Chances to buy a townhouse??
I plan to buy a townhome priced at $230,000 with an HOA of $300. I got pre-approval for a conventional loan. I have $60k saved up to put down and pay closing costs. I still have $20k of student loans I need to pay. I was hoping that $10k would be written off with Biden’s plan, but that seems in doubt now. I have no car payments left, and I also have $14k in Roth IRA for retirement. I just turned 28, and I want to set myself up for financial success, but I am worried about buying a townhome. Prices are extremely high, and I don’t think my salary would be enough to cover payments in the long run. Any advice? by jiriquez246 from Apollo Beach, Florida. Apr 25th 2023
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,843 contributions
The best time to buy is always 5-years ago. 5-years form now you'll be happy if you buy, and kicking yourself if you don't. Home prices are only going up. Rates will drop and you can refinance then. You need a place to live. Might as well be your own! I lend for homes in MN, FL, WI, IA, ND, and SD. Find me at SaintPaulMortgageBroker.com | Cambria Mortgage, NMLS 274132
Dave Skow (daveskow)
#15 ranked lender in Washington - 453 contributions
talk to your lender and get an accurate estimation of what your total payment ( with hoa dues / taxes / insurance and mortgage insurance if needed) so you are aware of the total required payment ...if you are not comfortable paying it - dont buy it .......maybe wait to see if the prices drop or if the rates drop ...you might also look for property that has lesser amount of dues or zero dues - being able to qualify and being comfortable with the payment are 2 different things ...Dave Skow | Loan Officer Movement Mortgage NMLS 278613 Dave.skow@movement.com Mobile (206) 714-9745
Ask our community a question.
Get an answer
Related Questions
