Anonymous
12/14/2015 14:01
Subject: 900k house on 300k income?
Totally fine if your jobs are secure and you don't see your income changing.
Anonymous
12/14/2015 14:00
Subject: Re:900k house on 300k income?
Anonymous wrote:Anonymous wrote:sure, but why? Do you really need a 900k house?
This.
Recommend against it if you can only put down 10%. Our household income is lower than yours (about $250K) but we put down 95% on a house in your price range. We saved for 6 years plus appreciation on our first home. For us, it did not make sense to go into a huge debt not knowing how long we would be employed at our jobs.
I'm not sure how old you are but we are 31/32 and first time homebuyers so we don't have the luxury of going back in time and benefiting from the insane appreciation that happened in this area. I wish we were that lucky but we have to deal with the hand we've been given.
Anonymous
12/14/2015 13:57
Subject: Re:900k house on 300k income?
Anonymous wrote:Anonymous wrote:sure, but why? Do you really need a 900k house?
This.
Recommend against it if you can only put down 10%. Our household income is lower than yours (about $250K) but we put down 95% on a house in your price range. We saved for 6 years plus appreciation on our first home. For us, it did not make sense to go into a huge debt not knowing how long we would be employed at our jobs.
Well some of us in dc have stable jobs. Your situation seems to be unique.
Anonymous
12/14/2015 13:56
Subject: Re:900k house on 300k income?
Anonymous wrote:sure, but why? Do you really need a 900k house?
This.
Recommend against it if you can only put down 10%. Our household income is lower than yours (about $250K) but we put down 95% on a house in your price range. We saved for 6 years plus appreciation on our first home. For us, it did not make sense to go into a huge debt not knowing how long we would be employed at our jobs.
Anonymous
12/14/2015 13:45
Subject: Re:900k house on 300k income?
Anonymous wrote:Anonymous wrote:Anonymous wrote:I am conservative and I think that's ok if you're not also paying student debt, etc. If you're paying PMI though I'd really rethink the 10%.
I'm conservative. I think making $300k w/ a 10% downpayment for a $900k house is odd. If you have the cash, put down 20% and waste funds on "hazard insurance." If you have new money, then your focus should be on savings and wealth building. Buying a home is okay, but $900k is putting all of your eggs in one basket. Reconsider your price point and priorities (needs vs wants).
If money is no object b/c you are trust fund baby, then I digress and carry on.
We are saving for retirement so that's wealth building, right? And presumably we'll be building equity in the house after the first 7 years or so. I know we could keep renting at 1,600 a month and put every cent after that into wealth building but is it really so bad to want a house?
Not at all. Not to mention you may not end up saving the amount over 1600 every month. Most adults eventually want their own place without landlords, rent increases every year and the ability to modify their home. As long as you're saving for retirement (max) and build other savings it makes perfect sense to buy a home.
Anonymous
12/14/2015 13:35
Subject: Re:900k house on 300k income?
Anonymous wrote:Anonymous wrote:I am conservative and I think that's ok if you're not also paying student debt, etc. If you're paying PMI though I'd really rethink the 10%.
I'm conservative. I think making $300k w/ a 10% downpayment for a $900k house is odd. If you have the cash, put down 20% and waste funds on "hazard insurance." If you have new money, then your focus should be on savings and wealth building. Buying a home is okay, but $900k is putting all of your eggs in one basket. Reconsider your price point and priorities (needs vs wants).
If money is no object b/c you are trust fund baby, then I digress and carry on.
We are saving for retirement so that's wealth building, right? And presumably we'll be building equity in the house after the first 7 years or so. I know we could keep renting at 1,600 a month and put every cent after that into wealth building but is it really so bad to want a house?
Anonymous
12/14/2015 13:33
Subject: Re:900k house on 300k income?
Anonymous wrote:sure, but why? Do you really need a 900k house?
are you posting from Missouri?
Anonymous
12/14/2015 13:31
Subject: Re:900k house on 300k income?
Anonymous wrote:I am conservative and I think that's ok if you're not also paying student debt, etc. If you're paying PMI though I'd really rethink the 10%.
Paying PMI for a few years isn't ideal but DH is tired of renting and wants to go ahead and get on the real estate ladder in 2016.
Anonymous
12/14/2015 13:13
Subject: 900k house on 300k income?
These posts are always impossible to fully opine on. Literally, different people w identical financial situations have different tolerances for debt, borrowing, etc. So there is no model for yes you can or no you cant afford something. If you supply basic facts, just calculate what your P+I pymt is. If you can handle it, ans = yes. If not, no. There are so many other factors that need to be addressed.
Anonymous
12/14/2015 12:58
Subject: Re:900k house on 300k income?
Anonymous wrote:I am conservative and I think that's ok if you're not also paying student debt, etc. If you're paying PMI though I'd really rethink the 10%.
I'm conservative. I think making $300k w/ a 10% downpayment for a $900k house is odd. If you have the cash, put down 20% and waste funds on "hazard insurance." If you have new money, then your focus should be on savings and wealth building. Buying a home is okay, but $900k is putting all of your eggs in one basket. Reconsider your price point and priorities (needs vs wants).
If money is no object b/c you are trust fund baby, then I digress and carry on.
Anonymous
12/14/2015 12:51
Subject: Re:900k house on 300k income?
Anonymous wrote:sure, but why? Do you really need a 900k house?
in dc a 900k house is the bare minimum for a civilized person
Anonymous
12/14/2015 12:33
Subject: 900k house on 300k income?
I would make sure to get a house so that I could borrow a million because that's the max for deduction
Anonymous
12/14/2015 12:31
Subject: Re:900k house on 300k income?
I am conservative and I think that's ok if you're not also paying student debt, etc. If you're paying PMI though I'd really rethink the 10%.
Anonymous
12/14/2015 12:20
Subject: Re:900k house on 300k income?
Anonymous wrote:sure, but why? Do you really need a 900k house?
If in DC, that can be a 3 bedroom home not a mansion.
Anonymous
12/14/2015 12:19
Subject: Re:900k house on 300k income?
sure, but why? Do you really need a 900k house?