3 ms·

I have enough saved for a full 20% down payment, but I still can't afford a home in this area because the mortgage would go above the recommended 30% of my inco

I have enough saved for a full 20% down payment, but I still can't afford a home in this area because the mortgage would go above the recommended 30% of my income. But apparently that's still my fault, because Millennials Deserve Their Suffering.

notadoc 9y ago
You probably eat avocado too, you extravagant spendthrift you.
mcbruiser3 9y ago
30% is what's recommended. find another lender who allows DTI ratios up to 40%.
BrailleHunting 9y ago
For first time purchases, there's the FHA program. Also, it maybe cheaper to rent than to buy. Or move to a more affordable area with a much shorter commute. Some people commute for hours just to say they own a home while they spend much more of their lives and more money driving for hours. Next, some people just say "fuck it," buy a Sprinter or GMC Savannah and convert it to a commute vehicle / stealth RV. No rent, no mortgage and not piling on more debt to be a servant to for the next 15 to 30 years. Inflation is the friend of the debtor, deflation and hyperinflation are the enemies. Also consider property taxes of the future: they may greatly increase depending on political and economic conditions, especially if a "Greece" national, state, county or city debt default situation comes to pass, or expenditures like another large war occurs. Finally, if a local housing market changes significantly it is possible to go underwater, even without climate change. In which case, people get trapped and may lose their homes. There are also legal, quasilegal and extralegal foreclosure risks which can wipe away equity. https://www.trulia.com/rent_vs_buy/ https://www.trulia.com/rent_vs_buy/ https://www.nytimes.com/interactive/2014/upshot/buy-rent-calculator.html https://www.nytimes.com/interactive/2014/upshot/buy-rent-cal...

3 ms·

I have enough saved for a full 20% down payment, but I still can't afford a home in this area because the mortgage would go above the recommended 30% of my inco

by AdmiralAsshat 9y ago

notadoc 9y ago
You probably eat avocado too, you extravagant spendthrift you.
mcbruiser3 9y ago
30% is what's recommended. find another lender who allows DTI ratios up to 40%.
BrailleHunting 9y ago
For first time purchases, there's the FHA program. Also, it maybe cheaper to rent than to buy. Or move to a more affordable area with a much shorter commute. Some people commute for hours just to say they own a home while they spend much more of their lives and more money driving for hours. Next, some people just say "fuck it," buy a Sprinter or GMC Savannah and convert it to a commute vehicle / stealth RV. No rent, no mortgage and not piling on more debt to be a servant to for the next 15 to 30 years. Inflation is the friend of the debtor, deflation and hyperinflation are the enemies. Also consider property taxes of the future: they may greatly increase depending on political and economic conditions, especially if a "Greece" national, state, county or city debt default situation comes to pass, or expenditures like another large war occurs. Finally, if a local housing market changes significantly it is possible to go underwater, even without climate change. In which case, people get trapped and may lose their homes. There are also legal, quasilegal and extralegal foreclosure risks which can wipe away equity. https://www.trulia.com/rent_vs_buy/ https://www.trulia.com/rent_vs_buy/ https://www.nytimes.com/interactive/2014/upshot/buy-rent-calculator.html https://www.nytimes.com/interactive/2014/upshot/buy-rent-cal...