My wife and I are looking for our "forever" home. Together, we make about $125k per year. We have no car payments, no student loans, and no credit card debt. We both have excellent credit. Most other monthly debts are discretionary.
We're looking at a $380,000 home (new build in the Indianapolis area). We're hoping to make about $20-30k from the sale of our current home. We also have about $10k in discretionary income. I just dropped $18k to pay off my student loans. So our down payment isn't as much as I would like, but we should be ok, as long as we can sell our home for what we think we can. Also, we're members at Navy FCU so we have quite a few loan options available to us. Most do not include PMI, even if you are below 20%.
This is a big upgrade for us (from a $160k house to a $380k house) but we were making significantly less money (maybe half?) in 2009 when we purchased our current home. So this is obviously a huge step up, and a big financial decision.
We don't want to settle, this is going to be our long term home, and $350k to $380k is right around the mark for what we want/need in our next house. We just don't want to put all of our money into the house and have nothing left over. All of the online calculators say it's affordable, and from my own calculations we look good.
So what am I missing? I feel like I'm not thinking of everything. Are there any other considerations I should be thinking of? I never thought I'd be able to afford such a home, so I am a bit apprehensive. Thanks
Submitted January 07, 2017 at 09:05PM by HelloWorld5609 http://ift.tt/2jp5erk
