Is the housing boom over?

[Kracka]

you guys must make an assload of coin

Thats why we're on DSMStyle ;)

[AJ]

god damn
you guys must make an assload of coin to afford a 180k house.
Depending on credit, rates, and other fun loving house buying ways a house in the $180,000 range can cost you anywhere form $850-$1800 a month. Rates, Credit, Insurance, Down Payment, etc etc, it all plays a part.

If your single, and make 15ish an hour your gonna take home abour $850ish every 2 weeks with normal deductions. With no debt and great credit your gonna have no problem getting a house and giving up half your income to the payment. It's controling that other half that gives people issues in their personal debt management.

It doesn't take much to be able to afford something, it does take work and time to keep being able to afford it and giving those you go to for the $$$ a reason to give keep giving you the dough.

[Goat Blower]

Just remember guys, if you aren't able to put 20% down, you'll have to buy mortgage insurance. Not that expensive, but still an added expense for really nothing.
Not exactly, there's ways around that. And not all lenders require that anymore. We ended up with less than 20% down on our new place, and we won't have any mortgage insurance.

The rates are going up fast and houses are dirt cheap right now. This is the best time to buy that I've seen since 1998.

A good credit score is more important than having a lot of money. There's some really decent programs out there that bank on the fact that you'll make more money from year to year. If you work at McDonald's, this doesn't apply to you. :D

Steve

[JET]

Just remember guys, if you aren't able to put 20% down, you'll have to buy mortgage insurance. Not that expensive, but still an added expense for really nothing.
Actually there is a way around that. I have a 1st and 2nd mortgage on my house. It ends up being a tad cheaper than if I had mortgage insurance, but my 2nd is only a 20 year loan and if I pay it off early, all the better. Most people refi within 3 years anyway, so it isn't a big deal.

[Steeltwo]

Depending on credit, rates, and other fun loving house buying ways a house in the $180,000 range can cost you anywhere form $850-$1800 a month. Rates, Credit, Insurance, Down Payment, etc etc, it all plays a part.

If your single, and make 15ish an hour your gonna take home abour $850ish every 2 weeks with normal deductions. With no debt and great credit your gonna have no problem getting a house and giving up half your income to the payment. It's controling that other half that gives people issues in their personal debt management.

It doesn't take much to be able to afford something, it does take work and time to keep being able to afford it and giving those you go to for the $$$ a reason to give keep giving you the dough.

the problem with me is

I want the cake and to eat it too :-D

[Halon]

80/20 loans will allow you to not pay the mortgage insurance. I am looking at townhomes all over. I am not naming the ones I am going to be making offers on soon because apparently I'm not the only one on here looking at these, and I don't wanna screw myself by having someone else beat me to them. But they are fairly local. Should only be a 20 minute drive MAX to work for me.

[Goat Blower]

The only downside of a townhome is that you also have to pay $150-$250 for association fees, which covers lawn care and snow removal. It's actually much cheaper to do it by yourself even after spending $1000 on a decent snowblower and lawn mower. It does allow you more time with the ladies though...

[1QUICK4]

Actually there is a way around that. I have a 1st and 2nd mortgage on my house. It ends up being a tad cheaper than if I had mortgage insurance

I did the same thing with my house

The only downside of a townhome is that you also have to pay $150-$250 for association fees
Not to mention they are harder to sell considering there are thousands more being built every year. A person can buy a brand new townhouse for the same or less as your used one.

[Halon]

The only downside of a townhome is that you also have to pay $150-$250 for association fees, which covers lawn care and snow removal. It's actually much cheaper to do it by yourself even after spending $1000 on a decent snowblower and lawn mower. It does allow you more time with the ladies though...

The ones i am looking at have 100-150 association fees. Yes it kinda sucks, but the ones I'm looking at, the fee not only covers lawn/snow, it also covers all exterior maintenance and so you don't need any insurance for the exterior which saves you a few bucks, includes hazard insurance, also it covers the garbage removal. And townhomes usually have little bit lower property taxes due to the very small amount of property they are on. So in the end, it's really not costing you a ton more. Plus with my job I travel up to 75% of the time, and so having the lawn care and snow removal will be nice since I may be gone for 6 weeks at a time.

[slowbubblecar]

There are some townhomes up for sale in Hopkins. I think they were around 180K and the fee was around 150. I have kind of been looking for a house. I was almost thinking of getting a townhome but I would rather own the land I am living on.