Here’s the situation. Just got married in 2023. Just found out wife is having a baby and now im trying to think long term for the first time. i have a stable job that brings in like 60k ish a year. I live in a part of the country that I can feasibly make house payments on a mortgage for house that’s 250k. I have some inheritance of about 25k that I’m just sitting on. Instead of paying rent I thought it’d be better to buy a house. I’m”pre-qualified” for a 7.5% mortgage through rocket mortgage 30-year fixed. With the intention of refinancing when things get lower.
My understanding is that the rocket policy is for an FHA and would only be having me put 12.5k down.
Is buying a house a good idea? Wife makes okay money but not a great credit score due to some family issues so can’t put her on the loan. Should I be contributing to a 401k and all that or try to keep more of a cushion with the house payments?
Any help is appreciated :)
Submitted January 19, 2024 at 09:54PM by ArcZm https://ift.tt/SJvfd7u
