Hello,
I was recently approved for an FHA mortgage and have some “wet feet” about buying a house. I currently rent a house that I love for $2,000/month. With the approval of the FHA, I will be looking at a home around $300-320k - bringing my payments (including tax and such) to roughy $2,500-2,700/month.
Where I am concerned? The market is an absolute sellers market in the area I’m looking. At pretty much an all time high. This would mean I would have less equity in the home as the years move on (likely). What are the true benefits of owning vs. continuing to rent when the market is so high?
More about me:
25 years old. Married, 2 kids with one on the way. Spent a lot of time fixing credit this past year - 620 score now. $185k annual income (150 from main job, 35 from side work Wife is stay at home mom for the most part (5-10 offices hours a week that will be stopping when the new baby is here). Savings is moderately healthy with about $20k in savings, $30k in 401k and 40k in stocks (some RSU, waiting to vest).
Any thoughts/insights?
Thanks in advance.
Submitted April 04, 2018 at 08:42PM by Dappered_ https://ift.tt/2EkbwOT
