Homebuyers under 30 are a growing market, and ArdorNY has an excellent article about specific considerations for first-time buyers in this group. Here are some highlights:
An obvious challenge of buying a home at a younger age is clearly not having as much time to save money for a down payment ... A smaller down payment means a higher monthly mortgage payment.
For many 20-30 year olds, the length of time they have been at a job is particularly small simply because they haven’t been a part of the workforce very long. ... However, this doesn’t particularly reflect well when applying for a home loan.
Some suggested thinking points include:
- Do I have a substantial down payment?
- What will my mortgage rate be?
- Are my expectations realistic?
- Am I ready?
- Am I able to put in the work?
For more helpful hints and answers, read the full article here.