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NickB79
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Mon Jun-08-09 12:51 PM Original message |
Should I buy a house? Can I afford it? |
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Oregone
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Mon Jun-08-09 12:54 PM Response to Original message |
1. How much you putting down? |
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NickB79
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Mon Jun-08-09 12:56 PM Response to Reply #1 |
2. We were thinking $12,000 |
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taught_me_patience
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Mon Jun-08-09 12:59 PM Response to Reply #2 |
4. Put down 3% and get a FHA loan |
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NickB79
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Mon Jun-08-09 01:04 PM Response to Reply #4 |
8. FHA's are all my coworkers recommend. It sounds like a good idea. |
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Oregone
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Mon Jun-08-09 01:06 PM Response to Reply #4 |
10. Even with low interest, its not always "better" |
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create.peace
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Mon Jun-08-09 06:52 PM Response to Reply #10 |
106. here |
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kjackson227
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Mon Jun-08-09 01:07 PM Response to Reply #4 |
12. ITA. |
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pipoman
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Mon Jun-08-09 01:44 PM Response to Reply #4 |
26. I couldn't disagree more |
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ohheckyeah
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Mon Jun-08-09 02:00 PM Response to Reply #26 |
30. It depends on what the home actually appraises for. |
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Oregone
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Mon Jun-08-09 12:59 PM Response to Reply #2 |
5. Ok, but do you have anything left over for closing costs? |
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REACTIVATED IN CT
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Mon Jun-08-09 01:05 PM Response to Reply #5 |
9. Do you have a 401(k) ? |
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Oregone
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Mon Jun-08-09 01:08 PM Response to Reply #9 |
13. Totally true |
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MercutioATC
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Mon Jun-08-09 01:18 PM Response to Reply #9 |
20. With many 401k's, you can take a loan against your contributions. |
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XemaSab
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Mon Jun-08-09 04:34 PM Response to Reply #5 |
64. Paying a million dollars in monthly fees? |
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Oregone
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Mon Jun-08-09 04:41 PM Response to Reply #64 |
66. haha. Yeah |
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taught_me_patience
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Mon Jun-08-09 12:57 PM Response to Original message |
3. Yes |
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NickB79
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Mon Jun-08-09 01:07 PM Response to Reply #3 |
11. We're prepared to live the rest of our lives in south-central MN. |
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taught_me_patience
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Mon Jun-08-09 01:16 PM Response to Reply #11 |
16. Go for it! |
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liberalmuse
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Mon Jun-08-09 01:01 PM Response to Original message |
6. Go for it! |
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ohtransplant
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Mon Jun-08-09 04:12 PM Response to Reply #6 |
54. Good point! |
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dionysus
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Mon Jun-08-09 01:03 PM Response to Original message |
7. i'd say you're in great shape to go for it, just be responsible with your personal spending. |
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MADem
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Mon Jun-08-09 01:11 PM Response to Original message |
14. Are geodesic domes popular in that part of the country? |
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Oregone
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Mon Jun-08-09 01:16 PM Response to Reply #14 |
17. Good questions |
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MADem
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Mon Jun-08-09 01:27 PM Response to Reply #17 |
23. I should have also asked "What are the taxes on it like?" |
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NickB79
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Mon Jun-08-09 03:35 PM Response to Reply #14 |
51. The home has been on the market for over a year |
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Grinchie
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Mon Jun-08-09 04:04 PM Response to Reply #51 |
53. Offer 125,000 and go from there |
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quiller4
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Mon Jun-08-09 04:48 PM Response to Reply #51 |
69. If the property checks out , yes buy but do some homework first. |
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MADem
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Mon Jun-08-09 04:58 PM Response to Reply #51 |
73. Virtual tours give one a nice idea, but keep in mind they're designed to |
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Dappleganger
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Mon Jun-08-09 05:45 PM Response to Reply #51 |
93. Make sure to look up your area's SUPERFUND sites |
