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re: House = (x)household income
Posted on 8/10/15 at 9:14 pm to dragginass
Posted on 8/10/15 at 9:14 pm to dragginass
quote:
I told the bank my wife was quitting work, and I don't think they even cared our HH income was about to go down. They looked at our tax returns, and tried to hand me the keys to a McMansion.
First house, I was 24, wife 26. We were making ~95k. We got approved for 370k i think.
This was 2006
Now our mortgage payment+ taxes+ insurance is ~10% of gross(2nd house)
This post was edited on 8/10/15 at 9:18 pm
1
Posted on 8/10/15 at 9:45 pm to barry
Bought 4 years ago. 0% down. RD loan. Right now, the purchase price is 1x years gross. But value has gone up. We could sell now and put 20% on the next one that's 3x gross. Our monthly payment (mortgage/tax/ins) is ~7% gross monthly. We've got a few more years here in this starter before we either buy or build our dream home. We're in no hurry.
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