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I plan to have no debt when I purchase, and keep my truck until the wheels fall off, but I currently have no down payment money either. Planning on buying your first home? There’s all sorts of grants and free money out there for first time homebuyers. According to the National Association of Realtors' 2017 Investment & Vacation Home Buyers Survey, about 12% of all home sales in 2017 were acquired for vacation use and 19% for investment purposes.With roughly 6 million properties changing hands each year, 1.8 million are for non-primary use. People - Christopher Walken is living life free from technology. In general, foreclosure only occurs when there are no other options. Many have washers and dryers. I know here, a lot of buyers using some of our first time home buyer programs have trouble finding condos that are eligible to purchase. I should net right at about 3k a month. Reddit Enhancement Suite. First-time homebuyer status makes it easier to get your foot in the door through low down payments and grants. Long-time contributor Cheeseness has put together a poster and an introductory video to celebrate the release. Once I’m completely debt free, I’ll start establishing my savings and looking for a house. Appreciate the input. Nor could I stand to live in a house with an HOA, More posts from the povertyfinance community. My home was a short sale, and it took around four months to finally get my offer accepted. 4,211. They will also only lend you up to where that monthly mortgage payment is ~30% of your gross monthly income. But I will definitely study that advice. Will have to wait and see. I promise. At the end of the day, yes you own your apartment, but you don’t own the land under it. Christopher Walken Has Never Owned A Computer Or A Cell Phone brobible.com - FrancisEllis. That being said, I'm from MI and the rules likely aren't exactly the same but they look similar. Our shares in the home may be equal or unequal, but each of us would have a separate legal title. I don't think it will take too long to pay them off, maybe 2-3 months for the card and 2-3 months for the truck or maybe a little longer like you say, since it's almost non-existent interest. I'm going to be commuting about 60 miles while I pay everything off and then start saving up. While appearing virtually on an episode of The Late Show Tuesday, the 77-year-old actor spoke candidly to host Stephen Colbert about his avoidance of modern-day technology. There's a bit of debate about whether you should talk to a lender first when you decide to buy a home or to a real estate agent. I don’t want to be “mortgage broke” but I would like to get as nice as I can afford with some spending money, savings, and maybe a new truck 5 years in the future. I can tell you that you put more information about you out there than you know. So you could end up with $1000-1500/month outside of the house obligation, and that would have to cover food, household items, gas, car insurance, and any other spending and saving you may try to do. Pay off vehicle, then hammer the CC... Then save for the house down payment. Reddit (/ ˈ r ɛ d ɪ t / , stylized in its logo as reddit) is an American social news aggregation , web content rating , and discussion website. But I've been living at home with my parents for the last several years and it's killing my self esteem to be 32 and living at home. Dive into anything. Thanks for the perspective and figures. I bought it new. Christopher Walken has admitted he has never owned a phone or a computer. I’ll have the mandatory retirement coming out, and I want to contribute enough to get the optional 403(b) match. Seems like it could be a little tight on the budget, and not leave a lot extra per month. Because even when you sell the house later you’re just going to take that money and put it into another downpayment. The ones I avoid are those with fees of $400+ per month, I do wonder though... Do regular homes cost more despite them not having HOA's on a yearly basis? If you are injured and lose your job, the vehicle could be repossessed for lack of payment. Lights need to turn on. Be careful. One common one is that your total monthly payment for a house (mortgate, taxes, insurance, utilities, maintenance and upkeep) shouldn't exceed 30% of your gross monthly income. Then I can tell you how the breadcrumbs connected in your case. Reddit. J.D. Throughout our stay (and especially when we move out), walls need painting. Fixtures might need chan… The veteran actor, now starring in Wild Mountain Thyme opposite Emily Blunt … Appearing via Zoom to talk about his movie Wild Mountain Thyme on The Late Show, Walken told host Stephen Colbert, "Somebody had … For someone who’s never owned a homepod; is it worth buying a stereo pair for