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re: First time House Buyer....advice/ suggestions?
Posted on 2/27/13 at 8:55 pm to Lsut81
Posted on 2/27/13 at 8:55 pm to Lsut81
quote:
But just guessing with only 3% down as required by FHA, I'd imagine you are looking in the neighborhood of $1300 after principal, interest, pmi, insurance, and taxes....
Wow, that's alot better than I thought. We're currently already paying 1200 for rent. Which is our main incentive to buy. For only 100$ more a month we could be homeowners. (Speaking generally of course)
quote:
May have to wait 2yrs depending on who you finance through...
I think by the time were ready to buy, I will have been at my job for just under two years and my lady just over a year.
4
Posted on 2/27/13 at 9:02 pm to Brettesaurus Rex
Look at the calculators on bankrate.com. Also, go conventional, FHA is changing their pmi rules. Google it to find articles. Good luck.
Posted on 2/27/13 at 9:39 pm to Brettesaurus Rex
quote:
May have to wait 2yrs depending on who you finance through...
This isn't always the case. If your job is a reflection of your degree (sales--business major etc...), you should be ok if everything else checks out.
Posted on 2/28/13 at 9:30 am to Brettesaurus Rex
quote:
For only 100$ more a month we could be homeowners. (Speaking generally of course)
My advice is that is a very uneducated way to think about it. You will have maintenance year round and there will be things that break that you won't have to pay for in an apt. There's also the monetary value of your time that you will be giving up - that varies for every person.
Others here will be able to give you a better estimate, but I would say you should add at least another $100 or so a month for upkeep and fixing things plus the time that it will take you.
Posted on 2/28/13 at 10:51 am to Brettesaurus Rex
DP
This post was edited on 2/28/13 at 10:52 am
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