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Wife & I Cannot Afford to Buy a House
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Date: April 25th, 2014 7:32 PM Author: Milky potus This is a big problem. We both work. We don't have kids. Yet, we cannot afford to buy a house. I would like to because I'm tired of all of the uncertainty that comes with renting, but the costs are just out of control. Why is housing so fucking expensive? Further, the more expensive home ownership gets, the less appealing it becomes overall. I'm starting to think it's a pointless exercise and I may just kill myself. |
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Date: April 25th, 2014 10:55 PM Author: Dead coldplay fan new version move away from the city centre and use trains/boats to commute. its very doable if you know what youre doing. i live out in the boonies but can take the train in as the rail line is close to my place. cheap place, decent plot, good life and i can get into the city without much effort daily.
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Date: April 26th, 2014 11:52 AM Author: frisky beta queen of the night Hopefully u will not be commute cost pwn3d but Titcr (http://www.autoadmit.com/thread.php?thread_id=2552013&forum_id=2)#25451013) |
Date: April 25th, 2014 7:33 PM Author: stimulating rose rehab twinkling uncleanness The government backs the vast majority of home loans these days, artificially inflating housing prices. The 30-year fixed rate mortgage wouldn't exist without government-backed mortgages. You won't have housing prices collapse until the federal government's finances collapse. (http://www.autoadmit.com/thread.php?thread_id=2552013&forum_id=2)#25447532) |
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Date: April 25th, 2014 7:36 PM Author: Milky potus Fair point, but before that happens, the Government will have already appropriated most of my wealth and I'll have lost my jerb in the deflating economy. (http://www.autoadmit.com/thread.php?thread_id=2552013&forum_id=2)#25447555) |
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Date: April 25th, 2014 7:35 PM Author: Emerald Address You obv live in a coastal city. Move to Houston, Atlanta Jacksonville Phoenix and you'll find a nice place. (http://www.autoadmit.com/thread.php?thread_id=2552013&forum_id=2)#25447546) |
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Date: April 25th, 2014 7:37 PM Author: hyperactive maroon native skinny woman right:
http://www.realestateabc.com/outlook/overall.htm
Home Prices by Region Last Updated: 4/7/2014
The median price in the Midwest rose to $140,900, up from $139,800 in January and it rose 8.6 percent from the one year earlier.
In the South, the median price increased to $163,400 in February, up from $159,900 the month before and up 8.3 percent from the previous year.
In the Northwest, the price fell to $237,800, down from January's $241,200. Still the median is up 1.5 percent from the year before.
Prices in the West reached $279,400, up from $272,200 in January. The median price was up 18.0 percent from February 2013. |
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Date: April 25th, 2014 7:39 PM Author: Milky potus I live in one of these cities. Single family homes in a reasonable neighborhood are exorbitantly priced. (http://www.autoadmit.com/thread.php?thread_id=2552013&forum_id=2)#25447568) |
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Date: April 25th, 2014 7:47 PM Author: Crusty Multi-colored Corn Cake Check out fannie mae and their program. (http://www.autoadmit.com/thread.php?thread_id=2552013&forum_id=2)#25447595) |
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Date: April 26th, 2014 11:55 AM Author: Purple friendly grandma DEM PROGRAMZ (http://www.autoadmit.com/thread.php?thread_id=2552013&forum_id=2)#25451025) |
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Date: April 25th, 2014 8:24 PM Author: Outnumbered elastic band The problem is likely your definition of reasonable. (http://www.autoadmit.com/thread.php?thread_id=2552013&forum_id=2)#25447748) |
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Date: April 25th, 2014 8:35 PM Author: Exciting Idiot You can't afford a house in Jax? Make more money you fucking poor (http://www.autoadmit.com/thread.php?thread_id=2552013&forum_id=2)#25447808) |
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Date: April 25th, 2014 11:02 PM Author: Demanding indian lodge Houston and Atlanta are going nuts right now. The inventory is very low and prices are rising 20% year over year. (http://www.autoadmit.com/thread.php?thread_id=2552013&forum_id=2)#25448826) |
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Date: April 25th, 2014 7:35 PM Author: jet trip alpha This seems odd. In the current low interest rate environment unless you live in the bay area your mortgage won't be much more than your current rent. Plus with FHA loan you will only have to put down a very small amount. (http://www.autoadmit.com/thread.php?thread_id=2552013&forum_id=2)#25447547) |
