Buying My First Home...At Age 20!

On January 6th, 2020, I closed on my first house at the age of 20 years old.

Shortly after my sophomore year of college began, I decided I was ready to find a place of my own. My freshman year I had lived with three of my best friends in our first apartment and then I moved back home with my parents the year after. My intention was to save up some money and figure out where I was meant to be at the next stage of my life. I had always wanted to live by myself and make a place of my own. I began flirting with the idea of loft style apartments or a studio in the downtown area by my hometown. One night, after talking with my family, I realized that purchasing a home isn’t as difficult a process as I had originally thought.

The next step was figuring out if I could even secure a loan. The process itself is kind of grueling, I won’t lie. But my realtor and my loan officer were angels sent from heaven above, and were both so helpful to me during the whole process. Buying a home alone without another person to lean on wasn’t always the easiest task. I am so thankful for my parents and friends that helped me and answered all of my million questions, especially in the late hours of the night when everything felt like it was hitting me the hardest. A couple days after submitting paperwork and answering hundreds of questions, I finally found out the amount that I had been approved for.

After touring multiple homes and scouring Zillow to no end, I found the cutest little house that I would soon fall in love with. The day that I toured my soon-to-be home was two days after it had hit the market. A little family was touring the home at the same time as me, so I knew I needed to act fast. I put an offer down that night, and found out just two hours later that it was accepted.

I spent nearly every single morning on the phone with my loan officer, constantly obtaining new paperwork and filling out forms he needed from me. He was always checking in on me and answering any questions that I had, which was such a blessing because he knew I was totally in over my head! I needed bank statements and pay stubs, I scheduled inspections, got home insurance, signed up for all my utilities, and slowly began packing my little bedroom away. That month seemed like a complete blur. But before I knew it, January 6th had arrived and I made my way to my closing. I’ve been living at my house and turning it into my home for seven months now and I have loved every second of it! It can be grueling work, taking care of a house, but it’s been so worth it.

A few things that I learned during my experience — there are lots of programs and different types of loans for first time home buyers! My loan officer helped me get a loan that worked best for me and it’s been a God send! AND, depending on the home you choose, mortgages can be comparable to many rental costs. Renting can be very overpriced, especially in a college town. Obviously owning property means you’re responsible for all renovations but I found that so many of the apartments I was interested in my area, were more expensive monthly, than my home has been. Plus, owning property means building equity which is so helpful for the future. Overall, this has been a whirlwind of a process, but I’d do it all over again for my little casa!

XOXO - Jaiden