I don’t see how this will save him money. Texas property taxes are a killer and at 12000 a year annual salary he’s not going save anything on his federal taxes. My daughter pays nearly $4000 a year on a house valued at $156,000. His utility expenses are going to be higher in a house and how’s he going to pay for repairs and homeowners insurance.

I’m not trying to be mean here but who came up with this brilliant idea? This kid is broke he has no business buying a house, not even in Texas. I don’t wonder he’s late paying bills he’s paying half his gross pay in rent. I don’t know how he’s scraping by. He doesn’t need a house he needs a better job.

I don’t see how this will save him money. Texas property taxes are a killer and at 12000 a year annual salary he’s not going save anything on his federal taxes. My daughter pays nearly $4000 a year on a house valued at $156,000. His utility expenses are going to be higher in a house and how’s he going to pay for repairs and homeowners insurance.

I’m not trying to be mean here but who came up with this brilliant idea? This kid is broke he has no business buying a house, not even in Texas. I don’t wonder he’s late paying bills he’s paying half his gross pay in rent. I don’t know how he’s scraping by. He doesn’t need a house he needs a better job.

Time and Twenty

Time is the only thing that will improve his credit score – provided he starts paying and continues to pay bills on time.

Twenty – even someone with poor credit can get a home loan with 20% down. If parent doesn’t want to co-sign, they can lend the son $8K for his downpayment and put a lien on the property after closing for $8K plus interest.

Note: With a score of less than 700, he’ll end up with a higher interest rate.

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Oh and also, TX prop taxes may be high, but property taxes as well as mortgage interest is tax deductible, while rent payments are not. I suggest doing the numbers to see how it pans out. Take total of property taxes and mortgage interest for 1 year and divide by 3200. The result is the number of exlusions he can claim on his W4. (For instance, if the answer is 6, that equals 6 dependents he can claim on his W4. So he gets to net more from his paycheck each month.)

Time and Twenty

Time is the only thing that will improve his credit score – provided he starts paying and continues to pay bills on time.

Twenty – even someone with poor credit can get a home loan with 20% down. If parent doesn’t want to co-sign, they can lend the son $8K for his downpayment and put a lien on the property after closing for $8K plus interest.

Note: With a score of less than 700, he’ll end up with a higher interest rate.

—–

Oh and also, TX prop taxes may be high, but property taxes as well as mortgage interest is tax deductible, while rent payments are not. I suggest doing the numbers to see how it pans out. Take total of property taxes and mortgage interest for 1 year and divide by 3200. The result is the number of exlusions he can claim on his W4. (For instance, if the answer is 6, that equals 6 dependents he can claim on his W4. So he gets to net more from his paycheck each month.)

Time and Twenty

Time is the only thing that will improve his credit score – provided he starts paying and continues to pay bills on time.

Twenty – even someone with poor credit can get a home loan with 20% down. If parent doesn’t want to co-sign, they can lend the son $8K for his downpayment and put a lien on the property after closing for $8K plus interest.

Note: With a score of less than 700, he’ll end up with a higher interest rate.

—–

Oh and also, TX prop taxes may be high, but property taxes as well as mortgage interest is tax deductible, while rent payments are not. I suggest doing the numbers to see how it pans out. Take total of property taxes and mortgage interest for 1 year and divide by 3200. The result is the number of exlusions he can claim on his W4. (For instance, if the answer is 6, that equals 6 dependents he can claim on his W4. So he gets to net more from his paycheck each month.)