Here’s the deal, my husband and I have 26k saved for a down payment and closing costs.
We just moved to another state and are living with his parents. We were originally planning on staying with them for several months to build up our savings faster but the job I just got is an hour commute each way and we’ve got a dog so 11 hour days long term are a no-go (dog day care and dog walkers are expensive when you have to utilize them 5 days/week).
To rent a shitty version of what we want in the area we want to be in is going to cost almost as much as a mortgage+interest/tax/PMI/etc (at the price point we’re looking to buy anyway) so we’re thinking about buying now but I don’t know if it’s a good idea.
I make 61k/year pre-taxes and my husband makes between 40-50k/year as an independent contractor but his pay isn’t consistent.
My credit score is between 790-815 according to various credit checks.
My husbands is around 680 due to a missed credit card payment. We’re considering not putting him in the loan because we don’t want his credit score to hurt our chances at getting a low (3.8% or below) interest rate.
We have no debt - no car payments/student loans/etc and I pay our credit cards off in full every month (the one missed payment is my husband’s card and I don’t take care of that one, otherwise we never would have missed the payment).
We’re looking to buy a house in San Antonio, TX at a max of $250k but hoping to buy closer to $180-$225.
Is this a bad idea? Am I missing something?
Edit: Looks like the consensus is that I would indeed be stupid to buy a house right now. Thanks for the input everyone!
Submitted October 23, 2019 at 09:17PM by futballnguns https://ift.tt/2N5PQMV
