My turn: 1st time home buyer and want to see what advice you guys have

[IronSnake]

I concur with the girlfriend bit. I love Katie but I'm the only one on my loan. If we split, I will pack the place full of dude friends and let everyone else pay the bills. Renting is hot around here so if you have a room you can get 500-600 with utilities for a box.

 

[svtfocus2cobra]

Scary truth right there.



Sell the bike and gt500. Use any leftover cash to pay off the credit card. Right now is the time to sell both toys, right before summer, everybody's got spring fever. Your income isn't high enough to have multiple toys and a house. When qualifying you need to have as little debt as possible and as high income as possible. All the lenders care about is you making a monthly payment.

In the long run the bike and car will both depreciate significantly whereas the house which will appreciate. Any way you try to justify keeping one or both toys is hurting your chances of qualifying.

I know my reply seems harsh, but you're asking hot to get into a house and that's the way to do it.

The bike will probably go but right now I'm putting a new tank on it and will probably repaint it to get it back to pristine shape. Ducati had issues with faulty expanding tanks that leaked gas and somehow they screwed me out of the class action lawsuit to get it replaced, or actually one of their dealerships did by misdiagnosing it. They caused me to miss the time frame for the lawsuit coverage basically, so now I have to take care of it myself. I get the benefits of selling the Ducati because it is just cash in my pocket, but on paper it isn't hurting me because I don't owe anything on it. I don't ride it as much which is why I wouldn't mind parting with it but I'm also thinking it might be good to hang onto for a rainy day because there's the possibility for the value to increase on it way down the road and it really isn't costing me anything except $32/mo for insurance.

As far as my car goes I think I'm better trying to refinance first. The car is just a car and I agree it should go if I really want to get a house as bad as I say I do, but I also work at a shop and work alongside another performance shop where we attend a lot of races and use the cars for advertising basically. I'm in the process of doing a build on it as well so it is going to be the fastest car in our shop. So it has sort of a secondary purpose for us at the moment. I'd just like to explore a few other options before I part with the car.

Also, what's your yearly income? Maybe I missed it?

I didn't post it but when I calculated it it was $51k. Only problem is that there is about $6k of my income I can't use because it is basically a cash commission or kickback I receive from work. I can't verify it so therefore I can't use it. There was something else too that they negated because they put my yearly income at just under $42k.

Can definitely try other banks, as some are more hesitant than others. But yea, it just comes down to debt to income for most lenders(28/36 rule). I've forgotten quite a bit, but IIRC they also look at your current level of rent/mortgage and want to make sure it's not a huge jump, in payment, from current to the loan they'll give you*.
What's hurting you more than likely is the payment on the Shelby as that plus the loan for the house probably knocks you over the 36% mark. Either refinance(if it makes sense) it or sell it(edit-missed the later post where you may be upside down on it by 4-5k). Can always get another one if you really want that condo sooner than later.

*At least that's what my lender brought up when you are close to the 36% level.

Might have to wait, or sell the bike and the Shelby to 1. increase Down payment on house and 2. Eat the negative equity on 500.

I'm going to talk to my friend that is a lender and see what he says. He has offered to help me before so I'd like to see what he says. But I feel like I can tackle the negative equity and get to where I am not upside down on it. At the moment with my current living situation and not having rent I can throw a good amount of money together pretty quickly, but just as long as I can stop buying guns lol. By summer I could probably throw an extra $3-4k at the car if I wanted to speed it up to where I can refinance sooner than later.

Did you put your GF or anyone else on the pre-approval application? Depending on how much your GF makes, you would have qualified. Although if you aren't planning on spending the rest of your life with your GF, I wouldn't put her on the loan.

Definitely go to a mortgage company.

I didn't. She has a shit ton in student debt loans and will surely rack up quite a bit more with UW's law school. So while she can potentially land a job making way more than me, her credit is not great so it will be just me doing the purchasing. I asked them about putting her on though just to inquire if there were any benefits and they said it's hard to say since her credit isn't great and the amount of debt she has. The most I can probably do is just use her to help make the payment.

