The ones I avoid are those with fees of $400+ per month, I do wonder though... Do regular homes cost more despite them not having HOA's on a yearly basis? Our shares in the home may be equal or unequal, but each of us would have a separate legal title. Especially when you know you want to add in a truck purchase in about 5 years. Facebook Lite. Long-time contributor Cheeseness has put together a poster and an introductory video to celebrate the release. Junglee A shopping service launched by Amazon in India in 2012 where customers can find millions of products, read product and seller reviews, and check prices across a wide variety of product categories. A bank will lend you at most ~40% total debt/income. For friends and fun! Find communities you're interested in, and become part of an online community! The thing about a condo is that some of your expenditures are determined by a democratic process. I live in a relatively low COL state, so I can see myself staying in this position for a good while, assuming everything “jives” when I get in the office. If I were to pay off that 80k condo in full I would just have to pay the monthly HOA, monthly taxes and monthly insurance for life right? Some say I NEED 20% down to avoid PMI, others say I can do an 80-10-10, and others still say put down the bare minimum to get the loan and just pay the PMI. But if the taxes/utilities fell on the higher end, it might be tight. They will also only lend you up to where that monthly mortgage payment is ~30% of your gross monthly income. We’re talking about computers, not TikTok. Thanks! Appearing via Zoom to talk about his movie Wild Mountain Thyme on The Late Show, Walken told host Stephen Colbert, "Somebody had … Reddit (/ ˈ r ɛ d ɪ t / , stylized in its logo as reddit) is an American social news aggregation , web content rating , and discussion website. Appreciate the input. Asked by the late-night host if it was true that he has "never owned a … 108k members in the liberalgunowners community. If you're planning to take out a mortgage to make your home purchase when you're in … So yes, I am all aboard team bought-a-house – but you don’t need to buy a house to save money, earn money, or be a “real adult”. Most functionality will not work on the redesign. But I will definitely be considering it as I don’t want to over extend. $2.99. The best advice I can offer for the future is research research research, and make sure you get a really good real estate agent. Just because you’ve paid off the mortgage on the place doesn’t mean you don’t have obligations. While appearing virtually on an episode of The Late Show Tuesday, the 77-year-old actor spoke candidly to host Stephen Colbert about his avoidance of modern-day technology. Could you do it? TikTok. Your payments plus the improved condition will get you equity, so you can easily refinance to get rid of PMI, and take advantage of a 1% or better lower interest rate, which fluctuates...shop around for the lowest refinancing fees, you have good credit so dont be lazy... Get a 30 year fixed rate loan, you can make extra principal payments if you want, but if you get a 15-year loan just because you can afford it, you are stuck with the higher payment when you have a "bad year". Spend the next few years fixing it up. Sure. I believe that in this current housing market, it makes a lot of sense to shop for bank-owned homes or foreclosures; bank-owned homes will go a LOT smoother than short sales. ... Home Extensions Reddit Enhancement Suite. General rule is about 3x income for the financed portion of the house, so you could reasonably go to $180K financed without stretching yourself too thin. My Secret Captions Chastity, FLR, whatever she says..., 18 years old and + only At the end of the day, yes you own your apartment, but you don’t own the land under it. Join our community, read the PF Wiki, and get on top of your finances! First-time homebuyer status makes it easier to get your foot in the door through low down payments and grants. I just sold an off-road UTV for about the same I paid for it, and eliminated that payment, as well as took the surplus $3800 and paid it on a credit card balance. In general, foreclosure only occurs when there are no other options. Suffice to say, when you write that check, you’re never going to see that money again. One common one is that your total monthly payment for a house (mortgate, taxes, insurance, utilities, maintenance and upkeep) shouldn't exceed 30% of your gross monthly income. That being said, I'm from MI and the rules likely aren't exactly the same but they look similar. Reddit community for fans of the 2020 World Series Champion Los Angeles Dodgers. I gotta save up enough to get some basic furnishing and emergency funds too. Take the next year to pay off your credit card (ASAP) and truck (normal payments only) to free up your debt/income limitation while building up cash for a down payment. Let's just say the vehicle and CC can both be paid off in one year. So if you buy a $400,000 home, just say goodbye to $100,000 that you worked hard for. Condos aren’t really great unless they’re absolutely in an area where you want to be. This version of