Home Buying in Washington>Question Details

Matt, Home Buyer in

i put an offer at the DuMont in Washington DC last month. I feel it is too expensive. The morgage payment I

Asked by Matt, Wed Jun 25, 2008

will pay per month is more than 1/2 my monthly income. Is this crazy?

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Yes Matt that is just a bit crazy. You don't say but has your offer been accepted? It may not be too late to recind this offer and your agent should be able to help you. You do have an agent don't you?
I agree with Dave and Jean - about 1/3 of your income is high enough to pay for a mortgage because above that you are asking for trouble you don't need or want.
0 votes Thank Flag Link Wed Jul 16, 2008
Unless your confident that your income will be going up dramatically during the next couple of years, this is likely to force you into sitting home and eating peanut butter in your free time.
Just curious, are lenders still offering loans without adequate income to carry them (35-40% of income is the norm
0 votes Thank Flag Link Wed Jul 16, 2008
Hi, Matt,

This would be a terrible purchase for you, and you should find a home that's not more than 1/3 of your income, at the most. Please see a lender in that area and get pre-approved for a loan, as soon as possible. If the homes in that area are more expensive than you can comfortably afford, then don't feel bad about renting for awhile. Nothing spoils the pleasure of homeowning faster than financial pressure or the possibility of foreclosure! Check out your options, and make some goals. Maybe a salary increase is in your future, or even a transfer to a less expensive area.

Good Luck,
Jean Bradford
Associate Broker, ABR, GRI, CRS, CRB
John L. Scott Real Estate
Silverdale, WA.
0 votes Thank Flag Link Wed Jun 25, 2008
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