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rox63
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Mon Jun-08-09 01:11 PM Response to Original message |
15. Go for it! |
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Godhumor
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Mon Jun-08-09 01:16 PM Response to Original message |
18. You don't need to borrow the money (Advice for anyone pursuing FHA) |
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izquierdista
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Mon Jun-08-09 01:17 PM Response to Original message |
19. Go for it! |
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Dappleganger
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Mon Jun-08-09 01:18 PM Response to Original message |
21. Not a wizard |
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TexasObserver
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Mon Jun-08-09 01:21 PM Response to Original message |
22. Invest in having a new appraisal done of the property. |
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pipoman
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Mon Jun-08-09 01:35 PM Response to Original message |
24. The problems which led to the current mortgage issues are demonstrated here |
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Godhumor
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Mon Jun-08-09 02:03 PM Response to Reply #24 |
31. Bad advice in this market. Current issues have a lot more to do with Alt-A lending |
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pipoman
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Tue Jun-09-09 05:33 AM Response to Reply #31 |
114. The OP may be fine |
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tomreedtoon
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Mon Jun-08-09 01:39 PM Response to Original message |
25. No, and no. |
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prolesunited
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Mon Jun-08-09 01:46 PM Response to Reply #25 |
27. Seriously?!?! |
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CoffeeCat
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Mon Jun-08-09 01:57 PM Response to Reply #25 |
29. Yeah, that's an option too... |
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NickB79
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Mon Jun-08-09 03:44 PM Response to Reply #25 |
52. LOL, already have the guns and ammo piled up |
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CoffeeCat
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Mon Jun-08-09 01:54 PM Response to Original message |
28. In this economy, do some research... |
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Telly Savalas
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Mon Jun-08-09 06:23 PM Response to Reply #28 |
99. Take what Zillow says with a huge grain of salt. |
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Lars39
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Mon Jun-08-09 02:09 PM Response to Original message |
32. I wouldn't do it. |
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Godhumor
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Mon Jun-08-09 02:12 PM Response to Reply #32 |
34. I agree the house is expensive for what they saved |
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Lars39
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Mon Jun-08-09 02:15 PM Response to Reply #34 |
36. Showing that you paid off debts in a timely matter should be worth more |
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Godhumor
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Mon Jun-08-09 02:19 PM Response to Reply #36 |
38. Sadly, it is not always true |
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Grinchie
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Mon Jun-08-09 04:20 PM Response to Reply #38 |
57. Bingo on pointing out the Gimmick to promote debt... |
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Godhumor
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Mon Jun-08-09 04:24 PM Response to Reply #57 |
58. One of my friends carried a zero balance credit card as his only credit |
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Grinchie
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Mon Jun-08-09 04:17 PM Response to Reply #32 |
55. Good advice. |
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Ms. Toad
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Mon Jun-08-09 04:51 PM Response to Reply #32 |
72. Ditto on that advice. |
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ohheckyeah
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Mon Jun-08-09 02:10 PM Response to Original message |
33. I think I would find a realtor |
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RufusH
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Mon Jun-08-09 02:14 PM Response to Original message |
35. Sure is a good time to. I would if I were you. I doubt prices will get as low as they are now. |
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county worker
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Mon Jun-08-09 02:16 PM Response to Original message |
37. You cannot borrow a down payment. It has to be a gift. |
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Godhumor
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Mon Jun-08-09 02:21 PM Original message |
It varies, but for many banks it now has to be earned |
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IdaBriggs
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Mon Jun-08-09 02:21 PM Response to Original message |
39. I was taught to take your income, and double it -- |
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ContinentalOp
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Mon Jun-08-09 02:42 PM Response to Reply #39 |
45. Thank god that's not how the lending industry was operating over the past decade! |
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NashVegas
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Mon Jun-08-09 04:43 PM Response to Reply #45 |
