Comments on: Facing My Financial Fears: Buying A Home

By: John Aitek

John Aitek — Tue, 22 Jul 2008 15:23:36 +0000

I notice this was written 2 years ago. By now property prices have gone south.

By: LC

LC — Wed, 14 Nov 2007 01:36:56 +0000

There are many areas where nice, decent size houses go for $40,000-60,000, both in the city and small towns. Mobile homes are much less than this. Save up as much as you can for a down payment and reduce your debts to improve your credit score. In this price range, your mortgage payment could be $300-$400.

By: Terry

Terry — Tue, 05 Dec 2006 08:23:41 +0000

I earn my state minimum wage and I fear NOT ever being able to buy a home. I fear not being able to stabilize my housing costs the way homeowners can with a fixed-rate mortgage. I fear having to spend more than I can afford, specifically because I cannot lock in or even stabilize my housing costs. I fear gentrification and displacement, and eventual homelessness when rents soar beyond what I can afford.

By: dimes

dimes — Sat, 25 Nov 2006 19:57:04 +0000

Equity Schmequity. Did you read what I wrote last week? Unless you guys live in a handful of midwestern communities, housing prices are falling. Make sure you have a substantial emergency fund (including mortgage payments) before proceeding AND enough to cover your whole closing costs shebang. It seems to me that people have been biting off more than they can chew in this market, and a lot of them are hurting.
I’ve heard to save 1% of the home’s value for home maintenence, so $2250 for a $225K house.