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Old 12-18-2013, 08:41 PM
 
280 posts, read 272,365 times
Reputation: 84

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So here is the deal. Small family, don't need big house now. paying 1150 rent and low rental insurance + no taxes.
Buying a house my mortgage will jump to 1600 +- with (taxes, insurance, hoa etc) + maintenance fee.
I am looking at 4 bed houses in metro Atlanta area.
With one pay does it make sense to buy a house now. Plus there are still people out there taking about another possible crash. My current house is underwater on rent(Columbia SC). I cant afford to have another crash.
But there are other set of people talking about real estate will go crazy in upcoming years and with new mortgage rules it ll be hard for someone to get qualified for loan more than 100K.
The houses range in 250K in my area and I was gonna put 5% down in order to get qualified for conventional loan.

What is your take on it?
Thanks!
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Old 12-18-2013, 09:01 PM
 
3,322 posts, read 7,267,064 times
Reputation: 4106
Quote:
Originally Posted by musman View Post
So here is the deal. Small family, don't need big house now. paying 1150 rent and low rental insurance + no taxes.
Buying a house my mortgage will jump to 1600 +- with (taxes, insurance, hoa etc) + maintenance fee.
I am looking at 4 bed houses in metro Atlanta area.
With one pay does it make sense to buy a house now. Plus there are still people out there taking about another possible crash. My current house is underwater on rent(Columbia SC). I cant afford to have another crash.
But there are other set of people talking about real estate will go crazy in upcoming years and with new mortgage rules it ll be hard for someone to get qualified for loan more than 100K.
The houses range in 250K in my area and I was gonna put 5% down in order to get qualified for conventional loan.

What is your take on it?
Thanks!
The highlighted sentences above are confusing. Can you please clarify them?

The third one in particular is, at the very least, conjecture based upon someone's fishbowl view of all borrowers barely being able to qualify for a specific dollar amount.

Have you consulted a CPA regarding your specific Mortgage Interest write-off benefit, based upon your specific income and tax situation?

What is your gross income? Are you self employed? How does your future employment and income look to you, stability-wise? Do you encounter difficulty in bill-paying now? What size place would you be buying, relative to your current home? Would there be additional furniture, repair, etc., expenses? How long would you plan on living there?
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Old 12-20-2013, 06:04 PM
 
2,563 posts, read 2,597,365 times
Reputation: 3465
Buying a home now could be a really smart thing to do, or it could be a really stupid thing to do. If you knew the answer to that question, you could make millions of dollars. Historically, most of us have seen nothing but rising home prices, over the years. Maybe that will continue, or maybe it won't. Personally, I wouldn't buy anything I couldn't afford to pay for mostly in cash.
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Old 12-21-2013, 10:40 AM
 
Location: Brentwood, Tennessee
39,194 posts, read 37,806,900 times
Reputation: 73965
Quote:
Originally Posted by musman View Post
don't need big house now.
^^^^^^^

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