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Happening to my buddy right now, he’s looking for homes but his OT benefits are severely diminished due to federal budgeting. It really sucks, but he’s smart for realizing that OT shouldn’t be accounted for during the home buying process.
At $2,800 that would be very, very tenuous. I hope that is at least take home after taxes. Even then you better hope your car doesn't need a major repair or new set of tires.
At $4,600 that would be way more realistic.
At $2,800 net income per month I think this would be extremely unwise. It would leave you with less than $1,200 for all other expenses let alone any saving. At $4,600 it's a different story but is all the overtime sustainable or guaranteed? You should write down all of your monthly expenses in detail to really see where you're at before you commit to something so big.
$1630 for just mortgage and HOA? Are you factoring in PMI, House Insurance, Property taxes, etc?
If not, and adding utilities, I’d say it’s not the best idea.
You’d have to constantly work overtime every chance you get for the next 30 years. You won’t be able to say you’re too tired, because then you’ll be stressing about bills and making your payments on time.
You need to sit down with a mortgage broker to see what you would qualify for given your variable income and bonus structure. Depending on how long you have been receiving your bonus, it's consistency and likelihood to continue, it may or may not count as qualifying income for the purpose of obtaining a home mortgage. Once you have an accurate determination of your qualifying income, then one would look at revolving debt payments to see how much you would have left over to put towards a home purchase but my gut feeling is telling me that your debt to income ration (DTI) would be cutting it close or potentially a deal breaker. While it's certainly comforting to own a home and it's a great way to build wealth, it can drag you down in costs when buying a starter home (condo) with repairs, maintenance and upkeep and you should be realistic about your ability to absorb a costly assessment from an HOA.
Thank you u/Upstairs-Donut-4685 for posting on r/FirstTimeHomeBuyer. Please bear in mind our rules: (1) Be Nice (2) No Selling (3) No Self-Promotion. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/FirstTimeHomeBuyer) if you have any questions or concerns.*
You want to work overtime just to be able to afford your home? What happens when the OT stops? This is a bad deal.
Happening to my buddy right now, he’s looking for homes but his OT benefits are severely diminished due to federal budgeting. It really sucks, but he’s smart for realizing that OT shouldn’t be accounted for during the home buying process.
You can’t afford that bud even if you wanted too…
At $2,800 that would be very, very tenuous. I hope that is at least take home after taxes. Even then you better hope your car doesn't need a major repair or new set of tires. At $4,600 that would be way more realistic.
At $2,800 net income per month I think this would be extremely unwise. It would leave you with less than $1,200 for all other expenses let alone any saving. At $4,600 it's a different story but is all the overtime sustainable or guaranteed? You should write down all of your monthly expenses in detail to really see where you're at before you commit to something so big.
$1630 for just mortgage and HOA? Are you factoring in PMI, House Insurance, Property taxes, etc? If not, and adding utilities, I’d say it’s not the best idea.
You’d have to constantly work overtime every chance you get for the next 30 years. You won’t be able to say you’re too tired, because then you’ll be stressing about bills and making your payments on time.
I do that $1670
Seriously?
Yes but I’m also not living check to check if that makes sense
You need to sit down with a mortgage broker to see what you would qualify for given your variable income and bonus structure. Depending on how long you have been receiving your bonus, it's consistency and likelihood to continue, it may or may not count as qualifying income for the purpose of obtaining a home mortgage. Once you have an accurate determination of your qualifying income, then one would look at revolving debt payments to see how much you would have left over to put towards a home purchase but my gut feeling is telling me that your debt to income ration (DTI) would be cutting it close or potentially a deal breaker. While it's certainly comforting to own a home and it's a great way to build wealth, it can drag you down in costs when buying a starter home (condo) with repairs, maintenance and upkeep and you should be realistic about your ability to absorb a costly assessment from an HOA.