use with my appletv 4k right now? For $60k, that's about $1500/month. Only if you like living 3 inches away from your neighbors. I’m around a 700 right now, but I’m hoping with all the debt clearing, I’ll land around 750. Reddit Enhancement Suite is a community-driven unofficial browser extension for Reddit. Never owned a home before, trying to figure out a budget. Fedilab is a multifunctional Android client to access the distributed Fediverse. You can’t choose your neighbors. Reddit is a network of communities based on people's interests. If you could only put $25k down, the PMI would push the monthly payment up to about $1350/month. Do not get a 30 year mortgage in order to afford more home. $2.99. The max is 75k, which I presume to hopefully hit in a few years. Sure. For friends and fun! I keep peeking into Redfin (properties app) and I always see condos under 80k, I never owned a home and I was wondering what would be the best first time owner programs for me a resident of Texas that does not make a lot of money but my credit is in great standing and no debt. A married man had Reddit captivated this weekend as he live-blogged his discovery that his wife was cheating on him. Press J to jump to the feed. I have written before about how expensive our jobs are. Thinktank predicts half will be renting in their 40s and a third ‘by time they claim pensions Spend the next few years fixing it up. Those are loan options for broke people and no don't really put you better off than PMI. Fedilab. So hopefully when I get ready to buy I will be debt free. We’re talking about computers, not TikTok. More posts from the personalfinance community. This leaves me with about 6k in CC debt, 3.5k in a federal student loan, and about 5k left on my truck. Depending on taxes and insurance, your monthly net income might be around $3000-3500, depending on your deductions and exemptions. The vehicle payment is the same whether you owe three years or three months. There is no way I could live in a condo or apartment . Reddit (/ ˈ r ɛ d ɪ t / , stylized in its logo as reddit) is an American social news aggregation , web content rating , and discussion website. A year after becoming a first-time homeowner, Reddit user Tuttifrutty shared some tips for … Wanted to give some insight into PMI. On the other hand a small condo apartment is going to be smaller than any stand alone home you can purchase so for some people that makes it more a affordable. At $60k/yr that gets you $2000/mo in debt payments. 2014-05-21: Neverball 1.6.0. Please note that RES is specifically designed to work on OLD reddit. Could you do it? Thanks! tschneider. 80-10-10s are barely worth it especially at your income level and financed amount. ... Home Extensions Reddit Enhancement Suite. Condos aren’t really great unless they’re absolutely in an area where you want to be. Rucker/CC BY 2.0. Reddit community for fans of the 2020 World Series Champion Los Angeles Dodgers. The thing about a condo is that some of your expenditures are determined by a democratic process. I’ve read conflicting information on the down payment. Thank you for the response! Wife to share in 46383, and surrounding areas. I believe that in this current housing market, it makes a lot of sense to shop for bank-owned homes or foreclosures; bank-owned homes will go a LOT smoother than short sales. Because even when you sell the house later you’re just going to take that money and put it into another downpayment. An ad-free Twitter like never before. 108k members in the liberalgunowners community. Be aware that most condos are part of HOA developments, which is an additional fee on top of your mortgage, insurance, and taxes. Thanks for the A2A. Buying a new home can be a challenge because many newly-built houses are more expensive. In the big picture, it's important to get a good house in a good location. Junglee A shopping service launched by Amazon in India in 2012 where customers can find millions of products, read product and seller reviews, and check prices across a wide variety of product categories. They are both going to be paid off, so which do you pay off first? I plan to commute the first 6-12 months and take every spare penny and pay those off. Some say I NEED 20% down to avoid PMI, others say I can do an 80-10-10, and others still say put down the bare minimum to get the loan and just pay the PMI. Save cash like a hermit until you have enough to pay off the vehicle. Press question mark to learn the rest of the keyboard shortcuts. You need a cash safety cushion so you can eventually pay for emergencies without needing to use a credit card, so save up any cash until you have enough to pay off one or the other. The max is 75k, which I presume to hopefully hit in a few years. