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Just to get a ballpark, would it be wise to take a 300k loan (likely 30 year) with an income of about 105k/year. In another year I expect our income to be in the 165k/year range. We don't have any debt/car payments, etc. Thanks!
yup. especially if your planned income rise is highly likely.
How much do you have saved?
Do you have emergency funds over and above the plans to buy a house?
yup. especially if your planned income rise is highly likely.
How much do you have saved?
Do you have emergency funds over and above the plans to buy a house?
Thanks! After downpayment we should have approximately 100k ish saved up. The planned jump in household income is almost a certainty since spouse will start working after school.
You are in good shape. Aggressive. But i think thats a good thing.
I bought my first home with 0 emergency cash left. And 4x yearly earnings.
You in ur 30s?
You are in good shape. Aggressive. But i think thats a good thing.
I bought my first home with 0 emergency cash left. And 4x yearly earnings.
You in ur 30s?
Thanks! What do you mean by aggressive exactly? In mid-late 20's.
I mean, when you start out, your debt will be 3x your HHI. Thats considerered stretching it by conservative standards.
Also, you may be counting on an income which has not happened yet.
Being aggressive, as in, reaching for your dreams, and taking reasonable risks..
You are young, its great to start early. Start early , and stay disciplined, and keep going at it. best of luck.
Just to get a ballpark, would it be wise to take a 300k loan (likely 30 year) with an income of about 105k/year. In another year I expect our income to be in the 165k/year range. We don't have any debt/car payments, etc. Thanks!
Only other thing to watch for is the taxes on your property ($500 a month in taxes let's you get a very different mortgage than a place with only $50/month taxes). Depending on the house price, that can be the difference between living comfortably and having to live on a college student budget.
If there are no other obligations, yeah, you should be fine with a $300k loan. I would suggest if you're not putting down 20% you might want to consider it rather than keeping a $100k reserve. PMI isn't fun.
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