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Re: where do we begin??? eyestrain October 24, 2007 03:20 pm
Have a pre-authorization letter handy when you're seriously looking. It makes it easier to pounce.

So you're looking to put down $50K on a $600-$650K home? Less than 10%? While you have good credit and good incomes, they have tightened up a bit recently with lending. Not saying you won't get a mortgage, but you may wind up paying extra due to the low down payment. Honestly, I don't know the D.C. market, but in NY, a 10% down payment into escrow when the contract is signed is pretty normal, and you won't have that with just $50K. And even if they were ok with $50K, you don't want to go into closing with nothing in the bank.

We have a similar combined income (a little less), but have a somewhat smaller mortgage than you propose having, and with a child and those expenses, a car, home insurance, 401K contributions, property taxes (which aren't bad in NYC), student loans and living in a high col/high income tax place, we are stretched every month. If you have a kid, your budget will be blown up. Granted, you will be getting pay raises in biglaw and maybe your wife will get raises, so maybe you can deal with it.

You might think about the $500K route. You don't want to be working biglaw hours and stressing about bills. Even then, with $50K down, you are looking at close to a $4K monthy nut for your house depending on your taxes/insurance/gas bill/electric/water/upkeep costs, etc. Sure, $650K is doable on your salary, but you want to save, don't you?

And remember, kids are expensive and it sounds like you are contemplating a white picket fence and 2.3 of them. It will either mean losing your wife's income (I assume you won't be giving up your $200K job) or paying through the nose for child care. You don't want to park your kids in some slummy childcare outfit or hire a nanny out of the halfway house. Our beloved little one costs us about $30K a year in post-tax money, so I guess $45-50K before taxes, more or less. and we pay a lot less than many others. maybe things are cheaper in D.C., but I doubt by much based on what friends in other mid-atlantic places are shelling out.


This is a reply to message 617 by anthonyh Replies (view all)
message 624 by anthonyh

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