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If there's an income cap on first time buyers household income cap then this all may not matter as we are 200K+ a year as of right now. My income will continue to grow each year and so will his.
No income cap for a loan unless you apply for some first time homeowner assistance programs.
Remember that you'll need money just to maintain the house; I've heard you should figure on 3% of the purchase price per year. Sounds like too much to me, but if you are buying a $250K house, for instance, that would mean that it would cost about $7500 per year.
Even 2% would mean $5K per year. That is an extra cost (beyond taxes, house payment and insurance) that most people forget to budget in. Something is ALWAYS coming up that needs to be fixed or replaced.
No I'm aware of things can come up to fix. Obviously I'll make sure the house is fully inspected and find out replacement dates of all the major things. My previous house was new construction and wouldn't mind doing it again but Denver out west is running out of land, lol
Hi everyone, with the recent passing of my father I will be inheriting about 125k. My current bills are 20k so those will be paid off so I'll have about 100k to use for down payment/upgrades. I will be receiving this money at end of Oct and am currently in a lease till end of April which is perfect because I live in CO and I don't want to buy in the winter but I do get to check out the houses and see how they drain/get packed with snow.
So after paying my cc's off I'll let my credit gain due to being all paid off. Right now it's in the high 6's. My income is about 50k. I will only have car payment on my credit but I do not pay it-the bf does. There's no kids. I'm thinking of looking at houses around 300k and putting the 20% down to avoid the PMI. I know some of you will be thinking that's a lot of house cost wise but it is cheap for being in Denver. I'm looking to start really shopping in January and hoping maybe the market will relax some by then and I'll have more flexibility on negotiating. I can even wait till later and do a 30 day close if needed.
Am I thinking wrong for putting the 20% down? Can I get a FHA loan for being a first time buyer? Any advice is greatly appreciated.
I just want to add my long term bf makes 160k if anyone is questioning debt to income.
Why in such a hurry? Why not get married first and/or put the house (and the loan) in both names? You are dependent on his income for the proposed mortgage or the car payment. (I say this because a 5-6x income house and also a car loan is simply too much of a stretch).
Why in such a hurry? Why not get married first and/or put the house (and the loan) in both names? You are dependent on his income for the proposed mortgage or the car payment. (I say this because a 5-6x income house and also a car loan is simply too much of a stretch).
I don't want to get married. I don't want any legal ties and that's why again, there's the issue of the house of having him on the loan/deed. Shyt happens and I don't want my inheritance from my parents to go to waste in a divorce/sale of house. It's MY money. I already lost $20k down payment on the house I had with my ex because I provided the down payment and he was only one on the mortgage. I can carry the car pymt on my own just fine. He just wants to pay it so why wouldn't I let him? I can sell the car and get a cheaper one and just do the mortgage pymt on my own. Again, I'm putting down anywhere between $60-100k. I'm only looking at $350kish houses. Some of my fathers last words to me were to use the money to have a good life and he knew I wanted my own house.
I know that sounds unromantical by not wanting legal ties to the bf but again, this is MY money and not ours. I will never have this type of cash in my hand again unless I win the lottery...
I don't want to get married. I don't want any legal ties and that's why again, there's the issue of the house of having him on the loan/deed. Shyt happens and I don't want my inheritance from my parents to go to waste in a divorce/sale of house. It's MY money. I already lost $20k down payment on the house I had with my ex because I provided the down payment and he was only one on the mortgage. I can carry the car pymt on my own just fine. He just wants to pay it so why wouldn't I let him? I can sell the car and get a cheaper one and just do the mortgage pymt on my own. Again, I'm putting down anywhere between $60-100k. I'm only looking at $350kish houses. Some of my fathers last words to me were to use the money to have a good life and he knew I wanted my own house.
I know that sounds unromantical by not wanting legal ties to the bf but again, this is MY money and not ours. I will never have this type of cash in my hand again unless I win the lottery...
I think you should look at a lower priced house because the price range you are contemplating puts you at a loan of 5x income. It can be done, but will you still be able to contribute to retirement with those huge house payments? You seem to want to use his income while simultaneously protecting your assets. This is not a two-way relationship. If you want to use his money, then you shouldn't be so dead set on preventing him from getting a dime from you.
If you really want to be sure the money you invest stays yours I would consult a lawyer in your state regarding the laws. Common law etc could come into play years down the road if you are cohabitating and end up splitting. $hlt happens!
Yeah I will never understand why people co-mingle funds without some type of legal requirements. Why not legalize all of this if you don't want to get married? The car, the house, whatever? Put it in writing. Or its your word against his.
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