House Hunting 2018

[nystripe96]

I'm roughly half way to being able to put a down payment on a home. Landlord needs me out of the apartment I'm renting by Oct 2018 which I can deal with. I'm currently contributing 10% to my 401k, but begrudgingly thinking about dropping to 1% for the next few years so I can save up enough for a home without having to stop gap and rent a different apartment. I'd like to be a home owner, but am leery of a lack of 401k contributions over the next few years. Is this a mistake? Any insight into home buying would be appreciated. Thanks

 

[silenze]

How much are we talking about

 

[Wally]

Can't move into Mom's basement?

 

[Brownslave688]

I'm roughly half way to being able to put a down payment on a home. Landlord needs me out of the apartment I'm renting by Oct 2018 which I can deal with. I'm currently contributing 10% to my 401k, but begrudgingly thinking about dropping to 1% for the next few years so I can save up enough for a home without having to stop gap and rent a different apartment. I'd like to be a home owner, but am leery of a lack of 401k contributions over the next few years. Is this a mistake? Any insight into home buying would be appreciated. Thanks

How long would you be planning on living in this home.

 

[Orion inc.]

I'm roughly half way to being able to put a down payment on a home. Landlord needs me out of the apartment I'm renting by Oct 2018 which I can deal with. I'm currently contributing 10% to my 401k, but begrudgingly thinking about dropping to 1% for the next few years so I can save up enough for a home without having to stop gap and rent a different apartment. I'd like to be a home owner, but am leery of a lack of 401k contributions over the next few years. Is this a mistake? Any insight into home buying would be appreciated. Thanks

Don't drop so drastically. Try it in increments. Go 8% or 6% and see if that helps. But I personally wouldn't cut at all. Look for other places to cut money.

Also if you're a first time buyer, look at an FHA loan. Less down.

 

[NXA]

I did that exact thing. Can't tell ya if it was a good idea for my finances or not but my wife is happy. You might be able to find a calculator either thru the upsers site or if you deliver to a financial planner they could calculate the long term impact.

 

[bagpipes]

How old are you? The costs of missing out on 401k contributions if younger than 30 are exponentially higher than if you're over 30, same for 30 vs 40, etc. I wouldn't go lower than the level you need to maintain the max company match (free money).

 

[Brownslave688]

How old are you? The costs of missing out on 401k contributions if younger than 30 are exponentially higher than if you're over 30, same for 30 vs 40, etc. I wouldn't go lower than the level you need to maintain the max company match (free money).

Do you work for ups?

 

[UpstateNYUPSer(Ret)]

You can take out a loan for the down payment. You would then have up to 5 years to pay it back at below market interest rates.

 

[Little Brownie Girl]

SONYMA first time home buyer in NY has low interest rate and Down .
Conventional are 20% down at about 3.5 fixed for 20 years with zero points. Check school district, brownfield/radon gas, and flood plain....everything else can be fixed.

www.nyshcr.org/Topics/Home/Buyers/SONYMA/SONYMAProductsforFirst...

 

[UpstateNYUPSer(Ret)]

SONYMA first time home buyer in NY has low interest rate and Down .
Conventional are 20% down at about 3.5 fixed for 20 years with zero points. Check school district, brownfield/radon gas, and flood plain....everything else can be fixed.

www.nyshcr.org/Topics/Home/Buyers/SONYMA/SONYMAProductsforFirst...

He makes too much to qualify.

 

[rod]

I think my first house loan was at 13 percent. (it was for only $8,000) We had saved up $10,000 the first year we were married for a down payment on our $18,000 lake home. We had it paid off in under 2 years. That was the ONLY house loan I've ever had. I didn't want to burn up my GI Loan because at that time you could only apply for it one time and I figured I might need it more later on--never did. My house payments were set at $98 a month and that included property taxes and home loan insurance. The only car loan I ever had was for a $600 car back in 1966. CASH IS KING

Good luck on buying your first home.

 

[Little Brownie Girl]

it is worth the 20% down - to borrow out of 401K and get a 3.25% fixed for 15 -

 

[Little Brownie Girl]

He makes too much to qualify.

Teamster Privilege ??? http://old1.teamster.org/privileg/mortgage.htm

 

[Cementups]

I think my first house loan was at 13 percent. (it was for only $8,000) We had saved up $10,000 the first year we were married for a down payment on our $18,000 lake home. We had it paid off in under 2 years. That was the ONLY house loan I've ever had. I didn't want to burn up my GI Loan because at that time you could only apply for it one time and I figured I might need it more later on--never did. My house payments were set at $98 a month and that included property taxes and home loan insurance. The only car loan I ever had was for a $600 car back in 1966. CASH IS KING

Good luck on buying your first home.

How did you afford that $98/month?!?! You probably NEVER got to go out to eat be so strapped for cash.

 

[DOK]

I'm roughly half way to being able to put a down payment on a home. Landlord needs me out of the apartment I'm renting by Oct 2018 which I can deal with. I'm currently contributing 10% to my 401k, but begrudgingly thinking about dropping to 1% for the next few years so I can save up enough for a home without having to stop gap and rent a different apartment. I'd like to be a home owner, but am leery of a lack of 401k contributions over the next few years. Is this a mistake? Any insight into home buying would be appreciated. Thanks

How bout just rent forever? Homeownership isn't all it's cracked up to be.

 

[rod]

How did you afford that $98/month?!?! You probably NEVER got to go out to eat be so strapped for cash.

Between our two good paying jobs and no kids we were rolling in the dough. But we did live frugally. Neither one of us grew up with any luxuries so it just came natural not to want the latest of everything like a few of our friends did.

 

[Cementups]

Between our two good paying jobs and no kids we were rolling in the dough. But we did live frugally. Neither one of us grew up with any luxuries so it just came natural not to want the latest of everything like a few of our friends did.

It was sarcasm

 

[rod]

It was sarcasm

I realized that--- I was just telling it like it was.

 

[nystripe96]

I'm 33 and looking to buy at $350-400k