[Myriad]

That’s good that you’re looking at all options.
Hmm.. I guess your expenses are higher than I thought. Personally, it seems like your savings rate should be higher for the income you have ($8500-$9k/month? net income), but obviously I don’t know all your details.

Yes, CMR has small yards. Though I thought Sabre Springs had small yards too. Don’t most places have HOA (`40/month) and the Poway CFD ($900/year)? Pretty similar that way CMR has.

[Myriad]

That’s good that you’re looking at all options.
Hmm.. I guess your expenses are higher than I thought. Personally, it seems like your savings rate should be higher for the income you have ($8500-$9k/month? net income), but obviously I don’t know all your details.

Yes, CMR has small yards. Though I thought Sabre Springs had small yards too. Don’t most places have HOA (`40/month) and the Poway CFD ($900/year)? Pretty similar that way CMR has.

[Myriad]

That’s good that you’re looking at all options.
Hmm.. I guess your expenses are higher than I thought. Personally, it seems like your savings rate should be higher for the income you have ($8500-$9k/month? net income), but obviously I don’t know all your details.

Yes, CMR has small yards. Though I thought Sabre Springs had small yards too. Don’t most places have HOA (`40/month) and the Poway CFD ($900/year)? Pretty similar that way CMR has.

[Myriad]

That’s good that you’re looking at all options.
Hmm.. I guess your expenses are higher than I thought. Personally, it seems like your savings rate should be higher for the income you have ($8500-$9k/month? net income), but obviously I don’t know all your details.

Yes, CMR has small yards. Though I thought Sabre Springs had small yards too. Don’t most places have HOA (`40/month) and the Poway CFD ($900/year)? Pretty similar that way CMR has.

[Myriad]

UCGuy, here is another option that may not have been mentioned yet.

You may want to consider buying sooner rather than later, especially if you find a house that you like. You’ve also mentioned that stability and schools are high priorities, so finances are not the only consideration. Your income is high, expenses relatively low, and sounds like you have some job stability. Also, while prices may not be bottomed, SD is probably almost at a low in terms of monthly payments due to interest rates.

Here’s what I’m thinking.
Pay at least 10% down on the house. Take money from the Roth IRA first (since you can take that out w/o penalty or repayment on the initial money you deposited in that account). Borrow from 401k next, since that minimizes how much you need to payback in case of whatever contingency.

Once you buy the home, you get the tax deduction which will be significant due to your high income and low deductions. Yes you have to pay PMI, but I’m guessing you currently save at least $25k/year. I think you’ve already mentioned that you lowered your 401k contribution to the minimum matching. So then use as much extra net pay to pay extra on the mortgage until you get over 20% equity. I suspect that you can do this within 2 years if you find a place in the mid 500’s.

Yes, this is more risk than having 20%, but your incomes are high enough that you have more options than other people. Once you reach 20% equity, the cost of ownership will probably be the same or less than rent (somewhere around ~$2300-2500). This gives you some flexibility since you’re probably going to save the money anyways, but now you get the tax deduction too.

Also, have you looked at Carmel Mountain Ranch?
Here is a recent sold.
http://www.redfin.com/CA/San-Diego/13768-Esprit-Ave-92128/home/4692772

[Myriad]

UCGuy, here is another option that may not have been mentioned yet.

You may want to consider buying sooner rather than later, especially if you find a house that you like. You’ve also mentioned that stability and schools are high priorities, so finances are not the only consideration. Your income is high, expenses relatively low, and sounds like you have some job stability. Also, while prices may not be bottomed, SD is probably almost at a low in terms of monthly payments due to interest rates.

Here’s what I’m thinking.
Pay at least 10% down on the house. Take money from the Roth IRA first (since you can take that out w/o penalty or repayment on the initial money you deposited in that account). Borrow from 401k next, since that minimizes how much you need to payback in case of whatever contingency.

Once you buy the home, you get the tax deduction which will be significant due to your high income and low deductions. Yes you have to pay PMI, but I’m guessing you currently save at least $25k/year. I think you’ve already mentioned that you lowered your 401k contribution to the minimum matching. So then use as much extra net pay to pay extra on the mortgage until you get over 20% equity. I suspect that you can do this within 2 years if you find a place in the mid 500’s.

Yes, this is more risk than having 20%, but your incomes are high enough that you have more options than other people. Once you reach 20% equity, the cost of ownership will probably be the same or less than rent (somewhere around ~$2300-2500). This gives you some flexibility since you’re probably going to save the money anyways, but now you get the tax deduction too.