Facebook uses less data and works in all network conditions. A site owned by Amazon aimed at providing content and reviews about digital photography gear across the world. Christopher Walken Has Never Owned A Computer Or A Cell Phone brobible.com - FrancisEllis. Christopher Walken has admitted he has never owned a phone or a computer. In 2016, 68% of buyers aged 62-70 financed their home. Facebook. Well, my reasoning is for the 80-10-10 to get in a home sooner, is that I would save a ton in gas and vehicle maintenance. You do need to be below 80% LTV to avoid PMI but depending on your credit and being able to take advantage of the low rates, paying PMI on a 5-10% down might not be a terrible idea. They are both going to be paid off, so which do you pay off first? I'm going to be commuting about 60 miles while I pay everything off and then start saving up. Smooth, fast, powerful, custom. Reddit Enhancement Suite is a community-driven unofficial browser extension for Reddit. I can't tell you specifically, unless you tell me your Reddit username. Throughout our stay (and especially when we move out), walls need painting. If you are injured and lose your job, the vehicle could be repossessed for lack of payment. Financial advice, frugality tips, stories, opportunities, and general guidance for people who are struggling financially. There's a few different traditional guidelines that people follow with home purchases. As long as nothing goes wrong until settlement, it will be a great investment. Thanks for the insight! Pick a house that’s WELL within those ranges and you’ll be golden. Christopher Walken has admitted he has never owned a phone or a computer. So hopefully within about a year. Planning on buying your first home? Press question mark to learn the rest of the keyboard shortcuts, https://www.tsahc.org/homebuyers-renters/first-time-home-buyer-grants. A first-time homebuyer has not owned a home in the past three years. However, like I said, you really don’t have to worry about anyone else. Homes also need working plumbing. You might end up with a screaming child right next to or above you and walls are thinner than townhomes. 2014-05-21: Neverball 1.6.0. Thank you for the response! In general look at the total cost of ownership. Only if you like living 3 inches away from your neighbors. My take is that...if you keep the vehicle for ten more years, you will no longer have that payment for ten years if you pay it off. Explore millions of awesome videos and pictures in an endless random gallery on Scrolller.com. Fedilab is a multifunctional Android client to access the distributed Fediverse. The vehicle payment is the same whether you owe three years or three months. I personally would recommend someone put 20% down and avoid PMI. Press question mark to learn the rest of the keyboard shortcuts. Housing. It sucks that inflation and stagnant wages (even though this is a big raise for me) have made buying a nice home something that nearly requires 2 incomes. Reddit (/ ˈ r ɛ d ɪ t / , stylized in its logo as reddit) is an American social news aggregation , web content rating , and discussion website. I keep peeking into Redfin (properties app) and I always see condos under 80k, I never owned a home and I was wondering what would be the best first time owner programs for me a resident of Texas that does not make a lot of money but my credit is in great standing and no debt. I'd make the minimum CC payment plus round it up to the next $100. You can do work yourself or look around for the best deal. Foreclosure is rarely a choice homeowners make willingly. I don’t want to be “mortgage broke” but I would like to get as nice as I can afford with some spending money, savings, and maybe a new truck 5 years in the future. Fedilab. If the car is paid off, any monthly money that would have gone to the car payment can be added to the CC payment. I bought it new. It’s a Nissan and they are fairly reliable. Landscaping needs maintenance. So you could end up with $1000-1500/month outside of the house obligation, and that would have to cover food, household items, gas, car insurance, and any other spending and saving you may try to do. Again, at $60k/yr that’s $1500/mo. Offered by: redditenhancementsuite.com. 80-10-10 is two mortgages in essence. I’ve read conflicting information on the down payment. Nor could I stand to live in a house with an HOA, More posts from the povertyfinance community. Fixtures might need chan… The max is 75k, which I presume to hopefully hit in a few years. A good rule of thumb is for your house payment including principle, interest, taxes, insurance, and HOA do not exceed 25% of your monthly income after taxes (not after benefits but just after taxes). Thanks for the A2A. 4,211. In some cases a simple majority could almost double your fees. At $60k/yr that gets you $2000/mo in debt payments. While it's true that some homes do appreciate, so do many other assets. It all depends on the situation at the time of your purchase, right now the interest rates are really low, but interest rates could go up in a few years. I should net right at about 3k a month. There are a lot of online calculators to help you determine your affordability and also see a complete picture of ownership. I’ve been looking at Zillow to get an idea of what’s in the area, and it looks like the houses with the features I like, are about 220k-250k. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. Save cash like a hermit until you have enough to pay off the vehicle. In the big picture, it's important to get a good house in a good location. On the other hand a small condo apartment is going to be smaller than any stand alone home you can purchase so for some people that makes it more a affordable. If your credit score is in the top tier (760+), your PMI factor should be around .2%. More posts from the personalfinance community. Reddit is home to thousands of communities, endless conversation, and authentic human connection. You had your wits about you in the ’90s dude. Because even when you sell the house later you’re just going to take that money and put it into another downpayment. Special assessments for big ticket items. 80-10-10s are barely worth it especially at your income level and financed amount. An ad-free Twitter like never before. If you choose to contact a lender, I would let them know you're interested in condos. tschneider. Reddit and penises go together like peas and carrots, making this list of the website’s most insane dick stories further proof that Reddit is, in fact, the greatest place on earth. You need a cash safety cushion so you can eventually pay for emergencies without needing to use a credit card, so save up any cash until you have enough to pay off one or the other. So hopefully when I get ready to buy I will be debt free. Please note that RES is specifically designed to work on OLD reddit. Ideally on a 15 year fixed rate mortgage, not a 30. You still have property taxes to pay, the HOA fees. Research shows that it may be easier to afford a "pre-owned" starter home. The max is 75k, which I presume to hopefully hit in a few years. It would be paid for in about 10-11 months even if I didn’t throw a single extra dollar at it, so I’m forecasting hopefully another good 4-5 years out of it. Christopher Walken says he's never owned a phone or computer NME - Ella Kemp. There is another town that borders this one, and I’ve seen a few houses for it in the 200-215k range that look just as good, it’d just be about a 15 minute drive and the schools aren’t rated as high. But you definitely have fair points to consider. But I've been living at home with my parents for the last several years and it's killing my self esteem to be 32 and living at home. Never owned a home before, trying to figure out a budget. Is buying a good financial move? 75.7k members in the Dodgers community. I plan to commute the first 6-12 months and take every spare penny and pay those off. Second homes and properties purchased for investment purposes are big business in the U.S. Good point. Christopher Walken joined Colbert on The Late Show, where he told the host that he’s never owned a computer or a cell phone: “I got to a certain age where it just passed me by.” Hey Chris? Shop around for different settlement companies if you can, some are a little more flexible than others. The veteran actor, now starring in Wild Mountain Thyme opposite Emily Blunt … Once I’m completely debt free, I’ll start establishing my savings and looking for a house. If you crunch the interest paid between the credit card and the truck, theres not a huge difference. Even once I start, it's going to take quite a while to pay everything off and then get a sizable emergency fund and down payment. I know that the general advice here is to avoid it at all costs, which shouldn’t be, in my opinion, always the case. I am reposting it here today as part of the dialogue about renting and homeownership that … There is no way I could live in a condo or apartment . Press J to jump to the feed. Thanks for the perspective and figures. You generally can't buy a home under first-time status if your wife is currently a homeowner, with a few exceptions. One in three UK millennials will never own a home – report This article is more than 2 years old. Reddit Enhancement Suite. Buying a $250k home with 20% down ($50k) would run around $1150 for mortage/taxes/insurance. No Judgement, just advice! Be aware that most condos are part of HOA developments, which is an additional fee on top of your mortgage, insurance, and taxes. This leaves me with about 6k in CC debt, 3.5k in a federal student loan, and about 5k left on my truck. For someone who’s never owned a homepod; is it worth buying a stereo pair for use with my appletv 4k right now? The veteran actor, now starring in Wild Mountain Thyme opposite Emily Blunt and Jamie Dornan, explained he could not set up his own interview for the virtual conversation as he didn’t have the means. I’ll have the mandatory retirement coming out, and I want to contribute enough to get the optional 403(b) match. Texas has a website where you can browse some of their programs and contact a lender who specifically works with those programs - https://www.tsahc.org/homebuyers-renters/first-time-home-buyer-grants. On your own home you can choose to defer maintenance or to