Asked by patrickps, Plano, TX • Tue Jul 3, 2012
I'd be interested in any feedback from the professionals here. The situation is this: we've not been looking to buy a house, but we have friends who are putting their house on the market. We're considering whether or not we could buy it. The problem isn't income, it's debt. I've been unemployed for health reasons for four years. My wife is employed with a very good salary. Nevertheless, $300-450 a month on medical (in addition to insurance) has put our credit in less than good shape (probably 580 or so).
Our goal is actually to DOWNSCALE so that we can get more out of debt and better manage our money with the health issues that are now part of our lives. We are paying $1150 in rent, the mortgage on the house would be approx. $600. There is no way we can rent for that amount in this area. Smaller house as well, so smaller utility bills. That sounds to us like probably the only way to significantly reduce our debts in the short term. Feasible?
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