I'd personally spend some time shopping and see if you can stay a lot closer to $200k and less, than $220-250k. I have written before about how expensive our jobs are. That being said, I'm from MI and the rules likely aren't exactly the same but they look similar. Your payments plus the improved condition will get you equity, so you can easily refinance to get rid of PMI, and take advantage of a 1% or better lower interest rate, which fluctuates...shop around for the lowest refinancing fees, you have good credit so dont be lazy... Get a 30 year fixed rate loan, you can make extra principal payments if you want, but if you get a 15-year loan just because you can afford it, you are stuck with the higher payment when you have a "bad year". 1. I’ve read conflicting information on the down payment. Buying a new home can be a challenge because many newly-built houses are more expensive. However, I’m not sure how much house I will be able to afford. Shop around for different settlement companies if you can, some are a little more flexible than others. At $60k/yr that gets you $2000/mo in debt payments. When we owned a home, there were things that kept us awake at night, the stream of needs and the price tags tethered tightly to them, not to mention the … If your credit score is in the top tier (760+), your PMI factor should be around .2%. reddit Inc. I live in a relatively low COL state, so I can see myself staying in this position for a good while, assuming everything “jives” when I get in the office. If the car is paid off, any monthly money that would have gone to the car payment can be added to the CC payment. I know that the general advice here is to avoid it at all costs, which shouldn’t be, in my opinion, always the case. In general, foreclosure only occurs when there are no other options. Thanks! Thinktank predicts half will be renting in their 40s and a third ‘by time they claim pensions Well, my reasoning is for the 80-10-10 to get in a home sooner, is that I would save a ton in gas and vehicle maintenance. Find communities you're interested in, and become part of an online community! Research shows that it may be easier to afford a "pre-owned" starter home. 108k members in the liberalgunowners community. There’s all sorts of grants and free money out there for first time homebuyers. Neverball 1.6.0 is out now! Thanks for the insight! You can’t choose your neighbors. Even once I start, it's going to take quite a while to pay everything off and then get a sizable emergency fund and down payment. I should net right at about 3k a month. Christopher Walken has admitted he has never owned a phone or a computer. I just accepted a new job with a starting salary of a little over 60k. 80-10-10s are barely worth it especially at your income level and financed amount. The max is 75k, which I presume to hopefully hit in a few years. You still have property taxes to pay, the HOA fees. An ad-free Twitter like never before. Get it from the download page and have a look at the release notes. Never owned a home before, trying to figure out a budget. Reddit is home to thousands of communities, endless conversation, and authentic human connection. You generally can't buy a home under first-time status if your wife is currently a homeowner, with a few exceptions. On the other hand a small condo apartment is going to be smaller than any stand alone home you can purchase so for some people that makes it more a affordable. As long as nothing goes wrong until settlement, it will be a great investment. Thanks for the A2A. So I think you are on the rich side of home values for your income. Foreclosure is rarely a choice homeowners make willingly. Appearing via Zoom to talk about his movie Wild Mountain Thyme on The Late Show, Walken told host Stephen Colbert, "Somebody had … Do not get a 30 year mortgage in order to afford more home. Financial advice, frugality tips, stories, opportunities, and general guidance for people who are struggling financially. Reddit (/ ˈ r ɛ d ɪ t / , stylized in its logo as reddit) is an American social news aggregation , web content rating , and discussion website. A site owned by Amazon aimed at providing content and reviews about digital photography gear across the world. A married man had Reddit captivated this weekend as he live-blogged his discovery that his wife was cheating on him. Please note that RES is specifically designed to work on OLD reddit. They will also only lend you up to where that monthly mortgage payment is ~30% of your gross monthly income. But I will definitely study that advice. Fedilab. Condo ownership is not as simple as it is often made out to be. I bought it new. Throughout our stay (and especially when we move out), walls need painting. Pay off vehicle, then hammer the CC... Then save for the house down payment. One in three UK millennials will never own a home – report This article is more than 2 years old. So yes, I am all aboard team bought-a-house – but you don’t need to buy a house to save money, earn money, or be a “real adult”. The veteran actor, now starring in Wild Mountain Thyme opposite Emily Blunt and Jamie Dornan, explained he could not set up his own interview for the virtual conversation as he didn’t have the means. The CC minimum payment to keep a good credit score goes down as the balance gets paid down, which gives you flexibility. Again, at $60k/yr that’s $1500/mo. Smooth, fast, powerful, custom. If you are injured and lose your job, the vehicle could be repossessed for lack of payment. Reddit Enhancement Suite is a community-driven unofficial browser extension for Reddit. I don’t want to be “mortgage broke” but I would like to get as nice as I can afford with some spending money, savings, and maybe a new truck 5 years in the future. Asked by the late-night host if it was true that he has "never owned a … Because even when you sell the house later you’re just going to take that money and put it into another downpayment. This is going up from 35k, however my current insurance is cheaper, and the new job has a mandatory state education retirement, so according to my calculations, I’ll net about 50% more after taxes, insurance cost increase, etc. In general, foreclosure only occurs when there are no other options. Special assessments for big ticket items. Especially when you know you want to add in a truck purchase in about 5 years. There are a lot of online calculators to help you determine your affordability and also see a complete picture of ownership. Christopher Walken joined Colbert on The Late Show, where he told the host that he’s never owned a computer or a cell phone: “I got to a certain age where it just passed me by.” Hey Chris? I’m around a 700 right now, but I’m hoping with all the debt clearing, I’ll land around 750. As investments go, it's not always a great deal. Reddit Enhancement Suite. A bank will lend you at most ~40% total debt/income. It’s