Anonymous wrote:Why is everyone giving OP such a hard time? We have a 2M house on a 300K income. We are older though so no day care costs and minimal childcare costs. We were able to put 25% down. No plans to move though. Planning to stay here for a long time. If something crazy unexpected happens, we can always rent it out and move into an apartment. Got to take a few risks in life.

Talk about the blind leading the blind. Fools are a dime a dozen on this forum.

Don't ever count on real estate as an investment. You don't know where the market will be 10 years from now. Great Falls is not as desirable so is a gamble.

Anonymous wrote:Why is everyone giving OP such a hard time? We have a 2M house on a 300K income. We are older though so no day care costs and minimal childcare costs. We were able to put 25% down. No plans to move though. Planning to stay here for a long time. If something crazy unexpected happens, we can always rent it out and move into an apartment. Got to take a few risks in life.

1) You put down twice as much money as op is planning to, and

2) OP has young kids, so high childcare costs for years to come.

Why is everyone giving OP such a hard time? We have a 2M house on a 300K income. We are older though so no day care costs and minimal childcare costs. We were able to put 25% down. No plans to move though. Planning to stay here for a long time. If something crazy unexpected happens, we can always rent it out and move into an apartment. Got to take a few risks in life.

No

The thing about life is somewhere along the line, shit will happen. I do not know when. It could come in the form of a job loss, an accident, medical issues....

It can get very expensive


I was unable to work for 18 months; after 12 weeks (3 months), I transitioned from Short Term to Long Term disability; payment went down but expenses went up.

Dumb ass

Holy shite that's our HHI and I say hell no.

What will your mortgage be and what are your childcare expenses? Do you plan to furnish the house because that starts to add up before you know it.

We have a similar income and a $5200 mortgage, no other debt. We could not have afforded this if we were paying daycare and I have to think your mortgage would be significantly higher.

OP, how much do you expect your incomes to increase, and how fast?

My inclination is that this is crazy. But 3 years ago when our income was similar to yours (doubled now), we opted to make a lot of compromises for a less expensive house in a less nice area. Now, the higher priced home we were looking at instead has appreciated by almost half, and we are making enough that it would no longer even be tight. In the meantime, we don't like where we live, our house doesn't serve our needs, and it hasn't appreciated as much as the other house would have.

There were a couple factors, on the flipside, that I liked more about the home we're in. But in retrospect, given that we knew our incomes would be increasing, I think we would have done better to buy a more expensive home that fit our longterm needs better.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Wow we thought we were stretching with a slighter higher HHI and a 1m house that we plan to live in forever. I think you are going to feel stressed.

At 300 HHI we were thinking we were stretching 800.

This.

Sitting on this couch, too. It was important to us to NOT have a tight budget, in case shit happened.

Us too. We spent $650 on $250k hhi.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Wow we thought we were stretching with a slighter higher HHI and a 1m house that we plan to live in forever. I think you are going to feel stressed.

At 300 HHI we were thinking we were stretching 800.

This.

Sitting on this couch, too. It was important to us to NOT have a tight budget, in case shit happened.

also, what is your extended family's circumstances? i.e. will your parents be able to (and willing to) float you a $40K loan if you run into trouble somewhere down the line?

do you have any other debt? like cc, student loans, cars, etc? Do you anticipate having any other debt?

I also think it's crazy. $1.1 MAX.