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Don't buy or rent? Move to that uberlib boutons_deux's neighborhood where they let you squat for a few years until you can reach a buyout agreement where the owner pays you to leave and moves your to your next squattin' spot.
Can't say I disagree, I generally live very well within my means, which is a big reason I was able to save up the down payment.
Still, rule 1 is impossible for where I live.....unless I don't mind living in a house built in the 1800 in a ghetto area in Oakland........
Don't buy or rent? Move to that uberlib boutons_deux's neighborhood where they let you squat for a few years until you can reach a buyout agreement where the owner pays you to leave and moves your to your next squattin' spot.
Keep your hard on for boutons in the politics forum, got.
Maybe you can rent out a room to a friend?
In all seriousness, with interest rates this low I recommend leveraging up as high as you qualify while still having enough down payment to avoid the costly PMI. Buy through a credit union if possible. That's what I did for 3.125% on 30 years and closing fees were about $2k. Market rates were closer to 3.5% and $5k at that time.
Also, never ever buy down the rate. In fact, it's much better to give an 1/8th % in exchange for $1000 or so in lower closing fees. The breakeven period on the cost of that 1/8th % is something like a dozen plus years without even calculating in the cost of capital.
In my state, RE agents take 6% combined between the buyer and the seller. Another benefit of using a credit union is some of them will act as an agent but only take the standard 20% (of 3%) broker fee while giving you the remaining 2.4% as a discount on the house. We're talking $6000 on a $250K house.
If I get a 2 bedroom house/condo I'm definitely not opposed to that - but I would prefer not to count on that unless I have to - everyone I know have some horror
stories about roommates that cost them 10's of thousands......
If you can buy, then all the power too you. The payments will be high, but as time goes on, they will remain the same as your income increases. A few years of living would may be worth it.
I just have a hard time imagining $55k annual, buying a house in that area.
A car lease. Is it your first? I hear horror stories where they rack up mileage, damages, etc. on a car when you go to return it. Hope that's not applicable to your case.
Will the insurance premiums be included in your lease?
Annual taxes, building codes, city costs for street improvement...
Condominium? What are their monthly fees?
Student loan rates vs. APR on the house. Might be best to pay it off with some of that money first.
I'm telling you.So, I been browsing listings within an hour drive from the city.....you weren't kidding
Even ghetto places like Oakland are pricey as ......still, I'm not looking to be picky about my first home so just gotta accept the fact it's most likely gonna be a hole.
This is easier said than done, but he's right. The cost of a typical single family detached in California would net you a god damn palace in San Antonio. I have family that sold their homes in California, and turned around and had money for a new home, the land, and considerable cushion left over here in Texas.
Nice! ing rates are creeping back up, lowest I was offered was 4.875 on a 30, same 5% down.
55k aint in SF tbh
lol 55k
Isn't that close to minimum wage over there?
I can't believe a be@ner going to UTSA making minimum wage working as a telemarketer is giving me for making 55k
He can save and make car payments, sounds fine to me tbh
Yeah, the car lease was definitely a mistake - still, even including the insurance it totals 400 a month, so not too bad overall, especially since I have little other debts.
The HOA fees would suck since they are around 200-300 from the properties I've seen.
Dude, dont be mad cause you dont make . Not my fault.I can't believe a be@ner going to UTSA making minimum wage working as a telemarketer is giving me for making 55k
The funny thing is when you factor in cost of living for both cities you probably are making close to what a telemarketer in SA would.
But then I would have to live where all the be@ners areDude, dont be mad cause you dont make . Not my fault.
The funny thing is when you factor in cost of living for both cities you probably are making close to what a telemarketer in SA would.
what does ****** have anything to do with it? why are you such a got that you have to bring race into it? I know " s' who make 55k in a month. slow your roll homieI can't believe a be@ner going to UTSA making minimum wage working as a telemarketer is giving me for making 55k
If you want a jump start on the pre-approval you can look yourself at what you can afford. Dodd Frank set the ceiling on DTI for mortgage qualifications at 43%. So at $55k/yr, you'll be qualified on an amount that would keep you monthly debt obligation under ~$1950/mo. Use that as your starting point, and take off your current debts to see how far you can stretch yourself - though make sure to leave some buffer.
Try avoid places with an HOA if possible. They are far more costly than warranted. Also be sure to take taxes and HOI into consideration, in most cases they are going be roughly 40% of what your mortgage payment will be. If you want to avoid PMI, look into getting a 2nd lien. If your credit score is in the mid 700s you won't have any problem getting approved for one, and the rates in some shops are as low as 5.00%, and most will go up to a 95% CLTV.
The 43% rule that went into affect last month won't matter much for a good majority of home buyers.
Obviously, on a conventional loan, you are looking at a lower DTI compared to say an FHA. But I ran a conventional loan today on a borrower with a DTI a little under 46%. FHA is typically up to 57%.
Not sure what your credit history is like, but if the student loan and the lease are your only lines of credit, I suggest maybe opening up a credit card.
Calm down scrah, I'm sorry I insulted your tribe member
I've opened 3 new credit cards in the past 6 months, which is why my credit took a slight hit - but once the age of accounts goes up a bit it should improve again.
Calm down scrah, I'm sorry I insulted your tribe member
Just getting started, thanks though
Nice. Obvious advice, but now just make sure to keep your balances 10 to 30 percent of your limits. I've seen credit scores drop 50-70 points because people max out a card or two.
, I hardly have any balances - I pay off everything in full at the end of every month.
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