8 Thoughts on If anyone has trouble getting PENALTY a loan to buy a house?
  1. Reply
    December 10, 2012 at 9:09 pm

    I would never stretch my budget like that. My friend gave me the best advice… if you can buy a house, but not the furniture, you have no business buying a house.

  2. Reply
    Sharon T
    December 10, 2012 at 9:18 pm

    Probably not–but there are exceptions. Some people have little or no other debt. They have savings to last a few months. They don’t spend much on entertainment or eating out. They shop very carefully. Such a person can afford a larger house payment.

    Unless that describes the buyer, it is probably best to rent another year or two. It doesn’t look like house prices are going to shoot up, though mortgage rates may increase.

    You know yourself. If you don’t feel ready to make sacrifices for a couple of years, don’t buy yet.

  3. Reply
    Uh huh, go on I'm listening
    December 10, 2012 at 10:09 pm

    Absolutely not. Never under any circumstance should anyone struggle like that, odds are not in that home buyers favor, and shame on any bank that allows such a person a loan under those financial conditions.
    Buying a home is expensive as we all know. But what many first time buyers forget is all bills involved. Many first time buyers go from apt’s with heat/hot water included, to houses costing 3k just in heat during the winter, never mind all the other expenses, cable, phone, water, trash removal, maintance, lawn care, utilities, etc…
    Never buy a house if you can’t afford to save money while doing so. I’m talking put money into savings every week or month! Put it this way… if you can’t afford hoildays, birthdays, vacations, etc… you simply can not afford a home. The average home owner spends (at least) one and a half times what they did per month on their home than their apt. Biggest expense, whether things need repairing or not, is prepairing to repair. Things will break, there is no landlord to call. You have to be prepaired to fix a leaking roof, a broken water heater, plumbing, etc….
    So basically, if anyone isstruggling to afford an apt, they will never make it in a home.

  4. Reply
    December 10, 2012 at 11:03 pm

    No you shouldn’t do it. It will also not be easy to find a lender willing to provide a loan where the total payments from the mortage,insurance,and property tax exceeds 28% of your gross income.
    It also isn’t a good idea. If you fall behind your full payments by just 3 months, for any reason, you can expect to lose your home. So please make sure you can easily afford it.

  5. Reply
    Ed Atun
    December 10, 2012 at 11:55 pm

    We all felt this way when we shopped for our first house. I was renting for $ 400 a month and going to a payment of $ 750 a month. Many years ago. I was doubling my expenses and my income certainly wasn’t doubling.
    You will wake up one day and know it is time to buy a house. Don’t let anyone else hurry or slow you. You will know.

  6. Reply
    December 11, 2012 at 12:01 am

    You are buying a house that is too expensive and this is how foreclosure happens.

  7. Reply
    Janet P
    December 11, 2012 at 12:10 am

    This someone is simply not ready in their life and should not buy a house right now. They will end up loosing it and spending years trying to overcome the disaster. In the long run they will be better off waiting to buy a house when they are ready.

  8. Reply
    Big daddy
    December 11, 2012 at 1:03 am

    NO! Unless you want to become another foreclosure statistic. I understand the need/desire to own your own home, but if your extended going in, it will only get worse, all the utility bills, day to day bills, maintenance all of that, you need cushion before you get in, if you don’t have it, hold off. there is nothing worse than having the dream of home ownership crushed under foreclosure, don’t put yourself through it

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