Anonymous wrote:Our HHI is 185k and possible bonuses of around 25k. We have 2kids in daycare around
1400 a month and they will go to private school. Is it affordable to purchase home for 465k( house note 2760 a month)?
Anonymous wrote:Question...when you all talk about your monthly mortage payments, does that include insurance, taxes, hoa fees? When someone posts what their monthly PITI is that what this means...that it includes everything?
Our monthly HHI is $215k, but this includes DH's $20k bonus that we rely on him getting each year, however who knows what could happen. We pay $3,400/month and that includes insurace, taxes, hoa. We have one baby and are hoping to have another in a year or two. Monthly daycare is $1,100. No car payments, but really need to get a new car soon. DH works for home so it saves an a lot on commuting expenses. $300/month for student loans.
Does the above sound reasonable for our HHI? We are def. comfortable with the monthly payment, but with all of our increased expenses (we just bought the house a few months ago) and having to buy lots of furniture, it just feels like we're not saving a dime. Eager for tax time, to see what our refund is like. Based on the above, any idea approximately what our refund could come to?
Anonymous wrote:Question...when you all talk about your monthly mortage payments, does that include insurance, taxes, hoa fees? When someone posts what their monthly PITI is that what this means...that it includes everything?
Our monthly HHI is $215k, but this includes DH's $20k bonus that we rely on him getting each year, however who knows what could happen. We pay $3,400/month and that includes insurace, taxes, hoa. We have one baby and are hoping to have another in a year or two. Monthly daycare is $1,100. No car payments, but really need to get a new car soon. DH works for home so it saves an a lot on commuting expenses. $300/month for student loans.
Does the above sound reasonable for our HHI? We are def. comfortable with the monthly payment, but with all of our increased expenses (we just bought the house a few months ago) and having to buy lots of furniture, it just feels like we're not saving a dime. Eager for tax time, to see what our refund is like. Based on the above, any idea approximately what our refund could come to?
Anonymous wrote:Anonymous wrote:Anonymous wrote:What should the HHI to total mortgage ratio be?
The max debt (total per month, not just mortgage)/monthly gross income ratio is 43%.
(For FHA loans)
Anonymous wrote:Anonymous wrote:What should the HHI to total mortgage ratio be?
The max debt (total per month, not just mortgage)/monthly gross income ratio is 43%.
Anonymous wrote:What should the HHI to total mortgage ratio be?
Anonymous wrote:Anonymous wrote:My wife and I are expecting our first child as well as looking for our first home right now. Our HHI is $150K not including bonuses and we're looking at homes in the $650k-700k range with 10% down. Our monthly PITI would be about $3,500 according to our lender. We have no debt and have new-ish (2008 & 2010) cars that are paid off. The only future cost (besides those that come with home ownership) that we foresee is for daycare. Our potential mortgage will be about twice what we're currently paying in rent, but we're both relatively young (late 20s) and have a lot of future income growth, so don't mind being housepoor for now. Also, my brother will be living with us once we buy a house and will be paying about $500 a month, so that will help too.
I agree with the other posters; you are buying too much house for your income. You imply your wife works, which means you will have child care expenses - have you looked into this cost yet? You should expect to pay at least $1,000/month. Fast forward 2 years and now you are paying out $2,000/mo when your second is born. Are you saving enough for retirement? What about college savings? Do you plan to vacation?