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Reply to "Buying $1.5 million home - can we afford it?"
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[quote=Anonymous]Currently in the market to purchase a $1.4m-1.5m home in a very nice suburban area close to the beltway. HHI: 300k (not including bonus ~$50k) Downpayment: ~250k Financed in part through 30-year VA loan I'm looking at a 10 year minimum term of ownership, and view this a good investment opportunity given current historically low interest rates and seeing that most of the homes in this price range are still significantly below their pre-market crash prices ($500k+ below high market value in some areas). Currently approved for financing, and it appears we'll be able to balance the budget barring any major unexpected costs. However, finances will be very tight at least until our two toddlers are out of daycare in another 2 years, although spouse and I are both under 40 and would reasonably expect our incomes to rise in the coming years. Good idea, or are we crazy?[/quote]
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