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Date: April 25th, 2014 7:39 PM Author: Milky potus LOL. (http://www.autoadmit.com/thread.php?thread_id=2552013&forum_id=2)#25447570) |
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Date: April 25th, 2014 7:42 PM Author: jet trip alpha I live in a major eastern city, and my mortgage payment is significantly less than my rent was before I bought. I put down 20%, but the FHA loan isn't a bad option at all for a first time buyer. If the economy goes to shit you can always just walk away. (http://www.autoadmit.com/thread.php?thread_id=2552013&forum_id=2)#25447576) |
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Date: April 25th, 2014 7:51 PM Author: Milky potus Our rent is $1,675/month for a 4-2 that is a painful commute and in a shitty neighborhood. Entry level house in a neighborhood we would be willing to buy in would be $550-650k. We don't have the $110k-$135k in cash for that 20% down payment at the moment, and it would probably take us almost 3 years to accumulate that given our retirement contributions. By that time, the prices will probably be $800k+. More significantly, the mortgage would consume so much more of our monthly take home it just wouldn't be worth it. I think we need to downsize and find cheap rentals and say fuck buying although my wife really wants a house. She'll probably force me to buy. Fuck my ass. (http://www.autoadmit.com/thread.php?thread_id=2552013&forum_id=2)#25447617) |
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Date: April 25th, 2014 7:52 PM Author: Jet-lagged mad-dog skullcap Wait it out. Prices are likely to go down than up. (http://www.autoadmit.com/thread.php?thread_id=2552013&forum_id=2)#25447620) |
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Date: April 25th, 2014 7:57 PM Author: razzmatazz crawly cumskin Fuck 20% down. Do that for your second home. Depending on your credit, you could do 10% down with another 10% as a second mortgage with payments less than mortgage insurance. Or, go FHA. 3% down or whatever and pay the MI FOR 5 years.
To sum: stop whining like a little bitch. You can buy a house if you want to so long as your credit score is like 630 or higher. |
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Date: April 25th, 2014 8:17 PM Author: Vengeful slimy pervert Don't be a whiny bitch. If you think that house price is going to increase $250k in 3yrs then buy it now with as little down as you want.
If you believe the naysayers and think it's going to drop then you don't want to buy now even if you could pay cash
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Date: April 26th, 2014 11:50 AM Author: fiercely-loyal cerebral bbw "Entry level house in a neighborhood we would be willing to buy in would be $550-600K."
There's your fucking problem hoss. Adjust your expectations. There are PLENTY of nice places in ATL/Houston for half as much. |
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Date: April 26th, 2014 1:02 PM Author: Learning disabled magenta national (http://www.autoadmit.com/thread.php?thread_id=2552013&forum_id=2)#25451319) |
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Date: April 25th, 2014 7:40 PM Author: Jet-lagged mad-dog skullcap just do negative equity when rates go up and house values go down (http://www.autoadmit.com/thread.php?thread_id=2552013&forum_id=2)#25447571) |
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Date: April 25th, 2014 7:44 PM Author: blue box office lettuce Dude, you still need the down payment. If the OP is only able to save $10k a year and needs $60k-$80k for the down payment on the sort of house he wants, he has a bit of a wait. (http://www.autoadmit.com/thread.php?thread_id=2552013&forum_id=2)#25447580) |
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Date: April 25th, 2014 7:45 PM Author: jet trip alpha FHA is 3.5% down. You can also find 90% LTV conventional loans. (http://www.autoadmit.com/thread.php?thread_id=2552013&forum_id=2)#25447587) |
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Date: April 25th, 2014 7:48 PM Author: Crusty Multi-colored Corn Cake I think you can get 5% down on conventional if your credit is even average. (http://www.autoadmit.com/thread.php?thread_id=2552013&forum_id=2)#25447602) |
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Date: April 25th, 2014 7:50 PM Author: blue box office lettuce That was not my experience with the houses I have bought... (http://www.autoadmit.com/thread.php?thread_id=2552013&forum_id=2)#25447614) |
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Date: April 25th, 2014 7:54 PM Author: jet trip alpha Probably true I haven't checked in a while. I mean this guy missed the bottom, but I think it is still a reasonable time to buy. The identical condo in my unit to the one I bought in 2010 just sold for $80k ore than my purchase price. Best ROI I have ever gotten. Obviously prices could drop tomorrow, but I doubt it. (http://www.autoadmit.com/thread.php?thread_id=2552013&forum_id=2)#25447625) |
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Date: April 25th, 2014 7:50 PM Author: blue box office lettuce I am not familiar with FHA.
