We’re married, mid-20s, child free, living in a HCoL area. We’ve been renting for 4 years and had pretty much enough of it. I should say from the start that the homes we are looking at are new constructions, so we are not worried about sudden HVAC or roof issues. Here is our plan for buying our first home:
- Budget: $450,000
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Saved for down payment and other costs related to the purchase: $95,000
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Income 1 (W2): $55,000 + bonuses (~5k)
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Income 2 (1099): ~$50k — Combined: $105,000 (not including the bonus $5k)
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Expenses: $1,650 fixed (rent, phone, internet, water, sewage, groceries) and around $1,000 variable (gifts, vacations, gas, clothes, haircuts, etc). — Total: $2,650.
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Debt: zero. And I mean zero. No student debt, no loans, no credit card debt.
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Credit scores: 765 and 780.
What do you guys think? Are we ready to purchase a home, from a financial POV? We also contribute to retirement and save around 25% of our monthly income. We haven’t spoken to a mortgage officer yet and we wanted y’all opinion.
Submitted October 27, 2018 at 10:08PM by homebudget787 https://ift.tt/2CIqGQW
