Okay - not going to nag you about it. Are you looking at 15-year options for the mortgage at least?
I plan to pay enough to have it paid in 15 years, but will do a 30 year term just in case something unexpected comes up.
1. We presume he's going to marry the gal before they buy the house together, so that fixes an obvious one.
Getting married in 2 months, don't really see why this is an issue.
2. He's got student loans that are "unpayoffable" before he buys the house - I understand that, I still do that - pay both.
I mean, I wish I made enough that I could pay them off before considering buying a house, but that's just not an option.
3. She's only been working for 3 months (maybe she's young).
She is a fresh college graduate. She has an extensive work history, but has only been in her career job since she graduated. I don't see the issue here either, everyone starts somewhere. And it's not like I'm expecting her salary to pay for everything.
4. He can't qualify because the house he wants pushes him outside of the LTV/DTI numbers his lender wants to see and needs her income to get there.
I really don't get the issue with combining our income to purchase a home. Our finances are combined in every other way, why not this one?
5. He didn't say, but I suspect he doesn't have much of a downpayment, so he's going to go non-traditional financing and pay PMI.
This is true, and while I'd like to be able to wait. I'm not letting $150 a month for a few years keep me out of a house. It's a decision we are OK with based on our current living arrangements.
There's probably more.
I'm not looking for what is the best case scenario financial decision. Unfortunately no one has given me a giant nest egg, and I didn't start out making 6 figures, so 20% is just not realistic.
I appreciate the responses.