Who Would Sell ME a House?
I grew up in a two-bedroom apartment in a quaint suburb in Southern California. I remember visiting my friends at their homes as a child and thinking it would be nice to have my own room that I could paint any color I wanted without someone getting upset about it. Or a yard to run around in when I was bored.
To be fair — I did have my own room (I just couldn’t paint it) and I did have a yard (that I shared with the neighbors and it was actually more fun that way).
As a perpetual planner and someone who judges their life successes by pre- and super-imposed milestones, buying a house has been on my life list for the last two-and-a-half decades. But the growing weight of my student loan debt (hello six-figures) really made the idea and the possibility of owning a home completely unfathomable. At least I thought so.
A little over two years ago, I lost my job. It was completely unexpected and threw me for more than a few loops. I was living in D.C. in a swanky downtown apartment. I had just finished grad school, was working at the one of the most well-known brands on earth and wasn’t planning to leave anytime soon.
That layoff hit me hard — but it gave me a whole new perspective on my life and my goals. I sat down and created an 8 x 6 grid. I labelled the columns by length of time, from 2 weeks through 5 years. I labeled the rows categories like spiritual health or financial wellness. And I filled them in — every single one of those 48 squares had a goal attached to it.
The very last one? Buy a house.
Fast forward to May of this year. I knew my lease on my apartment was up in August. I knew I loved the neighborhood and wanted to stay in the area. And, I knew my financial situation had changed enough that I thought maybe, perhaps I could afford to buy a small condo.
I started by identifying my ideal budget. What was realistic and what was ambitious. I knew I could at least afford what I was paying each month in rent but didn’t want to add a lot more to my budget. Using that number, it was clear my current neighborhood just didn’t make sense. While the condos themselves were affordable, the condo fees ranged upwards of $500 a month, more than three times what my then-utility costs were.
So, I branched out, and started looking at other neighborhoods close by. And once I narrowed my search, I started to identify state programs for first-time home buyers. Maryland has a pretty robust program that includes down payment assistance, multiple FHA options and a ton of FREE counseling classes to help you get control of your finances and identify a smart budget.
Budget in hand, I needed financing. I called at least seven banks. I wanted to understand every detail of the mortgage process. What would it cost me? Could I really afford it? What happened if I couldn’t? What kind of credit score did I need? Debt to income ratio? Down payment? How would my credit history affect my interest rate? Was my credit even good enough for a mortgage?
Based on their answers, reviews from other customers and the overwhelming desire to have a mortgage company that serviced my loans instead of sold them, I chose one. It took three weeks of near constant contact with my mortgage adviser before I got the letter that made my heart sing. I WAS APPROVED! I was financially fit enough (according to my mortgage company anyway) to be able to buy a house. Holy cow!
I’ll be honest. The process of buying a house (another post for another day) was incredibly exhausting. I second guessed myself more than a handful of times. I panicked. I almost withdrew my offer. I even considered putting an offer in on another house. But ultimately, I ended up buying the 6th house I saw — even though I saw a total of 18. And it’s been the best decision for me, financially, emotionally and physically. It’s forced me to reconcile my spending habits, stay tuned in to how I’m feeling about certain situations (looking at you happy hour), and fight for answers from contractors, estimators and my mortgage company. It’s a whole new kind of strength I didn’t realize I hadn’t experienced.
So, who would sell ME a house? Even with my wild financial background, my non-profit salary, no family money (my down payment was ALL me), and a plan that came together in less than 60 days, the better question now is — who wouldn’t sell me a house.
Being a homeowner is a whole different set of challenges, stresses, financial burdens and panics. But with home ownership comes a clearer way to build wealth, financial independence, and stability. The equity I’m building today will pay dividends in the future, and that makes this whole process more than worth it.
If you liked this article, let me know! Want to hear more about being a first-time home buyer? Or have a specific question I can cover in a future story? Leave me a comment!
