Need help !!
I want to buy a home next year. Can someone help us with some questions ?
I want to have by mid next year and my income annually is 120k, no bonus or stocks and net worth would be 70k as of now in savings !
What do you all think??
Location: Dallas, Tx
Married.

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Think what ? What are your specific ques?

Think of what?

Have money? (Y/N)

If Y, buy house.

If N, don’t buy house.

Like is it feasible to buy a home with this only assets ?

This is very directional guidance, but assume the 70k is your down payment, and divide it by 20%. That’ll give you the amount you can afford ($350k). Then go on a mortgage calculator and calculate the 280k mortgage (350k - 70k) at the current interest rate, add tax / hoa / insurance etc, and figure out if it’s within your budget. Create a spreadsheet so you can flex the numbers to see what works for your budget.

If you want to put less down, same mechanism as above, but flex the down pymt % etc. but add fha loan insurance to your monthly insurance pymt.

In the end, it’s a math exercise that you should work on a spreadsheet then have a candid conversation with your spouse on what you can afford.

What’s your spouses income??

My house hold income per year is 170k

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