If you have the money, in cash, for a 20% down payment then what’s the problem? If you have that at age 20 you have enough options that money is probably not your primary limitation.
If, at 20, you don’t have that money you have fewer options but you can still buy a house if you do some other things first. Perhaps the most direct route is to join the military and wait 3 years. Then you can build sufficient savings considering your living expenses can be near 0, but you will also qualify for a VA home loan that requires 0 down and no PMI. With the combination of down payment money and VA home loan qualification you have maximum options for financing and many product options in your income range after consideration of property taxes, HOA, debt to income ratio, and so forth.
If I could do it all over again I would maximize for short term equity. As a 20 year old you have almost no needs and can probably survive on a bunk bed sublet. This changes when you get married and have kids. Your needs for space explode. You will want to sell and upgrade.
For a 20 year old loaded with cash I would recommend buying garbage in a hot neighborhood and flip it. When you get older and need more space go far away from the trends. Get cheap land and just sit on it.
If, at 20, you don’t have that money you have fewer options but you can still buy a house if you do some other things first. Perhaps the most direct route is to join the military and wait 3 years. Then you can build sufficient savings considering your living expenses can be near 0, but you will also qualify for a VA home loan that requires 0 down and no PMI. With the combination of down payment money and VA home loan qualification you have maximum options for financing and many product options in your income range after consideration of property taxes, HOA, debt to income ratio, and so forth.
If I could do it all over again I would maximize for short term equity. As a 20 year old you have almost no needs and can probably survive on a bunk bed sublet. This changes when you get married and have kids. Your needs for space explode. You will want to sell and upgrade.
For a 20 year old loaded with cash I would recommend buying garbage in a hot neighborhood and flip it. When you get older and need more space go far away from the trends. Get cheap land and just sit on it.