As mentioned earlier, I was thinking about buying because of the tax advantages, plus fear of rent going up around UTC. I was approved for $355k, but I know better, and realistically, I don’t want to buy anything unless it’s listed around 200-225. A comment was made that I should low ball by offering 15-20% of the lowest list price. That is exactly what I intend to do.
I’m approved through ACORN, a non-profit that helps first-time homebuyers. I can either get a 30yr fixed, or a 40 year fixed loan, but on the 40 yo, I only pay interest for the first 10 years, but the interest remains fixed. I’m a little weary about that, so I’m going for the 30 yr. I’m planning on having mortage, HOA and taxes to be roughly around 12-1400/mth. I rather pay that knowing that I’m owning rather than pay rent, which, as someone already mentioned, seems to be trending up. Mind you, my budget is based on the fact that I still claim 0 deduction and still manage to sock away money for emergency savings and IRA account (considering I don’t get any matching for 401k).