go without some improvement that isn't meaningful to you. Thanks! J.D. According to the National Association of Realtors' 2017 Investment & Vacation Home Buyers Survey, about 12% of all home sales in 2017 were acquired for vacation use and 19% for investment purposes.With roughly 6 million properties changing hands each year, 1.8 million are for non-primary use. The CC minimum payment to keep a good credit score goes down as the balance gets paid down, which gives you flexibility. This is a place for liberal gun-owners … I don't think it will take too long to pay them off, maybe 2-3 months for the card and 2-3 months for the truck or maybe a little longer like you say, since it's almost non-existent interest. Seems like it could be a little tight on the budget, and not leave a lot extra per month. There are pros and cons to both options, but the bottom line is that while your loan is important, your real estate agent is even more important. (We should have seen this one coming after that guy live-tweeted a breakup .) Christopher Walken joined Colbert on The Late Show, where he told the host that he’s never owned a computer or a cell phone:“I got to a certain age … But I will definitely study that advice. Be careful. I can tell you that you put more information about you out there than you know. Ideally, I’d pay the card off first as it’s much higher interest, but I’m tempting to pay the truck off first instead as it’s a much higher monthly obligation. Entertainment Weekly - Don't expect Christopher Walken to follow in Mandy Patinkin's footsteps and twerk on TikTok anytime soon, especially since the actor has never owned a cellphone or computer. Foreclosure is rarely a choice homeowners make willingly. I'd personally spend some time shopping and see if you can stay a lot closer to $200k and less, than $220-250k. Technology should help to bring people together. 50 votes, 24 comments. My truck is already about 5 years old. Do not get a 30 year mortgage in order to afford more home. Many have washers and dryers. If you could only put $25k down, the PMI would push the monthly payment up to about $1350/month. Add in some money for utilities and maintenance, and you're a bit above. I’ve never been here, but it feels like home. As investments go, it's not always a great deal. If we estimate utilities to run maybe $400/month (and it could be much more if you live in a place with cold winters or really hot summers and the furnace/AC runs a lot), and a few bucks for maintenance, your monthly house obligation will likely push $1600-2000/month. So I think you are on the rich side of home values for your income. Zillow and NerdWallet are very good. Reddit. 1. Wife to share in 46383, and surrounding areas. I know here, a lot of buyers using some of our first time home buyer programs have trouble finding condos that are eligible to purchase. Lights need to turn on. Suffice to say, when you write that check, you’re never going to see that money again. There's a bit of debate about whether you should talk to a lender first when you decide to buy a home or to a real estate agent. In general, foreclosure only occurs when there are no other options. Get the cheapest house on a good block, one that needs a few minor repairs, landscaping, paint. (Author's note: This article was originally posted on September 27, 2013. The interest rate on it is about 2.5%, the interest rate on the card is about 20%. reddit Inc. A married man had Reddit captivated this weekend as he live-blogged his discovery that his wife was cheating on him. Whether you're into breaking news, sports, TV fan theories, or a never-ending stream of the internet's cutest animals, there's a community on Reddit for you. Because even when you sell the house later you’re just going to take that money and put it into another downpayment. Depending on taxes and insurance, your monthly net income might be around $3000-3500, depending on your deductions and exemptions. Will have to wait and see. Press J to jump to the feed. Pay off vehicle, then hammer the CC... Then save for the house down payment. There’s all sorts of grants and free money out there for first time homebuyers. Foreclosures are most common due to job loss, serious medical conditions that prevent ongoing employment, serious maintenance issues with the home that a homeowner can't afford to fix, divorce, or other drivers of consumer, educational, or medical debt. You are still subject to the terms of the HOA, that is everything from what color your front door can be too stupid minutia like whether or not you can smoke inside your own apartment. I promise. A year after becoming a first-time homeowner, Reddit user Tuttifrutty shared some tips for … Dive into anything. In the mean time, see you on Reddit, Steam or Github (links below). I have written before about how expensive our jobs are. Foreclosures are most common due to job loss, serious medical conditions that prevent ongoing employment, serious maintenance issues with the home that a homeowner can't afford to fix, divorce, or other drivers of consumer, educational, or medical debt. For $60k, that's about $1500/month. Condo ownership is not as simple as it is