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Home affordability
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<blockquote data-quote="HoLeChit" data-source="post: 2917278" data-attributes="member: 35036"><p>Alright guys, I'm gonna do my best to reply to as much as I can, I am exhausted, been working 13 hours a day, on my 8th day in a row now. I really appreciate all you guy's input, and every single input has been thoroughly read and considered. Here we go:</p><p></p><p></p><p> </p><p></p><p>I am certainly looking into this, and have spent the past 3 years working on improving my credit, have gone from a 560 average, to (as of yesterday) a 740 average. In regards to paying off the mortgage quickly, I am looking in the price range I am because I can pay enough extra to pay of my 30 year note in 18 years or less. That is my intent. It also gives me the room to pay the minimum mortgage payment if times get tough, and not have to sweat it.</p><p></p><p></p><p></p><p>I do not mind rural not necessarily being rural in 20ish years, it is to be expected, especially in the areas I am considering moving to. But how I see it, I should be able to purchase a large plot of land (>200 acres) later on. I can go ahead and get something out in the middle of nowhere. Right now I cannot get the money together to make such a large land purchase. Also, right now, with the stage of life I am in, I feel that making a commute into the city or to work taking the upwards of 45 minutes would be uneconomical. Living in the Yukon/Mustang area is reasonable in terms of driving to work, shopping, and entertainment. I feel that secluding myself to the countryside would be best reserved to the future.</p><p></p><p></p><p></p><p>I actually just got my preapproval supporting documents together and ready to send to my lender; once he gets back from Hawaii. He is based out of Edmond, so local is the case here. He is great and got me preapproved previously, and has been patient and keeping in touch with me the past several months, acting as more of a financial advisor, not just about a mortgage. I need to buy this guy dinner and a few beers.</p><p></p><p></p><p></p><p>I am looking to purchase a house that has been built in the past 5 years, that would be optimal. so hopefully a lot of that would be included already, and I would imagine that theres some sort of depreciation associated with purchasing a new home?</p><p></p><p></p><p></p><p>One day sir, one day...</p><p></p><p></p><p></p><p>I'm not a huge fan of his, but I do not think this is bad advice. If I use my VA loan, buy a $172,000 house, zero down payment, with a 3.25% interest rate, my monthly payment (w/o taxes and insurance) would be approx $750.00/mo. My Disability rating exempts me from paying property tax in Oklahoma, which will be nice. 20% of my take home pay is approximately $1300/mo. Which means, I am well within my means (according to Dave Ramsey, and my head as well). That monthly payment would allow me the space to pay an extra $500+ a month towards my mortgage, which would reduce the term of my 30 year note 15 years and 7 months, with a savings of approximately $54,000. That is my goal. I would really like to pay off my mortgage within 18 years. That is my intent.</p><p></p><p></p><p></p><p>I will certainly keep you in mind sir, I would not mind the 2 story idea, however, with my knees and legs climbing stairs is difficult, if not impossible some days.</p><p></p><p></p><p></p><p>No such thing as too much land! However, in terms of commuting and amount of land I can afford, buying what I want is a bit out of my reach. I really want gas, especially in the terms of the kitchen. A nice gas range is a must in my book. I cook all the time, and so does the girlfriend. Hell, I have even looked into plumbing a gas line into my kitchen/back patio. It is a big thing to me. </p><p></p><p></p><p></p><p>I like the way you think sir, however, I am wanting considerably more than 10 acres. I am considering purchasing a nice house, and a few years down the road, purchasing the land I want.</p><p></p><p></p><p>Thank you guys, please keep the ideas coming! Considerations, things to look for/look out for when looking at the home/paperwork/whatever.</p></blockquote><p></p>
[QUOTE="HoLeChit, post: 2917278, member: 35036"] Alright guys, I'm gonna do my best to reply to as much as I can, I am exhausted, been working 13 hours a day, on my 8th day in a row now. I really appreciate all you guy's input, and every single input has been thoroughly read and considered. Here we go: I am certainly looking into this, and have spent the past 3 years working on improving my credit, have gone from a 560 average, to (as of yesterday) a 740 average. In regards to paying off the mortgage quickly, I am looking in the price range I am because I can pay enough extra to pay of my 30 year note in 18 years or less. That is my intent. It also gives me the room to pay the minimum mortgage payment if times get tough, and not have to sweat it. I do not mind rural not necessarily being rural in 20ish years, it is to be expected, especially in the areas I am considering moving to. But how I see it, I should be able to purchase a large plot of land (>200 acres) later on. I can go ahead and get something out in the middle of nowhere. Right now I cannot get the money together to make such a large land purchase. Also, right now, with the stage of life I am in, I feel that making a commute into the city or to work taking the upwards of 45 minutes would be uneconomical. Living in the Yukon/Mustang area is reasonable in terms of driving to work, shopping, and entertainment. I feel that secluding myself to the countryside would be best reserved to the future. I actually just got my preapproval supporting documents together and ready to send to my lender; once he gets back from Hawaii. He is based out of Edmond, so local is the case here. He is great and got me preapproved previously, and has been patient and keeping in touch with me the past several months, acting as more of a financial advisor, not just about a mortgage. I need to buy this guy dinner and a few beers. I am looking to purchase a house that has been built in the past 5 years, that would be optimal. so hopefully a lot of that would be included already, and I would imagine that theres some sort of depreciation associated with purchasing a new home? One day sir, one day... I'm not a huge fan of his, but I do not think this is bad advice. If I use my VA loan, buy a $172,000 house, zero down payment, with a 3.25% interest rate, my monthly payment (w/o taxes and insurance) would be approx $750.00/mo. My Disability rating exempts me from paying property tax in Oklahoma, which will be nice. 20% of my take home pay is approximately $1300/mo. Which means, I am well within my means (according to Dave Ramsey, and my head as well). That monthly payment would allow me the space to pay an extra $500+ a month towards my mortgage, which would reduce the term of my 30 year note 15 years and 7 months, with a savings of approximately $54,000. That is my goal. I would really like to pay off my mortgage within 18 years. That is my intent. I will certainly keep you in mind sir, I would not mind the 2 story idea, however, with my knees and legs climbing stairs is difficult, if not impossible some days. No such thing as too much land! However, in terms of commuting and amount of land I can afford, buying what I want is a bit out of my reach. I really want gas, especially in the terms of the kitchen. A nice gas range is a must in my book. I cook all the time, and so does the girlfriend. Hell, I have even looked into plumbing a gas line into my kitchen/back patio. It is a big thing to me. I like the way you think sir, however, I am wanting considerably more than 10 acres. I am considering purchasing a nice house, and a few years down the road, purchasing the land I want. Thank you guys, please keep the ideas coming! Considerations, things to look for/look out for when looking at the home/paperwork/whatever. [/QUOTE]
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