brand new house in poway

[Scarlett]

If you want to save money, don’t rent an overly large/nice place. An apt. may be too small with 2 kids, but a 3 bdr condo should do well enough for you and allow you to save more money. If it’s near a park you won’t miss the yard that much.

[permabear]

[quote=Scarlett]Don’t feel terrible if you can’t manage to save 2K a month at 140K. Most people won’t be able to. It’s very hard to budget like that with 2 young kids, especially if they are in daycare and go to activities and all that, especially if both of you work.[/quote]

Saving $2k/month should be doable. Not easy, I didn’t say easy. But $140k is $12k gross each month. Subtract $1k for retirement and $2k for taxes and you’re still at $9k net. Save $2k and you still have $7k net each month.

If buying a house is a serious goal, sacrifices must be made to save for the down payment in the short-term. Cheaper wine and beer, maybe sell a car and carpool for a year, maybe skip the 401k just for a year (no longer) while you save up cash. Maybe you and the wife don’t exchange gifts for a year (kids still get them).

If you found an affordable rental close to $2k, tightened the belt for a year, and made it a goal to save $24k by the end of the year, I bet you’d do it. The goal is everything.

[permabear]

[quote=Scarlett]Don’t feel terrible if you can’t manage to save 2K a month at 140K. Most people won’t be able to. It’s very hard to budget like that with 2 young kids, especially if they are in daycare and go to activities and all that, especially if both of you work.[/quote]

Saving $2k/month should be doable. Not easy, I didn’t say easy. But $140k is $12k gross each month. Subtract $1k for retirement and $2k for taxes and you’re still at $9k net. Save $2k and you still have $7k net each month.

If buying a house is a serious goal, sacrifices must be made to save for the down payment in the short-term. Cheaper wine and beer, maybe sell a car and carpool for a year, maybe skip the 401k just for a year (no longer) while you save up cash. Maybe you and the wife don’t exchange gifts for a year (kids still get them).

If you found an affordable rental close to $2k, tightened the belt for a year, and made it a goal to save $24k by the end of the year, I bet you’d do it. The goal is everything.

[permabear]

[quote=Scarlett]Don’t feel terrible if you can’t manage to save 2K a month at 140K. Most people won’t be able to. It’s very hard to budget like that with 2 young kids, especially if they are in daycare and go to activities and all that, especially if both of you work.[/quote]

Saving $2k/month should be doable. Not easy, I didn’t say easy. But $140k is $12k gross each month. Subtract $1k for retirement and $2k for taxes and you’re still at $9k net. Save $2k and you still have $7k net each month.

If buying a house is a serious goal, sacrifices must be made to save for the down payment in the short-term. Cheaper wine and beer, maybe sell a car and carpool for a year, maybe skip the 401k just for a year (no longer) while you save up cash. Maybe you and the wife don’t exchange gifts for a year (kids still get them).

If you found an affordable rental close to $2k, tightened the belt for a year, and made it a goal to save $24k by the end of the year, I bet you’d do it. The goal is everything.

[permabear]

[quote=Scarlett]Don’t feel terrible if you can’t manage to save 2K a month at 140K. Most people won’t be able to. It’s very hard to budget like that with 2 young kids, especially if they are in daycare and go to activities and all that, especially if both of you work.[/quote]

Saving $2k/month should be doable. Not easy, I didn’t say easy. But $140k is $12k gross each month. Subtract $1k for retirement and $2k for taxes and you’re still at $9k net. Save $2k and you still have $7k net each month.

If buying a house is a serious goal, sacrifices must be made to save for the down payment in the short-term. Cheaper wine and beer, maybe sell a car and carpool for a year, maybe skip the 401k just for a year (no longer) while you save up cash. Maybe you and the wife don’t exchange gifts for a year (kids still get them).

If you found an affordable rental close to $2k, tightened the belt for a year, and made it a goal to save $24k by the end of the year, I bet you’d do it. The goal is everything.

