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How Much do you think is Reasonable to spend purchasing your 1st house?

 
PhennommennonnModerator
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12/17/2011 11:01 AM

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Re: How Much do you think is Reasonable to spend purchasing your 1st house?
in 1983 i bought a house in virginia for 5500, cash

in 1995 i bought my now ex-daughterinlaw a house in west virginia for 8k & 2.75 acres, cash

those were the days.

after that it was all mtgs
political correctness is a doctrine.... fostered by a delusional, illogical minority...... and rabidly promoted by an unscrupulous mainstream media; which holds forth the proposition that it is entirely possible to pick up a turd by the clean end.
.9999 Silver

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12/17/2011 11:02 AM
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Re: How Much do you think is Reasonable to spend purchasing your 1st house?
Historic rules are...
20-25% down...on 150k that would be 30 to 37 k down...
5% allowed for a mortgage rate..if you get it for less you shift that to payment increases...
20 year mortgage or less...
Bi weekly payments if you can get them...

...and the most important rule....
No More Than 3 Years your total yearly income

These are just historic rules that worked...you can of course ignore them and redo the mess we are in now once again.

Ignore the market and look hard at what quality you can really afford...do you need granite countertops in your first year..,kuass you pay extra for someone else's work.

buy a good base and fix it...
if your buying with a partner make sure there is a way to break it into two agreeable spaces...time and life change over the years... one of you could find a mate...

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Last Edited by .9999 Silver on 12/17/2011 11:14 AM
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Anonymous Coward
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12/17/2011 01:03 PM
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Re: How Much do you think is Reasonable to spend purchasing your 1st house?


Do you have a downpayment? Most banks these days will require 20% down. So, even if you have the income for a $150,000 house, if you don't have the required downpayment, then you can't get one.

 Quoting: Tawandaaaa


Super-helpful info. Is it true that first-time buyers usually only need 10% down?

Where I live, 2 bedroom condos are minimum $250,000-$300,000.
The difference in down payment could change my plans for the foreseeable future.
 Quoting: fleshette


I got mine with 10% down and monthly PMI until the balance drops to 80%. 20% down means you wouldn't have to pay PMI.





GLP