A couple of my friends that are business owners gave me a couple ideas though. One is in the process of buying a home now as well, but he told me to help his tuner get into his home he bumped up his hourly rate to $50/hr to show the banks and then just had him pay back the difference from what he normally makes with each paycheck. Only downfall is that someone has to eat the taxes paid on it. It would definitely work but I'm not too sure how I feel about that idea. The other option I might explore is trying to get a construction loan through the VA and see what I can do with that. I would like to get a piece of property and put one of the garage packages on it with an upstairs apartment. You can get a good sized package for 40k and then another 20-30k or so to do the interior work. I've found a few properties with water/sewer/electric already in for around 100k so all in all I could do the whole thing for under 200k, but I know loans for land are different and usually require a larger portion down. So I would just need to see what the stipulations are for those types of loans through the VA.

 

[DHG1078]

That explains it. They only count your income at 42k. I thought I saw 60k somewhere and that would have been approved.

If you only have 41k of guaranteed income, it may not be a smart idea. Banks and mortgage companies will give out loans to anyone who they can reasonably expect to be able to make their payments.

You won't get approved until you get rid of the car payments or get a big raise. Not some shady "raise" that you pay back at the end.

 

[wreckit]

PLEASE PLEASE PLEASE!
Research a good INSPECTION/INSPECTOR company that will verify and notice water damage, mold build up, electric issues, compliance and code regulations.

Just had my roof redone and they found water damage the previous owners attempted to patch up. Our original inspector "failed" to notice these underlying issue that have a huge expense impact.

My main advice!

Oh, and do not forget to check the plumbing system and how the sink/tub/toilets drain after having water accumulate up. This will note if the sewage is in proper working order or if it needs to be redone, which is not cheap!

Good luck!

 

[svtfocus2cobra]

OP, I would not even consider a house yet until you're at the point with your significant other that you guys are ready to make the move. You're making some assumptions on what's possible without knowing how any of this works yet.

Condo's in most parts of the country are still money-sinks and you don't get much of anything out of them. They are like a depreciating asset unless it's in a market where condo's are the only game in town (Denver comes to mind).

It sounds like you're trying to get in to one with minimal down and on a salary that is likely low for the amount you're looking at. Unless there's a lot you're not telling us about, for your DTI to be so out of whack that you can't get lending with prime credit, you're spending an inordinate percentage of your income on your GT500.

In a year or so when you go to try and get a place with your SO, your plan to turn the condo into a rental will require that you have enough liquidity to cover it's payments for a minimum of 6 months, on top of your payment for the new house. You're basically going to be told that you need to close on your condo before you can close on your new house. Based on what you've said so far, I don't see that as a possibility.

You're at the point in your life where your lifestyle has outpaced the money you earn and you're seeing that first hand. To do what you want to do gives you a couple options. Either earn more money so you can maintain that lifestyle where you're at, move to a location in the country that your income will support your chosen lifestyle or change your lifestyle to make it appropriate for your location and income level.

It sounds like you enjoy your location. If it was me, I'd sell your motorcycle, sell your GT500 and replace it with a much cheaper option. Then continue to put away as much money as you can so that when you and your significant other are ready, you have the funds to make it happen.

I understand this, and I understand that I have a lot to learn. There's nothing that I'm holding back at this point as far as information goes. The car may be expensive but my financials are pretty straight forward at this point. I think the biggest issue is that I'm just not making as much as I need to be. If rent wasn't so much here I would just get into another apartment and rent until I'm in a better position, but my last apartment was $1450/mo with utilities for a 1 bedroom. When I had that I was also received $1850/mo for school through the GI bill and working full time so the payment was easy to make, but paying that much just seemed ridiculous but that is the norm around here.