67. Yeah. Wasn't the Housing Bubble and Mortgage Crisis FANTASTIC? What Would We Have Done Without It? |
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ContinentalOp
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Mon Jun-08-09 04:48 PM Response to Reply #67 |
70. Oh yes, I forgot it was the people buying houses who are to blame for the crisis! |
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NashVegas
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Mon Jun-08-09 05:17 PM Response to Reply #70 |
78. People Buying AND Selling |
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ContinentalOp
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Mon Jun-08-09 05:23 PM Response to Reply #78 |
84. It works for me. It's nice to know you don't think my mortgage is acceptable though. |
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NashVegas
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Mon Jun-08-09 05:45 PM Response to Reply #84 |
92. My Calculator Is Different From Your Calculator |
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ContinentalOp
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Mon Jun-08-09 05:57 PM Response to Reply #92 |
96. Hmm, it's still 28% over here. |
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NashVegas
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Mon Jun-08-09 06:27 PM Response to Reply #96 |
100. Taxes + Insurance |
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ContinentalOp
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Mon Jun-08-09 06:35 PM Response to Reply #100 |
102. Well, yeah I'm not including those obviously... |
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taught_me_patience
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Mon Jun-08-09 03:02 PM Response to Reply #39 |
48. This is much too conservative |
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tammywammy
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Mon Jun-08-09 04:17 PM Response to Reply #48 |
56. Maybe that's because you're in California |
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NashVegas
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Mon Jun-08-09 04:44 PM Response to Reply #48 |
68. "Norm" vs "Optimal" |
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taught_me_patience
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Mon Jun-08-09 05:10 PM Response to Reply #68 |
74. I have to disagree |
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NashVegas
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Mon Jun-08-09 05:13 PM Response to Reply #74 |
75. Of Course You Do |
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taught_me_patience
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Mon Jun-08-09 05:16 PM Response to Reply #75 |
77. I did not profit. I worked on a salary |
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NashVegas
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Mon Jun-08-09 05:17 PM Response to Reply #77 |
80. Meaning You Got Paid |
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ContinentalOp
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Mon Jun-08-09 05:17 PM Response to Reply #68 |
79. Republican propaganda. |
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NashVegas
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Mon Jun-08-09 05:20 PM Response to Reply #79 |
81. The Mortgage Crisis Was Caused By Everyone Involved. EVERYONE |
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ContinentalOp
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Mon Jun-08-09 05:27 PM Response to Reply #81 |
85. No ARM. 30 year fixed. 6.5% |
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NashVegas
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Mon Jun-08-09 05:47 PM Response to Reply #85 |
94. "I Bought" "My Income" "Our Payment" "Our Income?" |
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ContinentalOp
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Mon Jun-08-09 05:59 PM Response to Reply #94 |
97. Want me to just send over my tax returns for you to review? |
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NashVegas
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Mon Jun-08-09 06:15 PM Response to Reply #97 |
98. Sure Why Not? |
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ContinentalOp
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Mon Jun-08-09 06:34 PM Response to Reply #98 |
101. Oh, sorry for the confusion. |
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ContinentalOp
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Mon Jun-08-09 06:38 PM Response to Reply #101 |
103. I also just realized another major source of confusion. |
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NashVegas
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Mon Jun-08-09 07:12 PM Response to Reply #103 |
109. Gotcha |
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NashVegas
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Mon Jun-08-09 05:21 PM Response to Reply #79 |
82. delete |
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NashVegas
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Mon Jun-08-09 05:22 PM Response to Reply #79 |
83. self-delete |
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quiller4
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Mon Jun-08-09 05:35 PM Response to Reply #39 |
87. When I bought my first house in 1973 the lenders' rule of thumb |
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taught_me_patience
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Mon Jun-08-09 05:37 PM Response to Reply #87 |
89. Interest rates on a 30 yr were not 5% either back then |
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BeFree
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Mon Jun-08-09 02:21 PM Response to Original message |
40. Make lowball offer |
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NNN0LHI
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Mon Jun-08-09 02:25 PM Response to Original message |
41. It will be difficult acquiring a loan for a geodesic dome home |
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Uncle Joe
