Reply to Am I crazy for thinking that we could afford this?

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[quote=Anonymous][quote=Anonymous]We have a similar HHI, debts, and work situationss (scarily so) and recently bought a house in Rockville with 20% down and a 350K mortgage. It is a stretch for us, mostly because we are paying more than our mortgage cost every month for childcare.

I agree that you need to think very carefully about your childcare expenses. Affordable part-time childcare is almost impossible to find (I actually ended up increasing my work hours for this reason). Our children are in preschool from 9:30-3:30 and the cost is still ridiculous. At this point, we are not saving anything other than maxing our retirement, and our finances are tighter than I am comfortable with.

Can you delay buying and live very frugally for awhile to save for a bigger down payment? At your income, and with no kids, you should be able to save at least $30K in a year (that's nearly what we pay for childcare!). We lived in a one-bedroom with our first baby for a year, and it was fine. Also, I think you can find what you are looking for in Rockville/Gaithersburg for <$450K, especially if you are looking at townhomes. We bought in an area zoned for a great elementary but not one of the top high schools because we'll likely be moving before then (the school is still good enough that it won't be the end of the world if we don't move) which saved us some.[/quote]

you lived in a 1br with a baby? yikes.  i don't know if we could do that =)  especially considering my "home office" takes up some space in the bedroom[/quote]

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