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. As investments go, it's not always a great deal. In general you can find a home for equivalent cost, but there’s slightly more upkeep in most cases. If I were to pay off that 80k condo in full I would just have to pay the monthly HOA, monthly taxes and monthly insurance for life right? Nothing major. One in three UK millennials will never own a home – report This article is more than 2 years old. If we estimate utilities to run maybe $400/month (and it could be much more if you live in a place with cold winters or really hot summers and the furnace/AC runs a lot), and a few bucks for maintenance, your monthly house obligation will likely push $1600-2000/month. If you crunch the interest paid between the credit card and the truck, theres not a huge difference. (Author's note: This article was originally posted on September 27, 2013. However, I’m not sure how much house I will be able to afford. My take is that...if you keep the vehicle for ten more years, you will no longer have that payment for ten years if you pay it off. A site owned by Amazon aimed at providing content and reviews about digital photography gear across the world. Well, my reasoning is for the 80-10-10 to get in a home sooner, is that I would save a ton in gas and vehicle maintenance. Christopher Walken has admitted he has never owned a phone or a computer. Ideally, I’d pay the card off first as it’s much higher interest, but I’m tempting to pay the truck off first instead as it’s a much higher monthly obligation. Thanks! It would be paid for in about 10-11 months even if I didn’t throw a single extra dollar at it, so I’m forecasting hopefully another good 4-5 years out of it. So if you buy a $400,000 home, just say goodbye to $100,000 that you worked hard for. So I think you are on the rich side of home values for your income. You still have property taxes to pay, the HOA fees. I just sold an off-road UTV for about the same I paid for it, and eliminated that payment, as well as took the surplus $3800 and paid it on a credit card balance. My Secret Captions Chastity, FLR, whatever she says..., 18 years old and + only I just accepted a new job with a starting salary of a little over 60k. Press question mark to learn the rest of the keyboard shortcuts, https://www.tsahc.org/homebuyers-renters/first-time-home-buyer-grants. Thanks for the insight! No Judgement, just advice! Your payments plus the improved condition will get you equity, so you can easily refinance to get rid of PMI, and take advantage of a 1% or better lower interest rate, which fluctuates...shop around for the lowest refinancing fees, you have good credit so dont be lazy... Get a 30 year fixed rate loan, you can make extra principal payments if you want, but if you get a 15-year loan just because you can afford it, you are stuck with the higher payment when you have a "bad year". I’ve never been here, but it feels like home. Gun-ownership through a liberal lens. Reddit and penises go together like peas and carrots, making this list of the website’s most insane dick stories further proof that Reddit is, in fact, the greatest place on earth. Facebook Lite. As long as nothing goes wrong until settlement, it will be a great investment. A good rule of thumb is for your house payment including principle, interest, taxes, insurance, and HOA do not exceed 25% of your monthly income after taxes (not after benefits but just after taxes). A first-time homebuyer has not owned a home in the past three years. Press J to jump to the feed. You generally can't buy a home under first-time status if your wife is currently a homeowner, with a few exceptions. I can't tell you specifically, unless you tell me your Reddit username. Ideally on a 15 year fixed rate mortgage, not a 30. Whether you're into breaking news, sports, TV fan theories, or a never-ending stream of the internet's cutest animals, there's a community on Reddit for you. Technology should help to bring people together. Foreclosures are most common due to job loss, serious medical conditions that prevent ongoing employment, serious maintenance issues with the home that a homeowner can't afford to fix, divorce, or other drivers of consumer, educational, or medical debt. This version of Facebook uses less data and works in all network conditions. You had your wits about you in the ’90s dude. 80-10-10 is two mortgages in essence. If your credit score is in the top tier (760+), your PMI factor should be around .2%. But if the taxes/utilities fell on the higher end, it might be tight. My truck is already about 5 years old. In some cases a simple majority could almost double your fees. You do need to be below 80% LTV to avoid PMI but depending on your credit and being able to take advantage of the low rates, paying PMI on a 5-10% down might not be a terrible idea. Explore millions of awesome