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Mon Jun-08-09 04:24 PM Response to Reply #41 |
59. Which is kind of ironic because |
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colinmom71
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Mon Jun-08-09 02:32 PM Response to Original message |
42. My gut says no.... |
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ContinentalOp
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Mon Jun-08-09 02:35 PM Response to Original message |
43. Go for it. There's too much financial handwringing here. |
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Grinchie
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Mon Jun-08-09 04:29 PM Response to Reply #43 |
62. Get the Dream Home idea out of your head - There is no such thing |
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ContinentalOp
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Mon Jun-08-09 05:34 PM Response to Reply #62 |
86. The dream home may be a fantasy... |
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create.peace
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Mon Jun-08-09 06:43 PM Response to Reply #62 |
104. I totally agree. |
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Yo_Mama
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Mon Jun-08-09 02:36 PM Response to Original message |
44. Questions |
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taught_me_patience
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Mon Jun-08-09 03:00 PM Response to Reply #44 |
47. I agree with most of this |
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Grinchie
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Mon Jun-08-09 04:33 PM Response to Reply #47 |
63. Ah yes, a 7% Growth Person... |
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Yo_Mama
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Mon Jun-08-09 05:13 PM Response to Reply #47 |
76. No, No, NO |
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taught_me_patience
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Mon Jun-08-09 05:35 PM Response to Reply #76 |
88. One correction |
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Yo_Mama
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Mon Jun-08-09 07:13 PM Response to Reply #88 |
110. Yeah, yeah, you're right |
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taught_me_patience
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Tue Jun-09-09 01:08 AM Response to Reply #110 |
113. You have given great advice on this thread |
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Matariki
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Mon Jun-08-09 02:53 PM Response to Original message |
46. Yes. Sounds fantastic. |
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SoCalDem
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Mon Jun-08-09 03:06 PM Response to Original message |
49. BUY IT..if it's for a PLACE TO LIVE, and not for an investment |
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Dead_Parrot
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Mon Jun-08-09 03:14 PM Response to Original message |
50. Sounds good |
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earth mom
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Mon Jun-08-09 04:28 PM Response to Original message |
60. I wouldn't buy that type of house simply because they are hard to resell. |
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CTyankee
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Mon Jun-08-09 04:29 PM Response to Original message |
61. DO YOU HAVE A BUDGET? |
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NashVegas
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Mon Jun-08-09 04:39 PM Response to Original message |
65. You Can Afford a House. You Can't Afford THAT House |
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ChimpersMcSmirkers
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Mon Jun-08-09 07:05 PM Response to Reply #65 |
108. I agree. Try to find a cheaper house. |
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montanto
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Mon Jun-08-09 04:50 PM Response to Original message |
71. Buy it!! |
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JVS
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Mon Jun-08-09 05:40 PM Response to Original message |
90. How long-term and safe is your job? Is there a smaller cheaper option? |
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aikoaiko
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Mon Jun-08-09 05:42 PM Response to Original message |
91. ball park esimate: you're on the line. |
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Mike 03
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Mon Jun-08-09 05:49 PM Response to Original message |
95. Not now. I would not do it unless I could pay with cash. NT |
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create.peace
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Mon Jun-08-09 06:50 PM Response to Original message |
105. no wonder what kind of loan make sure you have NO penulty for prepayment from the beginning |
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create.peace
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Mon Jun-08-09 06:53 PM Response to Reply #105 |
107. sorry, penalty |
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ima_sinnic
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Mon Jun-08-09 07:22 PM Response to Original message |
111. check USDA Rural Guaranteed Loan Program: 102% financing with no PMI |
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BoneDaddy
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Mon Jun-08-09 08:29 PM Response to Original message |
112. Wow that is funny...I was looking at some geodesic home specs |
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NickB79
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Tue Jun-09-09 01:09 PM Response to Original message |
115. Thanks to everyone who commented on this thread, it was VERY informative |
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