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Started By
Message
1
Posted on 7/8/19 at 4:41 pm to Cold Drink
quote:
you and spouse in your 30’s, no kids but probably will in the future, and live in - say - Austin, TX. Would it be higher or lower than about $350,350.350???
the wife and I make around that, with 2 kids, late 30's, in BR, and our house was a little north of 500 when we built it...
Posted on 7/8/19 at 4:48 pm to leftovergumbo
quote:
The calculator is telling me the max I can afford is $41,000 with a $50,000 down payment.
You must have a lot of monthly payments, F-350?
Posted on 7/8/19 at 4:50 pm to bad93ex
quote:
F-350
Hell no, I'm poor. Daycare is expensive.
Posted on 7/8/19 at 5:02 pm to Cold Drink
I’d spend fair market value to live where I feel best suits my lifestyle and allows me to be as stress free as possible.
Posted on 7/8/19 at 5:27 pm to Cold Drink
quote:
How much would you spend on a house if you had $250k combined income?
The good thing is that the formula remains the same:
FORMULA
Your monthly 15 year mortgage note should not exceed 25% of your monthly TAKE HOME pay.
It's that simple. The beauty is that it works for ALL income levels.
Posted on 7/8/19 at 5:32 pm to Supermoto Tiger
quote:
FORMULA
Your monthly 15 year mortgage note should not exceed 25% of your monthly TAKE HOME pay.
It's that simple
No its not
Posted on 7/8/19 at 5:34 pm to Cold Drink
A couple years back, my wife and i went to buy a house in NOLA, at the time i was making about $140k and she was pulling in about $80k, so about $220k combined.. For reasons too boring and complicated to get into here, she had about $30 or $40k of credit card debt that she couldn’t pay off at the time, so we applied for a loan with just my income and credit- to our shock and amazement, they approved me to buy a house for $500k, just on my own(!)
We didn’t wind up spending that much, not even close, but it was kinda crazy to realize that if we’d applied a few months later, after she paid down her debt, we would have probably qualified together for a home that was over a million dollars, or close to it.. I mean, we could have pulled it off I guess, but lots of things can happen in life that could make a million dollar house loan extremely difficult to pay off.. and i can only imagine that lots of people & couples buy whatever they qualify to buy, and then live to regret it.
We didn’t wind up spending that much, not even close, but it was kinda crazy to realize that if we’d applied a few months later, after she paid down her debt, we would have probably qualified together for a home that was over a million dollars, or close to it.. I mean, we could have pulled it off I guess, but lots of things can happen in life that could make a million dollar house loan extremely difficult to pay off.. and i can only imagine that lots of people & couples buy whatever they qualify to buy, and then live to regret it.
Posted on 7/8/19 at 5:38 pm to Sweltering Chill
quote:
A couple years back, my wife and i went to buy a house in NOLA, at the time i was making about $140k and she was pulling in about $80k, so about $220k combined.. For reasons too boring and complicated to get into here, she had about $30 or $40k of credit card debt that she couldn’t pay off at the time, so we applied for a loan with just my income and credit- to our shock and amazement, they approved me to buy a house for $500k, just on my own(!)
We didn’t wind up spending that much, not even close, but it was kinda crazy to realize that if we’d applied a few months later, after she paid down her debt, we would have probably qualified together for a home that was over a million dollars, or close to it.. I mean, we could have pulled it off I guess, but lots of things can happen in life that could make a million dollar house loan extremely difficult to pay off.. and i can only imagine that lots of people & couples buy whatever they qualify to buy, and then live to regret it.
This isn't really how lending works
Posted on 7/8/19 at 5:44 pm to bbap
quote:
Probably a little higher. But I don't have any desire to have a 500k-750k house.
Well you kinda have to in a lot of cities that are gonna pay you any more than that unless you love commuting.
ETA:
Oh shite, this is Austin. Lol on not paying 500k. Gonna live an hour from work or live in a shack if you don't.
This post was edited on 7/8/19 at 5:46 pm
Posted on 7/8/19 at 5:48 pm to Cold Drink
I’d pay as low as I could at that age. Make money, invest and save and live live with much less stress. Bonus... you win happiness, something that eludes a lot of people making money and spending whatever they make on attaining happiness through possessions that leave them unfulfilled, or living some lifestyle that leaves them the same.
Posted on 7/8/19 at 5:50 pm to Cold Drink
Whatever a 2500 - 3000 sf house on 3-5 acres costs there.
Posted on 7/8/19 at 5:51 pm to Mike da Tigah
We could afford a house twice as expensive as what we live in. I'd rather have the disposable income.
Posted on 7/8/19 at 5:53 pm to fallguy_1978
quote:
We could afford a house twice as expensive as what we live in. I'd rather have the disposable income.
Same here fallguy.
Posted on 7/8/19 at 5:57 pm to Eli Goldfinger
quote:
Whatever a 2500 - 3000 sf house on 3-5 acres costs there.
In the city of Austin? Multiple millions
This post was edited on 7/8/19 at 5:59 pm
Posted on 7/8/19 at 5:58 pm to Cold Drink
It's good you are doing your homework on appropriate values.
Always remember that location is by far the most important factor. How are the houses in the neighborhood kept up, how are the schools rated, etc. I'd even chat with some of the neighbors if the opportunity was there.
Always remember that location is by far the most important factor. How are the houses in the neighborhood kept up, how are the schools rated, etc. I'd even chat with some of the neighbors if the opportunity was there.
Posted on 7/8/19 at 5:58 pm to Cold Drink
Somewhere like 750 or so assuming 20% down payment and expected future income growth
Posted on 7/8/19 at 6:23 pm to Mingo Was His NameO
quote:
This isn't really how lending works
I’ll admit that math has never been my strong point, hehe
I just figured that if i qualified for that much house on my own, if we’d applied together we could get about twice as much house.. . Just curious , if my credit was excellent, and hers above average- what amount of house roughly do you think we’d have qualified for? $800-$850k?
And my point stands that i think most people buy what they qualify for, though that’s purely anecdotal speculation on my part.
Posted on 7/8/19 at 6:26 pm to Cold Drink
Lower.
Posted on 7/8/19 at 6:27 pm to Cold Drink
Depends entirely on your current amount of debt and how much to put down.
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