tax credit expires soon. if yo'ure going to do it do it soon ($8500 i believe)
property taxes are the #1 kick in the nuts to owning a house. it will at least be a couple hundred a month on top of your payment. my taxes are 5200, so, its like 4xx a month tacked on.
and then theres pmi, and your homeowners that tack on another 100-200 a month.
all that said, there's no place like home. do what you want (within reason) when you want, and no one to tell you can't fix or replace or paint, or change anything you want.
I think phyre's numbers are quite strict. Sure, they make a lot of sense, but it's really not feasable.
i put 3% down.
there's no way i could get a 15 yr loan. hell, i have a 40yr loan.
and my house is WAY more than 25% of my income every month. its closer to 60%.
i still get by with my truck payment, my geneisis payment, and i'm current on all my other bills, etc etc.
it's all in how you live. he has a wife to support/take care of (even if she is working). if you don't, you don't have that worry. if you end up homeless, ohh well, ya fucked up. if your wife and kids are on the street, that's a different story and you need to be WAY more careful.
i don't buy much stuff, i eat out less than once a month lately, go to the bar less than once a month, etc etc. live thrifty, and you can go higher.
property taxes are the #1 kick in the nuts to owning a house. it will at least be a couple hundred a month on top of your payment. my taxes are 5200, so, its like 4xx a month tacked on.
and then theres pmi, and your homeowners that tack on another 100-200 a month.
all that said, there's no place like home. do what you want (within reason) when you want, and no one to tell you can't fix or replace or paint, or change anything you want.
I think phyre's numbers are quite strict. Sure, they make a lot of sense, but it's really not feasable.
i put 3% down.
there's no way i could get a 15 yr loan. hell, i have a 40yr loan.
and my house is WAY more than 25% of my income every month. its closer to 60%.
i still get by with my truck payment, my geneisis payment, and i'm current on all my other bills, etc etc.
it's all in how you live. he has a wife to support/take care of (even if she is working). if you don't, you don't have that worry. if you end up homeless, ohh well, ya fucked up. if your wife and kids are on the street, that's a different story and you need to be WAY more careful.
i don't buy much stuff, i eat out less than once a month lately, go to the bar less than once a month, etc etc. live thrifty, and you can go higher.