Monthly income Pretax: $12,278.
Post tax: $10,482 (low amount of tax due to va pay being tax exempt and there is no state income tax in Texas)
Hi. I'm new to money. Me and my husband have both been poor all our lives. I finished school about 8 years ago and worked my way up a bit. My husband has his own situation, was in the military now disabled. Our income is like this: I make 36.8 an hour full time,, my husband makes 15 an hour full time plus 3300 a month tax free (permanent and total va disability). We live in Texas. As a result, no income tax, with my husband's 100% disability through the va we are fully exempt from property tax, with the VA loan(zero down) we are exempt from PMI. Our cars are paid off, we have tricare for life (like $25 a month each but covers literally 100% of everything). Removing housing from the equation our bills are like $700 a month.. have 50k in debt which is a combo of student loans (mine) and a travel trailer (his).We ran the numbers with the bank today and we asked him to tell us what we could qualify for. After the meeting the bank man said he'd send us an email. He came back with "750k, 2.75% interest rate, 30 year fixed we can go higher if you want". Our payment would be 3270 a month. We are completely stunned. In our area that is literally a mansion(at least to me). Like a fancy mansion. We have been living in 1 or 2 bedroom apartments no bigger than 1000 Sq ft for the entirety of our marriage. Now the realtor wants to show us 5 bedroom 4 full bath 3.5k Sq ft homes in the fanciest part of our area.
Our question. Are we missing something? Have we "made it" and didn't notice? Is the bank pulling some kinda of "gotcha"? Idk if this matters but we are gay and have no desire to expand our family aka have kids. This has us freaking out because this is more money than I've ever seen in my entire life. If this 750k is too much how much do you recommend with the information provided above?
Submitted May 31, 2021 at 12:28AM by AbitofEosin https://ift.tt/3c6CDR9