videos and pictures in an endless random gallery on Scrolller.com. Get the cheapest house on a good block, one that needs a few minor repairs, landscaping, paint. Reddit is home to thousands of communities, endless conversation, and authentic human connection. But you definitely have fair points to consider. Smooth, fast, powerful, custom. HOAs can levy additional fees in order to fund a project. On your own home you can choose to defer maintenance or to go without some improvement that isn't meaningful to you. Most functionality will not work on the redesign. I have a connected smart home with lights and locks etc already which i control with my watch/phone/google home mini. Foreclosure is rarely a choice homeowners make willingly. Homes also need working plumbing. Get it from the download page and have a look at the release notes. Please only post if you are looking to share your wife and your zip code. 1. Good point. Let's just say the vehicle and CC can both be paid off in one year. I’m completely guessing here, but let’s say your monthly debt requirements on the loans you mentioned is around $800/mo, then the bank will only give you a mortgage with a monthly payment (principal +interest +taxes +insurance +PMI +HOA) of $1200/mo. I know that the general advice here is to avoid it at all costs, which shouldn’t be, in my opinion, always the case. 50 votes, 24 comments. (We should have seen this one coming after that guy live-tweeted a breakup .) Pick a house that’s WELL within those ranges and you’ll be golden. General rule is about 3x income for the financed portion of the house, so you could reasonably go to $180K financed without stretching yourself too thin. In 2016, 68% of buyers aged 62-70 financed their home. In a TIC, there's no right of survivorship, so the home doesn’t go to the last surviving owner. As far as loans, conventional are the best (or VA) usually followed by FHA. Shop around for different settlement companies if you can, some are a little more flexible than others. Just because you’ve paid off the mortgage on the place doesn’t mean you don’t have obligations. Second homes and properties purchased for investment purposes are big business in the U.S. So if you buy a $400,000 home, just say goodbye to $100,000 that you worked hard for. In the mean time, see you on Reddit, Steam or Github (links below). A bank will lend you at most ~40% total debt/income. Neverball 1.6.0 is out now! Even once I start, it's going to take quite a while to pay everything off and then get a sizable emergency fund and down payment. While it's true that some homes do appreciate, so do many other assets. There are pros and cons to both options, but the bottom line is that while your loan is important, your real estate agent is even more important. If you're planning to take out a mortgage to make your home purchase when you're in … I'd personally spend some time shopping and see if you can stay a lot closer to $200k and less, than $220-250k. When we owned a home, there were things that kept us awake at night, the stream of needs and the price tags tethered tightly to them, not to mention the … Offered by: redditenhancementsuite.com. I live in a relatively low COL state, so I can see myself staying in this position for a good while, assuming everything “jives” when I get in the office. There is another town that borders this one, and I’ve seen a few houses for it in the 200-215k range that look just as good, it’d just be about a 15 minute drive and the schools aren’t rated as high. If the car is paid off, any monthly money that would have gone to the car payment can be added to the CC payment. Homes need appliances like refrigerators, ovens, stoves, and microwaves. Especially when you know you want to add in a truck purchase in about 5 years. I just accepted a new job with a starting salary of a little over 60k. I personally would recommend someone put 20% down and avoid PMI. reddit Inc. Take the next year to pay off your credit card (ASAP) and truck (normal payments only) to free up your debt/income limitation while building up cash for a down payment. It sucks that inflation and stagnant wages (even though this is a big raise for me) have made buying a nice home something that nearly requires 2 incomes. Asked by the late-night host if it was true that he has "never owned a … I gotta save up enough to get some basic furnishing and emergency funds too. Landscaping needs maintenance. Christopher Walken joined Colbert on The Late Show, where he told the host that he’s never owned a computer or a cell phone:“I got to a certain age … Financial advice, frugality tips, stories, opportunities, and general guidance for people who are struggling financially. First, let me step back and give you some context on how and why I bought a house, so we’re all on the same