Imago said:

So true..then you have to think of house insurance, taxes, which some loans you can get that written into your mortgage payment, if you can't then get ready to pay up.

truefunksoldier said:

Yes, but someone's gotta lead tho. Those lenders knew those people could not afford those house they were putting them in.

Vendetta1 said:

GurrLLL, before I bought a house you couldn't pay me to install light fixtures, ceiling fans, and fix toilets. But I figure it was either learn how to do that, or forgo weekend trips to Miami.

Vendetta1 said:

Those are the things that are making me want to go the condo route versus the house! I'm quite handy and can follow directions if I take the time to read up on anything I might need to do. And you can always borrow or rent tools if needed.
Trying to furnish a 3 bedroom house would take me some time consdiering I barely have anything in my one bedroom apartment. But it would be so much fun in the process!

Imago said:

I already have to learn to do drywall and I'm gonna rip up the carpet and install a laminate or hardwood floor because I want dogs.

I'm not giving up anything.

I actually wanna go back to Europe in the fall. Sweden or Finland this time.

Vendetta1 said:

Nobody forced anyone to sign the papers. They both were culpable. The lenders were irresponsible and greedy lending money to people that they knew wouldn't pay back. They did it because they knew that they could sell the mortgages and not have to be on the hook for them.

The buyers were irresponsible and greedy for signing things that they either didn't understand, or weren't adult enough to care about the responsibility that they had to meet their financial obligations.

CarrieMpls said:

If I didn't have kids or snore as bad as i do, I would be in a condo right now.

CarrieMpls said:

ANY piece of real estate that you purchase will make you totally STOKED.


We bought a town home for that reason. It's a house, with no need for a lawn mower, gardening, outside maintenence PERIOD. They also cover pest extermination. It's all in our homeowner's assoc. dues. Insurance and everything outside is covered by the development, as well as water n sewage. It's a good route to take for the first timer.

truefunksoldier said:

And I agree but if I had to assess blame, it would be 70% to the lenders. The lenders know better. You should have heard the game they tried to run on me because they thought I didn't know.

KatSkrizzle said:

You people in the south with your pest control. We're lucky in that I don't know anyone who has had anything like that done in a home here. Businesses do and some apartment buildings, but it's rarely if ever necessary in private homes here. Maybe a mouse trap in the winter...

But with an association you have an association FEE. Some of the buildings I've looked at have them as high as $700 a month (almost as much as the mortgage payment!). So not having to pay that can make a big difference in monthly payment, you just have a lot more work and a bit of a water/sewage bill.

This weekend I was supposed to be deciding if I wanted to go with condo or house and I'm still equally torn. The condo is really right for the size (I'm still single) and the lack of maintenance required but the house I found has 3 porches and a lovely backyard. And I'd make one of the 3 bedrooms into my own dressing room/closet. And in the kitchen the door going down to the basement had a cute little kitty door already cut into it. I'm not gonna get any of that in a condo.

Vendetta1 said:

I had a personal friend as my realtor. And while I listened to her wheel n deal and discuss the parameters with the builder's sales person, my head. was. spinning. I can see how people were taken advantage of. I truly tried to keep up, but I became quite confused and had to ask questions over and over. If you don't truly have a person in your corner and you have never been there before and were never taught or exposed, yes, someone could totally bulldoze you.

CarrieMpls said:

Girl, if it weren't for pest control....I have some horror stories for you! Imagine roaches the size of your hand!!! I remember one night I laid down to sleep and a roach ( I mean "waterbug" they look like big disgusting roaches) the size of my thunb crawled onto my pillow and was crawling to my face. I NEVER slept on my bed for the remaining six months in that apt.

But anyway, out HOA dues are only 125 a month. We could have added the first two years in the mortgage, but opted not to.

KatSkrizzle said:

Luckily, I am the internet queen so I researched everything. Yes, people should totally understand what they are getting into but it is very easy to get lost in all this.

Vendetta1 said:

Unfortunately the general public did not take the task as serious as it should have been. It unfortunately became a fad like anything else.

Vendetta1 said:

Do like I did - get yourself a really sexy handyman.

Genesia said:

Is that your pet name for sweetie?

Vendetta1 said:

In the last month...he put in a new garbage disposal...and a new kitchen faucet.

And then he fixed my plumbing.

Genesia said:

The situation is,my Mother is the owner of the home that I currently rent,and like other she got into a bad loan with Wachovia,and so far they are not seeming to want to work with her on getting her loan modified,and if she can not get it modified then she will have to sell,but there are 2 houses on the property. I figure if I can get a loan to buy the houses,because I really love the house I live in,I could rent out the other one,and use the rental income to help pay for the loan payments. I know though that since I am currently only working part time, even with the rental income I probably would not be able to make the rest of the payment on my own. The 2 cosigners that I have in mind are one of my sisters,and my father. We all get along great so that won't be an issue,odviously I would rather not have to live with my father,and my sister,but I would rather not lose this house even more.
[Edited 6/22/09 21:05pm]

EmeraldSkies said:

Oh okay.

I would then advise you to Run. Fast. Far away from that situation.

1) working part time, you simply cannot afford a house
2) you all get along great now. Don't ruin that by mixing business into the relationship.
3) it's just a house

EmeraldSkies said:

Make sure you get a fixed rate particularly one that will allow you to pay on the principal and not just the interest.

Make sure that you have at least 10,000 to put down. The interest rate will greatly drop

Also make sure you go through a reputable bank

Finally save at least 3 paychecks before you become a homeowner

CarrieMpls said:

This is actually not wealthy a all. I made a little over 60,000 last year and am considered underpaid in the state of California

Imago said:

If anything call them Window Fashions!!! Window Dressings is just SO ghey!

karmatornado said:

Off topic- What do you do that earns you over 60,000 a year?

truefunksoldier said:

My mortgage would mean on that calculation i would need a gross pay of $238,000

resolve said:

Your math is wrong.

238,000 gross pay would mean 19,833.00 per month.
25% of that is 4,958.00

If your mortgage payment is 4,958.00 / month, then I would say you are either very wealthy, very stupid, or your math is wrong.

truefunksoldier said:

Either that or I don't live in the USA and I pay much higher tax than you do. Try 40-45% and you are in the right ball park.
Your original post stated 25% of TAKE HOME pay. So once you factor in the tax then it works like this

Mortgage equivolent in USD = $2975
If $2975 is 25% of my take home pay according to you then my take home pay should be $11900.00.
Tax is 40% base.
$11900 therefore would = 60% as my take home

If $11900 = 60% the 100% = $19833.33

Multiply by 12 for a gross annual salary and according to your formula i would need a gross pay of $238,000.

So no, my maths is not wrong, your assumptions are.
[Edited 6/28/09 10:12am]