I'm just trying to gather up as much information as I can at the moment from as many places as I can. I'm just going to have to probably rent with my gf for a while until my pay increases and I can figure out the best route to go with the car. I want to at least get out from underneath it before I sell it honestly.

 

[svtfocus2cobra]

That explains it. They only count your income at 42k. I thought I saw 60k somewhere and that would have been approved.

If you only have 41k of guaranteed income, it may not be a smart idea. Banks and mortgage companies will give out loans to anyone who they can reasonably expect to be able to make their payments.

You won't get approved until you get rid of the car payments or get a big raise. Not some shady "raise" that you pay back at the end.

Yeah, it is not very much but I know I can afford up to $1400 payments so I'm trying to come in way under that because I know how much utilities add up.

PLEASE PLEASE PLEASE!
Research a good INSPECTION/INSPECTOR company that will verify and notice water damage, mold build up, electric issues, compliance and code regulations.

Just had my roof redone and they found water damage the previous owners attempted to patch up. Our original inspector "failed" to notice these underlying issue that have a huge expense impact.

My main advice!

Oh, and do not forget to check the plumbing system and how the sink/tub/toilets drain after having water accumulate up. This will note if the sewage is in proper working order or if it needs to be redone, which is not cheap!

Good luck!

Good advice but I probably won't get that far for now. I used to work for a company building custom homes so I have a good amount of knowledge on what to look for and good resources to get inspectors when the time comes.

 

[Torch10th]

I understand this, and I understand that I have a lot to learn. There's nothing that I'm holding back at this point as far as information goes. The car may be expensive but my financials are pretty straight forward at this point. I think the biggest issue is that I'm just not making as much as I need to be. If rent wasn't so much here I would just get into another apartment and rent until I'm in a better position, but my last apartment was $1450/mo with utilities for a 1 bedroom. When I had that I was also received $1850/mo for school through the GI bill and working full time so the payment was easy to make, but paying that much just seemed ridiculous but that is the norm around here.

I'm just trying to gather up as much information as I can at the moment from as many places as I can. I'm just going to have to probably rent with my gf for a while until my pay increases and I can figure out the best route to go with the car. I want to at least get out from underneath it before I sell it honestly.

Is the roughly 7500 you receive per your in commission as part of a bonus package or do you see it in each paycheck? The problem with commissions is that banks don't like them because they fluctuate, so they are underwriting you based on your salary. You can and should work with them to include that extra money if you can show that it's fairly consistent and isn't a lump-sum payment.

Your biggest issue is just that you don't make enough money to afford anything at 229k without including those extra funds.

Assuming you do pay off that credit card so that your only debt is the GT500 that puts your DTI at just below 18% based on a nominal 15% tax rate and 51K annual salary. Banks like 43% DTI including the debt you're taking on, which means you can roughly afford about $940.00 per month on a mortgage. That puts you more in the 180-190K range for your affordability.

That figure is your total loan cost, meaning if you carry closing costs the housing you should be looking at is probably in the $160,000 range.

You probably can afford 229K on a mortgage, but you need to find a lender that isn't as stringent as Chase is going to be. If you have the option for a VA loan that will be incredibly helpful for you.

With the additional information you've provided and knowing you want to keep your car, this is my advise. Shelve getting a house or condo for right now. If it's available to you to continue in your living situation, do that and put every cent the condo was going to cost you onto that car and pay it off. Forget refinancing it, pay it off. If you're putting your car payment of 630 per month on it and adding another 1100 or so, you'll pay it off very quickly.

Then you need your down payment if you can't get a VA loan. You should also plan for after purchase expenses such as furnishing, window coverings, cleaning supplies etc. Depending on the place you end up in, this can get really expensive. I had close to 15 grand I paid in the months after closing to make the house functional.

Assuming you can get a VA loan, you're probably 3 years out in my eyes.

 

[DHG1078]

Is the roughly 7500 you receive per your in commission as part of a bonus package or do you see it in each paycheck? The problem with commissions is that banks don't like them because they fluctuate, so they are underwriting you based on your salary. You can and should work with them to include that extra money if you can show that it's fairly consistent and isn't a lump-sum payment.

