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evolusd
ParticipantI am SO interested in the solar movement and am hoping to transition my career into the solar industry (from commercial banking).
As for financing, if you have home equity and good credit/income you could definitely get a home equity credit line or term loan to finance the purchase. Not sure how this type of bank financing would compare with the targeted solar financing out there. I check out various solar companies and most seem to offer some sort of financing, usually secured by a deed against the home.
Kudos for taking a step toward making the earth a cleaner place!
ParticipantI am SO interested in the solar movement and am hoping to transition my career into the solar industry (from commercial banking).
As for financing, if you have home equity and good credit/income you could definitely get a home equity credit line or term loan to finance the purchase. Not sure how this type of bank financing would compare with the targeted solar financing out there. I check out various solar companies and most seem to offer some sort of financing, usually secured by a deed against the home.
Kudos for taking a step toward making the earth a cleaner place!
ParticipantI am SO interested in the solar movement and am hoping to transition my career into the solar industry (from commercial banking).
As for financing, if you have home equity and good credit/income you could definitely get a home equity credit line or term loan to finance the purchase. Not sure how this type of bank financing would compare with the targeted solar financing out there. I check out various solar companies and most seem to offer some sort of financing, usually secured by a deed against the home.
Kudos for taking a step toward making the earth a cleaner place!
ParticipantI am SO interested in the solar movement and am hoping to transition my career into the solar industry (from commercial banking).
As for financing, if you have home equity and good credit/income you could definitely get a home equity credit line or term loan to finance the purchase. Not sure how this type of bank financing would compare with the targeted solar financing out there. I check out various solar companies and most seem to offer some sort of financing, usually secured by a deed against the home.
Kudos for taking a step toward making the earth a cleaner place!
ParticipantI am SO interested in the solar movement and am hoping to transition my career into the solar industry (from commercial banking).
As for financing, if you have home equity and good credit/income you could definitely get a home equity credit line or term loan to finance the purchase. Not sure how this type of bank financing would compare with the targeted solar financing out there. I check out various solar companies and most seem to offer some sort of financing, usually secured by a deed against the home.
Kudos for taking a step toward making the earth a cleaner place!
ParticipantA general rule of thumb I’ve heard is your mortgage should not exceed 3x your gross annual salary. So based on your above situation, a proposed mortgage of $375k + your $17k for DP equals a purchase price of $392k (less closing costs you’d have to pay). Hopefully you have at least another $10-15k in savings that you’re not allocating as your DP. You’ll also be limited by the FHA front and back-end debt-to-income ratios, which will take into consideration your auto loan.
In addition to job stability, a HUGE factor that people in our age group don’t consider is having children and the impact on your income/expenses. If you’re not planning on having kids ever, then the above math might make sense (assuming you feel we’re at the bottom of the housing market, which I don’t). If you are planning on having kids, you must consider one income going away or a significant monthly expense for full-time daycare. This will change the math dramatically.
ParticipantA general rule of thumb I’ve heard is your mortgage should not exceed 3x your gross annual salary. So based on your above situation, a proposed mortgage of $375k + your $17k for DP equals a purchase price of $392k (less closing costs you’d have to pay). Hopefully you have at least another $10-15k in savings that you’re not allocating as your DP. You’ll also be limited by the FHA front and back-end debt-to-income ratios, which will take into consideration your auto loan.
In addition to job stability, a HUGE factor that people in our age group don’t consider is having children and the impact on your income/expenses. If you’re not planning on having kids ever, then the above math might make sense (assuming you feel we’re at the bottom of the housing market, which I don’t). If you are planning on having kids, you must consider one income going away or a significant monthly expense for full-time daycare. This will change the math dramatically.
ParticipantA general rule of thumb I’ve heard is your mortgage should not exceed 3x your gross annual salary. So based on your above situation, a proposed mortgage of $375k + your $17k for DP equals a purchase price of $392k (less closing costs you’d have to pay). Hopefully you have at least another $10-15k in savings that you’re not allocating as your DP. You’ll also be limited by the FHA front and back-end debt-to-income ratios, which will take into consideration your auto loan.
In addition to job stability, a HUGE factor that people in our age group don’t consider is having children and the impact on your income/expenses. If you’re not planning on having kids ever, then the above math might make sense (assuming you feel we’re at the bottom of the housing market, which I don’t). If you are planning on having kids, you must consider one income going away or a significant monthly expense for full-time daycare. This will change the math dramatically.
ParticipantA general rule of thumb I’ve heard is your mortgage should not exceed 3x your gross annual salary. So based on your above situation, a proposed mortgage of $375k + your $17k for DP equals a purchase price of $392k (less closing costs you’d have to pay). Hopefully you have at least another $10-15k in savings that you’re not allocating as your DP. You’ll also be limited by the FHA front and back-end debt-to-income ratios, which will take into consideration your auto loan.
In addition to job stability, a HUGE factor that people in our age group don’t consider is having children and the impact on your income/expenses. If you’re not planning on having kids ever, then the above math might make sense (assuming you feel we’re at the bottom of the housing market, which I don’t). If you are planning on having kids, you must consider one income going away or a significant monthly expense for full-time daycare. This will change the math dramatically.
ParticipantA general rule of thumb I’ve heard is your mortgage should not exceed 3x your gross annual salary. So based on your above situation, a proposed mortgage of $375k + your $17k for DP equals a purchase price of $392k (less closing costs you’d have to pay). Hopefully you have at least another $10-15k in savings that you’re not allocating as your DP. You’ll also be limited by the FHA front and back-end debt-to-income ratios, which will take into consideration your auto loan.
In addition to job stability, a HUGE factor that people in our age group don’t consider is having children and the impact on your income/expenses. If you’re not planning on having kids ever, then the above math might make sense (assuming you feel we’re at the bottom of the housing market, which I don’t). If you are planning on having kids, you must consider one income going away or a significant monthly expense for full-time daycare. This will change the math dramatically.
February 19, 2010 at 2:33 PM in reply to: Talked with kid that lived in our foreclosure we bought #515234ParticipantThis thread reminds me of a recent episode of the Real Housewives of Orange County (don’t judge). The dad lost everything and the wife and kids didn’t find out until the sheriff came to kick them out of the house. The poor spoiled teenager was pretty beat up about it, to say the least.
February 19, 2010 at 2:33 PM in reply to: Talked with kid that lived in our foreclosure we bought #515377ParticipantThis thread reminds me of a recent episode of the Real Housewives of Orange County (don’t judge). The dad lost everything and the wife and kids didn’t find out until the sheriff came to kick them out of the house. The poor spoiled teenager was pretty beat up about it, to say the least.
February 19, 2010 at 2:33 PM in reply to: Talked with kid that lived in our foreclosure we bought #515796ParticipantThis thread reminds me of a recent episode of the Real Housewives of Orange County (don’t judge). The dad lost everything and the wife and kids didn’t find out until the sheriff came to kick them out of the house. The poor spoiled teenager was pretty beat up about it, to say the least.
February 19, 2010 at 2:33 PM in reply to: Talked with kid that lived in our foreclosure we bought #515886ParticipantThis thread reminds me of a recent episode of the Real Housewives of Orange County (don’t judge). The dad lost everything and the wife and kids didn’t find out until the sheriff came to kick them out of the house. The poor spoiled teenager was pretty beat up about it, to say the least.
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