Also, have you looked at Carmel Mountain Ranch?
Here is a recent sold.
http://www.redfin.com/CA/San-Diego/13768-Esprit-Ave-92128/home/4692772

[Myriad]

UCGuy, here is another option that may not have been mentioned yet.

You may want to consider buying sooner rather than later, especially if you find a house that you like. You’ve also mentioned that stability and schools are high priorities, so finances are not the only consideration. Your income is high, expenses relatively low, and sounds like you have some job stability. Also, while prices may not be bottomed, SD is probably almost at a low in terms of monthly payments due to interest rates.

Here’s what I’m thinking.
Pay at least 10% down on the house. Take money from the Roth IRA first (since you can take that out w/o penalty or repayment on the initial money you deposited in that account). Borrow from 401k next, since that minimizes how much you need to payback in case of whatever contingency.

Once you buy the home, you get the tax deduction which will be significant due to your high income and low deductions. Yes you have to pay PMI, but I’m guessing you currently save at least $25k/year. I think you’ve already mentioned that you lowered your 401k contribution to the minimum matching. So then use as much extra net pay to pay extra on the mortgage until you get over 20% equity. I suspect that you can do this within 2 years if you find a place in the mid 500’s.

Yes, this is more risk than having 20%, but your incomes are high enough that you have more options than other people. Once you reach 20% equity, the cost of ownership will probably be the same or less than rent (somewhere around ~$2300-2500). This gives you some flexibility since you’re probably going to save the money anyways, but now you get the tax deduction too.

Also, have you looked at Carmel Mountain Ranch?
Here is a recent sold.
http://www.redfin.com/CA/San-Diego/13768-Esprit-Ave-92128/home/4692772

[Myriad]

UCGuy, here is another option that may not have been mentioned yet.

You may want to consider buying sooner rather than later, especially if you find a house that you like. You’ve also mentioned that stability and schools are high priorities, so finances are not the only consideration. Your income is high, expenses relatively low, and sounds like you have some job stability. Also, while prices may not be bottomed, SD is probably almost at a low in terms of monthly payments due to interest rates.

Here’s what I’m thinking.
Pay at least 10% down on the house. Take money from the Roth IRA first (since you can take that out w/o penalty or repayment on the initial money you deposited in that account). Borrow from 401k next, since that minimizes how much you need to payback in case of whatever contingency.

Once you buy the home, you get the tax deduction which will be significant due to your high income and low deductions. Yes you have to pay PMI, but I’m guessing you currently save at least $25k/year. I think you’ve already mentioned that you lowered your 401k contribution to the minimum matching. So then use as much extra net pay to pay extra on the mortgage until you get over 20% equity. I suspect that you can do this within 2 years if you find a place in the mid 500’s.

Yes, this is more risk than having 20%, but your incomes are high enough that you have more options than other people. Once you reach 20% equity, the cost of ownership will probably be the same or less than rent (somewhere around ~$2300-2500). This gives you some flexibility since you’re probably going to save the money anyways, but now you get the tax deduction too.

Also, have you looked at Carmel Mountain Ranch?
Here is a recent sold.
http://www.redfin.com/CA/San-Diego/13768-Esprit-Ave-92128/home/4692772

[Myriad]

UCGuy, here is another option that may not have been mentioned yet.

You may want to consider buying sooner rather than later, especially if you find a house that you like. You’ve also mentioned that stability and schools are high priorities, so finances are not the only consideration. Your income is high, expenses relatively low, and sounds like you have some job stability. Also, while prices may not be bottomed, SD is probably almost at a low in terms of monthly payments due to interest rates.

Here’s what I’m thinking.
Pay at least 10% down on the house. Take money from the Roth IRA first (since you can take that out w/o penalty or repayment on the initial money you deposited in that account). Borrow from 401k next, since that minimizes how much you need to payback in case of whatever contingency.

Once you buy the home, you get the tax deduction which will be significant due to your high income and low deductions. Yes you have to pay PMI, but I’m guessing you currently save at least $25k/year. I think you’ve already mentioned that you lowered your 401k contribution to the minimum matching. So then use as much extra net pay to pay extra on the mortgage until you get over 20% equity. I suspect that you can do this within 2 years if you find a place in the mid 500’s.

Yes, this is more risk than having 20%, but your incomes are high enough that you have more options than other people. Once you reach 20% equity, the cost of ownership will probably be the same or less than rent (somewhere around ~$2300-2500). This gives you some flexibility since you’re probably going to save the money anyways, but now you get the tax deduction too.

