buy?

Asked by Danielle, Norfolk, VA Sun Jun 15, 2008

I am 24 yrs old, single, and in the military. I am very interested in buying a condo in Norfolk, Virginia. I make good money but I dont really have any credit (score 600) and I dont have enough money saved for a decent down payment. Will a bank turn me down because of my age and score? I hear its a buyers market so should I go for it anyway?

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Kevin Monette, Agent, Virginia Beach, VA
Wed Feb 26, 2014
You are very smart to reach out to the professionals to answer such a question. My answer is your not to young and with the rental prices at an all time high, in most cases your total monthly mortgage payment will be lower than if you rented the same house.
Me and my team do about 80% of our business with military members and as a 12 year Army Vet, I love to help our military members, make the right choices. My company also offers a military on the move program, which helps get as much money as possible to the service member at or just after closing. You can call me for the details. It just a way for our company to say "Thanks for serving".
Thanks for the question and let meet soon and get a plan.

Kevin Monette, REALTOR®, ABR®, SFR®
Circle of Excellence Winner
ABR® = Accredited Buyer’s Representative
SFR® = Short Sales and Foreclosure Resource
William E. Wood
Cell # 757-735-2628
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Alvin Lapitan, , Virginia Beach, VA
Mon Jun 16, 2008
Good morning Danielle, all of the other Real Estate Pros have given you great advice! I am actually a mortgage broker with Cavalier Mortgage in VB. They are correct - depending on your whole scenario VA or FHA may be the way to go. Your first step is to get pre-qualifed to purchase, then you will know what price range you are suited for. Give me a call when you have about 10 minutes, and I can give you a response within a couple of hours.

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Frank Bigans…, Agent, Newport News, VA
Mon Jun 16, 2008

Contact a Realtor as they can provide you with the approximate monthly payment you can expect to pay for a condo in the downtown Ghent area. I specialize in townhomes and condos and the first thing I always ask is: What is your total monthly BAH and/or what is your desired monthly mortgage payment including taxes and insurance. 99.9% of my clients are first time home buyers looking to buy a condo and townhome, and this always sets the stage for where you should be looking to buy.

As other agent have mentioned, a lender cannot turn you down because of age. But if you have too much monthly debt, then that’s where most buyers run into snags. Unlike renting, a lender factors your reoccurring monthly debt against your income to obtain a debt-to-income ratio. If you’ve too much monthly debt (a monthly car payment of $260 + a monthly credit card payment of $200 + student loans), that is what can lower what a lender will qualify you for.

Low scores aren’t good either but if you’ve low monthly debt, lenders have been assisting my clients who have scores in the low 600’s.

Prices in the Ghent area basically begin in the low $200’s for 2 bedroom units, but it’s the monthly condo fee that directly affects what you might qualify for. Currently, 2 bedroom 1 bath condos in Archers Walk start from around $230,000 and with a 6% interest rate, your mortgage would be about $1,379 per month. But the monthly condo fee is about $248 and property taxes are about $175 per month, so your total monthly payment would be about $1,800 per month. If you feel comfortable with that total, then I suggest you move on to speak to a lender.

If those numbers are too high for you, then contact a Realtor to help you find a community that you feel safe living in. I’m not only a Realtor, but an Accredit Buyer Representative, and my ABR designation allows me to assist just the home buyer a lot more effectively and efficiently.

Feel free to visit my website, and click on the “Buyers” link for additional helpful information you will find useful in helping you make this very important decision. I hope this information was helpful to you and if so, please provide a thumbs up!

Thanks, and please never hesitate to contact me if you have any other questions.

