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When you start talking about borrowing 4 or 5x your gross income, it should be a red flag. But, it comes down to the payment and a qualified mortgage broker will get you into a loan. Especially when you have HUD available to you.
Don't buy a coop or a condo - SFH nothing smaller than 3/1 with a basement. Don't buy at the top of your lending range making sure you account for the full payment - P&I, taxes, and homeowners. Buy a fixer in a good school district... make sure an engineer does a thorough inspection. Put 5% down and slowly fix it up as you live.
Your girlfriend will either help or hurt because of her debt and lower score. Hopefully it nets out higher than using 62k a year. Don't worry about all these people focusing on your girlfriend - why buy the cow. Good luck dude.
When you start talking about borrowing 4 or 5x your gross income, it should be a red flag. But, it comes down to the payment and a qualified mortgage broker will get you into a loan. Especially when you have HUD available to you.
Don't buy a coop or a condo - SFH nothing smaller than 3/1 with a basement. Don't buy at the top of your lending range making sure you account for the full payment - P&I, taxes, and homeowners. Buy a fixer in a good school district... make sure an engineer does a thorough inspection. Put 5% down and slowly fix it up as you live.
Your girlfriend will either help or hurt because of her debt and lower score. Hopefully it nets out higher than using 62k a year. Don't worry about all these people focusing on your girlfriend - why buy the cow. Good luck dude.
Simple math here.... You want a home that cost between 300-400K. Let's split it down the middle at 350K.
You will need to put down at least 70K so you wont be paying PMI. (you said you have 90K to put down). You will need the remaining $20K (approx) for closing costs, moving, etc.
So you will now carry a 280K mortgage for 30 years at 4.375% (I just checked local credit union rates)
The monthly nut just for the mortgage is $1398. Throw in another $700 or so for taxes. (if you're lucky enough to have taxes only $8400 a year) Plus another $85 -$100 for homeowners. That brings your total now to roughly $2200. Now, add another $400-500 for utilities. Your new total $2600-$2700.
Your car payment will bring your monthly expenses to almost 3K a month. Obviously this doesn't include food, drink, medical, cable, telephone, misc expenses.
Your best bet is to look for a fixed rate 30 year mortgage. I would personally just put yourself on the mortgage. As of right now...your girlfriend is just that...a girlfriend. Once you're married, it's a different story.
Good luck...and thank you for serving this great country of ours.
This is silly - you can buy a home with someone you're not married to (ask any gay couple who couldn't marry until recently in New York), you just need to do a lot more legal paperwork, and should consult with a good real estate lawyer to make sure you've planned for all contingencies (i.e. What happens if you break up? If one of you passes away suddenly? If you both pass away suddenly?) and have an agreement in place that covers it all. The legal bills will be higher than they would be if you were married (since being married creates default rules to be followed in situations of break up or death), but it's doable if you are committed to buying a home together without marrying.
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THe problem is most people won't bother with legal protections and it is a HUGE mess to undo the issues. And it's almost always a case where one person is a high earner or has better credit or is saddled with debt or whatever. It's just dumb to take that on without legal protection, but bringing up "let's see a lawyer" opens a can of worms - these are two people who can't or won't make the union legal, let's remember that.
Have you looked in Levittown? Not sure if it meets the criteria of being close enough to the Suffolk border, but you can get a house for under 300k that's not a complete mess:
I recently bought a house in Levittown for $370k with 3.5% down and I'm paying around 3200 (includes some extra principal) every month. This does NOT include utilities. I make around 100k and my wife makes about 45k. To be honest, it still feels tight even with our combined salary.
My advice is to go as cheap as possible without moving into something you despise.
Have you looked in Levittown? Not sure if it meets the criteria of being close enough to the Suffolk border, but you can get a house for under 300k that's not a complete mess:
I recently bought a house in Levittown for $370k with 3.5% down and I'm paying around 3200 (includes some extra principal) every month. This does NOT include utilities. I make around 100k and my wife makes about 45k. To be honest, it still feels tight even with our combined salary.
My advice is to go as cheap as possible without moving into something you despise.
Hey in the Family Lane house, is that a fridge right next to the front door? How convenient! I can come in from work and instantly grab a cold one....
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
Have you looked in Levittown? Not sure if it meets the criteria of being close enough to the Suffolk border, but you can get a house for under 300k that's not a complete mess:
I recently bought a house in Levittown for $370k with 3.5% down and I'm paying around 3200 (includes some extra principal) every month. This does NOT include utilities. I make around 100k and my wife makes about 45k. To be honest, it still feels tight even with our combined salary.
My advice is to go as cheap as possible without moving into something you despise.
Wow the Bell Lane one is really nice! 1 bathroom though yikes. I didnt care for the Family Lane one.
Wow the Bell Lane one is really nice! 1 bathroom though yikes. I didnt care for the Family Lane one.
The Bell Lane house looks like it is 30 or 40 feet wide lol
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