I currently work in IT making $140k (pre-tax) in Virginia, and my wife is a nurse making $80k. After years of stalking listings in our area we came across our dream home with a considerable amount more space than our current one for $750,000. We currently have a $250k mortgage at 3.5% on our current house (original value 320k, current value 500k), our cars and student loans are paid off, and credit card paid off in full monthly. We're approved for a VA loan with $0 down at 7%, but it would mean a MASSIVE increase in housing costs for us and I'm scared of taking on that much of a mortgage. Is this a dumb idea? Would we be house poor?
Additional info:
- We have a 6 month old, for whom we contribute $250/month towards his VA-529. Also childcare costs are $0, as I luckily work from home and have family lend a hand when needed.
- We have ~$300k in index funds and $50k in savings.
Submitted October 25, 2023 at 11:38PM by friendandfriends2 https://ift.tt/X4pVcoG
