good work eclipxe, now let’s talk about that prenup. Forget I said that, go for broke, spending all your time and money on a house only to donate it to your ex wife was an educational experience in hindsight. I wouldn’t want you to miss out on any of life’s lessons since you are quite the student and off to a great start.
Break it down to what you need to do and what would be nice to do, if your appliances are the wrong color but work, leave them for now. If the sprinklers are broken, fix them now. You will find that time, energy and money all go too fast when taking on a repo. Try to do everything with cash, don’t borrow for repairs or upgrades, pospone them before borrowing. I’m at about the 45 day mark and I am pooped, I need a week off from working on the house.
Regarding the 3.5 or 5% down loans, the VA (0%) and FHA (3.5%) have always done them, they cost a little more but they are full doc and have never been the cause of any bubbles, they have limitations on price and inspection requirements, impound requirements but are the right thing for many young buyers, always have been, my first loan some 20 years ago was fha and I have no regrets.
The best thing you did eclipxe was 3x income purchase price, not 3x income counting your future spouse’s income but straight up 3x your income. This will give you the flexibility to not need two incomes and when it is time to make babies, you will apreciate a fixed payment that you can cover by yourself and a house that you wont outgrow. In this market you shouldn’t buy unless it is affordable and all you will need for at least ten years, the ability to “move-up” is gone for now.