Your biggest issue is just that you don't make enough money to afford anything at 229k without including those extra funds.

Assuming you do pay off that credit card so that your only debt is the GT500 that puts your DTI at just below 18% based on a nominal 15% tax rate and 51K annual salary. Banks like 43% DTI including the debt you're taking on, which means you can roughly afford about $940.00 per month on a mortgage. That puts you more in the 180-190K range for your affordability.

That figure is your total loan cost, meaning if you carry closing costs the housing you should be looking at is probably in the $160,000 range.

You probably can afford 229K on a mortgage, but you need to find a lender that isn't as stringent as Chase is going to be. If you have the option for a VA loan that will be incredibly helpful for you.

With the additional information you've provided and knowing you want to keep your car, this is my advise. Shelve getting a house or condo for right now. If it's available to you to continue in your living situation, do that and put every cent the condo was going to cost you onto that car and pay it off. Forget refinancing it, pay it off. If you're putting your car payment of 630 per month on it and adding another 1100 or so, you'll pay it off very quickly.

Then you need your down payment if you can't get a VA loan. You should also plan for after purchase expenses such as furnishing, window coverings, cleaning supplies etc. Depending on the place you end up in, this can get really expensive. I had close to 15 grand I paid in the months after closing to make the house functional.

Assuming you can get a VA loan, you're probably 3 years out in my eyes.

I pretty much agree with all of this. Especially the after purchase expenses. I'm buying a 3 year old house that doesn't need anything as the sellers did pretty much everything the way I would have done it, and I can still come up with an easy $10k worth of things i'd like to buy. Fortunately I can spread most of it out over however long i'd like.

Another thing to consider is costs to get utilities set up. Moving is putting me under a different garbage service provider, and they are requiring security deposits on every can, and I pre-pay the first quarter of payments. Comes out to something like $250 to get the service started. Not a ton, but with everything else it just all keeps adding up.

Having a "large" savings for down payments and such will look very good for you.

don't get duped by anyone offering a "low" adjustable rate mortgage.

 

[_Snake_]

OP - sorry if I missed it, but do you have money put aside for a down payment? Closing costs? Do you also have an emergency fund on top of the money for the other two things I mentioned?

 

[gt347mustang]

The bike will probably go but right now I'm putting a new tank on it and will probably repaint it to get it back to pristine shape. Ducati had issues with faulty expanding tanks that leaked gas and somehow they screwed me out of the class action lawsuit to get it replaced, or actually one of their dealerships did by misdiagnosing it. They caused me to miss the time frame for the lawsuit coverage basically, so now I have to take care of it myself. I get the benefits of selling the Ducati because it is just cash in my pocket, but on paper it isn't hurting me because I don't owe anything on it. I don't ride it as much which is why I wouldn't mind parting with it but I'm also thinking it might be good to hang onto for a rainy day because there's the possibility for the value to increase on it way down the road and it really isn't costing me anything except $32/mo for insurance.

As far as my car goes I think I'm better trying to refinance first. The car is just a car and I agree it should go if I really want to get a house as bad as I say I do, but I also work at a shop and work alongside another performance shop where we attend a lot of races and use the cars for advertising basically. I'm in the process of doing a build on it as well so it is going to be the fastest car in our shop. So it has sort of a secondary purpose for us at the moment. I'd just like to explore a few other options before I part with the car.



I didn't post it but when I calculated it it was $51k. Only problem is that there is about $6k of my income I can't use because it is basically a cash commission or kickback I receive from work. I can't verify it so therefore I can't use it. There was something else too that they negated because they put my yearly income at just under $42k.



