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The Water Cooler
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Home affordability
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<blockquote data-quote="HoLeChit" data-source="post: 2915968" data-attributes="member: 35036"><p>i know there's a lot of you older, more knowledgeable fellas in here, so I'm looking for some advice. I'll give you a rough breakdown of some stuff, as well as my question at the end. I'm looking to purchase a house. I don't know how much house I want, other than 3 bedrooms, and preferably a 3 car garage, or 2 car garage with a shop. Here's a rough breakdown of my finances:</p><p></p><p>$6500 take home each month +/- $100-$200</p><p>If I don't get any overtime at all, my total monthly income will be approx $5500. </p><p>No debts, may buy an affordable gas saver soon and aggressively pay it off within the next 8 months. </p><p>Less than $1400/mo expenses, not including my present rent. This includes fun money. </p><p>$2900 of my monthly income is tax free, and permanent, thanks to disability. </p><p>I am 28, not married, no kids, but have a woman in my life and we certainly have a future together. </p><p>I will be using a VA home loan. </p><p></p><p>I've used the mortgage calculators and such, and on paper it says I can afford a $190k home. I have found several houses that I consider to be perfect for right around 170-185k. I would like to buy a home that I can live in for the rest of my life, the only way I would be looking to move is to buy a chunk of land and build a house and raise a dozen head of cattle on. In this situation, what would you do? How much would you spend, and what are some considerations in purchasing a first home/new home?</p></blockquote><p></p>
[QUOTE="HoLeChit, post: 2915968, member: 35036"] i know there's a lot of you older, more knowledgeable fellas in here, so I'm looking for some advice. I'll give you a rough breakdown of some stuff, as well as my question at the end. I'm looking to purchase a house. I don't know how much house I want, other than 3 bedrooms, and preferably a 3 car garage, or 2 car garage with a shop. Here's a rough breakdown of my finances: $6500 take home each month +/- $100-$200 If I don't get any overtime at all, my total monthly income will be approx $5500. No debts, may buy an affordable gas saver soon and aggressively pay it off within the next 8 months. Less than $1400/mo expenses, not including my present rent. This includes fun money. $2900 of my monthly income is tax free, and permanent, thanks to disability. I am 28, not married, no kids, but have a woman in my life and we certainly have a future together. I will be using a VA home loan. I've used the mortgage calculators and such, and on paper it says I can afford a $190k home. I have found several houses that I consider to be perfect for right around 170-185k. I would like to buy a home that I can live in for the rest of my life, the only way I would be looking to move is to buy a chunk of land and build a house and raise a dozen head of cattle on. In this situation, what would you do? How much would you spend, and what are some considerations in purchasing a first home/new home? [/QUOTE]
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