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Reply to "First time home buyer. Am i over extending?"
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[quote=Anonymous]The only thing I'm not seeing is a down payment fund and extra savings for earnest money. This is a very tight budget as would be paying 43% of your net on piti. It would be better if it was closer to 35%. Do you have a timeline for when you might get salary bumps? Can you wait until you are making enough such that the PITI would be only 35%? Your childcare expenses are likely to go up over the next few years depending on how reliable your family is at emergency childcare needs (summer camps, longer preschool days, activities, more expensive clothes, etc.). It's probably doable but I don't see you buying yourself anything (haircuts, clothing, entertainment). $200 a month for all of this is fairly sparse. As is groceries at $305. [/quote]
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