Reply to 670 score, 16k, want to borrow 700k

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I am so confused here. How do you make that much income and have such a crappy credit score??
And why on earth are you looking to buy a house in the $700,000 range with so little savings?? Why aren’t you looking at least in the $500,000 range? There are plenty of nice houses for that much.[/quote]

Where? Any place in that range I’ve found either is a tear down, a school that would require private school, or a crazy high (hoa ) condo.
I would like to keep my entire mortgage, taxes, and etc to under 4000 preferably in the 3300 range.[/quote]

DP but honestly I think you should buy a condo. The condo market is not going insane like SFHs and you can’t afford down payment/closing costs on a SFH anyway. The HOA fees are annoying but you’re 2 years from being able to buy a SFH. Might as well build some equity. [/quote]

Buying a condo to live in for just a couple of years is a terrible idea.  The closing costs will more than eat up the small amount of equity OP is likely to accrue over that time period.[/quote]

Double check your math.  OP is currently setting $54k/yr on fire for rent. Merely not making money would be a huge win. [/quote]

OP doesn’t have to spend that much on rent.  They could move to a substantially cheaper apartment.[/quote]

Even if OP downgraded to $30k/yr, or $60k/2 years, they aren’t going to lose $60k on condo transaction costs. [/quote]

Go do the math on how much of those payments will go to equity in the first two years (especially given OP’s numbers), and then get back to us.[/quote]

If OP buys a condo, incurs $20k in transaction costs to buy and sell, and sells at exactly purchase price in 2 years, that’s better than any rental deal. My math is all done. [/quote]

How much equity are you assuming OP will accumulate during those two years?  Have you factored in property taxes?  Maintenance expenses?  If the hot water heater dies during those two years, that’s OP’s cost to bear too.  Condo fees?[/quote]

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