Anonymous
04/29/2021 09:07
Subject: 670 score, 16k, want to borrow 700k
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote: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.
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.
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.
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.
Double check your math. OP is currently setting $54k/yr on fire for rent. Merely not making money would be a huge win.
OP doesn’t have to spend that much on rent. They could move to a substantially cheaper apartment.
Even if OP downgraded to $30k/yr, or $60k/2 years, they aren’t going to lose $60k on condo transaction costs.
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.
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.
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?
You seriously--seriously--think it's going to cost more than $60k in taxes/maintenance/transaction costs to live in a condo for 2 years?
My hypo is based on 0 equity, simply not lighting rent money on fire anymore. And let's be real, a person who had been paying $4500 for rent isn't going to move into a $1500/mo place.
Op here. I would if I could find one with a good elementary school in a safe neighborhood ( no stray billets)
Anonymous
04/29/2021 09:00
Subject: Re:670 score, 16k, want to borrow 700k
Honestly guys I think this is a troll post.
But if it's not, OP you don't NEED a 700k house. You could totally get by with a townhouse in the 400-500 range. But regardless, you don't have the money for it right now. Go move into a $2000 townhouse for now. You are worried about moving and losing half of your savings? What is going to happen when you buy and lose ALL of it?
But if it's not, OP you don't NEED a 700k house. You could totally get by with a townhouse in the 400-500 range. But regardless, you don't have the money for it right now. Go move into a $2000 townhouse for now. You are worried about moving and losing half of your savings? What is going to happen when you buy and lose ALL of it?
Anonymous
04/29/2021 08:48
Subject: Re:670 score, 16k, want to borrow 700k
Anonymous wrote:Anonymous wrote:I don't think you'll be able to borrow $700k with only $16k to put down. That $16k is only a bit over 2% of the amount you want to borrow. Most lenders want you to put down at least a 5% down payment. Zero-down mortgages do exist, but they require good credit.
Also, you really don't want to be cash-strapped and paycheck-to-paycheck after buying a house. Houses break and are expensive to fix.
Is there hope for you? Sure—for the future. You make good money, so you can save. Take a year or two to lower your expenses, save up for a larger down payment, and get your credit in better shape. Then you'll be in a better position to buy.
Even with two moves? Leave 4500k and leave where ever I rent next to my own place?
Why are your moves costing so much? Rent a UHaul, invite friends over an d move. It doesn’t have to be expensive. If it is, you have too much for this, you have too much stuff. Get rid of some of it.
Where does your child stay when you have physical custody? Find a cheap ($1500-$1750) one bedroom apartment and sleep on the couch when your child is with you. Start to save and pay off your student loans. How old is the child and where does the child live they are not with you?
Can you break down the $1700 by student loan, car loan and child support?
Anonymous
04/29/2021 08:41
Subject: 670 score, 16k, want to borrow 700k
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote: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.
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.
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.
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.
Double check your math. OP is currently setting $54k/yr on fire for rent. Merely not making money would be a huge win.
OP doesn’t have to spend that much on rent. They could move to a substantially cheaper apartment.
Even if OP downgraded to $30k/yr, or $60k/2 years, they aren’t going to lose $60k on condo transaction costs.
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.
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.
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?
You seriously--seriously--think it's going to cost more than $60k in taxes/maintenance/transaction costs to live in a condo for 2 years?
My hypo is based on 0 equity, simply not lighting rent money on fire anymore. And let's be real, a person who had been paying $4500 for rent isn't going to move into a $1500/mo place.
All of the money OP would be paying toward mortgage interest, taxes and condo fees is basically just as much lighting it on fire if OP hasn’t built enough equity to exceed transaction fees over those two years.
Are you OP? Because it doesn’t sound like you’ve ever owned a home before.
She said first time homebuyer.
OP, I don’t think rates are going to be better in a year or two.
Yes, that’s why I asked pp if they were op, because this person does not appear to have any experience buying or owning a home.
Anonymous
04/29/2021 08:41
Subject: Re:670 score, 16k, want to borrow 700k
OP, what do you have in savings beyond that $16k that you would put down to cover closing costs and still have some kind of emergency fund?
Anonymous
04/29/2021 08:34
Subject: 670 score, 16k, want to borrow 700k
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote: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.
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.
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.
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.
Double check your math. OP is currently setting $54k/yr on fire for rent. Merely not making money would be a huge win.
OP doesn’t have to spend that much on rent. They could move to a substantially cheaper apartment.
Even if OP downgraded to $30k/yr, or $60k/2 years, they aren’t going to lose $60k on condo transaction costs.
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.
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.
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?
You seriously--seriously--think it's going to cost more than $60k in taxes/maintenance/transaction costs to live in a condo for 2 years?
My hypo is based on 0 equity, simply not lighting rent money on fire anymore. And let's be real, a person who had been paying $4500 for rent isn't going to move into a $1500/mo place.