Frank Biganski, Realtor ABR
(757) 303-0517
Web Reference:  http://www.mrtownhome.net
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Donna Gardner, , Portsmouth, VA
Sun Jun 15, 2008
If you are paying rent you are buying somebody a home! If you are paying rent on your own house you will get a sizable tax deduction. It usually takes 3 to 5 years to build equity in Residential Property. Real Estate is not a short term invesment. Usually rental Condos in a POA are not allowed. Maintaining property takes money and time. Call if you would like to chat more. Donna
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J Paul Picco…, , Virginia Beach, VA
Sun Jun 15, 2008
It sounds like you're really just wondering if you'll be approved for a mortgage. It is typically best to answer this question before you ask yourself a question you can yet answer realistically. I work for Nancy Chandler Associates Realtors, which represents the majority of the homes and sales in the area you are considering. Please feel free to email or call for more specific information.
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Danilo Bogda…, Agent, Reston, VA
Sun Jun 15, 2008
You're never too young to buy real estate (maybe if you're under 18). Whether or not you have enough credit and/or credit history is a totally different subject and one for a lender/loan officer to best answer. Btw...lenders can not discriminate against age. They can only make a judgement based on your financial history and credit worthiness.

Yes, you'll need money for a down payment. How much depends on the type and terms of the loan you get. This is also best answered by a lender/loan officer.

Unlike the last few years, now IS a good time to buy. So why now?

Because the market in Virginia is bottoming out after coming down in price anywhere from 25 to 50 percent depending on the specific area/community and rates are low.

In layman's terms:

- real estate is cheaper then it's been in the last 4 to 5 years
- prices are probably not going to go down much more, if at all
- rates are low so you can get more house for your money
-rates are increasing meaning that you can get less house for your money than before

Find a good Realtor that knows condos in Norfolk well and a good loan officer that is willing to take the time to explain everything to you. Once you've chatted with them as well as others (family, friends, associates, etc) in length, you can make your own informed decision on whether you want to buy something now or not.
Web Reference:  http://www.LoudounScene.com
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Kathi, , Norfolk, VA
Sun Jun 15, 2008
No NO NOO!! You are never to young to invest in real estate! The mortgage lenders have tightened up a bit but you should be fine. And if you are in the military, you don't need a down payment! Use your VA. If you would like to email me i will be happy to send you some info for first time home owners. thank you for serving our country! it would be an honor to serve your real estate needs! kathi
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James Downing, Agent, Dunedin, FL
Sun Jun 15, 2008
The question is NOT about age; but about responsibility. Are you able to follow a budget? Can you balance a checkbook? I know some buyers who are over 40 - who should not be home buyers or owners - and others in their early 20s.

I also know several service men and women who have bought condo after condo - kept them as investments (and rented them out) with each new Duty station.
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Marcia Wray, Agent, Mount Pleasant, SC
Sun Jun 15, 2008
Hi Danielle,
First, I want to thank you for your service to our great country. My son is a Marine and I understand the sacrifices that you make day in and day out.
You are not too young to buy and you seem very aware of some of the necessary pieces of buying a home. I would recommend that you sit down with a mortgage lender and explore your options. They will be able to tell you what kind of mortgage programs are available and which ones you might qualify for. It might be worthwhile to talk to a couple of lenders - the bank you currently deal with is a good place to start. If your credit score ends up being a problem, ask them what you can do to boost your credit score. Don't be afraid to ask lots of questions. The more you know, the better prepared you'll be. When the time comes, I would recommend that you work with a Buyer's Agent to represent you and your interests in any real estate transaction. In most cases, Buyer's Agents are paid out of the seller's proceeds when the house closes, so you do not have to pay them out-of- pocket. Let me know if you have any other questions. I wish you the very best!

0 votes
Sylvia Barry,…, Agent, Marin, CA
Sun Jun 15, 2008
Hi Danielle:

I met a Realtor from the Central Valley, CA area. He is your same age and he already owns 3 investment properties - one at a time.

I don't think you are too young to do it. The financial / credit part will need to be work out, but age should not be the determine point. The fact that you are thinking and planning it is certainly a proof that you are very responsible and have the foresight to do it.

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Michael Cepa…, Agent, Tampa, FL
Sun Jun 15, 2008
You sound like you are in the perfect position to buy. You have your VA mortgage available to you, which won't require much money, if any. You have a lot of options, speak with a lender, such as USAA or Wells Fargo or any others that handle VA loans. Or you could ask some others in your squad who they would recommend for a lender. Go for it, the worst they could say is no.
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