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Old 10-17-2015, 04:04 PM
 
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My husband and I want to buy a home. We are having trouble coming up with a down payment. We currently pay about $1400 a month to rent a two bedroom apartment. Together we gross about $138,000 a year. We live in Fort Bend County. Specifically Richmond off West Park tollway. Anyone have any advice or may know if there are down payment assistance programs available?
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Old 10-17-2015, 04:20 PM
 
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Your down payments troubles need a budget why can't you save any money of 138k?
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Old 10-17-2015, 04:29 PM
 
25 posts, read 35,506 times
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Figured that was coming. $138,000 before taxes. After taxes it's different. Rent, daycare, car payment, etc. Also trying to pay off debt.

Last edited by kcollins1218; 10-17-2015 at 04:31 PM.. Reason: Forgot to add
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Old 10-17-2015, 04:34 PM
 
24,628 posts, read 10,958,690 times
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Quote:
Originally Posted by kcollins1218 View Post
Figured that was coming. $138,000 before taxes. After taxes it's different. Rent, daycare, car payment, etc. Also trying to pay off debt.
Those are everyone's living expenses. Relatives and friends may be a source of funds otherwise depending on your lender PMI.
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Old 10-17-2015, 04:40 PM
 
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I guess I should've been more specific. And yes I understand that's everyone's expenses. Lot more complicated. I read about something where you pay down payment after house is sold? If I'm saying that right. Has anyone heard of this?
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Old 10-17-2015, 05:46 PM
 
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I've never heard of any government down payment assistance for people anywhere close to your income level.

Without a 20% down payment, expect to pay higher borrowing costs.

Nothing wrong with renting while paying off debt and building a savings. Generally not a good idea to borrow even more money when you have cc, car, or student loan debt. Asking for trouble imo.
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Old 10-17-2015, 05:47 PM
 
Location: The Greater Houston Metro Area
9,053 posts, read 17,210,253 times
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Quote:
Originally Posted by kcollins1218 View Post
My husband and I want to buy a home. We are having trouble coming up with a down payment. We currently pay about $1400 a month to rent a two bedroom apartment. Together we gross about $138,000 a year. We live in Fort Bend County. Specifically Richmond off West Park tollway. Anyone have any advice or may know if there are down payment assistance programs available?

You are far above the income ceiling on those programs.

Quote:
Originally Posted by kcollins1218 View Post
I guess I should've been more specific. And yes I understand that's everyone's expenses. Lot more complicated. I read about something where you pay down payment after house is sold? If I'm saying that right. Has anyone heard of this?
No, I haven't. Sounds like you are saying you can come up with a down payment AFTER you close on the house? That sounds like you are talking about taking a high-interest second loan, and trying to pay it off later. We used to have the 80/20 loans, which would accomplish that - but not any more. Another issue would be closing costs. In the days when it was a true buyer's market (not the case in Fort Bend), you could roll them into the loans (the house had to appraise for the higher amount).

With good credit, you can qualify for a 5% down - take an 80% - and a second 15% to avoid PMI, which is usually less per month than taking a 95% loan with PMI.
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Old 10-17-2015, 05:58 PM
 
2,945 posts, read 4,996,050 times
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Pay off debt first.

By the time you do that daycare will be 2 hours afterschool care and much cheaper and you'll be in a better place for buying.

Right now you're acting like you're broke even after taxes you're in pretty good shape. Assistance is for broke people who make well under $138k combined before taxes.
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Old 10-17-2015, 06:09 PM
 
Location: Houston
6,870 posts, read 14,868,420 times
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Originally Posted by DejaBlue View Post
Pay off debt first.

By the time you do that daycare will be 2 hours afterschool care and much cheaper and you'll be in a better place for buying.

Right now you're acting like you're broke even after taxes you're in pretty good shape. Assistance is for broke people who make well under $138k combined before taxes.
Exactly. That's what I'm doing. I'll continue renting until my debt is paid off. I'd be terrified to buy a home with student loan and credit card debt hanging over my head.
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Old 10-17-2015, 07:02 PM
 
25 posts, read 35,506 times
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Quote:
Originally Posted by DejaBlue View Post
Pay off debt first.

By the time you do that daycare will be 2 hours afterschool care and much cheaper and you'll be in a better place for buying.

Right now you're acting like you're broke even after taxes you're in pretty good shape. Assistance is for broke people who make well under $138k combined before taxes.
You're right. Was just asking. Not ready right now. Just one particular neighborhood we were looking at but there'll be other opportunities.
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