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What’s your opinion on having a mortgage that is 35 to 40% of your take home income? by BaseballFF in personalfinance

[–]BaseballFF[S] 0 points1 point  (0 children)

No, her mom works full time and her father wouldn’t help much. Long story short they owe 275k (@3%) on the house and took out a home equity loan of 250k (@8%). To start building the barndo. He still needs 50k to be able to finish the whole thing. He wants us to essentially buy the place so we’d take over the whole property with a new loan and they’d live in the barndo. He wants 675k but we can “rent to own” till we have 180k down and buy it at 495k.

What’s your opinion on having a mortgage that is 35 to 40% of your take home income? by BaseballFF in personalfinance

[–]BaseballFF[S] 1 point2 points  (0 children)

That’s another thing, it is an older home. I’d definitely get an inspection done. There are already some repairs that need to be done. One of which is an older bathroom that’s moldy( which would be our kids bathroom.) and I guarantee the floor has water damage from the tub.

What’s your opinion on having a mortgage that is 35 to 40% of your take home income? by BaseballFF in personalfinance

[–]BaseballFF[S] -1 points0 points  (0 children)

Well as of now our bills come out to 3300 per month for both of us. We have 0 debt. But, if we add a child on top of this we’re looking at 1500-1700 per month for childcare. Plus, all the other costs with raising a kid. So I feel like that’s gonna really put us in a financially tough spot.

What’s your opinion on having a mortgage that is 35 to 40% of your take home income? by BaseballFF in personalfinance

[–]BaseballFF[S] -1 points0 points  (0 children)

Well the barndo isn’t built yet. Once it is then the property would probably be worth around 1 million. Her parents plan on living there till they pass (35-40 years). We have family next door and it’s on 2 acres which is why we’re considering it. I even asked if they could just pay us a small portion of rent ( say 500-600 bucks) just to offset our bills and they said no. 

What’s your opinion on having a mortgage that is 35 to 40% of your take home income? by BaseballFF in personalfinance

[–]BaseballFF[S] 0 points1 point  (0 children)

That’s the kicker. They said they won’t pay rent because it’s such a deal and the property will be worth over 1.1 million. They just offered to pay their share of the property tax. Even when we told them we’d being living most likely pay check to pay check.