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I'm not making this up. They have student loans and present living expenses they are trying to save up enough money for a big down payment and not get into a situation where they now have a $5000. a month mortgage.
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Replying to @MasterBJones and @traderbjones
That’s baloney. I know tons of people that makes way less and able to afford such house. 180k alone will get you a house for that price. Has to be DTI or maybe they are street Pharmacist 👀 Jesse Pinkman And Heinsenberg? Tell them pay cash for it
Trying not to have a large mortgage payment is not the same as “can’t buy a house.” They’re choosing to “make the situation better for them,” not “just can’t make it work.”
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5% DP will get you a $4300 payment with 2.7% property tax (TEXAS) and paying high mortgage insurance, with a good file, you can buy out the PMI in the beginning and bring te payment to $3900. That’s at 5% DP 30 yea fixed and a high 3.25% interest rate.
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Not arguing, I do this for a living and we hear that all the time, I’m saving for a good down payment, by the time the good down payment is there, they can’t afford a house anymore. The price of the home has gone up so much and three years go by and they are priced out.
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They dont have to suffer living in over priced, taxed to death New York State. There are plenty of tax friendly states but New Yorkers are stubborn and think N.Y. is the best place in the country, I once was that person.
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