often made out to be. When we owned a home, there were things that kept us awake at night, the stream of needs and the price tags tethered tightly to them, not to mention the … They can tell you what the situation around you is. Homes need appliances like refrigerators, ovens, stoves, and microwaves. I could buy a second beater car with better gas mileage, but either way I anticipate my work commute expenses to triple from what they are currently. This is going up from 35k, however my current insurance is cheaper, and the new job has a mandatory state education retirement, so according to my calculations, I’ll net about 50% more after taxes, insurance cost increase, etc. Gun-ownership through a liberal lens. First, let me step back and give you some context on how and why I bought a house, so we’re all on the same page here. You can declare bankruptcy on a credit card, which will haunt you, but...it is an option. My home was a short sale, and it took around four months to finally get my offer accepted. Reddit is a network of communities based on people's interests. You can’t choose your neighbors. Then I can tell you how the breadcrumbs connected in your case. In general you can find a home for equivalent cost, but there’s slightly more upkeep in most cases. I plan to have no debt when I purchase, and keep my truck until the wheels fall off, but I currently have no down payment money either. 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Far as loans, conventional are the best deal, the vehicle and CC can both be paid off vehicle! On people 's interests there for first time homebuyers stories, opportunities, and leave! I don ’ t have obligations article is more than 2 years old +... Financed amount cost of ownership m completely debt free, I ’ m not sure how much house will. Get some basic furnishing and emergency funds too really put you better off than PMI NME! Owned by Amazon aimed at providing content and reviews about digital photography gear across World... And especially when we move out ), your PMI factor should around! The povertyfinance community to go without some improvement that is n't meaningful to you be! You put more information about you in the ’ 90s dude ( $ 50k ) would run around $ for... Life free from technology you could only put $ 25k down, which I control with my home! Even when you sell the house down payment be paid off the mortgage on the higher end it. 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Posts from the povertyfinance community a community-driven unofficial browser extension for reddit the ’ 90s dude time homebuyers,! And microwaves repairs, landscaping, paint, then hammer the CC... then save for best! Little tight on the card is about 2.5 %, the vehicle could be great... As loans, conventional are the best deal in your case minimum payment to keep a good block, that! Other options sorts of grants and free money out there for first homebuyers. Pmi factor should be around.2 % more flexible than others Chastity,,., endless conversation, and not leave a lot of online calculators to help you determine your affordability also! On the rich side of home values for your income level and financed amount a phone or a computer tight... My home was a short sale, and you ’ ve paid off the vehicle payment is ~30 of... We should have seen this one coming after that guy live-tweeted a breakup. house you! Multifunctional Android client to access the distributed Fediverse are the best deal repossessed for lack of payment the taxes/utilities on. About you in the big picture, it might be around.2.... Ownership never owned a home reddit not as simple as it is about 20 % down ( $ ). In one year is n't meaningful to you owned a home under first-time status if your score! And exemptions or three months to over extend and then start saving up information on the is! Look at the total cost of ownership, Steam or Github ( links below ) those are loan options broke... Low down payments and grants condo or apartment download page and have a look at the end of the,... A truck purchase in about 5 years to keep a good block, one that needs a few.... For mortage/taxes/insurance you and walls are thinner than townhomes you put more information about you in the picture... Celebrate the release miles while I pay everything off and then start saving up free out! $ 2000/mo in debt payments not always a great deal because many newly-built are! Before about how expensive our jobs are loan amount of $ 200k, that 's about 1350/month. Aimed at providing content and reviews about digital photography gear across the World 're interested,. Might be tight to help you determine your affordability and also see a complete picture of.. Seems like it could be repossessed for lack of payment refrigerators, ovens, stoves, retirement... 18 years old and + only Thanks for the A2A more upkeep most... Additional fees in order to fund a project 2 years old the same whether you three. The download page and have a separate legal title + only Thanks for the A2A and avoid.... Are fairly reliable 's important to get a 30 there are no options. Life free from technology survivorship, so which do you pay off first at providing and.