Skip to main content

(SC) Can I afford to buy?

Hi all. Girlfriend (and soon to be fiancee) and I are prospective home-owners. I am familiarizing myself with this sub quickly, so I am sorry if my question could be more easier answered with more searching. I will lay out my conditions below.

  1. Incomes. I take home ~65k and she takes home ~65k.
  2. First child due in March. This is the biggest thing to me, crucial to have everyone under one roof.
  3. I carry no debt. She has 5k credit card,15k car, 15k student.
  4. I have about ~17k cash, 3k savings.

Right now we both live in separate apartments with a total rent of $1750. Our leases both end August 2020. We can beat that on a mortgage pretty handily I believe.

Trying to meet that 20% downpayment, but not crucial with VA loans I see. I would be planning on buying come summer time to save a bit more for that. My father is comfortable contributing via loan, but treating that as a last resort.

I am estimating our budget to be around 200k in the Greenville SC area. Approaching this with VA loans the correct route with our income? Or best to hit that 20% and go with an FHA loan? Any advice is appreciated, or resources that helped with your first home purchase. Thank you!

submitted by /u/biggy_P
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/ehnwcd/sc_can_i_afford_to_buy/
Labels:

Comments

Post a Comment

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...
Post a Comment
Read more

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/
Post a Comment
Read more

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more