I'm going to talk to my friend that is a lender and see what he says. He has offered to help me before so I'd like to see what he says. But I feel like I can tackle the negative equity and get to where I am not upside down on it. At the moment with my current living situation and not having rent I can throw a good amount of money together pretty quickly, but just as long as I can stop buying guns lol. By summer I could probably throw an extra $3-4k at the car if I wanted to speed it up to where I can refinance sooner than later.







I didn't. She has a shit ton in student debt loans and will surely rack up quite a bit more with UW's law school. So while she can potentially land a job making way more than me, her credit is not great so it will be just me doing the purchasing. I asked them about putting her on though just to inquire if there were any benefits and they said it's hard to say since her credit isn't great and the amount of debt she has. The most I can probably do is just use her to help make the payment.

A couple of my friends that are business owners gave me a couple ideas though. One is in the process of buying a home now as well, but he told me to help his tuner get into his home he bumped up his hourly rate to $50/hr to show the banks and then just had him pay back the difference from what he normally makes with each paycheck. Only downfall is that someone has to eat the taxes paid on it. It would definitely work but I'm not too sure how I feel about that idea. The other option I might explore is trying to get a construction loan through the VA and see what I can do with that. I would like to get a piece of property and put one of the garage packages on it with an upstairs apartment. You can get a good sized package for 40k and then another 20-30k or so to do the interior work. I've found a few properties with water/sewer/electric already in for around 100k so all in all I could do the whole thing for under 200k, but I know loans for land are different and usually require a larger portion down. So I would just need to see what the stipulations are for those types of loans through the VA.

Continue renting. You're not quite ready to purchase a home. Revisit this a year from now and see how your situation changes.

 

[SVT-BansheeMan]

The first paragraph in post #22 sums it up. You dont want to sell the bike and car. You know you should. You keep making reasons to justify the "bad" decisions. Id be pissed if my family was modifying an expensive car while living with me. Good luck with everything. You arent ready yet.

 

[black4vcobra]

As others have said you are a couple of years out from buying. By hanging onto the car and putting more money into it, you are only delaying your ability to buy a house/condo.

You put out all the other numbers but how much do you owe on the car and when is the loan due to be paid off?

 

[DHG1078]

As others have said you are a couple of years out from buying. By hanging onto the car and putting more money into it, you are only delaying your ability to buy a house/condo.

You put out all the other numbers but how much do you owe on the car and when is the loan due to be paid off?

A little deductive reasoning was he bought it within the last 2 years, so has between 4-5 years left most likely. Loan amount was for 40k+ depending on interest rate. Owes roughly 25k on it i'm guessing.

 

[598]

I have a friend who collects all form of superbikes, and the spread between wholesale and retail on a Ducati has got to be the worst. Fix it quickly and hope you can flip it. If you cant this spring, your ideas of value are too high. I take it you work for a shop, so you certainly have access to cheap beaters you can keep running. If you are out from under the car note, by your estimation (1400 + 600), you could afford 2k a month payment. Unless your shop is paying for the upgrades to your car and part of the car itself, they aren't really advertising for them, you are, its out of your pocket. Cold hard truth, if you really want a home, ditch the car and the bike and get a home. Elsewise, you would be just complaining for the situation you are keeping yourself in.

 

[rotor_powerd]

If you can't get approved with the car payment then you're still going to be tight even if you get rid of the car. 28/36 are the numbers - 28% of gross monthly allowed for mortgage/taxes/insurance, and 36% of gross allowed for total debts (all of the above, plus car payments and credit card payments). It sounds like you just aren't in the position to buy a house IMO. Selling the car and the motorcycle would be a good first step towards getting in a better position, having two expensive toys while renting much less living with family isn't the smartest move.

Edit - Just read salary info. You're making less than the average salary in the US, you have a GT500 that you're upside down on and trying to "make the fastest car in the shop" (while living with family)? It's time for a priority shift, and now is the time before you bury yourself in a hole that will take a very long time to get out of.

