Hey PF, made this account to ask this question of whether or not you guys think i'm financially ready to buy, and even if I am ready, if it makes sense in my position.
Here's the deal, i'm 28 year old single guy, with a good credit history- 753 credit score (according the the free chase credit journey which gets its numbers from TransUnion) I own my car outright (It's a newish car with less than 30k miles and under warranty), have 0 outstanding loans (no school loans, no medical loans- nothing).
I currently make around $40K a year (plus or minus a couple thousand based on how much OT I work throughout the year- i'm an hourly employee).
I have one credit card that I actively use (chase freedom) that from day to day groceries, gas, etc is prob 500? a month tho I can prob bring that down quite a bit... and no matter what, it's paid off in full 100% every month (I love auto-pay... makes life easier).
I live in the north shore of MA and currently pay ~900 a month in rent + utilities and internet (I have a roomate).
I currently have a bit over $26 K in a Roth IRA (and that's maxed out for money i can put in this year at least) and have about $48K saved up currently in an investment fund (fairly aggressive high growth mutual fund) tho I'm about to sell my motorcycle that I stupidly bought last year and add another $5K to that by August... I also always keep a least about $2K or thereabouts in my checking account as a 'just in case' kinda deal...
That investment fund is going to be what I use for the down payment, and I absolutely plan on putting down at least 20% of the home purchase, or possibly more depending on how much the place costs...
I've given myself a budget of $250K for the house, since 20% of that is 50K... tho obviously a little cheaper would be better... and 250 is probably a stretch
I'm also not looking to buy today. I still have a minimum 10 months left on my rental lease right now, and it's a decent apartment and i'm happy to live here for another couple years, so this is more of a question for the (very Near) future on feasibility and wisdom of going this route...
as to what i'm interested in- probably a 2 br condo where I can either get a roommate to help effectively pay my mortgage for me, or at the very least, friends/family can have a room to stay over at... tho If i got a roommate, i'd prob continue paying as if he/she wasn't there, and use that extra $ to just pay off the mortgage faster...
TLDR: I have money for a downpayment, but don't make that much per month/year...
Submitted July 04, 2017 at 11:08AM by buyornot999123678 http://ift.tt/2tN61rk
