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I was hoping that you guys could take a look at my numbers and give me a nice slap in the face. Since she found out about the $8,000 credit, my girlfriend is really gung ho about a house. I'm a little more cautious. Job situation: Girlfriend just out of school. I've been working about 5 years in publishing but, now that we have two incomes, I'm looking to sell out and get a marketing/advertising/communications job that should push my income higher. The current job is steady enough, of course things are shaky all over right now. Salary: Combined income right now is $62,000. Girlfriend is working at a stable but underpaying marketing job but will be starting her career now and both our incomes should improve. Basically, we've outgrown both of our positions and our incomes have leveled off for the past couple years so it's time to move on. Savings: Only $1,000 or so. Haven't been able to save much while she was in college. Debt: About $500/month combined in student loans. (both of us, total) She has about $1,000 in credit cards (I have $0.) Renting: Currently renting a huge 1,200 sq ft. apartment for about $800/month. Local market: (from S&P/Case-Shiller Seasonal Home Prices) At the top, in 2006, it was at around $170,000. Now it's at $111,000, which is circa 2000 levels. Mortgage: We sat down with the broker in the real estate office (probably won't go with them though) and got a good faith estimate that topped out at a ridiculous $230,000-something. Mortgage numbers: 30 year FHA fixed at 5%: $171,000 (absolute highest, we're hoping to get something around $155 or so) Monthly payment: $1,231 (we told her to work backwards from a ceiling of $1,200/month) Cash at closing: $7,159 So the girlfriend has already got us looking at houses and working with an agent. She's gotten her parents to agree to front us the $8k (then pay them off with the credit). To give you an idea of the market: we've found place that is actually really nice: 1 story rambler, completely finished basement, 3 bedrooms, 2 bathrooms 1,400 sq ft hardwood floor and trendy painting. Also basement bar. $169,000, been on the market 31 days. Right on a park on a dead-end street. I'm still a little wary of all this. We can handle the monthly payment but would need our parents to help us out with basically all of the upfront costs. I'm on the side of getting new jobs and building savings first, but the girl wants to jump on the $8,000 credit and low interest rates. 
Ashley Robertson fucked around with this message at 21:44 on Jun 10, 2009 |
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Jun 10, 2009 21:42
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swenblack posted:First of all, good job on doing some research. Second, that payment sounds high for the amount borrowed. That's not at 5% according to my calculations. Also, you should factor in insurance, taxes, and utilities. Sorry. $1,231/monthly includes .55% PMI/FHA, $2,000/annual taxes and $780/annual in homeowners insurance.
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Jun 10, 2009 22:12
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