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Boston was settled in the 1700s. You need to open up your date range. My house was built in 1870. It needed some work, but has mostly been fine because the pre

Boston was settled in the 1700s. You need to open up your date range. My house was built in 1870. It needed some work, but has mostly been fine because the previous owners (and probably the one before them too) had kept it pretty up-to-date. An 140k downpayment sounds about right. It did wipe out all our savings, but that was only because we decided to buy and then sell. The equity in our old home basically offset it.

ones_and_zeros 11y ago
Please reread, I loosened the date range to all years... However I find it a bit dishonest on your part to claim it is easy with 2 programmer jobs to afford a 765k house, including a ~150k down payment which puts you at jumbo rate mortgage rates and hide the fact that you used the equity from a previous property and you bought an extremely old house (I've lived in Boston all of my life, no way would I buy a home that old).
- ecopoesis 11y ago
  1) Jumbo rates are basically the same as regular rates in this area. Source: https://www.dcu.org/loans/mortgage-fixed.html https://www.dcu.org/loans/mortgage-fixed.html 2) We had the downpayment in cash. Selling the old house just let us replenish savings. Doesn't change the fact that it's possible to save 150k with two developers working (actually more, because we had previously saved for a down payment on our old house, and for extensive (100k+) renovations to our previous house). 3) I'm sorry you don't want an old house. Yes, they can have their problems, but so do houses of any age, including brand new ones. They also have charms that newer houses don't. It's a tradeoff. Newer houses are also available. The same day we first saw our house, we looked at another for around the same price built in the 70s a few blocks away (also in Medford). It needed a lot more work (a new kitchen) where our house was move in ready. Get an inspection and figure out if the problems are deal breakers for you. Expensive problems are part of the "joy" of owning a house.

ones_and_zeros 11y ago

Please reread, I loosened the date range to all years... However I find it a bit dishonest on your part to claim it is easy with 2 programmer jobs to afford a 765k house, including a ~150k down payment which puts you at jumbo rate mortgage rates and hide the fact that you used the equity from a previous property and you bought an extremely old house (I've lived in Boston all of my life, no way would I buy a home that old).

ecopoesis 11y ago
1) Jumbo rates are basically the same as regular rates in this area. Source: https://www.dcu.org/loans/mortgage-fixed.html https://www.dcu.org/loans/mortgage-fixed.html 2) We had the downpayment in cash. Selling the old house just let us replenish savings. Doesn't change the fact that it's possible to save 150k with two developers working (actually more, because we had previously saved for a down payment on our old house, and for extensive (100k+) renovations to our previous house). 3) I'm sorry you don't want an old house. Yes, they can have their problems, but so do houses of any age, including brand new ones. They also have charms that newer houses don't. It's a tradeoff. Newer houses are also available. The same day we first saw our house, we looked at another for around the same price built in the 70s a few blocks away (also in Medford). It needed a lot more work (a new kitchen) where our house was move in ready. Get an inspection and figure out if the problems are deal breakers for you. Expensive problems are part of the "joy" of owning a house.