Can I get a mortgage?

[galore]

Originally Posted by TimtheGuy

What married couple making $110k is going to live with their parents for 2 years?? And how the h*** could they save up $150k before purchasing(and why would they)?? So they could be like you and put 50% down?

Depends on the parent's home and the situation I guess.

About the $150k: I wrote that after I read that the OP makes $110k after taxes. If you make $220k in two years, you can easily save $150k, if you live with your parents. Two years isn't that long and some people manage to get along.

BTW, I paid off my mortgage completely and own my house free and clear now.

[mbmouse]

Originally Posted by galore

TX:

$900 P+I
$660 T
$250 I
$650 Electricity (thermostat set at 78F. Checked TX electricity prices lately?)
$100 Gas
$100 TV+Internet+Phone
$150 Water (+Sewer+Garbage).

Total = $2810. Granted, I+T is tax deductible so that takes of a couple hundred $$ but still, it's a lot of cash.

And this doesn't even include mandatory HOA fees and Community Pool fees etc.

OMG!!!!! I almost choked on that one! I feel for you and all I can say is Thank God I live in TN.

[TimtheGuy]

Originally Posted by galore

TX:

$900 P+I
$660 T
$250 I
$650 Electricity (thermostat set at 78F. Checked TX electricity prices lately?)
$100 Gas
$100 TV+Internet+Phone
$150 Water (+Sewer+Garbage).

Total = $2810. Granted, I+T is tax deductible so that takes of a couple hundred $$ but still, it's a lot of cash.

And this doesn't even include mandatory HOA fees and Community Pool fees etc.

Hmmm....I have never heard of Texas being one of the MOST EXPENSIVE places to live. Those numbers seem exteme. Not sure what state DG is looking to buy in. Here in MN the cost of living has always been ranked in the upper half and here are the numbers on my $250k house:

216/mo. taxes
79/mo. insurance
100/mo. electric (set at 70 degrees)
100/mo. gas
140/mo. tv-internet-phone
60/mo. water/sewer/garbage

The gas and electric is an average for the year as our electric goes up in the summer and down in the winter and the gas is the reverse.

I am shocked your taxes are that high and why is your insurance so high? Do you live on the coast?? I have never seen a homeonwer's premium near that. And that electric...WOW. Why is electric so high there other than the fact that it is hotter than blazes?

Bottom line, you don't know where DG is going to live and it may not cost HALF as much as where you do. Therefore you cannot make blanket statements like you need xxxx down or you are going to be cash poor. It is different for everyone.

[galore]

Originally Posted by TimtheGuy

Hmmm....I have never heard of Texas being one of the MOST EXPENSIVE places to live. Those numbers seem exteme. Not sure what state DG is looking to buy in. Here in MN the cost of living has always been ranked in the upper half and here are the numbers on my $250k house:

216/mo. taxes
79/mo. insurance
100/mo. electric (set at 70 degrees)
100/mo. gas
140/mo. tv-internet-phone
60/mo. water/sewer/garbage

The gas and electric is an average for the year as our electric goes up in the summer and down in the winter and the gas is the reverse.

I am shocked your taxes are that high and why is your insurance so high? Do you live on the coast?? I have never seen a homeonwer's premium near that. And that electric...WOW. Why is electric so high there other than the fact that it is hotter than blazes?

Bottom line, you don't know where DG is going to live and it may not cost HALF as much as where you do. Therefore you cannot make blanket statements like you need xxxx down or you are going to be cash poor. It is different for everyone.

Tax is about 2.6% (depends on the city/county/schools)

Electricity is between 13c and 15c/kWh, depending on plan.
A/C is VERY expensive, especially in a new open floorplan, high ceiling house in the suburbs without shade trees. The $650 was a peak number from August. It is much less in the winter but then the gas bill gets much higher.

Insurance is very high in TX. See Homeowners Insurance so high???

DFW, and TX in general, have very low home values compared to the rest of the country. But make no mistake, the property taxes, insurance and utility bills are ALL at the very high end compared to the nation.

Re: property taxes. If TX would have coastal home values, property taxes for a typical middle class home costing 600k (like in CA), would be $15,600 a year. This, together with available land, probably contributes a lot to the low home values because people won't qualify for a loan where piTI is so high.

[galore]

Originally Posted by TimtheGuy

Those numbers seem exteme.

Well, those numbers were for a $300k home built in 2000. There are many tens of thousands of similar homes in the DFW suburbs. For the area, it isn't extreme.