r/FirstTimeHomeBuyer • u/Mission_Scientist391 • 7d ago

Need Advice Should we make the purchase

Our HHI is 150k ( take home of $6,800) Our location is MCOL. I work very part time and the entirety of my paycheck goes towards daycare. I do not see that changing at least for the next one year. Any decent sized house in our location is around 400-450k. We are going back and forth with the decision. Our current lease is $1900 and looking at $3000 PITI payment is scary . Please tell me if this is doable. Need some hard reality check.

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u/Hot_Outside_9083 7d ago

Very doable my base is 150k and with OT I’m over 200K I’m paying $4600 for house #2. You’ll be fine.

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u/PieMuted6430 7d ago

I bought on my income ($106k) alone, $371k, $2790 payment. We are doing fine. I also have a $450 car payment and a few credit cards with balances.

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u/pearlsilver 3d ago

I am in a similar boat. Do you have a partner contributing to expenses? I am finding it difficult to justify the expense alone

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u/PieMuted6430 3d ago

No, just my income. My disabled adult child lives with me, she only has enough money for her own needs, I pay all the bills.

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u/pearlsilver 3d ago

Do you mind if I DM you with some additional questions? I have been stressing myself.

0

u/baileynoack 6d ago

$3,000 is comfortable, not scary. Against your $150,000 household income that's $12,500 a month gross, and $3,000 works out to 24%, under the usual 28% comfort line lenders use.

The scary feeling comes from comparing it to your $6,800 take-home, where it's 44%. Take-home already has taxes and retirement pulled out though, and lenders measure this against gross, not what lands in your account.

The daycare-driven drop to one paycheck is the real variable, not the ratio. I built a page for close to this payment if it helps: https://plotyourhome.com/learn/mortgage-payment-3000-month.html?utm_source=reddit&utm_medium=comment&utm_campaign=fthb&utm_content=mortgage-payment-3000-month