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Old 12-18-2014, 05:23 PM
 
Location: Denver, CO
897 posts, read 1,253,159 times
Reputation: 1366

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Actually for a joint loan (husband and wife) they take the lowest of the averages of both scores.

In other words: husband's average compared against wife's average and the lowest of the two is the final score. I know because we literally went through this a month ago
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Old 12-18-2014, 05:46 PM
 
2,401 posts, read 3,256,972 times
Reputation: 1837
Quote:
Originally Posted by Lafleur View Post
The downpayment is my greatest obstacle at this point. I have about $6k in savings right now. By next summer, I hope to have around $16k. At the rate that I'm able to save, it's still going to take me several more years to come up with a 20% downpayment for "affordable" housing in Denver in an alright neighborhood. It's very discouraging.

Any tips for a first time home buyer on getting that 20% downpayment quicker? My sweet spot for a mortgage payment, with everything included, is $1200-$1300. Will this be possible for me in, let's say, a year or two?
A house valued at 200k is going to cost 40k in down payment, so you'll have to come up with around 20k each year. You'll have to invest your money wisely, find a side job, or get financial support from family if you want to have enough for the 20% down payment in the next 2 years.

Otherwise, get an FHA loan and pay the mortgage insurance. This insurance is rather costly, but if you really want to buy a house, and if you see your income rising rather quickly, it will be worth the cost.
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Old 12-18-2014, 09:19 PM
 
Location: Mile High
325 posts, read 371,875 times
Reputation: 722
Golly, we make 100K and I feel like we can't afford to buy in. I guess that conservative thinking is why our credit score is around 800. Also maybe why we don't own already. :/
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Old 12-19-2014, 09:16 AM
 
Location: Centennial, CO
2,279 posts, read 3,079,872 times
Reputation: 3781
Quote:
Originally Posted by Lafleur View Post
A lot of people I talk to who have bought houses/townhomes/condos between $200k and $250k usually tell me they are paying between $1300-$1500/month with everything included: mortgage, PMI (if applicable), property taxes, etc. Does that seem right?

My concern as a first time buyer is affordability obviously. $1500 is almost double what I pay in rent right now. I could afford it, but that would be a huge hit on my monthly finances. I would still like money left over for savings and entertainment. I'm also very frugal, and the idea of paying double my rent intimidates me.

I make between $60k-$70k per year depending on my bonus. Is home-ownership out of the question for me?
I bought a townhome earlier this year for $235k. My total payment all in (including HOA) is $1,466. That was with no down payment (used a VA loan). I make about $10k more that you are currently and do okay. I manage to pay the bills and take care of the wife and baby (wife is stay-at-home mom). That's also with having to pay about $750/mo in student loans.
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Old 12-19-2014, 09:19 AM
 
Location: Centennial, CO
2,279 posts, read 3,079,872 times
Reputation: 3781
Quote:
Originally Posted by ayoitzrimz View Post
Actually for a joint loan (husband and wife) they take the lowest of the averages of both scores.

In other words: husband's average compared against wife's average and the lowest of the two is the final score. I know because we literally went through this a month ago
It depends on the lender. They don't all have the exact same underwriting standards.
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Old 12-19-2014, 09:29 AM
 
Location: Just south of Denver since 1989
11,828 posts, read 34,440,909 times
Reputation: 8981
Home ownership is a choice. Just because you have the means to buy a property doesn't mean you should.
I am sure your landlord is tickled pink that you rent from him/her/them.

If you have a desire to be a home owner, then make a plan and execute it. No need to apologize for not being a property owner.

Quote:
Originally Posted by ironlady View Post
Golly, we make 100K and I feel like we can't afford to buy in. I guess that conservative thinking is why our credit score is around 800. Also maybe why we don't own already. :/
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Old 12-19-2014, 01:40 PM
 
27 posts, read 54,321 times
Reputation: 61
$150k-$175k would be ideal. But can you find anything in that price range anymore outside of a bad area?[/quote]


Probably not within the Denver city limits. In the suburbs you could find something decent for that price range. Depends on where you work - if downtown Denver then a condo in Lakewood would make sense. Other than that I'm sure there are other suburbs that have nice 2 Bd/1 Bth condos in that range, just not as familiar with them.
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Old 12-19-2014, 01:43 PM
 
Location: Denver, CO
2,387 posts, read 2,211,475 times
Reputation: 1941
Quote:
Originally Posted by VT_CO10 View Post
$150k-$175k would be ideal. But can you find anything in that price range anymore outside of a bad area?

Probably not within the Denver city limits. In the suburbs you could find something decent for that price range. Depends on where you work - if downtown Denver then a condo in Lakewood would make sense. Other than that I'm sure there are other suburbs that have nice 2 Bd/1 Bth condos in that range, just not as familiar with them.[/quote]

I was thinking the Englewood area. I have work offices in both Broomfield and Littleton, so northwest or southeast Metro Denver would be ideal.

What are ways you guys suggest for saving quickly for a 20% down payment? With the exception of spending less, which is obvious. Are there avenues that one can use to do this, as in certain types of money growth accounts?
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Old 12-19-2014, 02:28 PM
 
Location: Just south of Denver since 1989
11,828 posts, read 34,440,909 times
Reputation: 8981
There will be a 3% down conventional product next year. By the time you save 20% of say $150,000 or $30,000 interest rates will be higher and so will housing prices.

I advise you to get in the game while you can and ride the wave, while you enjoy where you live.
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Old 12-19-2014, 02:46 PM
 
Location: Denver, CO
2,387 posts, read 2,211,475 times
Reputation: 1941
Quote:
Originally Posted by 2bindenver View Post
There will be a 3% down conventional product next year. By the time you save 20% of say $150,000 or $30,000 interest rates will be higher and so will housing prices.

I advise you to get in the game while you can and ride the wave, while you enjoy where you live.
Will that have expensive PMI and all those other penalties for not having less than 20% down tacked on?
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