College Grad Ready To Buy

Zack just graduated from college in May and is working full-time. Is he ready to buy a house?

QUESTION: Zack just graduated college in May and has full-time work now. He takes home $2,200 a month and has money saved up and also an IRA. Is he ready to buy a house? Dave thinks he’s ready but has a slight hesitation that he wants Zack to be aware of.

ANSWER: At your age, you are at the most likely time in your life to move around. It could be because of a job or a girl. You’ve got to feel very strongly that you are staying in that area since you’d need to sell the house to move. It’s a great time to buy a home since interest rates are low, and as long as you’re comfortable that you are staying in that area, then I’m all for it. Keep an emergency fund out, and make sure you do a 15-year fixed conventional mortgage.

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