US Mortgage
Sep 9th 2012, 9:13 pm
#31
Septicity
Joined: May 2004
Posts: 23,762
Re: US Mortgage
$200k house on $50k-$60k might already be pushing it, depending on how high the property tax and insurance work out at that point.
4 points over base *really* is throwing away money. Not to mention that buying a house in a location you haven't seen and that you don't know can very quickly turn into an expensive mistake.
4 points over base *really* is throwing away money. Not to mention that buying a house in a location you haven't seen and that you don't know can very quickly turn into an expensive mistake.
Sep 9th 2012, 9:16 pm
#32
BE Enthusiast
Joined: Nov 2007
Location: Carson City, NV
Posts: 789
Re: US Mortgage
Also, having been a contractor in the UK makes it harder to get a mortgage over here than having been an employee. I've just run into this issue myself, our credit union basically had us wait until I completed two years worth of employment before they would approve a loan due to their lending guidelines basically requiring you to show a minimum of two years continuous employment (otherwise they couldn't sell the loan to Fannie Mae).
Do you have an American Express card in the UK? They have a program that basically allows you to open a US card and if the UK card is in good standing, they report to the credit bureaus that you have a history with them since you got the UK card. I did that, basically gave me an instant 5-6 year credit history over here.
!
Sep 9th 2012, 10:46 pm
#34
Forum Regular
Joined: Mar 2008
Location: NY
Posts: 118
Re: US Mortgage
How did you manage to make your fortune in 99 days?
Sep 9th 2012, 11:18 pm
#35
The worse half of Weeze
Joined: Mar 2012
Location: Back in TX
Posts: 3,231
Re: US Mortgage
Don't forget on a bus line for work too. Cross reference har with the Houston mta website.
Sep 10th 2012, 1:15 am
#36
BE Site Lead
Joined: Aug 2004
Location: MA, USA
Posts: 92,170
Re: US Mortgage
the big one?
from the sounds of it - you are saying the American Dream = debt? LOL.
and as for my reasons for not renting - sorry but you dont get to say what is suitable for me or not. you arent the government/agency. I know what I want and what I can or cannot afford and other logistical reasons. if you dont like it - dont contribute or read it. no one has a gun pointing to your head. dumbass *rolls eyes*
from the sounds of it - you are saying the American Dream = debt? LOL.
and as for my reasons for not renting - sorry but you dont get to say what is suitable for me or not. you arent the government/agency. I know what I want and what I can or cannot afford and other logistical reasons. if you dont like it - dont contribute or read it. no one has a gun pointing to your head. dumbass *rolls eyes*
You got it.
What you do with it is entirely up to you.
The info in this thread is no different to the info you got in the previous thread, so it's all a waste of time really ain't it.
Sep 10th 2012, 4:53 am
#37
Forum Regular
Thread Starter
Joined: Aug 2009
Posts: 107
Re: US Mortgage
wow. rude people. jeez. i asked a question - i appreciate the helpful responses. no need to be rude. i dont get why people have to stir it up.
thanks for... nothing.
tip: learn to grow up and some manners as well as community respect and decency yes?
thanks for... nothing.
tip: learn to grow up and some manners as well as community respect and decency yes?
Sep 10th 2012, 4:56 am
#38
BE Enthusiast
Joined: Nov 2007
Location: Carson City, NV
Posts: 789
Re: US Mortgage
There are helpful answers from people who have been in similar situations.
Tragically, they were not what you wanted to hear.
Tragically, they were not what you wanted to hear.
Sep 10th 2012, 5:04 pm
#39
Rootbeeraholic
Joined: Aug 2009
Location: Houston, Tx
Posts: 2,280
Re: US Mortgage
I personally wouldn't want a $200k mortgage on $60k/year income.
I would say here (in Houston), based on my experiences I personally wouldn't want to go much over 2 x annual salary. It depends on your circumstances but there's just a hell of a lot of hidden costs here; Medical expenses (even if you're premiums are fully paid by your company, which is probably unlikley for you, the copays and deductibles add up pretty quickly), you need a car an adult here as public transport sucks, if you have any kids, getting them to do any kind of activity is expensive, property tax and insurance are nearly as much as the mortgage the list goes on.
Could you survive on $60k/year in Houston, yes you could. Would you want to, I personally would not. It would be tough.
I would say here (in Houston), based on my experiences I personally wouldn't want to go much over 2 x annual salary. It depends on your circumstances but there's just a hell of a lot of hidden costs here; Medical expenses (even if you're premiums are fully paid by your company, which is probably unlikley for you, the copays and deductibles add up pretty quickly), you need a car an adult here as public transport sucks, if you have any kids, getting them to do any kind of activity is expensive, property tax and insurance are nearly as much as the mortgage the list goes on.
Could you survive on $60k/year in Houston, yes you could. Would you want to, I personally would not. It would be tough.