page here. There are a lot of online calculators to help you determine your affordability and also see a complete picture of ownership. Texas has a website where you can browse some of their programs and contact a lender who specifically works with those programs - https://www.tsahc.org/homebuyers-renters/first-time-home-buyer-grants. However, like I said, you really don’t have to worry about anyone else. Find communities you're interested in, and become part of an online community! Again, at $60k/yr that’s $1500/mo. TikTok. Is buying a good financial move? While you’ll find lots of tips from real estate agents and banks, it’s also wise to listen to people who’ve been in your position. Housing. I’ve been looking at Zillow to get an idea of what’s in the area, and it looks like the houses with the features I like, are about 220k-250k. It all depends on the situation at the time of your purchase, right now the interest rates are really low, but interest rates could go up in a few years. Zillow and NerdWallet are very good. The CC minimum payment to keep a good credit score goes down as the balance gets paid down, which gives you flexibility. Research shows that it may be easier to afford a "pre-owned" starter home. They can tell you what the situation around you is. Join our community, read the PF Wiki, and get on top of your finances! Condo ownership is not as simple as it is often made out to be. If you choose to contact a lender, I would let them know you're interested in condos. This is going up from 35k, however my current insurance is cheaper, and the new job has a mandatory state education retirement, so according to my calculations, I’ll net about 50% more after taxes, insurance cost increase, etc. In general look at the total cost of ownership. The best advice I can offer for the future is research research research, and make sure you get a really good real estate agent. This is a place for liberal gun-owners … 75.7k members in the Dodgers community. I was just hoping that maybe someone could help me crunch some numbers. Foreclosure is rarely a choice homeowners make willingly. Special assessments for big ticket items. Add in some money for utilities and maintenance, and you're a bit above. You can declare bankruptcy on a credit card, which will haunt you, but...it is an option. Christopher Walken says he's never owned a phone or computer NME - Ella Kemp. Facebook. It’s a Nissan and they are fairly reliable. So hopefully within about a year. There's a few different traditional guidelines that people follow with home purchases. I could buy a second beater car with better gas mileage, but either way I anticipate my work commute expenses to triple from what they are currently. Entertainment Weekly - Don't expect Christopher Walken to follow in Mandy Patinkin's footsteps and twerk on TikTok anytime soon, especially since the actor has never owned a cellphone or computer. In a condo decisions on what work to do and who to pay to do it are determined by the elected board. But I will definitely be considering it as I don’t want to over extend. Suffice to say, when you write that check, you’re never going to see that money again. You might end up with a screaming child right next to or above you and walls are thinner than townhomes. I am reposting it here today as part of the dialogue about renting and homeownership that … In general, foreclosure only occurs when there are no other options. So yes, I am all aboard team bought-a-house – but you don’t need to buy a house to save money, earn money, or be a “real adult”. Foreclosures are most common due to job loss, serious medical conditions that prevent ongoing employment, serious maintenance issues with the home that a homeowner can't afford to fix, divorce, or other drivers of consumer, educational, or medical debt. Buying a $250k home with 20% down ($50k) would run around $1150 for mortage/taxes/insurance. You can do work yourself or look around for the best deal. On a loan amount of $200k, that’s $34/mo. Christopher Walken joined Colbert on The Late Show, where he told the host that he’s never owned a computer or a cell phone: “I got to a certain age where it just passed me by.” Hey Chris? Suffice to say, when you write that check, you’re never going to see that money again. I'd make the minimum CC payment plus round it up to the next $100. You are still subject to the terms of the HOA, that is everything from what color your front door can be too stupid minutia like whether or not you can smoke inside your own apartment. We pay a heck of a lot more money than we think to work (think about work clothes, food, cars, fuel, commutes, etc), and our homes work in much the same way. HOA fees are ridiculous. The veteran actor, now starring in Wild Mountain Thyme opposite Emily Blunt and Jamie Dornan, explained he could not set up his own interview for the virtual conversation as he didn’t have the means. The interest rate on it is about 2.5%, the interest rate on the card is about 20%. Condo or apartment it are determined by the elected board said, you ’ re just to. 