I'm an idiot. Thought that a 3.5% down payment was all I needed.

[Lowexpectations]

Originally Posted by TheOverdog

Where are you getting these numbers for this person? They don't have $5k a month to invest as that is more or less their entire monthly income after tax. They only have a 3.5% downpayment for a $200k house and $28k in total retirement.

Did you happen to read any of the post I replied to?

[MobiusStrip]

Originally Posted by TheOverdog

Where are you getting these numbers for this person? They don't have $5k a month to invest as that is more or less their entire monthly income after tax. They only have a 3.5% downpayment for a $200k house and $28k in total retirement.

We really need a :rofl: icon. You are correct, after all deductions, it's pretty much spot-on 5k a month, then whatever the yearly bonus happens to be. I can manage a 5% down payment but certainly no more at this point. Is everyone giving advice considering that I do not want a house that is anywhere near what I can theoretically afford? I want a modest house. I don't want to spend over about $240k and preferably less. I want to get my kids settled somewhere with good schools. I want to get away from this hell hole we currently live in. I have drug dealers across the street. More around the block. Stray dogs roaming regularly, some dangerous. We can move and rent but what are the chances of actually finding a house to buy where my kids can attend the same elementary school? How can I make them move schools twice, maybe in the school year? :/

[TurtleCreek80]

Originally Posted by MobiusStrip

We really need a :rofl: icon. You are correct, after all deductions, it's pretty much spot-on 5k a month, then whatever the yearly bonus happens to be. I can manage a 5% down payment but certainly no more at this point. Is everyone giving advice considering that I do not want a house that is anywhere near what I can theoretically afford? I want a modest house. I don't want to spend over about $240k and preferably less. I want to get my kids settled somewhere with good schools. I want to get away from this hell hole we currently live in. I have drug dealers across the street. More around the block. Stray dogs roaming regularly, some dangerous. We can move and rent but what are the chances of actually finding a house to buy where my kids can attend the same elementary school? How can I make them move schools twice, maybe in the school year? :/

1. I can't imagine you getting approved for much more than $240k so it's not like you're shopping for a home that is significantly less than you can afford. Most banks are going to approve a buyer for a mortgage that is 2-3X your annual salary, depending on what your other debt obligations are and your credit-worthiness.


2. Lots of people move twice when they relocate when they rent and then buy. If your home budget is $240k or lower and prices are expected to appreciate 10% this year, then you rent in an area where home prices TODAY are in the <$215k range. Depending on where your job location is, some areas of the metroplex that have good schools and homes in the <$215k range are Plano, Garland (school of choice within the ISD), Mansfield or Arlington with Mansfield ISD schools, Hurst, Forney, even a few listings in McKinney and Allen.

[Lowexpectations]

Originally Posted by MobiusStrip

We really need a :rofl: icon. You are correct, after all deductions, it's pretty much spot-on 5k a month, then whatever the yearly bonus happens to be. I can manage a 5% down payment but certainly no more at this point. Is everyone giving advice considering that I do not want a house that is anywhere near what I can theoretically afford? I want a modest house. I don't want to spend over about $240k and preferably less. I want to get my kids settled somewhere with good schools. I want to get away from this hell hole we currently live in. I have drug dealers across the street. More around the block. Stray dogs roaming regularly, some dangerous. We can move and rent but what are the chances of actually finding a house to buy where my kids can attend the same elementary school? How can I make them move schools twice, maybe in the school year? :/

You can't afford the modest house at the moment. You need to get in top of your financial situation and unlike a lot of others who struggle with the down payment you have a six figure income which should eliminate your savings issue with some discipline

[MobiusStrip]

Originally Posted by Lowexpectations

You can't afford the modest house at the moment. You need to get in top of your financial situation and unlike a lot of others who struggle with the down payment you have a six figure income which should eliminate your savings issue with some discipline

Some things are easy enough to give up. I will be sad not to be able to contribute to the animal shelter here though, or keep my mother supplied with things to make her happy, or help out when there is a child or elderly/ill person in need here. I can quit buying so much for my kids but it will be hard to quit helping others.

[Lowexpectations]

Originally Posted by MobiusStrip

Some things are easy enough to give up. I will be sad not to be able to contribute to the animal shelter here though, or keep my mother supplied with things to make her happy, or help out when there is a child or elderly/ill person in need here. I can quit buying so much for my kids but it will be hard to quit helping others.

Well if it's that hard maybe all the things you listed are more important than buying a home or retirement

[LoveAussie]

For the animal shelter part, I would like to put a comment that the shelter I volunteered at always need foster homes for their dogs because they always try to rescue more, and I believe that's the case for many shelters too. Few weeks ago one no-kill shelter draws lots of critics and someone even sent them life threats because they rescue several puppies from the killed shelter but didn't rescue the mom dog since they didn't have space to separate the sick mom dog. The mom dog was put to sleep at last. If there's many people who can take the dog to their home and provide temporary place this story would have a different ending.

Haven said that, helping animals can be in different ways, you don't need to donate lots of cash, some college students just went to shelter, played with animals, drove their dogs & cats to nearby petsmart every weekends for adoption events, there are lots of people helping animals who are not rich!

[MobiusStrip]

LoveAussie I do foster but it is not cheap. I buy premium foods, supplies, and sometimes help with vetting. I spent over $500 on one who did not make it earlier this year. I have 3 pups, 2 young kittens and a week old bottle feeder right now. I also contribute food to the shelter. I wish I had more time to give but fostering with its 3 minutes he and 10 there works best for my schedule. The need is just so overwhelming here. It's pretty horrifying.

[LoveAussie]

Sigh~ It is the reality of this world that you couldn't save everyone.

I believe right now you already have a priority list in your mind, but even now your house is not on top of your priority list, things may change in the future. When your kids go to college they can have financial aids and student loans you will have more money saved for yourself.

I know a few single moms who don't make as much as you, and some still live in small apartment. After their kids go to college or start their own career, these single moms have much relaxing life in terms of financial status.

[MobiusStrip]

I know I cannot save everyone but in this hellhole, it feels like I am doing perhaps my share here but certainly no more. I am fortunate that my children are very bright and hopeful that if the mental health challenges that micropreemies often face as teens do not befall them, that they may get good scholarships down the road. I have dreams that they may attend TAMS too, which would certainly ease the prospective burden. I am beyond fortunate in how well they've done so far having arrived at under 2 lbs each.


I have decided to get serious about advancing my career (why yes it is possible to not be serious about it and make 100k in the right field) and hopefully start making more money before long with a couple of certs and thoughtful transfers at work. We'll see.


Regarding my FICO, my middle score is 652 now BUT that is FICO 8 and my older scores have been somewhat lower so I still have work to do to buy a house. So much to do...