Seems like a bad idea to buy a house if you can't save up even a 10% down payment.
Can OP raise $40k? |
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Date: April 25th, 2014 7:55 PM Author: jet trip alpha As long as he has stable income it would be dumb not to buy now and lock in the current low rates. He is actually a few years late already. (http://www.autoadmit.com/thread.php?thread_id=2552013&forum_id=2)#25447632) |
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Date: April 25th, 2014 7:58 PM Author: Milky potus Actually, I couldn't afford a house a couple of years ago. I got married and dramatically improved my financial outcome. I didn't 'miss' anything. I just wasn't born a boomer or come from the womb of a rich-as-fuck boomer. (http://www.autoadmit.com/thread.php?thread_id=2552013&forum_id=2)#25447642) |
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Date: April 25th, 2014 7:50 PM Author: Jet-lagged mad-dog skullcap You are clueless. Do you know what PMI is? If you're doing FHA in the first place and paying the bare minimum down payment, PMI alone will likely make your monthly cost prohibitively esspensive. (http://www.autoadmit.com/thread.php?thread_id=2552013&forum_id=2)#25447610) |
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Date: April 25th, 2014 7:54 PM Author: jet trip alpha No. The FHA loans provides subsidized mortgage insurance. It isn't very expensive at all.
For a 300k mortgage the FHA insurance is like 150 a month. |
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Date: April 25th, 2014 8:33 PM Author: cheese-eating lilac shrine generalized bond PMI is approx 60 a month per 100K (http://www.autoadmit.com/thread.php?thread_id=2552013&forum_id=2)#25447791) |
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Date: April 25th, 2014 7:46 PM Author: cheese-eating lilac shrine generalized bond Lmao u fucking idiot (http://www.autoadmit.com/thread.php?thread_id=2552013&forum_id=2)#25447591) |
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Date: April 25th, 2014 7:43 PM Author: cheese-eating lilac shrine generalized bond LOL "uncertainty that comes with renting" (http://www.autoadmit.com/thread.php?thread_id=2552013&forum_id=2)#25447578) |
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Date: April 25th, 2014 7:45 PM Author: vigorous filthy cruise ship YOU MADE BAD LIFE CHOICES AND DESERVE TO DIE. (http://www.autoadmit.com/thread.php?thread_id=2552013&forum_id=2)#25447588) |
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Date: April 25th, 2014 7:52 PM Author: Milky potus Harsh, but fair. (http://www.autoadmit.com/thread.php?thread_id=2552013&forum_id=2)#25447619) |
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Date: December 16th, 2025 3:42 PM Author: Jobs (http://www.autoadmit.com/thread.php?thread_id=2552013&forum_id=2)#49514474) |
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Date: April 25th, 2014 7:55 PM Author: Boyish sienna pistol Move to real America and this won't be a problem. But, I bet you would miss all the culture, right faggot? (http://www.autoadmit.com/thread.php?thread_id=2552013&forum_id=2)#25447630) |
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Date: April 25th, 2014 8:33 PM Author: cheese-eating lilac shrine generalized bond Titcr (http://www.autoadmit.com/thread.php?thread_id=2552013&forum_id=2)#25447794) |
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Date: April 25th, 2014 11:06 PM Author: Demanding indian lodge It's not about the culture jackass. There are no jobs in real America. All the white collar jobs are in the urban core of big cities. How the fuck are you going to commute to your jerb in downtown Atlanta living in fucking Augusta? (http://www.autoadmit.com/thread.php?thread_id=2552013&forum_id=2)#25448843) |
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Date: April 25th, 2014 8:05 PM Author: Naked factory reset button If you have a mortgage, it is basically just as uncertain to own (because you really are just a renter with upside). (http://www.autoadmit.com/thread.php?thread_id=2552013&forum_id=2)#25447676) |
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Date: April 25th, 2014 8:07 PM Author: jet trip alpha Well, with a fixed rate you have locked in monthly payment. Its basically a very long term lease with an upside. (http://www.autoadmit.com/thread.php?thread_id=2552013&forum_id=2)#25447684) |
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Date: April 25th, 2014 8:08 PM Author: Naked factory reset button bro needs to move to a place with rent control (http://www.autoadmit.com/thread.php?thread_id=2552013&forum_id=2)#25447687) |
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Date: April 25th, 2014 10:28 PM Author: Milky potus What do I need to do to start the pre-approval process for a mortgage or is that just flame? (http://www.autoadmit.com/thread.php?thread_id=2552013&forum_id=2)#25448636) |
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Date: April 25th, 2014 10:56 PM Author: Dead coldplay fan new version pre approval is flame. just go to a mortgage broker and have him to an assessment. then divide by two and away you go.