All of the money OP would be paying toward mortgage interest, taxes and condo fees is basically just as much lighting it on fire if OP hasn’t built enough equity to exceed transaction fees over those two years.
Are you OP? Because it doesn’t sound like you’ve ever owned a home before.
She said first time homebuyer.
OP, I don’t think rates are going to be better in a year or two.
Anonymous
04/29/2021 08:15
Subject: 670 score, 16k, want to borrow 700k
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote: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.
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.
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.
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.
Double check your math. OP is currently setting $54k/yr on fire for rent. Merely not making money would be a huge win.
OP doesn’t have to spend that much on rent. They could move to a substantially cheaper apartment.
Even if OP downgraded to $30k/yr, or $60k/2 years, they aren’t going to lose $60k on condo transaction costs.
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.
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.
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?
You seriously--seriously--think it's going to cost more than $60k in taxes/maintenance/transaction costs to live in a condo for 2 years?
My hypo is based on 0 equity, simply not lighting rent money on fire anymore. And let's be real, a person who had been paying $4500 for rent isn't going to move into a $1500/mo place.
All of the money OP would be paying toward mortgage interest, taxes and condo fees is basically just as much lighting it on fire if OP hasn’t built enough equity to exceed transaction fees over those two years.
Are you OP? Because it doesn’t sound like you’ve ever owned a home before.
Anonymous
04/29/2021 08:07
Subject: 670 score, 16k, want to borrow 700k
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote: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.
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.
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.
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.
Double check your math. OP is currently setting $54k/yr on fire for rent. Merely not making money would be a huge win.
OP doesn’t have to spend that much on rent. They could move to a substantially cheaper apartment.
Even if OP downgraded to $30k/yr, or $60k/2 years, they aren’t going to lose $60k on condo transaction costs.
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.
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.
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?
You seriously--seriously--think it's going to cost more than $60k in taxes/maintenance/transaction costs to live in a condo for 2 years?
My hypo is based on 0 equity, simply not lighting rent money on fire anymore. And let's be real, a person who had been paying $4500 for rent isn't going to move into a $1500/mo place.
Anonymous
04/29/2021 08:02
Subject: 670 score, 16k, want to borrow 700k
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote: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.
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.
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.
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.
Double check your math. OP is currently setting $54k/yr on fire for rent. Merely not making money would be a huge win.
OP doesn’t have to spend that much on rent. They could move to a substantially cheaper apartment.
Even if OP downgraded to $30k/yr, or $60k/2 years, they aren’t going to lose $60k on condo transaction costs.
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.
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.
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?
Anonymous
04/29/2021 07:21
Subject: 670 score, 16k, want to borrow 700k
Owning a home is a lot more than the down payment and mortgage. If you use all of your savings for the down payment and closing costs, what happens if the a/c stops working, a pipe bursts etc? Even with a clean home inspection, you need to have money in reserve for home repairs.
Anonymous
04/29/2021 07:18
Subject: 670 score, 16k, want to borrow 700k
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote: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.
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.
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.
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.
Double check your math. OP is currently setting $54k/yr on fire for rent. Merely not making money would be a huge win.
OP doesn’t have to spend that much on rent. They could move to a substantially cheaper apartment.
Even if OP downgraded to $30k/yr, or $60k/2 years, they aren’t going to lose $60k on condo transaction costs.
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.
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.
Anonymous
04/29/2021 07:15
Subject: 670 score, 16k, want to borrow 700k
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote: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.
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.
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.
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.
Double check your math. OP is currently setting $54k/yr on fire for rent. Merely not making money would be a huge win.
OP doesn’t have to spend that much on rent. They could move to a substantially cheaper apartment.
Even if OP downgraded to $30k/yr, or $60k/2 years, they aren’t going to lose $60k on condo transaction costs.
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.
Anonymous
04/29/2021 07:10
Subject: 670 score, 16k, want to borrow 700k
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote: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.
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.
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.
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.
Double check your math. OP is currently setting $54k/yr on fire for rent. Merely not making money would be a huge win.
OP doesn’t have to spend that much on rent. They could move to a substantially cheaper apartment.
Even if OP downgraded to $30k/yr, or $60k/2 years, they aren’t going to lose $60k on condo transaction costs.
Anonymous
04/29/2021 07:08
Subject: 670 score, 16k, want to borrow 700k
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote: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.
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.
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.
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.
Double check your math. OP is currently setting $54k/yr on fire for rent. Merely not making money would be a huge win.
OP doesn’t have to spend that much on rent. They could move to a substantially cheaper apartment.
Anonymous
04/29/2021 07:08
Subject: 670 score, 16k, want to borrow 700k
Anonymous wrote:Anonymous wrote:Also:Anonymous wrote:A move to would like eat 1/2 of my 16k .
A local move should not cost $8,000.
Movers are 1k, deposit and first month rent looking at 5-6k and still pay current rent.
If you are worried about this, you definitely should not buy a house.