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Real Estate
Reply to "When will these prices slow down??!!"
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[quote=Anonymous][quote=Anonymous]Look at an 80/10/10. Stretching for a few years on budget isn't a terrible thing. [/quote] Stretching is difficult for us since we don't always get regular pay raises and our income barely increases each year. We're teachers and with the payscale being frozen and the changes they've made to our healthcare plans, we spent a couple of years with our income actually going down until recently. We are supposed to get a payraise this year but I think it might be the last one we see for awhile. I guess my thought is that it really doesn't matter HOW we finance it...whether the down payment comes from actually cash on hand or a piggy back loan, the fact of the matter is we can't afford the monthly payment on a loan that's any higher than around 480k. So an 80/10/10 doesn't work if we have to finance 90% of the cost of the home if the home is 600k b/c then we're paying mortgage on a 540k loan which is too much for us.[/quote]
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