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Keep renting and maybe find a cheaper place like a apartment. Pay the snot out of the student loans and be debt free. Once you do that then go buy a house. With what both of you make you should be able to knock the F out of those loans. Don't buy a house while you have as much debt as you both do. Even at your income level you will be poor because all your money will go to debt. You will be no better than people living paycheck to paycheck one step away from disaster. Sacrifice now when you are starting out IMO. If you incur more debt you will just stay in debt. I have been debt free for over 15 years. I refuse to be a debt slave. Don't fall into the bs debt trap. Don't listen to any of these realtors and brokers. They are just trying to sell you a house they could give a f about if you lose it later. They just look at your DTI and try to sell you a house to make money off you. YOU and your wife already have a house payment its just in your student loans.
My wife and I struggled and sacrificed like hell to get debt free. Don't listen to anyone who is gonna make money off your possible purchase without doing your own risk assessment. And right now your risk is high IMO.
THIS ^^^
You have an insane amount of student loan debt. DO NOT go for a mortgage until you have dealt with that.
I think you should go back and read the sentence that says "home loan that meets our current expectations."
You have a good salary but have to work insanely to make it. As you said, you can't do it forever. You wife will be making next to nothing as a resident.
Basically you are a young couple making about $240,000 and are $400,000 in debt. Suze Orman says if you owe more than twice what you make, you are essentially bankrupt.
You are basically bankrupt. Personally, I don't think you have any business buying a house.
To me, then I read "current expectations", I hear, "we think we deserve to live rich because we have advanced degrees - a PhD and a Dr. - and we want to live that way even though we are broke."
You need to adjust your expectations.
Where do you live, btw? $2400 a month for an apartment is a lot.
I think you should go back and read the sentence that says "home loan that meets our current expectations."
You have a good salary but have to work insanely to make it. As you said, you can't do it forever. You wife will be making next to nothing as a resident.
Basically you are a young couple making about $240,000 and are $400,000 in debt. Suze Orman says if you owe more than twice what you make, you are essentially bankrupt.
You are basically bankrupt. Personally, I don't think you have any business buying a house.
To me, then I read "current expectations", I hear, "we think we deserve to live rich because we have advanced degrees - a PhD and a Dr. - and we want to live that way even though we are broke."
You need to adjust your expectations.
Where do you live, btw? $2400 a month for an apartment is a lot.
I think Suze Orman meant $400,000 in consumer / credit card debt, student loan is not counted.
It's like saying if you make $100k, and if your mortage is $200k, then you are bankrupted. Hell no.
Either way, they owe $400,000. It is debt that has to be paid - and paid big. The couple is paying thousands of dollars a month. And, it's not dis-chargeable in bankruptcy.
From what I know of doctors, and I admit I don't know a whole lot, they rarely take permanent jobs where they do their residency. Or at the very least, they certainly aren't assured of it. If you are fairly certain you could move in the next 3-4 years, you probably shouldn't buy anything yet.
If you do just have to buy something - consider something small - a starter house at a price range that would be easier to sell in a few years than a high dollar property.
have financing options for doctors for home loans with rates as low as 1.75% to 100%LTV with no points and no PMI[/color][/color][/b]. We also have financial solutions for Dr's to help minimize the interest expense of their student loans which can also provide greater tax advantages.
Do the black not the red.
Do the refi student loans if it lowers the interest. By a lot not some .10 %. Then go and double or triple the monthly payment. chop that monster down. DONT buy a house. Pay off your loans. If you have to relocate and need to sell you'll most likely take a bath on the sale. And buying on 100% LTV is a joke. you will have NO equity unless the you can sell the house for what you paid AND whatever more the commission costs and some profit over that. I can guarantee you will have absolutely no equity for a long time. And if the house prices tank you'll be underwater. 100% LTV loans are a joke. Probably the consumers worse enemy. Any equity you may have built over time will be eaten by the commission So you're basically paying rent to the bank. Good luck in your decision.
Last edited by Debsi; 09-08-2013 at 11:04 AM..
Reason: Removed spam contact
When I said do the back not the red the first part of the quote was supposed to hp be highlighted in red.
Quote:
Originally Posted by bbnetworking
I think Suze Orman meant $400,000 in consumer / credit card debt, student loan is not counted.
It's like saying if you make $100k, and if your mortage is $200k, then you are bankrupted. Hell no.
So you're saying student loan is not debt? Or Suze Orman is saying student loan is not debt? If you owe money to someone for anything other than normal living expenses/service rendered gas electric water insurance you have DEBT. Weather that debt is in credit cards, mortgage, personal or student loans IF it's money owed from borrowing from a person/financial institution IMO its debt.
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