Buying home - What can we afford with our current savings and salary?

[Anonymous]

We just took out a 425k mortgage on a 200k HHI. Monthly comes to about 3k. Works for us. We're in our late 20s w no kids.

I've always wondered, why would you have that much in savings? Once we save around 50k + we invest some of it or in this case buy a place.

[Anonymous]

If you are nervous about the small business make sure you can afford the place on one paycheck. You can always upgrade later. In the meantime, you are throwing away $2100/month on rent.

[Anonymous]

I sold my condo across the street from Dunn Loring station last year. I remember some cutetownhomes next door. DH had an easy metro ride downtown, and you could easily commute to FFX. I remember them selling for around $550k. There may also be sfh a little further up gallows. Growing area and so covenient. Check it out.

[Anonymous]

Pp above. My sister started a business just before she bought a home. She was told only one year of income taxes were required. She used compass bank.

[Anonymous]

What kind of low interest savings do you mean? At least consider one of the online savings accounts while you wait- my ally savings is .84% while my bank was giving me .01. Doesn't make much difference for my emergency savings, but could be nice for you

[Anonymous]

I would buy what you can on one income. I was in the same position a few years ago and we bought a SFH in a great neighborhood that is a fixer. Things have gone well for my husband's business so we're using the extra money to renovate. This worked for us and might be something to consider.

[Anonymous]

OP here.

Thank you all for the helpful guidance and suggestions.
When I came to post my original question, we just decided to terminate our contract to purchase Condo.
With too many unknown financial factors in the equation, we though we weren't ready to proceed....
Told our agent "sorry can't go forward", told our lender "sorry", and kind felt bad to the seller because we may have wasted their prime timing.

And, also we were somewhat heartbroken because it was one of our preferred building.

But, then just 1 hr ago today, my agent called me back and said the seller is offering us a proposal that we couldn't refuse.

We were speechelss and soooo suprised that the seller even reached out to us.

So, after all, we are proceeding to buy this condo on my salary alone now.

Of course, leaving enough emergency funds to offset any "unkown". In time, when the business takes off, we'll upgrade to SFH.

Thank you sooo much for taking time to read my post and replied to us.

[Anonymous]

OP again.

For the logistic reason (dropping off/picking up daycare, commute to FFC/DC downtown), condo made sense to us at this time.
TH or SFH, that is our next goal.

[Anonymous]

you can look at Falls Church area. There are some houses (actually, one right down the street from me) for $600K or less. With current rates being so low, it makes sense to actually buy a house at a bit of a strech (no more than $600K for your current state though). this is the house that was listed for $599

http://www.zillow.com/homedetails/2424-Nottingham-Dr-Falls-Church-VA-22043/51778155_zpid/

[Anonymous]

Congrats on the condo OP!