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Old 10-07-2015, 04:24 PM
 
Location: Plano 75024
409 posts, read 845,643 times
Reputation: 208

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Quote:
Originally Posted by DallasG View Post
If things go according to your plans but still a huge risk. Market is at or near peak, if it goes down and they need to sell then things wouldn't go well.
Ditto. I agree. I think this is where you have to know yourself. If you are one of those failure is not an option people then this may be a worthwhile risk ... if you are a tad wishy washy then this may not be a good risk to take.

Also if you are a sell your house every 5 yrs person or work in a field where you may have to job xfer this may not work to your advantage as well.
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Old 10-07-2015, 06:01 PM
 
Location: Prosper
6,268 posts, read 12,179,869 times
Reputation: 9332
I agree with the other posters here... You should wait until you have at least SOME savings. You never know what is going to pop up, that will require immediate attention.

Case in point, we bought a home last Dec. Paid a lot of money for an inspector who was also qualified to inspect a pool. Everything checked out, and we bought the home.

Fast forward to this summer, and I guess after having March/April be almost a solid month of rain, and then the lack of rain in August/September, the ground shifted a bit, and cracked the skimmer pipes underneath our patio.

That was a costly affair to fix, all out of pocket. But it had to be done, because we were losing about an inch of water overnight from the pool, just going into the ground. That could cause serious foundation damage to the rest of the pool and the house if it wasn't taken care of ASAP. If we were just scraping by with no savings, we'd have been screwed.
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Old 10-08-2015, 08:34 AM
 
11,798 posts, read 16,552,135 times
Reputation: 16669
Homeownership is not just what you pay monthly. Look at real estate taxes, utilities, HOA fees, tools and talent for yard work and maintenance or paying a contractor. Do the numbers! Yes, the unforeseen happens. Since July we had critters chew part of the irrigation system, a top of the line window cracked, a breaker went out, my truck blew a tire.
It sounds like you are doing well in your field but are still the new kid on the block at work. Your husband is working but still in school. One of you getting laid off can collapse the house of cards. You may relocate on short notice for a job. Fees are due at closing and with no equity this means cash.
Yes, it is great to decorate your own place, hope that the gras grows so you can cut it, invite friends and family.
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Old 10-08-2015, 11:18 AM
 
Location: Mckinney
979 posts, read 1,014,508 times
Reputation: 986
USDA loan is great. You just have to be in a rural area that is zoned for it.
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Old 10-08-2015, 11:56 AM
 
Location: Plano, TX
240 posts, read 275,370 times
Reputation: 179
Like many pointed out do NOT go for a house unless you have saved up some bit.

Just recently I had the tree root in front of my house burst open the sprinkler water lines. Its costed me $480 to get it fixed in 3 Hrs. I had a gas leak on the pipe coming in from outside into my house a few weeks ago and it costed me about $1000 (including re-inspection/permit) after the repair was done. There are many unforeseen issues that pop up now and then so be prepared.
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Old 10-08-2015, 02:53 PM
 
51 posts, read 44,782 times
Reputation: 49
Quote:
Originally Posted by beautyin View Post
My husband and i has been staying in an apartment here in Texas for 6 months now and we are into looking for a house because our rent seems high and my husband said, paying a mortgage might be cheaper. The thing is we dont have enough savings yet. Has anyone here experienced getting a house without a downpayment? I dont know how to do this, just thinking if anyone here have ideas.

Thank you.
If you buy in a "rural" area you can. We got a USDA loan in Kaufman County and put $0 down.
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Old 10-08-2015, 03:44 PM
 
233 posts, read 222,330 times
Reputation: 130
That's a great idea and so was VA loan but doesn't seem applicable. According to OP's other post, they are Pinay and renting in Plano and she doesn't drive. I'm guessing her hubby isn't a veteran and rural areas would be too far from his work in Plano.

Why do original posters never come back to their threads. We keep guessing. I need to get a second job to kill my free time.
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Old 10-08-2015, 04:00 PM
 
Location: Dallas, TX
2,828 posts, read 3,402,152 times
Reputation: 1815
Quote:
Originally Posted by NovCruisin View Post
If you buy in a "rural" area you can. We got a USDA loan in Kaufman County and put $0 down.
Isn't there also an income cap around 80K?
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Old 10-08-2015, 04:10 PM
 
51 posts, read 44,782 times
Reputation: 49
Quote:
Originally Posted by bencronin04 View Post
Isn't there also an income cap around 80K?
I am not sure...that wasn't a concern for us at the time because we made no where near that
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Old 10-08-2015, 04:12 PM
 
51 posts, read 44,782 times
Reputation: 49
Quote:
Originally Posted by DallasG View Post
That's a great idea and so was VA loan but doesn't seem applicable. According to OP's other post, they are Pinay and renting in Plano and she doesn't drive. I'm guessing her hubby isn't a veteran and rural areas would be too far from his work in Plano.

Why do original posters never come back to their threads. We keep guessing. I need to get a second job to kill my free time.
You'd be surprised what is considered "rural". We are in Forney, my commute to Dallas is 30-45 mins tops and we were considered rural
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