Also, have you looked at Carmel Mountain Ranch?
Here is a recent sold.
http://www.redfin.com/CA/San-Diego/13768-Esprit-Ave-92128/home/4692772

[Myriad]

Definitely don’t recommend buying in your current situation.
Check out the calculator here to try out the numbers.
http://www.idealhomebrokers.com/calculator/

Don’t know the rate for the credit cards, but those probably should be paid off first.

For the home, even with 3.5% down on a $300k home, you will probably need at least $15k to purchase. Then you should have additional cash reserve and a few thousand $ for any unplanned maintenance and purchases for the home. Some of the places you may even need to do some replacement before move-in.

Also, your credit score will force you into a higher rate for a mortgage. But once you do get the money, look at how long you plan to stay (should be at least 5 years) and then look to see if the monthly cost of ownership is less than the equivalent rent for that house/condo.

I’m 30 and I just bought a place too, but I put 20% down and made sure I had at least 6 months of salary in cash reserve.

[Myriad]

Definitely don’t recommend buying in your current situation.
Check out the calculator here to try out the numbers.
http://www.idealhomebrokers.com/calculator/

Don’t know the rate for the credit cards, but those probably should be paid off first.

For the home, even with 3.5% down on a $300k home, you will probably need at least $15k to purchase. Then you should have additional cash reserve and a few thousand $ for any unplanned maintenance and purchases for the home. Some of the places you may even need to do some replacement before move-in.

Also, your credit score will force you into a higher rate for a mortgage. But once you do get the money, look at how long you plan to stay (should be at least 5 years) and then look to see if the monthly cost of ownership is less than the equivalent rent for that house/condo.

I’m 30 and I just bought a place too, but I put 20% down and made sure I had at least 6 months of salary in cash reserve.

[Myriad]

Definitely don’t recommend buying in your current situation.
Check out the calculator here to try out the numbers.
http://www.idealhomebrokers.com/calculator/

Don’t know the rate for the credit cards, but those probably should be paid off first.

For the home, even with 3.5% down on a $300k home, you will probably need at least $15k to purchase. Then you should have additional cash reserve and a few thousand $ for any unplanned maintenance and purchases for the home. Some of the places you may even need to do some replacement before move-in.

Also, your credit score will force you into a higher rate for a mortgage. But once you do get the money, look at how long you plan to stay (should be at least 5 years) and then look to see if the monthly cost of ownership is less than the equivalent rent for that house/condo.

I’m 30 and I just bought a place too, but I put 20% down and made sure I had at least 6 months of salary in cash reserve.

[Myriad]

Definitely don’t recommend buying in your current situation.
Check out the calculator here to try out the numbers.
http://www.idealhomebrokers.com/calculator/

Don’t know the rate for the credit cards, but those probably should be paid off first.

For the home, even with 3.5% down on a $300k home, you will probably need at least $15k to purchase. Then you should have additional cash reserve and a few thousand $ for any unplanned maintenance and purchases for the home. Some of the places you may even need to do some replacement before move-in.

Also, your credit score will force you into a higher rate for a mortgage. But once you do get the money, look at how long you plan to stay (should be at least 5 years) and then look to see if the monthly cost of ownership is less than the equivalent rent for that house/condo.

I’m 30 and I just bought a place too, but I put 20% down and made sure I had at least 6 months of salary in cash reserve.

[Myriad]

Definitely don’t recommend buying in your current situation.
Check out the calculator here to try out the numbers.
http://www.idealhomebrokers.com/calculator/

Don’t know the rate for the credit cards, but those probably should be paid off first.

For the home, even with 3.5% down on a $300k home, you will probably need at least $15k to purchase. Then you should have additional cash reserve and a few thousand $ for any unplanned maintenance and purchases for the home. Some of the places you may even need to do some replacement before move-in.

Also, your credit score will force you into a higher rate for a mortgage. But once you do get the money, look at how long you plan to stay (should be at least 5 years) and then look to see if the monthly cost of ownership is less than the equivalent rent for that house/condo.

I’m 30 and I just bought a place too, but I put 20% down and made sure I had at least 6 months of salary in cash reserve.

[Myriad]

Flu, that’s hilarious. Definitely seen that before.
Which branches to this website.
http://www.asian-central.com/stuffasianpeoplelike/stuff-asian-people-like-full-list/

[Author]

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