Read Estate - Mortgate people - jnevin! Some advice and help please

[Lestat]

Jnev, I was hoping you could help a good bro out with this.

I am going to look into purchasing a primary residence sometime next year.

The big question I am trying to answer for myself now is what price ranges should I be looking at.

I want to really buy as much as I can possibly afford.

For the purposes of this discussion, lets assume a gross annual salary of $90,000. This is a bit lower than actual income but lets say someone with that income wanted to stretch to the max, what home range would you put them into.

Assume a 20% downpayment.

I have no other debt except some minimal student loan debt. No car payment, no credit card debt (I currently pay my credit card off every month). So my main expense will be my property. I can adjust the rest of my budget to accomodate the largest possible home payment.

Does this make sense at all?

Right now I know I could afford 300K, but my question is, how high can I go realistically? I don't mind eating tuna sandwiches for a while and not going on any major vacations for a few years.

 

[puddlemonkey]

I want to really buy as much as I can possibly afford.

Uh, shouldn't you be buying the smallest home in the shittiest of neighborhoods and donating the rest of your money to those less fortunate?

 

[Lestat]

Uh, shouldn't you be buying the smallest home in the shittiest of neighborhoods and donating the rest of your money to those less fortunate?

Isn't that was taxes are for?

And buying a larger home means more property tax for the city.

Donating money doesn't put it to work in programs to provide educational opportunities, health care, job training, etc. Do you read my posts? Go check out some from yesterday if you'd like to get a clearer idea of my views.

 

[Razorguns]

buy the house and let poor mexicans live in your fancy $300k house you hypocrite!! lol

r

 

[Lestat]

buy the house and let poor mexicans live in your fancy $300k house you hypocrite!! lol

r

fancy 300K house? what state do you live in? 300K here gets me a 1-2 bedroom condo at best.

 

[Lestat]

buy the house and let poor mexicans live in your fancy $300k house you hypocrite!! lol

r

by the way, I'm willing to give up my life to end poverty, are you?

I'm not interested in band aide solutions and short sightedness. The issues I'm concerned with will not be fixed by any single individual, its about creating a society and system that works for all of its partcipants.

 

[Razorguns]

fancy 300K house? what state do you live in? 300K here gets me a 1-2 bedroom condo at best.

To a poor illegal mexican family from the south of mexico - $300k is a mansion.

You should lead by example and let them live there. We would be so proud. I would eat my words.

Don't cop out and hide by the 'i pay taxes' crap!

r

 

[puddlemonkey]

Isn't that was taxes are for?

And buying a larger home means more property tax for the city.

Donating money doesn't put it to work in programs to provide educational opportunities, health care, job training, etc. Do you read my posts? Go check out some from yesterday if you'd like to get a clearer idea of my views.

lol I'm just busting your balls bro.

 

[mwm5]

300k around here is a pretty large house....but i do live in the midwest

if i were you i'd find a good real estate agent and they can help you with that. they will know what interest rates and other mortgage possibilities are available at the moment. Get pre approved, makes the process MUCH quicker

 

[SpyWizard]

best mortgage i have seen in a while..

10% down
a credit
interest only 5.25% 10year balloon

$240k

This is an investment property that my brother bought, the idea is that within 10 years the market would recover, and equity would continue to grow again. The PITI is well below the rent roll of the SFH in Atlanta Ga.

The original asking price for the home 2 yrs ago $420k

Good times..