Take Advantage of a First-Time Homebuyer’s Program?
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31 Comments
@MထseProductions · November 8, 2026 at 12:57 am
I took advantage of the First-Time Homebuyers Loan program with similar monies to what this caller described and I'm doing FINE. I'm not a big shot either, I work at NAVSEA as a safety officer and my salary is roughly 130K annually.
I'm in a 30year fixed rate FHA and with everything said and done my monthly payments are LESS than the local rental rates for places with 1/3 the SqFt than my home. And while I understand where Ramsey is coming from I think he's offering more opinion than properly establish information. Like assuming the program exists for those who have no money — what a mindless statement in an attempt to draw a point.
If you're financially establish and money smart you CAN and WILL be okay. I respect Mr. Ramsey quite a bit but this was kind of insulting to listen to.
If you're gasping for air at the idea of buying a home you simply haven't done your homework, go read about what options will fit better for you, I paid off the Truck and Boat before I pursued my home purchase and even with those loan payments I would have been okay still, but now I just save and take higher quality vacations with PTO.
You CAN do this….don't let this market scare you.
@incognegro2315 · November 8, 2026 at 12:57 am
I purchased a house $0 down with my VA loan. Plus I’m 100% so there’s no property taxes. My mortgage is less than $1km mo. Emergency fund my ass
@light1888 · November 8, 2026 at 12:57 am
PMI is only 100$ or under, 20% isnt a requirement
@knightsofaltier9628 · November 8, 2026 at 12:57 am
How is it even possible to buy a home only utilizing less than 1/4 or 25% of your take home pay? I can't even wrap my head around these numbers! I'll need like two or 3 jobs! Is this really realistic for the common person? What am I missing here? Somebody please explain… I have a feeling it not going to be good
@sonjaeinem · November 8, 2026 at 12:57 am
So where is everyone supposed to live if real estate is commodified such that fully employed parents can’t afford to live in a city where they work?
@Greggee100 · November 8, 2026 at 12:57 am
she SOUNDS very familiar
I know I have heard her
voice before and it also
has to do with housing?
hmm
@elsapeter-k5u · November 8, 2026 at 12:57 am
Helpful insights for anyone getting started with the buying process—especially when understanding how first time home buyer programs can make a difference. Michele Kersey, REALTOR® | Vista Sotheby's International Realty is a great resource for navigating these options with confidence.
@tjm8667 · November 8, 2026 at 12:57 am
Ah yes. The famous Manhattan Island!
@lorenagonzalez8063 · November 8, 2026 at 12:57 am
Get a conventional loan and then after the home appreciates PMI can go away. There is nothing wrong with buying a home with down payment assistance. It’s better to own than to rent. That can be paid off when they sell or refinance
@joejohn. · November 8, 2026 at 12:57 am
To buy a median-priced house in the US today within Dave's 15y guidelines, you'd need to take home roughly 150k/year. Take home, that's after taxes. And that's assuming you have the $81k (20%) to put down.
To buy a median-priced house anywhere in my vicinity, you'd need to take home $314k/year and put down $170k.
@dopie5817 · November 8, 2026 at 12:57 am
Who is that lady next to dave?
@rdsandoval1663 · November 8, 2026 at 12:57 am
If I did not buy a house with the CA down payment assistance program I would be broke now. It’s an amazing program if you use it in the right area where you can turn it into a rental.
@tonetone8915 · November 8, 2026 at 12:57 am
Seems like this guy only speaks for certain people.
@Strotsunami · November 8, 2026 at 12:57 am
Yea my ass will be renting forever, 20% down? on a 100k house thats 20k lol.. so I basically gotta hit the lottery lol
@SpicyJalapeno-dc8mo · November 8, 2026 at 12:57 am
I'll spend the next two years saving to put down 20% on a $250k house, and by then I'm sure that $250k house will be $350k.
@dystopicstate · November 8, 2026 at 12:57 am
The only houses for which my husband and I would pay a 25% payment on a 15-year fixed mortgage are priced around $100k. Houses at that price point are in the boonies, and I already live 45 minutes from work. As another commenter stated, we would have to save for years to reach a 20% down payment just to avoid a $100 monthly fee. We are still young, and I expect our income to rise in the coming years. Since our rent is likely to increase by $100 next year anyway, we might as well put that money toward our own mortgage. Dave’s advice is sound, but his numbers are outdated.