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Date: April 26th, 2014 10:19 AM Author: Crusty Multi-colored Corn Cake LOL...no. That's prequalification. Pre-approval is generally needed before you can make offers and involves sending in shit like W2s, pay stubs, bank statements, and them looking over assets and debt, etc. (http://www.autoadmit.com/thread.php?thread_id=2552013&forum_id=2)#25450742) |
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Date: April 26th, 2014 11:08 AM Author: Dead coldplay fan new version say what ? i never did any of that and still sent multiple offers etc and bought the house over the phone.
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Date: April 26th, 2014 11:10 AM Author: Crusty Multi-colored Corn Cake Yeah...but then you're sending contingent offers based on loan approval. You're in a better bargaining position if you have the pre-approval and you can close quicker and sellers like that. (http://www.autoadmit.com/thread.php?thread_id=2552013&forum_id=2)#25450900) |
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Date: April 26th, 2014 10:25 AM Author: razzmatazz crawly cumskin Start off easy ... go visit two or three different new construction developments in your area. Homes, townhouses, whatever. Talk to the realtor/sales people for the development. You'll get your feet wet that way as well as start to learn what features you value, as well as understanding pricing in your area. Then, if you decide to want to buy an existing home, research and talk to buyers agents in your area. Talk with a few and choose the one you connect best with. Buyers agents can discuss your financing options, and they often times have folks that they know they can recommend. You don't want to go through this alone.
SHORT ANSWER - If buying new construction, you'll go with the financing tied with the building. If buying a resale, get a buyer's realtor first. |
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Date: April 26th, 2014 11:10 AM Author: Irradiated therapy clown Minimal savings, zero family help, live in NY/SF/DC area. Am I renting 4 lyfe? (http://www.autoadmit.com/thread.php?thread_id=2552013&forum_id=2)#25450901) |
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Date: April 26th, 2014 11:44 AM Author: crystalline pozpig Just rent a house from an individual owner. I owned before and am now a very happy renter, for a bunch of reasons:
-Maintenance is a big time suck. -If you're renting from an individual rather than a big company they will be thrilled to have you as a tenant and are unlikely to increase your rent that much over time. They will also be likelier to give you a good deal on rent than you would get from a big company or in the home purchase market. -You can have as much house as you need at any particular point - no need to get extra bedrooms because of future plans for extra kids. -Plowing your down payment $ into dividend-paying stocks is way easier and since stocks appreciate more over the long haul than real estate foregoing the RE tax/financing advantages isn't that big a deal. Plus if you're really counting on a house to fund a comfortable retirement you should probably not be exposing yourself to the downside risk of the 2014 housing market. |
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Date: April 26th, 2014 11:59 AM Author: khaki goal in life ape Don't buy a house. Rent and save money. (http://www.autoadmit.com/thread.php?thread_id=2552013&forum_id=2)#25451035) |
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Date: April 26th, 2014 12:03 PM Author: ruby half-breed This is almost always wrong on the timescale of a human life (http://www.autoadmit.com/thread.php?thread_id=2552013&forum_id=2)#25451049) |
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Date: April 26th, 2014 1:15 PM Author: blue box office lettuce One other thought: if you are still in your 20s or even early 30s renting May still be a better plan.
Why?
Well, I am betting you are still moving around between jobs. As a result you are likely to change cities.
Remote rental of the property or selling and then buying both have transaction costs that are not insignificant.
Just something to think about. |
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Date: April 26th, 2014 1:38 PM Author: Vibrant unhinged haunted graveyard Lawyers are less likely than average to change cities given their licensing requirements and the nature of business development. (http://www.autoadmit.com/thread.php?thread_id=2552013&forum_id=2)#25451457) |