intentional overextension

[NotCranky]

[quote=jpinpb]
Any other creative ideas out there?[/quote]
For a fee I can fake a cracked slab for you.

[Eugene]

How likely is the return of the second income?

In my view, any kind of meaningful bailout is unlikely. 800K houses are mostly in the luxury category and you don’t really need those unless a) it’s a status symbol or b) you have 3+ kids and you want to send them to best schools possible. Overextending when you have 3+ kids is a BAD idea.

It is very unlikely that you will qualify for a 800K house with a 125K income, even with 20% down.

[Eugene]

How likely is the return of the second income?

In my view, any kind of meaningful bailout is unlikely. 800K houses are mostly in the luxury category and you don’t really need those unless a) it’s a status symbol or b) you have 3+ kids and you want to send them to best schools possible. Overextending when you have 3+ kids is a BAD idea.

It is very unlikely that you will qualify for a 800K house with a 125K income, even with 20% down.

[Eugene]

How likely is the return of the second income?

In my view, any kind of meaningful bailout is unlikely. 800K houses are mostly in the luxury category and you don’t really need those unless a) it’s a status symbol or b) you have 3+ kids and you want to send them to best schools possible. Overextending when you have 3+ kids is a BAD idea.

It is very unlikely that you will qualify for a 800K house with a 125K income, even with 20% down.

[Eugene]

How likely is the return of the second income?

In my view, any kind of meaningful bailout is unlikely. 800K houses are mostly in the luxury category and you don’t really need those unless a) it’s a status symbol or b) you have 3+ kids and you want to send them to best schools possible. Overextending when you have 3+ kids is a BAD idea.

It is very unlikely that you will qualify for a 800K house with a 125K income, even with 20% down.

[Eugene]

How likely is the return of the second income?

In my view, any kind of meaningful bailout is unlikely. 800K houses are mostly in the luxury category and you don’t really need those unless a) it’s a status symbol or b) you have 3+ kids and you want to send them to best schools possible. Overextending when you have 3+ kids is a BAD idea.

It is very unlikely that you will qualify for a 800K house with a 125K income, even with 20% down.

[temeculaguy]

FHA loans have a cieling, not sure but it was 417k, it’s usually at or below conforming.

Hey, here’s a novel idea, buy a house that you can afford on the 125k and then if you keep the second income, live like a rockstar or pay off the house in just a few years, underextending is the new black. Keep your credit rating, sleep well, eat well and drink well. I paid a little over two years pay for my place and I can attest that the peace of mind of underextending is fabulous. It will give you room to play the stock market, contemplate rentals or do whatever. Sinking it all in your primary is so 2006.

[temeculaguy]

FHA loans have a cieling, not sure but it was 417k, it’s usually at or below conforming.

Hey, here’s a novel idea, buy a house that you can afford on the 125k and then if you keep the second income, live like a rockstar or pay off the house in just a few years, underextending is the new black. Keep your credit rating, sleep well, eat well and drink well. I paid a little over two years pay for my place and I can attest that the peace of mind of underextending is fabulous. It will give you room to play the stock market, contemplate rentals or do whatever. Sinking it all in your primary is so 2006.

[temeculaguy]

FHA loans have a cieling, not sure but it was 417k, it’s usually at or below conforming.

Hey, here’s a novel idea, buy a house that you can afford on the 125k and then if you keep the second income, live like a rockstar or pay off the house in just a few years, underextending is the new black. Keep your credit rating, sleep well, eat well and drink well. I paid a little over two years pay for my place and I can attest that the peace of mind of underextending is fabulous. It will give you room to play the stock market, contemplate rentals or do whatever. Sinking it all in your primary is so 2006.

[temeculaguy]

FHA loans have a cieling, not sure but it was 417k, it’s usually at or below conforming.

Hey, here’s a novel idea, buy a house that you can afford on the 125k and then if you keep the second income, live like a rockstar or pay off the house in just a few years, underextending is the new black. Keep your credit rating, sleep well, eat well and drink well. I paid a little over two years pay for my place and I can attest that the peace of mind of underextending is fabulous. It will give you room to play the stock market, contemplate rentals or do whatever. Sinking it all in your primary is so 2006.

[temeculaguy]

FHA loans have a cieling, not sure but it was 417k, it’s usually at or below conforming.

Hey, here’s a novel idea, buy a house that you can afford on the 125k and then if you keep the second income, live like a rockstar or pay off the house in just a few years, underextending is the new black. Keep your credit rating, sleep well, eat well and drink well. I paid a little over two years pay for my place and I can attest that the peace of mind of underextending is fabulous. It will give you room to play the stock market, contemplate rentals or do whatever. Sinking it all in your primary is so 2006.

[Eugene]

[quote=temeculaguy]
Hey, here’s a novel idea, buy a house that you can afford on the 125k and then if you keep the second income, live like a rockstar or pay off the house in just a few years, underextending is the new black. [/quote]

Sometimes underextending is not an option.

Try to find a place for two years your pay (or his pay) that will have room for 3 kids, rank 8 schools all through (I’m not even asking for rank 10), within 45 min commute from Sorrento Valley. You can’t. You’ll start seeing options for 3x pay; you’ll only get a good selection of houses that don’t look like they are going to fall apart if you rise the bar to 4x pay; if you want new rather than 30-year-old, you need to go to 5x pay.

I do agree that spending 800k is not necessary.

[Eugene]

[quote=temeculaguy]
Hey, here’s a novel idea, buy a house that you can afford on the 125k and then if you keep the second income, live like a rockstar or pay off the house in just a few years, underextending is the new black. [/quote]

Sometimes underextending is not an option.

Try to find a place for two years your pay (or his pay) that will have room for 3 kids, rank 8 schools all through (I’m not even asking for rank 10), within 45 min commute from Sorrento Valley. You can’t. You’ll start seeing options for 3x pay; you’ll only get a good selection of houses that don’t look like they are going to fall apart if you rise the bar to 4x pay; if you want new rather than 30-year-old, you need to go to 5x pay.

I do agree that spending 800k is not necessary.

[Eugene]

[quote=temeculaguy]
Hey, here’s a novel idea, buy a house that you can afford on the 125k and then if you keep the second income, live like a rockstar or pay off the house in just a few years, underextending is the new black. [/quote]

Sometimes underextending is not an option.

Try to find a place for two years your pay (or his pay) that will have room for 3 kids, rank 8 schools all through (I’m not even asking for rank 10), within 45 min commute from Sorrento Valley. You can’t. You’ll start seeing options for 3x pay; you’ll only get a good selection of houses that don’t look like they are going to fall apart if you rise the bar to 4x pay; if you want new rather than 30-year-old, you need to go to 5x pay.

I do agree that spending 800k is not necessary.

[Eugene]

[quote=temeculaguy]
Hey, here’s a novel idea, buy a house that you can afford on the 125k and then if you keep the second income, live like a rockstar or pay off the house in just a few years, underextending is the new black. [/quote]

Sometimes underextending is not an option.

Try to find a place for two years your pay (or his pay) that will have room for 3 kids, rank 8 schools all through (I’m not even asking for rank 10), within 45 min commute from Sorrento Valley. You can’t. You’ll start seeing options for 3x pay; you’ll only get a good selection of houses that don’t look like they are going to fall apart if you rise the bar to 4x pay; if you want new rather than 30-year-old, you need to go to 5x pay.

I do agree that spending 800k is not necessary.

[Author]

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