@daeclipse03 · November 8, 2026 at 12:57 am
Take me back to 4 years ago home prices smfh. Now everyone can't afford these crazy prices its insane whats happened so quickly. A decent house around me is going for 300-400k for a starter home and I live in Upstate, NY. Scary times we live in.
@brookslundgren8471 · November 8, 2026 at 12:57 am
I sure hope she bought at that time!
@tara_truth · November 8, 2026 at 12:57 am
350/400k is so reasonable! on long island the average 2 bedroom is 600k+ with a teeny tiny back yard!
@Wolfsoro · November 8, 2026 at 12:57 am
I guess I'm going to be a dumb butt
@karlCheddar · November 8, 2026 at 12:57 am
Thats the point. We buy too soon then the big wigs win
@mangonuggy · November 8, 2026 at 12:57 am
My credit union has a first time home buyer program with 0% down payment and no PMI. They are not common, but they are out there
@Dcruzzzy · November 8, 2026 at 12:57 am
VA doesn’t require PMI
@Shiftready · November 8, 2026 at 12:57 am
He sounds so out of touch with this one. Nearly every home bought by first time buyers are with these programs and loans for a reason. Because the standard salary versus cost of living… it's just not feasible for most first time buyers to come up with down payment. We can hardly afford the closing cost even if we're not minimum wage low income
@Greggee100 · November 8, 2026 at 12:57 am
yeah imagine knowing someone on manhatan Isl
400,000 grand is throw-away money
Money would give a homeless person on-the-street
@TheLionAndTheStag · November 8, 2026 at 12:57 am
Based on the median household income by age range and following Dave's rules here, this woman will never be able to afford a house. You'd have to make about $10k more than the median household in the oldest age bracket to be able to afford one of these houses. He suggest you wait or move. What he doesn't mention is you will be waiting until you are 45 or beyond (if you sacrifice your life to the grind and make 10% more than the median American at the height of their career) or you will be compensated at a lower rate in a part of the country you "can afford" thus meaning you can no longer afford it.
Dave is from a different time. He thinks this woman is trying to shop for a house larger than what she needs. What he doesn't realize is that these numbers are for houses that are less than 1,000 sqft, some less than 700 sqft. You cannot go smaller than that, especially with a family.
For reference, in OKC (one of the most favorable buying markets in the country) a house of a similar size will run about $185k. Following Dave's rules and assuming a 10% down payment, this would require earning the median income for the oldest age bracket in the state and at least $35K in cash for a down payment, closing costs, cash reserves, and any menial renovations you'd want to do.
He's not realizing that saving for a down payment is essentially impossible anymore. With the rampant inflation in bare necessities and no requisite rise in income to match, money just disappears. Compare the ratio of the cost of one Big Mac to median monthly income in 1994 to the same ratio in 2023. The ratio doubled, from .0004 to .0008. The big mac index is a relatively reliable way to measure purchasing power parity. Apply this same ratio to everything else in one's life and it becomes clear it's not an issue of saving money or trying to live beyond your means. People are struggling to live by any means. This is not to mention the explosion in price of healthcare. Having that baby probably ran her anywhere from $10-25k out of pocket.
Many young Americans would rather overpay for a property they can accrue equity in rather than overpay for a property that someone else will accrue equity in. This also ignores the rampant inflation in rent price. The place I lived in in 2022 was $1000/month for a 2 bed room 650 sqft. apartment. That same rent is now $1500. Renting isn't an option. Buying isn't an option. Where will we all live?
@estebanluna911 · November 8, 2026 at 12:57 am
I dont think any houses exist for anyone making under 75k… in California? Not even a manufactured home nowadays… renting is more expensive.
@lilbrix509 · November 8, 2026 at 12:57 am
Nobody can afford to live anywhere by the logic you spit, 3 years ago. And still today, the same case.
@PatrioticAmerican1111 · November 8, 2026 at 12:57 am
Horrible advice
@ChiefMustache · November 8, 2026 at 12:57 am
I put all of his advice into a mortgage finder/ calculator and there isn’t such a deal in the US unless a quarter of your take home pay is 3,500…
@HiImRawr · November 8, 2026 at 12:57 am
Payment less than 1/4th of my take home what the fuck lmao houses where i leave around 450k+ for mediocre housing and this is a cheaper area. Payments are looking like $7000/ month for these crappie houses. Who the hell is making $30,000/mo after taxes to buy these houses? I make about 110k/ year myself my take home is about 5-6k/ month