Credit Cards Center Credit cards from our partners
Reply
Regular Contributor
Posts: 171
Registered: ‎04-30-2012
0

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:5/22/10 590
Current Score: 6/11/13 670
Lender Mid Score: 6/11/13 670

Goal Score: 700


Take the FICO Fitness Challenge
Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
0

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
Posts: 3,406
Registered: ‎12-19-2012
0

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
Posts: 2,300
Registered: ‎08-25-2011
0

Re: Affordability?

I have day care for 3 kids.

 

it sux

Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
0

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
Highlighted
Regular Contributor
Posts: 224
Registered: ‎08-10-2012
0

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
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.