Reply to Did you buy a house that stretched your budget? Was it worth it?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]OP here - thanks for the reality check guys.  I think a few factors made us nervous, 1) mortgage  would be 38% of net take home, which is higher than many people advise, 2) we've become used to saving at a high rate every month, 3) the downpayment would deplete our savings and it would take longer to fill up the emergency fund.  [b]Also, once we move we will not be able to get by on just one salary if one of us no longer can work.[i][/i][/b] But I guess thats the case even if we buy a smaller home.  Thanks for the input![/quote]

This would make me nervous.   Does one spouse make a lot more than the other?  Do you have a lot of other expenses outside of the mortgage?  [/quote]

Me too.  My souse and I based our mortgage on one income.  Thank goodness we did....you never know what the future holds and if our mortage was based on two income we would had lost our house.[/quote]

I've never understood the buy a house on one income philosophy.  In the unlikely event that something catastrophic happens you can use your emergency fund and, if the other person still can't work, eventually sell the house.[/quote]

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