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

Forum Index » Money and Finances

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

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous]I just want to hear other people's opinion because I am not sure what would be the best course of action, so suggestion is deeply appreciated.

Both of us work FT (one in downtown DC) and HHI is around 130K.
We have 1 child and daycare is $1200/month.  We'd like to try for a 2nd child next year (this will increase our childcare)
Current liquid assets 250K (all in the low-interest saving account).
Rent is 2100/month.

The catch is one of us cannot apply for mortgage yet because it is not a salarlied job (free lance/small business owner, started just this year).
We'd have to wait until two years worth of federal tax return is filed.  Then we (i.e., combined salary) can potentially apply for a bigger mortgage.
At this time, we will not know for sure the HHI will drastically increase or decrease or stay the same.
With a single salary, pre-approved (after checking all the finances) number is 600K max.

We'd like to avoid long commute, but everything inside the beltway near the metro station is so sky high (SFH that is), so our option appears to be limited to condo!

Would you go for purcahsing a house (SFH or condo) now or wait until how the small business develops in a few year time to buy?

If not purchasing the house now, what would be the good place to keep our 250K?  Sitting in a low-interest account doesn't seem a good idea, but not sure where.

[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics