Putting an offer on a condo tomorrow but want to perform a gut check. HHI is 300k with no debt. I am putting 10% down. The purchase price would be 460k. The monthly payment would be around $3800. Am I crazy?? First time home buyer and I’m nervous...

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You’re fine. More down would make interest portion suck less.

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Ok that makes sense

Seems like a really conservative debt to income to me

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That is super reasonable.

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Haha man you can do this in your sleep

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u good

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Review condo bylaws and do some due diligence with people who lived there a long time

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Also 3800 with 300k hhi is nothing

Sounds very reasonable & good luck! 🍀

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I’m on the same boat right now all of the “reasonable” condos I come across (price, amenities, location) is around $3800 monthly (including hoa insurance and taxes) after 10-15% dp. It seems scary to buy rn but I also don’t think interest rate is going down any time soon like 2020. And given the current supply I doubt we’ll have a huge price correction. My thinking is if you can afford the payment do it and hold until it makes sense. Plus think about the tax breaks you’ll get with higher interest rate and property taxes, that 3800 will probably net to a few hundred dollars lower

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