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05.23.08, 12:37 PM General Topics
15 replies
think we can afford 1.5M condo if HHI is 400K? this sound like a stretch? [ Reply | Watch | Flag ]
General Topics 05.23.08, 12:37 PM Flag
 

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in NY? do it [ Reply | More ]
General Topics 05.23.08, 12:37 PM Flag
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depends on DP! [ Reply | More ]
General Topics 05.23.08, 12:37 PM Flag
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we have 20%.. but in this market i don't even know if it's advantageous to put that much down. i so don't know RE anymore [ Reply | More ]
General Topics 05.23.08, 12:38 PM Flag
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why not more? [ Reply | More ]
General Topics 05.23.08, 12:39 PM Flag
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why not more than 20%? we haven't tapped our other assets. we could do more, just don't know on the investment side if that's smarter than keeping that money where it is currently [ Reply | More ]
General Topics 05.23.08, 12:40 PM Flag
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I think the general rule is 2 to 2 1/2x your income. I'd say $1.5 is a stretch unless you have $500 in a downpayment. [ Reply | More ]
General Topics 05.23.08, 12:38 PM Flag
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2 to 2.5X? wait, give me an example [ Reply | More ]
General Topics 05.23.08, 12:39 PM Flag
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not or - but this would be 800-1m in your case. [ Reply | More ]
General Topics 05.23.08, 12:40 PM Flag
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^^ for the mortgage - so if you have 500 to put down, you'd be fine. [ Reply | More ]
General Topics 05.23.08, 12:41 PM Flag
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great, so we need to reallocate some funds. damnnit life is so expensive [ Reply | More ]
General Topics 05.23.08, 12:45 PM Flag
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Yeah, but buying a house is "the same" as investing. So, don't look at it as an expense. One piece of advice someone gave me once - Would you borrow on your house to invest in the stock market (or whatever)? If no, then go ahead and put a bunch down on your house. Especially since re is on the low end right now. [ Reply | More ]
General Topics 05.23.08, 12:47 PM Flag
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it's amazing when you're looking, though, how it goes from really great in the 1.2-1.5 range, then "oh. heh." in the 1M range! [ Reply | More ]
General Topics 05.23.08, 12:50 PM Flag
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OP: SORRY, i thought she was saying a ratio or 2:2.5 which made no sense to me. she means 2.5X HHI. i should read better. lol [ Reply | More ]
General Topics 05.23.08, 12:42 PM Flag
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So 2x $400 is $800K or 2 1/2x is $1M for a mtg minus your dp. I think you should stick to $800 - $1M range with 20% down. [ Reply | More ]
General Topics 05.23.08, 12:41 PM Flag
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sorry, duh, i get that now. the under 1M range for a family is some mighty unremarkable RE, and we're looking uptown in the cheaper nabes, too. i see my dreams of sunfilled brownstone fleeting before my eyes [ Reply | More ]
General Topics 05.23.08, 12:44 PM Flag
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