a Nissan and they are fairly reliable. I can't tell you specifically, unless you tell me your Reddit username. Let's just say the vehicle and CC can both be paid off in one year. For someone who’s never owned a homepod; is it worth buying a stereo pair for use with my appletv 4k right now? You do need to be below 80% LTV to avoid PMI but depending on your credit and being able to take advantage of the low rates, paying PMI on a 5-10% down might not be a terrible idea. There's a bit of debate about whether you should talk to a lender first when you decide to buy a home or to a real estate agent. Planning on buying your first home? Please only post if you are looking to share your wife and your zip code. Fixtures might need chan… Appreciate the input. I don't think it will take too long to pay them off, maybe 2-3 months for the card and 2-3 months for the truck or maybe a little longer like you say, since it's almost non-existent interest. For $60k, that's about $1500/month. Second homes and properties purchased for investment purposes are big business in the U.S. Foreclosures are most common due to job loss, serious medical conditions that prevent ongoing employment, serious maintenance issues with the home that a homeowner can't afford to fix, divorce, or other drivers of consumer, educational, or medical debt. I just accepted a new job with a starting salary of a little over 60k. My Secret Captions Chastity, FLR, whatever she says..., 18 years old and + only Pick a house that’s WELL within those ranges and you’ll be golden. Press question mark to learn the rest of the keyboard shortcuts. The max is 75k, which I presume to hopefully hit in a few years. ... Home Extensions Reddit Enhancement Suite. Only if you like living 3 inches away from your neighbors. Christopher Walken joined Colbert on The Late Show, where he told the host that he’s never owned a computer or a cell phone:“I got to a certain age … I’m completely guessing here, but let’s say your monthly debt requirements on the loans you mentioned is around $800/mo, then the bank will only give you a mortgage with a monthly payment (principal +interest +taxes +insurance +PMI +HOA) of $1200/mo. I can tell you that you put more information about you out there than you know. I’ve never been here, but it feels like home. If you crunch the interest paid between the credit card and the truck, theres not a huge difference. 80-10-10 is two mortgages in essence. You are still subject to the terms of the HOA, that is everything from what color your front door can be too stupid minutia like whether or not you can smoke inside your own apartment. Landscaping needs maintenance. Junglee A shopping service launched by Amazon in India in 2012 where customers can find millions of products, read product and seller reviews, and check prices across a wide variety of product categories. In some cases a simple majority could almost double your fees. Thanks! Ideally on a 15 year fixed rate mortgage, not a 30. General rule is about 3x income for the financed portion of the house, so you could reasonably go to $180K financed without stretching yourself too thin. But I will definitely be considering it as I don’t want to over extend. In the big picture, it's important to get a good house in a good location. In general you can find a home for equivalent cost, but there’s slightly more upkeep in most cases. The interest rate on it is about 2.5%, the interest rate on the card is about 20%. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. Facebook Lite. Those are loan options for broke people and no don't really put you better off than PMI. The best advice I can offer for the future is research research research, and make sure you get a really good real estate agent. Is buying a good financial move? I keep peeking into Redfin (properties app) and I always see condos under 80k, I never owned a home and I was wondering what would be the best first time owner programs for me a resident of Texas that does not make a lot of money but my credit is in great standing and no debt. Sure. Reddit and penises go together like peas and carrots, making this list of the website’s most insane dick stories further proof that Reddit is, in fact, the greatest place on earth. Entertainment Weekly - Don't expect Christopher Walken to follow in Mandy Patinkin's footsteps and twerk on TikTok anytime soon, especially since the actor has never owned a cellphone or computer. Depending on taxes and insurance, your monthly net income might be around $3000-3500, depending on your deductions and exemptions. My home was a short sale, and it took around four months to finally get my offer accepted. There is another town that borders this one, and I’ve seen a few houses for it in the 200-215k range that look just as good, it’d just be about a 15 minute drive and the schools aren’t rated as high. I'd make the minimum CC payment plus round it up to the next $100. Thank you for the response! I plan to commute the first 6-12 months and take every spare penny and pay those off. Christopher Walken has admitted he has never owned a phone or a computer. As far as loans, conventional are the best (or VA) usually followed by FHA. Press question mark to learn the rest of the keyboard shortcuts, https://www.tsahc.org/homebuyers-renters/first-time-home-buyer-grants. Foreclosure is rarely a choice homeowners make willingly. Whether you're into breaking news, sports, TV fan theories, or a never-ending stream of the internet's cutest animals, there's a community on Reddit for you. Some say I NEED 20% down to avoid PMI, others say I can do an 80-10-10, and others still say put down the bare minimum to get the loan and just pay the PMI. Fedilab is a multifunctional Android client to access the distributed Fediverse. In a condo decisions on what work to do and who to pay to do it are determined by the elected board. Wanted to give some insight into PMI. If we estimate utilities to run maybe $400/month (and it could be much more if you live in a place with cold winters or really hot summers and the furnace/AC runs a lot), and a few bucks for maintenance, your monthly house obligation will likely push $1600-2000/month. In general look at the total cost of ownership. 50 votes, 24 comments. A first-time homebuyer has not owned a home in the past three years. But if the taxes/utilities fell on the higher end, it might be tight. Zillow and NerdWallet are very good. I have a connected smart home with lights and locks etc already which i control with my watch/phone/google home mini. At the end of the day, yes you own your apartment, but you don’t own the land under it. 4,211. First-time homebuyer status makes it easier to get your foot in the door through low down payments and grants. Just because you’ve paid off the mortgage on the place doesn’t mean you don’t have obligations. 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