Anonymous
Post 03/31/2016 20:12     Subject: Re:House buying conondrum


OP - Follow the advice of the poster who said concentrate on saving one more year, paying down your law school loans as both will help your overall relative position in the housing market. Live on as little as possible for six months and see how much closer you are and then maybe figure about whether selling your car and buying something for cash could really help your position. That extra $25,000 in loan debt does not help you, and might give you the monthly cushion in no car payment to cover sudden repairs or other unexpected aspects of home ownership.
Anonymous
Post 03/31/2016 19:30     Subject: Re:House buying conondrum
OP: you are super close! Best of luck!
Anonymous
Post 03/31/2016 19:28     Subject: House buying conondrum
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:What on earth car did you get that you still have 26k on it!! I made $70k in my first job from college and bought a $14k new Corolla. Get rid of that car and buy a used one or at least something cheaper.
I second the poster who said you need money management before you buy a house.



Op here, it doesn't matter what kind of car I purchased. When was the last time you purchased a new car? Cars are expensive and I had to get a car last year because my car was totaled. But again it doesn't matter. I didn't come on here for snarky or condescending remarks. I simply am asking those in the know if it's feasible.


No, it's not feasible. And your sense of entitlement isn't helping you, either.


Oh piss off you judgmental prick
Anonymous
Post 03/31/2016 19:22     Subject: House buying conondrum
Anonymous wrote:
Anonymous wrote:What on earth car did you get that you still have 26k on it!! I made $70k in my first job from college and bought a $14k new Corolla. Get rid of that car and buy a used one or at least something cheaper.
I second the poster who said you need money management before you buy a house.



Op here, it doesn't matter what kind of car I purchased. When was the last time you purchased a new car? Cars are expensive and I had to get a car last year because my car was totaled. But again it doesn't matter. I didn't come on here for snarky or condescending remarks. I simply am asking those in the know if it's feasible.


It does matter what kind of car you bought. Cars are expensive, but plenty cost less that $26k. I think you are living above your means.
Anonymous
Post 03/31/2016 19:18     Subject: House buying conondrum
Sorry, but can't your lender help you figure out your DTI if you hypothetically apply it to the car?

I feel ya. I was in a similar situation last year. I had to do ha now. Depending, maybe we'll refi in several years and also get out mortgage insurance requirement removed.
Anonymous
Post 03/31/2016 19:12     Subject: Re:House buying conondrum
Can you buy a condo for your first home instead of a house?

I agree that you're going to have to save for another year for a house....
Anonymous
Post 03/31/2016 18:25     Subject: House buying conondrum
Buy a cheaper home.
Trade in your car for a Civic.
Anonymous
Post 03/31/2016 18:13     Subject: House buying conondrum
Anonymous wrote:
Anonymous wrote:What on earth car did you get that you still have 26k on it!! I made $70k in my first job from college and bought a $14k new Corolla. Get rid of that car and buy a used one or at least something cheaper.
I second the poster who said you need money management before you buy a house.



Op here, it doesn't matter what kind of car I purchased. When was the last time you purchased a new car? Cars are expensive and I had to get a car last year because my car was totaled. But again it doesn't matter. I didn't come on here for snarky or condescending remarks. I simply am asking those in the know if it's feasible.


Actually it does. You can't afford to buy a home and this is one of the contributing factors. If you had purchased a less expensive car you could save more monthly and have less debt. You live and learn though!

Keep saving. Don't buy a home with that high of a debt to income level.
Anonymous
Post 03/31/2016 17:51     Subject: House buying conondrum
I am not OP nor pp, but it will be helpful if people focus their feedback on OP's question rather than hammering on OP the cost of a car and his car debt.

OP try to find another lender or ask your lender if paying the car note will help you get the loan you are hoping for.
Anonymous
Post 03/31/2016 17:16     Subject: House buying conondrum
OP, how much do you spend on crack? Because you must be smoking a lot to think you can afford a house that is 4x your income with that much debt.

Another example of lawyers not being able to do math.
Anonymous
Post 03/31/2016 17:10     Subject: Re:House buying conondrum
I didn't buy a new car until I had bought my second property and saved up $200k in retirement. Haha but I'm cheap and live and park in the city. Op - it wasn't the smartest decision to buy a new car but not the worst either. I would try to squirrel away as much as possible and pay off that car and reassess. You won't get much in this area for less than 300K and buying anything with less than 2 bedrooms is foolish. You will outgrow it right away.
Anonymous
Post 03/31/2016 17:07     Subject: House buying conondrum
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:What on earth car did you get that you still have 26k on it!! I made $70k in my first job from college and bought a $14k new Corolla. Get rid of that car and buy a used one or at least something cheaper.
I second the poster who said you need money management before you buy a house.



Op here, it doesn't matter what kind of car I purchased. When was the last time you purchased a new car? Cars are expensive and I had to get a car last year because my car was totaled. But again it doesn't matter. I didn't come on here for snarky or condescending remarks. I simply am asking those in the know if it's feasible.


Bs in cars are expensive. New 2017 Corolla is $17k msrp which is up $2k from 10 years ago.
I am sorry your car got totaled, that must have been hard. It's not feasible with the current financial situation. Buckle down and save some more or look for a cheaper house. Don't forget to count about %10 for maintenance costs, not to mention higher utility bills and furniture etc. [/quote

I agree with all of this outside of the car,..not everyone wants a corolla.

It's an example of a brand new decent car that's not $26K+ that can last for 10+ years.
Anonymous
Post 03/31/2016 17:05     Subject: House buying conondrum
You need to keep saving and pay down debt. No need to rush.
Anonymous
Post 03/31/2016 17:03     Subject: House buying conondrum
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:What on earth car did you get that you still have 26k on it!! I made $70k in my first job from college and bought a $14k new Corolla. Get rid of that car and buy a used one or at least something cheaper.
I second the poster who said you need money management before you buy a house.



Op here, it doesn't matter what kind of car I purchased. When was the last time you purchased a new car? Cars are expensive and I had to get a car last year because my car was totaled. But again it doesn't matter. I didn't come on here for snarky or condescending remarks. I simply am asking those in the know if it's feasible.


Bs in cars are expensive. New 2017 Corolla is $17k msrp which is up $2k from 10 years ago.
I am sorry your car got totaled, that must have been hard. It's not feasible with the current financial situation. Buckle down and save some more or look for a cheaper house. Don't forget to count about %10 for maintenance costs, not to mention higher utility bills and furniture etc. [/quote

I agree with all of this outside of the car,..not everyone wants a corolla.
Anonymous
Post 03/31/2016 16:58     Subject: House buying conondrum
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:What on earth car did you get that you still have 26k on it!! I made $70k in my first job from college and bought a $14k new Corolla. Get rid of that car and buy a used one or at least something cheaper.
I second the poster who said you need money management before you buy a house.



Op here, it doesn't matter what kind of car I purchased. When was the last time you purchased a new car? Cars are expensive and I had to get a car last year because my car was totaled. But again it doesn't matter. I didn't come on here for snarky or condescending remarks. I simply am asking those in the know if it's feasible.


Bs in cars are expensive. New 2017 Corolla is $17k msrp which is up $2k from 10 years ago.
I am sorry your car got totaled, that must have been hard. It's not feasible with the current financial situation. Buckle down and save some more or look for a cheaper house. Don't forget to count about %10 for maintenance costs, not to mention higher utility bills and furniture etc.


NP here but the MSRP is $17.9K for an automatic...can't imagine driving a stick ($17.3K) in all the traffic here. I'm surprised it's that cheap though as even a civic starts at $18.6.