With Private Mortgage Insurance, Young Couple Able to Raise Family in Ideal Neighborhood
When they decided to buy a home, Eric and Caryn Kopay had excellent credit ratings but did not have enough cash for the 20 percent down payment traditionally required by mortgage lenders. Luckily, their real estate agent suggested they use private mortgage insurance, which made it possible for them to buy their new home with just 12 percent down.
“If it wasn’t for private mortgage insurance, we either would have waited to buy or we would have bought a cheaper, perhaps less desirable, home,” Eric explained.
Before they were married, Eric and Caryn both lived with their parents, but knew they wanted to buy a home of their own once they married.
“My philosophy was to buy rather than rent,” Eric said. “I knew it was important for us to get some equity, which would make us some money in the long run.”
Eric and Caryn, with the help of a real estate professional, found their dream house in a family community in Pittsburgh, Pennsylvania, where they have settled and grown their family, which now includes Justin, 2, and Katie, 3 months.
The Kopays’ neighborhood is home to hundreds of other couples, many with young children of their own. The development has parks and sidewalks where the kids can gather and play and is a short distance from good schools, shopping malls and the airport. Additionally, the Kopays live close to their parents, making it easy for the extended family to get together frequently.
The Kopays’ home is one level and has three bedrooms and 1.5 bathrooms. The couple had looked at larger homes, but Caryn, a dance instructor, felt that the smaller space would be better suited for raising a family.
“Our house is fairly small, but I like that I can cook in the kitchen while keeping an eye on my children playing in the family room,” she explained.
The Kopays’ house sits atop a hill, and the back deck provides a scenic view of pine trees and hills beyond their backyard. Their property is fenced in so that the children and the family dog, Shabba, can safely run around and play. It is also an area the couple enjoys using for large family gatherings and entertaining friends.
“It was really the backyard and our beautiful view that sold this house to me,” Eric said. “When you are looking to buy, they say that location is everything. That was certainly true for us.”
Eric, who is an Account Manager at Office Depot, said he looks forward to remodeling the almost 30-yearold home. He has already painted the exterior and put in a new front door and hopes to install new windows and eventually update the kitchen. But overall, Eric and Caryn say their “starter” home has been perfect for raising their family.
“It may be small,” Eric said, “but it is our own to start building memories in.”