would you spend 150k on a house with a 30k a year salary? (2013, foreclosure)

[piyf]

LOL, I call shens on that one. No one with 35k in savings (in his case almost a full year of gross income) will have 2k in CC debt.

[MeinGlanzendMotorrad]

If you read that his parents are helping him with the down payment, so it likely isn't all coming from him.

That or he's using his credit card balances to boost his credit score by making regular payments. Which is just as likely.

[TelecasterBlues]

I'll bite...

So I'm in a similar position, I'm at a starting salary just north of $30k and can expect to hit $40k within the next 4 years, $50k within 7 years, $70k within 15 years while under my current contract. Those figures should obviously increase with time and new negotiations. But I'm looking to mortgage off a home for no more than $100k tops...ideally $100k or less, and I'll have between $50k-$55k saved up with no debt by the time that I would go to buy. I contribute into matched pension/SS/retirement plans out of every paycheck and don't really have to worry for retirement. I'm looking at SWPA/WV where cost of living is overall dirt cheap. I plan on dropping 20% on the downpayment, with taxes ranging between $300-$800 per year depending on the area, I'd be having at least one roommate for the first couple of years as well.

So for my situation...yes/no on giving it a go?

[piyf]

Originally Posted by MeinGlanzendMotorrad

If you read that his parents are helping him with the down payment, so it likely isn't all coming from him.

That or he's using his credit card balances to boost his credit score by making regular payments. Which is just as likely.

You don't boost your score by having balances. :facepalm:

[piyf]

Originally Posted by TelecasterBlues

I'll bite...

So I'm in a similar position, I'm at a starting salary just north of $30k and can expect to hit $40k within the next 4 years, $50k within 7 years, $70k within 15 years while under my current contract. Those figures should obviously increase with time and new negotiations. But I'm looking to mortgage off a home for no more than $100k tops...ideally $100k or less, and I'll have between $50k-$55k saved up with no debt by the time that I would go to buy. I contribute into matched pension/SS/retirement plans out of every paycheck and don't really have to worry for retirement. I'm looking at SWPA/WV where cost of living is overall dirt cheap. I plan on dropping 20% on the downpayment, with taxes ranging between $300-$800 per year depending on the area, I'd be having at least one roommate for the first couple of years as well.

So for my situation...yes/no on giving it a go?

I would say that's a good scenario. You could easily do a 15yr loan too,.

[btomesch]

Originally Posted by danieloneil01

LOL, I call shens on that one. No one with 35k in savings (in his case almost a full year of gross income) will have 2k in CC debt.

LMAO, I call shens on it too! Nobody with that much savings should have any debt!

[Texas User]

If the SOL is passed and you have debt, then you REALLY don't have any debt and you should not pay.

[joanmolley223]

Will I get approved for a mortgage if I make 32k annually and has a total debt of 650 monthly?

[dontaskwhy]

Originally Posted by joanmolley223

Will I get approved for a mortgage if I make 32k annually and has a total debt of 650 monthly?

Magic 8 ball says, "Not Likely".

That is unless you have a very large down payment.

[TwinbrookNine]

Degree in anything but MD or Law I'd back off for now. Very very iffy times for almost all other fields and the cost is about 40K too high, even in good times with a healthy economy with a predictable future which today, is NOT. You're young. You got time. Wait and see what happens.