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Average Income
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<blockquote data-quote="James T" data-source="post: 994317" data-attributes="member: 17369"><p>Something is wrong with this picture. Why 20% down? That's unusual unless it's the "modular". $156k over 30 years at 6% (arbitrary #) is $935.30 per month. If the $156k does not include insurance and taxes, then you have to bump that monthly number up. If his credit is lousy and/or this is <u>not</u> a stick-built house then I could understand 20% down.</p><p></p><p>I would completely agree that he should get into a house and start developing some equity as opposed to throwing away rent each month (been there, done that) So, if he's paying out around $1200 a month for rent then he should invest in home. A total income of $40k for a family with 3 kids is a tough row to hoe.</p><p></p><p>Any lender will be critical about the value of the home/property, available collateral and the down payment. Maybe he should reverse engineer this plan and instead, go out and see what he can buy that would cost no more monthly than the rent he is currently paying out.</p></blockquote><p></p>
[QUOTE="James T, post: 994317, member: 17369"] Something is wrong with this picture. Why 20% down? That's unusual unless it's the "modular". $156k over 30 years at 6% (arbitrary #) is $935.30 per month. If the $156k does not include insurance and taxes, then you have to bump that monthly number up. If his credit is lousy and/or this is [u]not[/u] a stick-built house then I could understand 20% down. I would completely agree that he should get into a house and start developing some equity as opposed to throwing away rent each month (been there, done that) So, if he's paying out around $1200 a month for rent then he should invest in home. A total income of $40k for a family with 3 kids is a tough row to hoe. Any lender will be critical about the value of the home/property, available collateral and the down payment. Maybe he should reverse engineer this plan and instead, go out and see what he can buy that would cost no more monthly than the rent he is currently paying out. [/QUOTE]
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