 

[Russo]

We bank with Chase and have a mortgage through them. This helped with my buying experience. Our home is only $166k and we pay $1250 a month with 3 1/2% down. I don't see how you're going to get a note that cheap on $60k+ more expensive home. I also dont know how much youre putting down, but moving farther into the country will benefit you at times.

btw, Chase won't let me rent my house so long as i have a mortgage with them.

 

[svtfocus2cobra]

Is the roughly 7500 you receive per your in commission as part of a bonus package or do you see it in each paycheck? The problem with commissions is that banks don't like them because they fluctuate, so they are underwriting you based on your salary. You can and should work with them to include that extra money if you can show that it's fairly consistent and isn't a lump-sum payment.

Your biggest issue is just that you don't make enough money to afford anything at 229k without including those extra funds.

Assuming you do pay off that credit card so that your only debt is the GT500 that puts your DTI at just below 18% based on a nominal 15% tax rate and 51K annual salary. Banks like 43% DTI including the debt you're taking on, which means you can roughly afford about $940.00 per month on a mortgage. That puts you more in the 180-190K range for your affordability.

That figure is your total loan cost, meaning if you carry closing costs the housing you should be looking at is probably in the $160,000 range.

You probably can afford 229K on a mortgage, but you need to find a lender that isn't as stringent as Chase is going to be. If you have the option for a VA loan that will be incredibly helpful for you.

With the additional information you've provided and knowing you want to keep your car, this is my advise. Shelve getting a house or condo for right now. If it's available to you to continue in your living situation, do that and put every cent the condo was going to cost you onto that car and pay it off. Forget refinancing it, pay it off. If you're putting your car payment of 630 per month on it and adding another 1100 or so, you'll pay it off very quickly.

Then you need your down payment if you can't get a VA loan. You should also plan for after purchase expenses such as furnishing, window coverings, cleaning supplies etc. Depending on the place you end up in, this can get really expensive. I had close to 15 grand I paid in the months after closing to make the house functional.

Assuming you can get a VA loan, you're probably 3 years out in my eyes.

I have to agree that this is a very good assessment from what I have learned. Thank you for the well thought out reply which I will probably end up reading a few more times. Thanks!

I pretty much agree with all of this. Especially the after purchase expenses. I'm buying a 3 year old house that doesn't need anything as the sellers did pretty much everything the way I would have done it, and I can still come up with an easy $10k worth of things i'd like to buy. Fortunately I can spread most of it out over however long i'd like.

Another thing to consider is costs to get utilities set up. Moving is putting me under a different garbage service provider, and they are requiring security deposits on every can, and I pre-pay the first quarter of payments. Comes out to something like $250 to get the service started. Not a ton, but with everything else it just all keeps adding up.

Having a "large" savings for down payments and such will look very good for you.

don't get duped by anyone offering a "low" adjustable rate mortgage.

I spent over 8k furnishing my apartment so I am taking into account the extra expenses for a larger house or condo. Luckily I still have all the stuff from my apartment so that cuts it down, but I could still see myself spending another 10k to furnish and set up a house.

OP - sorry if I missed it, but do you have money put aside for a down payment? Closing costs? Do you also have an emergency fund on top of the money for the other two things I mentioned?

I have about 7k at the moment but if I were to use all of that I would obviously be broke at that point.

Continue renting. You're not quite ready to purchase a home. Revisit this a year from now and see how your situation changes.

I'm slowly realizing this cold hard truth.

The first paragraph in post #22 sums it up. You dont want to sell the bike and car. You know you should. You keep making reasons to justify the "bad" decisions. Id be pissed if my family was modifying an expensive car while living with me. Good luck with everything. You arent ready yet.

Well luckily I have a supportive family that appreciates everything I have done for them. Did you ever stop to think that maybe the rest of my family is not exactly in the best financial position and that I have bailed them out on more than one occasion? I didn't grow up with the best financial advice instilled in me so I'm still learning from their mistakes and doing what I can to correct the bad habits. So far I would say I'm doing pretty well except for the amount of money I am making.

