Home Buying & Real Estate Thread

For those who own homes, what percentage of your take-home pay is your mortgage payment?
 
For those who own homes, what percentage of your take-home pay is your mortgage payment?

Most lenders want to see your DTI ratio (Debt To Income) at like 35% or less. Some will allow up to 43%. That is of "gross pay" though, not "net pay".

My mortgage payment is actually right at 43% of my take-home, but that is only based on my salary - not including my wife's.
 
Most lenders want to see your DTI ratio (Debt To Income) at like 35% or less. Some will allow up to 43%. That is of "gross pay" though, not "net pay".

My mortgage payment is actually right at 43% of my take-home, but that is only based on my salary - not including my wife's.

Mines is about the same since i pay escrow.
 
Most lenders want to see your DTI ratio (Debt To Income) at like 35% or less. Some will allow up to 43%. That is of "gross pay" though, not "net pay".

My mortgage payment is actually right at 43% of my take-home, but that is only based on my salary - not including my wife's.
I'm only carrying a car loan at present and that's really by choice, I had the cash to buy the car outright since the day I got it but I've had no debt in life outside of SL and CC debt so I took that loan solely for the purpose of establishing a good track record. It's less than 10% of my gross.
 
I'm only carrying a car loan at present and that's really by choice, I had the cash to buy the car outright since the day I got it but I've had no debt in life outside of SL and CC debt so I took that loan solely for the purpose of establishing a good track record. It's less than 10% of my gross.

Do you live in a high Cost of Living area?

Student Loans and CC already paid off?
 
Do you live in a high Cost of Living area?

Student Loans and CC already paid off?
Jersey, I paid off my SLs around two years ago. Have never paid a cent of CC interest, I pay it off in full every month. Since then just been trying to save/help out family. But now I want to get my own house.
 
Jersey, I paid off my SLs around two years ago. Have never paid a cent of CC interest, I pay it off in full every month. Since then just been trying to save/help out family. But now I want to get my own house.

Well good credit score + decent job + low DTI ratio should get you eligible for a loan. Next step is to talk to a lender and see where you are at. This will cause a hard pull on your credit (so it may dip slightly) - so keep that in mind. Probably not worth it to pull your info, if you aren't ready to buy in the very near future.

You have a decent amount of savings, for a down payment? Don't forget to include closing costs, which adds thousands in addition to your down payment.
 
Well good credit score + decent job + low DTI ratio should get you eligible for a loan. Next step is to talk to a lender and see where you are at. This will cause a hard pull on your credit (so it may dip slightly) - so keep that in mind. Probably not worth it to pull your info, if you aren't ready to buy in the very near future.

You have a decent amount of savings, for a down payment? Don't forget to include closing costs, which adds thousands in addition to your down payment.
I got pre approved already I'm just waiting to find a place I truly like.

I've built Ulla decent amount of cash and have decided to liquidate a portion of my investment portfolio if need be to help pay for it
 
House across from me had 13+ year renters and they booted them in April, put tons of work and money into the house. Just had the open house yesterday and there had to be 15-20 cars that came through. I'm interested in seeing what it goes for

After the 15-20 people came through, house was under contract in 4 days.

Interested in seeing what it goes for. They listed it for $130k more than I bought mine, almost 3 years ago :nerd:. They did put a lot of money/work into it, though. New kitchen, new bathrooms, 2 egress windows, all new drywall, all new paint, light fixtures, landscaping, etc.
 
That’s exactly my price range and location lol. What’s your monthly looking like?


I just asked the guy if they can remove it haha. Not sure if me being a first time home buyer had something to do with it. At the time i had a 780 credit score.
 

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this is the second time this happen to me in NJ....i went to 2 places so far and didnt even get a chance to submit an offer... heres the thing i dont quality for either condo because its for low to moderate income... apparently i make more than the maximum gross salary... i think its crazy because if i bought the place i could barely afford it and it would be tight... but if someone with a lower salary is allowed to buy that house who makes much less how would they afford it? the whole thing doesnt make any sense

its only been 2 weeks but the house hunting part is so frustrating
 
been at it for 5 months learn to embrace it you will find something that works for you

townbidness townbidness thats dope im looking at having to pay 3200-3500 a month for hayward with pmi smh
 
goddamn rates are 5% now?

That's so crazy. I bought last June and was able to lock in 3% thanks to this non-profit NACA that allows you to buy down interest.

I'm in the market for a rental property soon. If I can't avoid closing costs, PMI, and get a good interest rate I may consider investing another way.
 
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I'm heading to view two townhouses today at noon. Really feeling both from the pictures.

I've been trying to stray away from single families since I live alone and don't really want the upkeep but I'm going to go look at one today as well.
 
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That's so crazy. I bought last June and was able to lock in 3% thanks to this non-profit NACA that allows you to buy down interest.

I'm in the market for a rental property soon. If I can't avoid closing costs, PMI, and get a good interest rate I may consider investing another way.

same wife and i bought last year at 3.5 i cant imagine our mortgage payment at 5 or higher. rates were even higher in 2008-09. rip.
 
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