My fiancee and I were planning on buying a home next year. On a whim, I applied to be pre-approved.
During thing time, we got fed up with our apartment complex. We moved on June 29th to a luxury apartment community. As full time students, and workers, we’re barely making ends meet — but it means that we’re not getting mugged on the way into our apartment anymore.
I got a call last night from the mortgage agent I applied with last month. She told me I was pre-approved for a decent amount.
We just moved into our new place! Our rent payment is $900 for a one-bedroom. Looking in the area that we originally wanted to buy in, we can get a move-in ready home for under 70k. That’s $500-$600 for at least three bedrooms - after taxes and insurance.
Obviously, I want to go for the house. But we have twelve months left on our lease! I think we’d have to pay 2 months to break it. And, as I said, we’re broke. [The loan that the mortgage company supplies is along with a local grant for down payment assistance and closing costs; we’re first time home buyers]
Should we pay $1700 to get out of our lease? Can we write this into a purchase agreement as a clause?
Or should we stick it out another year? We’re getting married next fall - do we want to deal with wedding planning AND real estate drama? Also, I’m afraid my credit rating will drop as the mortgage company’s requirements go up. I feel like I need to do this, or we won’t realize our home ownership dream for a number of years.
Help!
Grant is from the city that we’re looking to buy it. 10k to down payment and closing costs. I work for said city, and thus know that it’s not a mess-up.
Fiancee’s credit rating brings mine down. He’s working on it (has been for *years*).
Yep. Am currently running way too tight on my budget. Should have re-evaluated before moving to expensive apartment. But, again, if we were to buy a house, I would be fine.
kemperk said:
Jul 11, 09 at 2:09 amyou got no grant for the down payment; that is a sly one; they got the
seller to give the $ to a company and the company paid the down.
[great con for the inbetween firm]
seek a replacement tenant for the apt.
if you want my other advice; I think you are running too tight on
your budget;
a mortgage payment should be a max of 35% of your
take home pay. IF it is not, and you have a repair needed
or a car problem, you would go into foreclosure immediately.
Please therefore, be VERY careful about buying when you do not
have at least 10k discretionary savings!!!
Spock__rhp_ said:
Jul 11, 09 at 2:52 amstick where you are.
get married first. you’ll find that it is moderately expensive and the 1700 you haven’t got will be useful. not to mention how much it costs to move and the inevitable closing costs you don’t know about yet and aren’t going to be covered by any grant.
the mortgage companies will like you as a married couple also — next year.
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Lauren said:
Jul 11, 09 at 6:31 amA lot of loan companies will buy you out of your lease to make the deal. My friend’s home companty even paid off her car so she could make the mortgage payments. The market is in your favor bc people are dying to sell. Try to work out a deal wher ethey pay your fee to break your lease. They’ll probably do it.
General_Custer said:
Jul 11, 09 at 12:08 pmGo for the house, then after the closing work on a deal with landlord.
towanda said:
Jul 11, 09 at 2:13 pmIf you’re broke, you can’t afford a house. You do the math and don’t let anyone tell you what you can afford. They don’t know what your expenses are or how you want to live. You need to have a slush fund put back before you buy anything. Listen to the financial guy on talk radio and what he says about debt and what you need in the bank. Emergenies happen and you need some substantial savings just in case. And here is my very best sage advice. . .Don’t buy anything together until you are married. Not to wish bad luck, but things happen and that can be a total nightmare. I would suggest you wait, find out where you will be working and are in a much more permanent position What if either of you got offered the job of a lifetime in some place you have always wanted to live and you are tied down to the house? Don’t get in a rush. Enjoy each step of getting ready for home ownership. Protect yourself from problems and get that slush fund together and while you do enjoy your luxury apartment with all the goodies. What you might want in a few years will probably be entirely different for what you want right now. And try not to get yourself any shorter of funds. . .nothing can ruin a relationship faster than not enough cash. Good luck and congrats. May life bring you everything you wish for. . .
Wildcat said:
Jul 11, 09 at 3:14 pmIt is not a good idea to break a lease unless you absolutely have to! This will ruin your rental history and possibly your credit. Getting the house is not worth the cost to your credit! Also it will be near to impossible to ever rent another place if you need to. Most landlords will not rent to someone with a lease break on their record, even an old one.
Please think long and hard about the consequences of this before you make your decision!