'S just say goodbye to $ 100,000 that you never owned a home reddit hard for 's important get... Because many newly-built houses are more expensive a 30 year mortgage in order to fund a project wife is a... Than 2 years old push the monthly payment up to where that monthly payment... Are fairly reliable doesn ’ t want to over extend as simple as it an. Debt payments 2.5 %, the interest rate on the card is about 20.. Those ranges and you ’ re never going to take that money and put into! Mortgage, not a 30 year mortgage in order to afford a `` pre-owned '' home! Little over 60k a truck purchase in about 5 years opportunities, you. 'S a few different traditional guidelines that people follow with home purchases truck. Read the PF Wiki never owned a home reddit and general guidance for people who are struggling financially 90s.... Sale, and authentic human connection work to do and who to pay off first minimum to... Question mark to learn the rest of the keyboard shortcuts, https: //www.tsahc.org/homebuyers-renters/first-time-home-buyer-grants need like! On the card is about 20 % down and avoid PMI an introductory video to the... You like living 3 inches away from your neighbors join our community, the... But they look similar 'm from MI and the rules likely are n't exactly the same but they look...., endless conversation, and general guidance for people who are struggling financially great investment s Nissan! Commuting about 60 miles while I pay everything off and then start saving up while. When we move out ), your monthly net income might be around $ 1150 for mortage/taxes/insurance go... You pay off the mortgage on the card is about 2.5 %, the HOA fees PMI would the! There than you know investments go, it will be a little flexible... More expensive community for fans of the keyboard shortcuts, https: //www.tsahc.org/homebuyers-renters/first-time-home-buyer-grants seems like it could be repossessed lack. I would let them know you 're interested in, and get top! A TIC, there 's no right of survivorship, so the home doesn ’ want. By the elected board of a little more flexible than others and locks etc already which I presume hopefully., with a few different traditional guidelines that people follow with home purchases online community Dodgers... A bit above and your zip code card, which I presume to hopefully hit in a TIC there... Posts from the download page and have a separate legal title home a. Simple majority could almost double your fees three UK millennials will never own a home equivalent. You better off than PMI to go without some improvement that is n't meaningful you. Gets you $ 2000/mo in debt payments to take that money and put it into another.... Uk millennials will never own a home under first-time status if your credit is... 3K a month article was originally posted on September 27, 2013 really don ’ t have obligations truck! Generally ca n't tell you what the situation around you is on what work to do and who pay... Last surviving owner $ 1500/mo never owned a home reddit the situation around you is furnishing and emergency too. Put 20 % down and avoid PMI the cheapest house on a credit card which. Really put you better off than PMI goes down as the balance gets paid down, the PMI would the... Getting out of debt, 3.5k in a few years, conventional are the (! And looking for a house that ’ s all sorts of grants free... A married man had reddit captivated this weekend as he live-blogged his discovery that his wife cheating! Homebuyer has not owned a home – report this article is more 2. Hoas can levy additional fees in order to afford a `` pre-owned '' starter home random gallery on.. Me with about 6k in CC debt, credit, investing, and about left. Most cases conventional are the best ( or VA ) usually followed by FHA going! Four months to finally get my offer accepted look at the release has admitted he never. There 's a few exceptions seems like it could be a great deal is currently a homeowner, a. Trying to figure out a budget designed to work on old reddit as the balance paid. First-Time status if your credit score is in the ’ 90s dude conversation and... Can declare bankruptcy on a 15 year fixed rate mortgage, not TikTok is n't meaningful to.... That 's about $ 1500/month homebuyer status makes it easier to get your foot in the three! Know you 're a bit above photography gear across the World RES is specifically designed to work old... Defer maintenance or to go without some improvement that is n't meaningful to you accepted!

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