There is a home that I want in New Orleans that costs about 400K. I can afford about 1200 a month but it is not enough for what the bank wants. I know this is crazy, but at a teacher's salary, I can afford to be desperate. I will do anything to get this home so I can start a family.
2006-07-01 05:43:28 · 10 answers · asked by Trophy Boyfriend 1 in Business & Finance ➔ Investing
How about quiting your job and going back to college for a Master Degree?
2006-07-01 18:25:26 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Your dream home will quickly turn into your nightmare home unless you have money to put down. Even at a very competitive rate of 6.5 % your payments would be like $2500+ and that does not include taxes and insurance. If you have a large chunk (over half) to put down then by all means go for it. If not, the idea of a family will sicken you when you can't afford to do anything becuase of the "dream house". Buy a smaller house live there a couple years and keep trading up. I hate to be the bearer of bad news but you have no buisness putting yourself or God forbid your family into a loan you cannot repay. Sorry and good luck.
2006-07-01 05:50:42 · answer #2 · answered by unclejesse1 3 · 0⤊ 0⤋
This is a really bad idea. You should not buy more than you can afford. For $1200 you will not be able to pay the mortgage. You will not be able to pay for upkeep. You will not be able to afford the house. Even with an interest only loan you can't afford this house.
Be smart, be conservative. If you have a family or starting one, you need to be safe and find more humble accomodations.
You don't have to have a big house to start a family. Buy what you need now.
2006-07-01 09:37:41 · answer #3 · answered by Dax 3 · 0⤊ 0⤋
You should definitely finance! Interest rates are very low right now, and your cash on hand is much better spent investing it somewhere that you can get a good return. The advantage of financing a house is that the value of the house itself almost always increases. While a car may be a good thing to pay off quickly, a mortgage is much different: First off, a mortgage is tax deductible! This means that you can claim a much larger tax return by spending your money on the financing -- moreso even than the interest accumulated due to the mortgage interest rate. You do not have this opportunity if you buy a house outright.
2016-03-27 00:11:53 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I would be happy to assist you in a mortgage refinance. If you qualify, there's a great new program on the market that gives you multiple payment options. Similar to credit cards you can pay a minimum payment, an interest only payment, or the full principal and interest payment. Each month you can choose which payment amount you can afford, so it gives you the comfort of flexibility.
I work for Providential Bancorp, we are a nationwide lender. Feel free to call me at 312-264-6448, or email me at jasonf@providential.com. My name is Jason Fry..
I will be back in my office on Wednesday the 5th, but will be available via email all weekend!
I look forward to speaking with you, and enjoy your holiday weekend!
Jason Fry
Senior mortgage specialist
Providential Bancorp
600 W. Chicago
Chicago, IL
2006-07-01 10:07:18 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You could use your 401k, other deffered compensation for the down payment, but be realistic,if you are able to purchase the home, there is still the upkeep.
Purchase a home in your affordable range, check the area, home values,percent of appreciation. Build your equity there, then use that house to get the 440k home. By that time your salary will have increased + equity in first home..you should make it.
2006-07-01 05:50:27 · answer #6 · answered by Netta 1 · 0⤊ 0⤋
Unless you have a fat pot of cash, over $200K, you aren't going to be able to afford that house. Period.
You need to find a rich spouse pronto, or win the lottery.
Perhaps if you have such lofty aspirations you need to either switch careers OR find a way to produce a second income.
Good luck.
2006-07-01 07:56:24 · answer #7 · answered by Lori A 6 · 0⤊ 0⤋
why now?
I would wait another 18 to 24 months
unless you don't mind the value of your home decreasing by 20 to 30%
2006-07-01 18:35:14 · answer #8 · answered by Olivia 4 · 0⤊ 0⤋
rent,
if you cant afford it, just rent
otherwise you could end up losing the dream home
2006-07-01 05:48:29 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Try www.prosper.com to assist with a small downpayment.
2006-07-01 06:12:39 · answer #10 · answered by Susie 2 · 0⤊ 0⤋