would you take out a mortgage that is half of your take home pay?

[Anonymous]

In your situation I would advice against it, since you will have so little left at the end of the day so if emergencies arise, you could be sol or go into cc debt since your 6k is not much of an emergency fund. I do think it's doable but very risky. Its also (and granted I have never worked for federal government so don't know) risky if the 6500 figure assumes no retirement contribution (I am thinking you are quoting after investment/retirement but one of your sentence made me question that).

If this was a situation where both you and a spouse were going into it (and say both of your take homes were 6500 each ie 13k after everything) and were thinking a 6k mortgage, then I would say yeah doable since 7k is a decent amount left over for other stuff. But alone and half may be tough.

Given your income I assume you are between 25 and 30. If so, id also say no mainly because at that age you want to chill with friends, go out and etc, and with 1k left, you will miss out on experiences.

[Anonymous]

Have you even been approved?
Can you rent out a room?
Can you work a second job? I would, but I wouldn't do it as you.

[Anonymous]

Anonymous wrote:

Anonymous wrote:
So 3300 left per month for everything else

After non negotiable bills (electricity, natural gas, small cable and cell phone bills, car payment [no student loans or cc debt]), I will have 1297.22 per month left

How can those be $2000 a month? Do you have a $1500 car payment or something?

no, I just included every expense in the list, including home utilities (and of course the mortgage).

[Anonymous]

Anonymous wrote:Have you even been approved?
Can you rent out a room?
Can you work a second job? I would, but I wouldn't do it as you.

Conditionally approved but not through underwriting yet.

I could rent out a room, but I am an introvert.

Don't think I can work a second job.

[Anonymous]

Anonymous wrote:In your situation I would advice against it, since you will have so little left at the end of the day so if emergencies arise, you could be sol or go into cc debt since your 6k is not much of an emergency fund. I do think it's doable but very risky. Its also (and granted I have never worked for federal government so don't know) risky if the 6500 figure assumes no retirement contribution (I am thinking you are quoting after investment/retirement but one of your sentence made me question that).

If this was a situation where both you and a spouse were going into it (and say both of your take homes were 6500 each ie 13k after everything) and were thinking a 6k mortgage, then I would say yeah doable since 7k is a decent amount left over for other stuff. But alone and half may be tough.

Given your income I assume you are between 25 and 30. If so, id also say no mainly because at that age you want to chill with friends, go out and etc, and with 1k left, you will miss out on experiences.

I contribute 5% to retirement (already factored into net salary I mentioned in original post)

[Anonymous]

This is OP, the thing is, rents are so high, close to 3k anyway. The only way to find a place to rent that is under 2.5k is to rent a 1 bedroom, which I am actually ok with, but in a few years those will be 3k as well.

[Anonymous]

You're living above your means if you only have 6K in savings on 6500/month of take-home pay. Get your spending under control before you worry about purchasing a house.

[Anonymous]

No

[Anonymous]

Anonymous wrote:You're living above your means if you only have 6K in savings on 6500/month of take-home pay. Get your spending under control before you worry about purchasing a house.

I don't have only 6k in savings now, that is the amt I will have left in savings after purchasing home.

[Anonymous]

Heck no

[Anonymous]

Anonymous wrote:

Anonymous wrote:You're living above your means if you only have 6K in savings on 6500/month of take-home pay. Get your spending under control before you worry about purchasing a house.

I don't have only 6k in savings now, that is the amt I will have left in savings after purchasing home.

Absolutely not given how much house repairs cost.

[Anonymous]

Without more savings, no. I have spent $30k on my house for necessary repairs over the past 4 years (heat, roof, plumbing issue). If you had $50k left in liquid non retirement savings after closing, my answer would be sure, go for it

[Anonymous]

Anonymous wrote:Without more savings, no. I have spent $30k on my house for necessary repairs over the past 4 years (heat, roof, plumbing issue). If you had $50k left in liquid non retirement savings after closing, my answer would be sure, go for it

I think if you do it, you should get a roommate. That is better than getting a second job.

[Anonymous]

Do you have a 401k you can tap into as a fallback?

[Anonymous]

I would not be able to sleep at night. Agree you should get a roommate.