– Meghanne was 29 when she reached a turning point in her life. “be an adult and buy a house.”She wanted to live the principles she preached as a loan officer about homeownership.
It is possible to have lived on a dairyfarm near Boise Idaho with no cows for neighbors.
Whatever the reason, Meghanne decided to purchase a house after spending 11 years renting. Meghanne was a single woman who lives an active lifestyle and didn’t want a house that required too much maintenance or work. So she started looking for newer houses. The problem was that many houses were beyond her budget and most of the homes she chose weren’t sold quickly.
Boise’s low cost of living is causing a boom. People from the more expensive cities of San Francisco and Seattle are moving to Boise. In fact, Forbes named Boise “America’s fastest-growing city in 2018″The average home price rose 11.58 percent. These residents were not happy with the median home cost of $319,000. These residents were priced out of the market in their cities of origin, but they didn’t blink at the median home price of $319,000. This is not ideal for someone who is looking for their first home or has a tight budget.
Meghanne is a resourceful millennial and began to research her options. NeighborWorks Boise is a private non-profit that aims to revitalize neighborhoods and provide affordable housing options. The national organization creates pockets of homes that are energy-efficient and clustered together to form close-knit communities. Meghanne met the income requirement of $90,000.
Meghanne was able to find a new home at a reasonable price through NeighborWorks Boise. This cute little house, measuring 700 square feet, featured two bedrooms and two bathrooms. It also had a living area, kitchenette, front porch, and attached garage.
“I fell in love,”Meghanne “and the price was perfect.”
She was able to make changes to the home because it wasn’t finished.
While NeighborWorks offers affordable loans as well, Meghanne opted for conventional financing through her employer, which is a mortgage lender. She was able to pay only 3.5% ($5,520) thanks to private mortgage insurance.
“I considered making a 5 percent ($9,200) down payment but opted for 3 percent,”Explains Meghanne. “I used the extra $3,680 to buy furniture, and keep some money in savings for a rainy day.”
Five months after Meghanne moved into her home, the value of her new property has increased to $205,000. Her equity has risen by $21,000 since Meghanne bought it. Her co-worker will soon move into the same neighbourhood, which will make the community even more close. Meghanne looks forward to having a neighbor she already knows as her neighbor.
Is this the right time to purchase a house? You can find out by visiting mgic.com/resources/buynow. Follow the experiences of first-time homebuyers to learn more. readynest.com/homebuyer-stories.
