buying a condo or a house,please help

tailshe · Joined: 11 Jul 2005 Posts: 3 Location: boston ma,

hi,iam looking to buy condo or a house around 300000$ ihave a almoust 5 year old doghter and one more on the way.
looking to get 2 bedrooms right now.
i want to ask should i buy or not
me and my wife make together around 5000$ some times more, some times less +-
my morgage will be around 2700$ include all,to me seems a little to much for my pay check and that is the only think that stops me to buy,right now i rent some place for 1000$.
so what should i do,or what would you do?
i dont even have halth care it is aditional 600$+car,gas insuranceanother 700$food 500$ and a little more like phone bills and staff.
please let me know what to do.
thanks!
and what do you think that i should expect from tax return300$a month 500$or a proxymatly what amount?

tailshe · Joined: 11 Jul 2005 Posts: 3 Location: boston ma,

is this forum dead?

David · Joined: 19 May 2004 Posts: 754 Location: Atlanta, GA

tailshe wrote: is this forum dead?

We don't exactly get hammered everyday with new inquiries, but there is a steady flow of traffic.

mortgagemom · Joined: 15 Jul 2005 Posts: 4 Location: Charlote, NC

If you are uncomfortable with a payment of this magnatude, find a home for less. Your housing expense should never be over 40% of your pay... that means if you bring home 5K/mo, your mtg shouldn't be over $2000 PITI. Don't over extend yourself, otherwise you could be looking at foreclosure down the road. Find a Mortgage professional in your area that will not only help you determine how much you can afford, but will help you make the best housing decision. Buying a home is never a mistake, unless you can't afford it. Good luck!

tailshe · Joined: 11 Jul 2005 Posts: 3 Location: boston ma,

thanks.

chow · Posted: Mon Jul 25, 2005 5:36 pm Post subject:

"i dont even have halth care it is aditional 600$+car,gas insuranceanother 700$food 500$ and a little more like phone bills and staff. "

Okay, so you are used to paying $1000 a month, and then double that to $2700 a month, and then you carry on with the statement of you "don't have health insurance and have two kids-any you only spend $500.00 for food, and a "little more for bills and stuff."

What are you thinking? You never want to payment shock yourself in a home. I don't care who tells you that you can afford it-but think straight on a few things. If you bite off more than you KNOW you can chew-you are setting yourself up for a failure.

We are not dead here-we're the quiet board.

(and since I'm wearing two braces on each arm-I'm really quiet!)

JR · Joined: 28 Oct 2005 Posts: 2 Location: GA

A good rule of thumb is that your mortgage plus all your other bills that show up on a credit report (remember this does not include food, clothing, insurance, etc) should not exceed about 45% of your gross monthly income.

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

45% is even high. It all depends on your income. If you don't have a whole lot, then 45% will crimp your lifestyle quite a bit.

macp · Joined: 13 Dec 2005 Posts: 8 Location: Phoenix

I dont know your credit score but try getting an interest only stated loan to keep your payments down to a minimum. Your entire payment will be a tax write off also. You can probably get your payment closer to $2000 a month if your score is higher than 620

Your question also was should you buy a house or a condo. I would buy a house because they go up in value more and are easy to sell.