Comments on: Kitchen Furniture Buying Guide

By: Thirst Quencher

Thirst Quencher — Mon, 08 Mar 2010 23:44:59 +0000

You should feel lucky to have a mother in law who is willing to let you live with her. Your husband needs to wake up, you can't act like a kid after marriage. Anyway $55,000 is not enough to buy anything and with bad credit I wouldn't even lend you $5. I suggest you stop dreaming and either rent a small place with your husband or start kissing your mother in laws butt.
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By: golferwhoworks

golferwhoworks — Mon, 08 Mar 2010 23:42:59 +0000

every one is right you cannot afford that price home you would need with great credit to earn about $210,000 a year. get a grip on reality
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By: jlf1262003

jlf1262003 — Mon, 08 Mar 2010 23:39:59 +0000

A 700K house on a 55k budget is unlikely, unless you have a 600K down payment. If you credit is bad and a lender tells you they will issue you a loan, you will have an high interest rate. Why don’t get a copy of your credit report from https://www.annualcreditreport.com/cra/index.jsp.

Review the information and fix your credit. It may take a year or two but it will be worth it. Be a little patient. You still won’t be qualified for a 700k loan but, you can get a decent house. You can also go to
http://cgi.money.cnn.com/tools/houseafford/houseafford.html
This Calculator will determine how mush you can afford.
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By: sassy2

sassy2 — Mon, 08 Mar 2010 23:37:59 +0000

You cannot afford a 700k house. Why don't you and your husband just rent a small 1 bedroom apt. That will give you the privacy you need.
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By: rtfm

rtfm — Mon, 08 Mar 2010 23:35:59 +0000

You couldn’t POSSIBLY afford that much house on your salary. Even with good credit, it’s recommended that you don’t get a mortgage that exceeds three times your annual salary. In addition, you’ll need a 20 percent down payment (unless you qualify for an FHA loan).

Your husband has "no idea what he wants to do with his life"? How about HELPING TO SUPPORT HIS WIFE? Sorry to say, but unless your husband steps up and (1) gets a job, and (2) tells his mother you want to live your own lives, you’re going to be stuck in your MIL’s home for the foreseeable future.
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By: duakaro

duakaro — Mon, 08 Mar 2010 18:33:58 +0000

How can I buy a house worth at least 700k on a 55k salary and poor credit? Just any financial/home buying tips?
My father-in-law passed away while I was engaged to my fiancee (now husband). So we moved in with my mother-in-law, into her biggg house, 2 years ago when we got married. It has been SO hard! It’d be different if I moved into my husband’s house but I moved into HER house! So everything is hers and I have to abide by her rules. No shoes here…no food upstairs…ugly decorations … etc. I don’t even cook b/c I hate all the stuff she uses and she’s always hovering over. I wish I had my own kitchen! On top of that, my husband has no job! He got laid off and has no idea what he wants to do with his life. So I don’t want to be rude to my mother-in-law (cultural reasons) so I want to have her move into MY house – one me and my husband buy. But I have extremely bad credit and my salary is 55k. She won’t settle for a small house b/c she likes having family stay with her and plus, big house means more space from her. I have NO financial literacy. Please help me figure out how to go about this process. I need to buy a house soon! This is getting so hard! I feel like a kid, not a married woman. It’s my dream to decorate a house and buy furniture etc. When I have kids, I don’t want them raised in a house like mother-in-laws under her rules and ways. I don’t feel at home where I am. I want to feel at home. Please, please, guide me. ANY tips would be wonderful! How much should I save per year? Per month? What’s a reasonable price? Any ideas about new properties in MD/VA/DC? Is it cheaper to buy a lot and build a home on there?

Oh and how much money do I need to be making to afford such a house?
How big of a house CAN I afford then?

Thank you for all of the kind answers in advance.
How much rent is good for me? Assuming I can’t get this house. I REALLY want to though! Must raise my salary. I’m 25.