[permabear]

[quote=Scarlett]Don’t feel terrible if you can’t manage to save 2K a month at 140K. Most people won’t be able to. It’s very hard to budget like that with 2 young kids, especially if they are in daycare and go to activities and all that, especially if both of you work.[/quote]

Saving $2k/month should be doable. Not easy, I didn’t say easy. But $140k is $12k gross each month. Subtract $1k for retirement and $2k for taxes and you’re still at $9k net. Save $2k and you still have $7k net each month.

If buying a house is a serious goal, sacrifices must be made to save for the down payment in the short-term. Cheaper wine and beer, maybe sell a car and carpool for a year, maybe skip the 401k just for a year (no longer) while you save up cash. Maybe you and the wife don’t exchange gifts for a year (kids still get them).

If you found an affordable rental close to $2k, tightened the belt for a year, and made it a goal to save $24k by the end of the year, I bet you’d do it. The goal is everything.

[fun4vnay2]

Thanks to all for the encouraging words.

Currently, I live in a decent apartment for $1.5K/month with a park just downstairs and don’t spend a lot of money for un-necessary stuffs and lot of savings.
We are a single income family, so kids are having a good time with stay at home Mom.

It really sucks to be priced out at this time but am hopeful my time would come hopefully soon..

[fun4vnay2]

Thanks to all for the encouraging words.

Currently, I live in a decent apartment for $1.5K/month with a park just downstairs and don’t spend a lot of money for un-necessary stuffs and lot of savings.
We are a single income family, so kids are having a good time with stay at home Mom.

It really sucks to be priced out at this time but am hopeful my time would come hopefully soon..

[fun4vnay2]

Thanks to all for the encouraging words.

Currently, I live in a decent apartment for $1.5K/month with a park just downstairs and don’t spend a lot of money for un-necessary stuffs and lot of savings.
We are a single income family, so kids are having a good time with stay at home Mom.

It really sucks to be priced out at this time but am hopeful my time would come hopefully soon..

[fun4vnay2]

Thanks to all for the encouraging words.

Currently, I live in a decent apartment for $1.5K/month with a park just downstairs and don’t spend a lot of money for un-necessary stuffs and lot of savings.
We are a single income family, so kids are having a good time with stay at home Mom.

It really sucks to be priced out at this time but am hopeful my time would come hopefully soon..

[fun4vnay2]

Thanks to all for the encouraging words.

Currently, I live in a decent apartment for $1.5K/month with a park just downstairs and don’t spend a lot of money for un-necessary stuffs and lot of savings.
We are a single income family, so kids are having a good time with stay at home Mom.

It really sucks to be priced out at this time but am hopeful my time would come hopefully soon..

[eavesdropper]

[quote=bearishgurl]I just looked at the listing again and the Redfin listing is misleading in that it states the asking price is “$311,542.” This is WRONG and also false advertising which is banking on the lack of sophistication in these buyers.

See below for income guidelines by household size. 1 person household: $44,001-$63,400 annual gross income. 2 person hh: $50,251-$72,500. 3 person hh: $56,551-81,550. 4 person hh: $62,801-$90,600. 5 person hh: $67,851-$97,850. Purchase price includes $18,500 down payment, $293,022 30-year fixed by approved lender. Balance of cost is in the form of over $88,000 in down payment assistance loans! Please call for terms of these loans, compete qualification criteria, and resale restrictions.

$18,500 (downpayment) + $293,022 (P&I) + $88,000+ (downpayment assistance) = $399,522+!

Piggs, how is a “low income” buyer going to pay back a “silent second, I/O second or straight-note-with-balloon second” of $88K+ if the property doesn’t appreciate and they are restricted as to WHEN they can sell it and/or WHO they can it to??

I would also venture that there is a prepayment penalty involved in the financing here. This small subdivision with its “rigged financing scheme” is a disaster waiting to happen to the most vulnerable families, IMO.[/quote]

Bearishgurl, you are awesome. Excellent post!

You do such a great job looking out for us Piggs, and always come up with good advice, and the info to back it up. I think that we should make you our Den Mother.

How are your brownies?

[eavesdropper]

[quote=bearishgurl]I just looked at the listing again and the Redfin listing is misleading in that it states the asking price is “$311,542.” This is WRONG and also false advertising which is banking on the lack of sophistication in these buyers.