For being a general manager and an estimator of a large shop I feel I should make more than what I am, but I am also in my first year of being a full time GM and proving that I can successfully run this shop which I have. Being that we have only been in business for 6mo and I have been a big part of taking our profits from 5k per week to over 45k since I came over in January, and because of that we are set to double our building size. If I don't see a large increase in my pay by next year then I'm going to have to figure something out. Most people in my position are making 70-80k a year so I am pretty far under that. But I would bet money that in just the 3 years that I have been in this career I have more estimating experience than 99% of estimators out there as I've done over ten thousand vehicles already. There's definitely a future with what I am doing and I work with some great people who I have known for years and am glad to be helping them. Obviously if I don't get my share of the pie then I am going to have to move on to somewhere that will allow me to move up and provide for myself and family eventually, but in the meantime I am learning valuable things about running a business. All of that is unrelated to buying a house but it is part of the reason I have the things I do and why I am wanting to hang onto the car at least.

What I do with my car and me getting it out to events 100% directly correlates to my income as I can't even tell you how many guys with Mustangs, Camaros, Challengers and Chargers, and whatever else remotely related have stopped in to have us do work because of the cars they see out front of our shop and thew work done to them. The work we do for those guys is work that usually results in me receiving the kickbacks I referred to when the work is all said and done.

As others have said you are a couple of years out from buying. By hanging onto the car and putting more money into it, you are only delaying your ability to buy a house/condo.

You put out all the other numbers but how much do you owe on the car and when is the loan due to be paid off?

I don't have the exact number at this point but my guess is about 32k. I had to rollover quite a bit from my truck so iirc total financing was like 43k after everything. The mods I'm getting are pretty well discounted so I'm just going to do it. 800hp for 5k is worth it to me at this point and I will recover from it.

A little deductive reasoning was he bought it within the last 2 years, so has between 4-5 years left most likely. Loan amount was for 40k+ depending on interest rate. Owes roughly 25k on it i'm guessing.

See above.

I have a friend who
collects all form of superbikes, and the spread between wholesale and retail on a Ducati has got to be the worst. Fix it quickly and hope you can flip it. If you cant this spring, your ideas of value are too high. I take it you work for a shop, so you certainly have access to cheap beaters you can keep running. If you are out from under the car note, by your estimation (1400 + 600), you could afford 2k a month payment. Unless your shop is paying for the upgrades to your car and part of the car itself, they aren't really advertising for them, you are, its out of your pocket. Cold hard truth, if you really want a home, ditch the car and the bike and get a home. Elsewise, you would be just complaining for the situation you are keeping yourself in.

See above as well in regards to the car being advertising. As far as bike prices go I'm expecting it is worth about 8-9k as that is what they seem to be going for still.

 

[svtfocus2cobra]

We bank with Chase and have a mortgage through them. This helped with my buying experience. Our home is only $166k and we pay $1250 a month with 3 1/2% down. I don't see how you're going to get a note that cheap on $60k+ more expensive home. I also dont know how much youre putting down, but moving farther into the country will benefit you at times.

btw, Chase won't let me rent my house so long as i have a mortgage with them.

The loan calculator was showing me 1100 for what I was looking for but there are obviously other expenses added into the laon that were not accounted for that would increase that amount. Idk, maybe I completely calculated it wrong.

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[nxhappy]

selling some stuff might be a good idea. A bike is nice to have but if you are ready to get a house you need to sell off some stuff. It's a good idea to write down ALL of your payments/bills and see what you are spending monthly. The house will probably be $1000-1500, plus home insurance, property tax, and possible PMI. I can tell you interest in amazing right now. If you are ready, don't wait too long.

 

[DHG1078]

I can tell you interest in amazing right now. If you are ready, don't wait too long.

This is a good point. Interest rates aren't going to get any lower, and are expected to climb quite a bit for the foreseeable future. But its not worth putting yourself in financial peril to get a certain interest rate today if you can't afford it.