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We are a single income household with a toddler and a baby due in June. We have perfect credit, but a military income of about $2500 take home a month. We have $50,000 for a down payment on a $200,000 home. The mortgage lender priced us at around $1500 for a fixed 30 year mortgage. That is more than one paycheck!! I really want the house, but it seems like too much of a stretch....suggestions? It is new construction, so if we go with them, they pay closing costs, interest on construction loan, and knock $5,000 off the purchase price.
First off, I want to thank you for serving our Country Is the $2500 take home pay include BAQ and separate Rations or would you get extra for that, also does your payment include Principal, interest, taxes and insurance? if it does not include the taxes and insurance then those are expenses that need to be planned for, fortunately the insurance is an annual expense and your taxes can be either annual or semi-annual depending upon where you live (I know it is not California, $200,000 is way to cheap) One way to increase your income is to take all of your expected deductions such as the interest, taxes, insurance and add these up (these are items that you would expect to put on schedule A of your federal tax return), at the moment you can claim 3 exemptions and soon 4 but after you add up all of you expected exemptions take that total and divide it by $2,000 the resulting number is the number of additional exepmtions that you can claim on your W-4 form. This would result in you paying less federal tax and the difference would be in your pocket. The other good thing is that when a person rents, he pays his rent in advance when you purchase you pay in arrears so you will live in your new home with out making a payment the first month. Split your mortage cost over 2 pay checks, as long as you will not have to pay rent nor a mortage payment you can set aside $750 from each pay check, I have done this (though weekly) when I worked for myself. I know that putting up $750 each payday only leaves you $500 to live on but if you can get your budget right you can use this for all of your bills. As you gain rank your salary will increase making it easier to make the payment or perhaps you will re-enter civilian life and get a job that pays better. If this really makes you nervous look at homes that would have a significantly lower payment. Congratulations on the new baby, and God Bless you and keep you safe.
I think you need to question the financing. Something is wrong here. $150,000 at 6% (no reason you shouldn't get a rate in the low 6's) is only $899/mo. Even if you're at 6.5% because you need a 6-9 month rate lock, you're still only at $948/mo. I don't know what taxes and insurance are, but they're sure as heck not $550-600/mo. No way. The highest amount I could imagine for a property worth $200K is maybe $4000/year, $333/mo. So, where the heck is the other money going???? Are you at a 10% rate or something? A $200K home, with a $150K mortgage, shouldn't cost you more than $1100-1200. With a net income of $2500, that should be managable. I don't care if they pay closing costs, and take $5000 off the purchase price. There's no reason you should be abused on the interest rate. Iowa loans are very forgiving on credit, especially with a $50K downpayment. So, you shouldn't have to pay more than 6.5% on a Iowa 30 year fixed rate loan right now. Keep looking. You're on track, this isn't the right deal though.
Yes, that is too much for your income. Baby's are expensive and that will only allow for $1000 per month to live on. Figure out your car payment, insurance, gasoline, repair bills, expected utility bills, food, and medical co-payments then don't forget baby food (formula), diapers, daycare (possibly), clothes (your kids will outgrow them as soon as you buy them). And finally, if you haven't owned a home before, there is always an "extra" expense. Find a cheaper house that will suit your family better. You want to keep a certain amount of savings for a rainy day and don't want to limit your leisure activities. I don't know where your are from, but you could probably find something cheaper that will suit your needs.
First off Thanks to your Husband for his Service. Is it 2500 right now on Base housing? if so if you move off base You a few more bucks Call BAQ if i recall that right. Some other thing to consider how much does he have and will you be relocated if a few year? The last thing you need is to be upside down and not be able to sell the house. Depending if he is an officer or his job the last thing you need is fincial stree, that can affect his securety clearens if he has any. Also the market is correctng right now. the number of 1500 per month does sound very high for 150k Principal And Interest on 150k $948 Taxes and insurance $183 Mortgage insurance $105 Total Payment $1,236 Best of luck
I am also buying a home with 2 children adn only one income.. ask the lender what DTI they are allowing and what loan program they are using... from what my lender has said, most programs wont allow for anything more then 46% debt to income ratio. sooo if the house payment alone is more then 50% something is off. go to creditboards.com and click forums and join and searcht he mortgage forum ive learned alot on there