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SVTPerformance's Chain of Restaurants
Road Side Pub
My turn: 1st time home buyer and want to see what advice you guys have
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<blockquote data-quote="Torch10th" data-source="post: 15572140" data-attributes="member: 15703"><p>I take it he doesn't actually know if that is comfortably doable or not. It sounds like he's still living with family or parents at little or no expense. It sounds like rent in the area is around $1400.00 though.</p><p></p><p>The monthly payment on a 230K house isn't going to be $1200 though. That's the cost of the mortgage. Once the escrow gets added in, depending on his PMI payment, taxes, insurance and HOA, he's probably looking closer to 1700-1800 per month. I'm assuming he probably brings in around 3500-3700 monthly net after taxes. Between his car and the house, there goes 50% of his take-home each month and he hasn't paid for utilities, food, fuel, insurance, phone/cable.</p><p></p><p>He'd only be "affording" it and with his savings likely wiped out in closing costs or getting the house functional, he's one minor incident away from starting to miss payments. He would remain in that situation without being able to save much if anything until his salary improved, he paid off his car or both. That's called being house poor and you're relying on luck to not get caught by something out of your control.</p></blockquote><p></p>
[QUOTE="Torch10th, post: 15572140, member: 15703"] I take it he doesn't actually know if that is comfortably doable or not. It sounds like he's still living with family or parents at little or no expense. It sounds like rent in the area is around $1400.00 though. The monthly payment on a 230K house isn't going to be $1200 though. That's the cost of the mortgage. Once the escrow gets added in, depending on his PMI payment, taxes, insurance and HOA, he's probably looking closer to 1700-1800 per month. I'm assuming he probably brings in around 3500-3700 monthly net after taxes. Between his car and the house, there goes 50% of his take-home each month and he hasn't paid for utilities, food, fuel, insurance, phone/cable. He'd only be "affording" it and with his savings likely wiped out in closing costs or getting the house functional, he's one minor incident away from starting to miss payments. He would remain in that situation without being able to save much if anything until his salary improved, he paid off his car or both. That's called being house poor and you're relying on luck to not get caught by something out of your control. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
My turn: 1st time home buyer and want to see what advice you guys have
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