See below for income guidelines by household size. 1 person household: $44,001-$63,400 annual gross income. 2 person hh: $50,251-$72,500. 3 person hh: $56,551-81,550. 4 person hh: $62,801-$90,600. 5 person hh: $67,851-$97,850. Purchase price includes $18,500 down payment, $293,022 30-year fixed by approved lender. Balance of cost is in the form of over $88,000 in down payment assistance loans! Please call for terms of these loans, compete qualification criteria, and resale restrictions.

$18,500 (downpayment) + $293,022 (P&I) + $88,000+ (downpayment assistance) = $399,522+!

Piggs, how is a “low income” buyer going to pay back a “silent second, I/O second or straight-note-with-balloon second” of $88K+ if the property doesn’t appreciate and they are restricted as to WHEN they can sell it and/or WHO they can it to??

I would also venture that there is a prepayment penalty involved in the financing here. This small subdivision with its “rigged financing scheme” is a disaster waiting to happen to the most vulnerable families, IMO.[/quote]

Bearishgurl, you are awesome. Excellent post!

You do such a great job looking out for us Piggs, and always come up with good advice, and the info to back it up. I think that we should make you our Den Mother.

How are your brownies?

[eavesdropper]

[quote=bearishgurl]I just looked at the listing again and the Redfin listing is misleading in that it states the asking price is “$311,542.” This is WRONG and also false advertising which is banking on the lack of sophistication in these buyers.

See below for income guidelines by household size. 1 person household: $44,001-$63,400 annual gross income. 2 person hh: $50,251-$72,500. 3 person hh: $56,551-81,550. 4 person hh: $62,801-$90,600. 5 person hh: $67,851-$97,850. Purchase price includes $18,500 down payment, $293,022 30-year fixed by approved lender. Balance of cost is in the form of over $88,000 in down payment assistance loans! Please call for terms of these loans, compete qualification criteria, and resale restrictions.

$18,500 (downpayment) + $293,022 (P&I) + $88,000+ (downpayment assistance) = $399,522+!

Piggs, how is a “low income” buyer going to pay back a “silent second, I/O second or straight-note-with-balloon second” of $88K+ if the property doesn’t appreciate and they are restricted as to WHEN they can sell it and/or WHO they can it to??

I would also venture that there is a prepayment penalty involved in the financing here. This small subdivision with its “rigged financing scheme” is a disaster waiting to happen to the most vulnerable families, IMO.[/quote]

Bearishgurl, you are awesome. Excellent post!

You do such a great job looking out for us Piggs, and always come up with good advice, and the info to back it up. I think that we should make you our Den Mother.

How are your brownies?

[eavesdropper]

[quote=bearishgurl]I just looked at the listing again and the Redfin listing is misleading in that it states the asking price is “$311,542.” This is WRONG and also false advertising which is banking on the lack of sophistication in these buyers.

See below for income guidelines by household size. 1 person household: $44,001-$63,400 annual gross income. 2 person hh: $50,251-$72,500. 3 person hh: $56,551-81,550. 4 person hh: $62,801-$90,600. 5 person hh: $67,851-$97,850. Purchase price includes $18,500 down payment, $293,022 30-year fixed by approved lender. Balance of cost is in the form of over $88,000 in down payment assistance loans! Please call for terms of these loans, compete qualification criteria, and resale restrictions.

$18,500 (downpayment) + $293,022 (P&I) + $88,000+ (downpayment assistance) = $399,522+!

Piggs, how is a “low income” buyer going to pay back a “silent second, I/O second or straight-note-with-balloon second” of $88K+ if the property doesn’t appreciate and they are restricted as to WHEN they can sell it and/or WHO they can it to??

I would also venture that there is a prepayment penalty involved in the financing here. This small subdivision with its “rigged financing scheme” is a disaster waiting to happen to the most vulnerable families, IMO.[/quote]

Bearishgurl, you are awesome. Excellent post!

You do such a great job looking out for us Piggs, and always come up with good advice, and the info to back it up. I think that we should make you our Den Mother.

How are your brownies?

[Author]

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