How likely is this?

[Anonymous]

You think they'll give me a loan for a house, with purchase price of $300k, downpayment of $30,000? Salary (just me) $90k.

(just contemplating the next few years, and trying to figure out what to plan for)

[Anonymous]

Possible but not probably. You are right on the crusp. Depends on other debts.

[Anonymous]

Anonymous wrote:Possible but not probably. You are right on the crusp. Depends on other debts.

No other debts. No student loans, no car loans, no credit card debt, no nothin!

[Anonymous]

Plan for a bigger downpayment. Save, save, save. And then have extra for all the stuff that's going to need repairing, because it always does. But if you don't have kids and aren't planning to in the near future, it's fine. I bought my first condo around that price and salary point, but I had saved a lot more to put down.

[Anonymous]

How many bedrooms do you really need? I would buy the smallest thing I could stand and live minimally. If you aren't handy, a condo might be a good idea. If you don't yet have a family but are planning on one, or if you aren't yet married, you may want to reconsider this, because you may end up needing to sell sooner than you think. Unless you're sure you are going to be there for many years, it just isn't worth it.

[Anonymous]

PP here. Also, if you need to move in the future and aren't able to get a great offer on it, renting it out may not be a good option for you if you don't have a large amount of equity. You may end up subsidizing. Not a good situation to be in.

[Anonymous]

I got a loan with 75k HHI for 290 with 20% down. No other debt. So it seems like you would be fine with the higher HHI

[Anonymous]

Anonymous wrote:How many bedrooms do you really need? I would buy the smallest thing I could stand and live minimally. If you aren't handy, a condo might be a good idea. If you don't yet have a family but are planning on one, or if you aren't yet married, you may want to reconsider this, because you may end up needing to sell sooner than you think. Unless you're sure you are going to be there for many years, it just isn't worth it.

The problem I found with buying a condo was the condo fee. $300-400 on top of the mortgage. so I went for townhouse with small HOA fee.

[Anonymous]

Anonymous wrote:I got a loan with 75k HHI for 290 with 20% down. No other debt. So it seems like you would be fine with the higher HHI

correction - purchase price was 290. loan was not 290

[Anonymous]

OP i was approved for a $300k loan while making $80k and only hang $10k for a down payment. I changed my mind and did not buy because of other life changes, but you should be fine, good luck

[Anonymous]

Anonymous wrote:OP i was approved for a $300k loan while making $80k and only hang $10k for a down payment. I changed my mind and did not buy because of other life changes, but you should be fine, good luck

Was that before or after 2009? The rules changed then

[Anonymous]

Absolutely. We qualified (easily) for much more than what we paid (379) making about 120,000 with 90,000 in student loans. We put down 10% with closing costs it was about 40,000. This was late 2012. You should be fine.

[Anonymous]

Anonymous wrote:

Anonymous wrote:How many bedrooms do you really need? I would buy the smallest thing I could stand and live minimally. If you aren't handy, a condo might be a good idea. If you don't yet have a family but are planning on one, or if you aren't yet married, you may want to reconsider this, because you may end up needing to sell sooner than you think. Unless you're sure you are going to be there for many years, it just isn't worth it.

The problem I found with buying a condo was the condo fee. $300-400 on top of the mortgage. so I went for townhouse with small HOA fee.

I was wondering about this. I've seen listings for cheap THs with really high HOAs that didn't seem to include much, so it's good to know there are some reasonable ones out there.