I make 40,000 per year. I have basically no debt. My dti is 4.5% per month. I like in an area where home prices are cheap. I really want to buy a house for about 125,000. The payments with taxes and insurance will be around 950 per month, assuming I put 10% down, which I am going to do. I am in a prestigious job, so I expect my income to increase rapidly. What would you do if you were me? Should I buy the house? I will still have 7,000 in my emergency fund after the down payment and clsong costs, and approximately a 600 dollar cushion per month after all my budgeted expenses. I have heard all the rules about buying a house that is 2.5 times my income, but I think it might be wise to stretch a bit right now. Keep in mind the house I can get for 125,00 is 3 bed/2 bath/2 car garage, good neighborhood.......give me some advice????
2007-02-13
13:41:28
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7 answers
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asked by
Anonymous