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Affordability?

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Regular Contributor

Re: Affordability?

My wife and I combine for about $150K.  We are buying a house that is $310,000 and will be right about $2000/mnth as well with everything.  The good news is, the second phase of our development is opening up in March this year, and similar layouts to our house are going to be priced at $30k more than what we paid.  I am hoping to refinance a year from now to drop the PMI, and couple that with no daycare costs next year, I will feel like we got a big raise!!

 


Starting Score:2/1/16 565
Current Score: 3/1/16 575
Lender Mid Score: 3/1/16 575

Goal Score: 700


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Valued Contributor

Re: Affordability?

No, it is a little on the high side accounting for just the $48K but you said you make money in a side business plus you don't have mortgage insurance so I think it is affordable for you. Good luck on purchasing your new home!
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Valued Contributor

Re: Affordability?

Yes we don't pay for daycare either. And that is a huge expense if you have to and should definitely be accounted for with the car payment, student loans, and CC bills. Daycare would have killed our purchasing power.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Valued Contributor

Re: Affordability?

I have day care for 3 kids.

 

it sux

Valued Contributor

Re: Affordability?

Smiley Sad bummer! That does suck but eventually they will grow up and be old enough to watch themselves and the younger siblings. I know you can't wait for that money wise but emotionally it is hard watching the babies grow up knowing time can't go backwards.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Regular Contributor

Re: Affordability?

Did the 4 times income and will never do that again, it was affordable but tight at the same time, make sure you have a good emergency fund.   We make 130k, house is 160k, and that feels AWESOME!  But Az is a lower cost of living state, and houses are cheaper.




In The Garden Until 11/01/15 - Last App 11/03/13