I found a home where 20% down is $86,000 and closing is $15,000, which is down to the penny how much I have saved for a home.
(I have a $25k emergency fund outside of my house fund, so this is not all my cash. I also have a strong retirement portfolio for my age, which is 37 this summer.)
My monthly payments would be $2800, which is doable but means no wiggle room in my budget, and I'll have to pull back on retirement investments until I can refinance, probably in 2 years.
I have no debt, and $2800 is 42% of my take home pay.
Is this dumb? Am I too house blind? I've been looking for 5 months and I feel kind of desperate to be done with this, and I am of the mind that the housing market is only going to get worse in the next few years.
I am very open to a roommate, but the house is only 1.5 baths, so I'd have to add a shower before I can get a roommate.
Putting less down is not an option, because then the monthly payments get too high. I don't mind things being tight for a period of time, but I don't want to screw myself over.
Sigh. This market is driving me crazy.
Submitted April 16, 2024 at 10:55PM by Shegoessouth https://ift.tt/1xBEJRH
