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Did I do the right thing or did I jump the gun?

EVERYONE is making me so paranoid and are telling me I'm going to get in over my head. We bought a house for 219,000.00. We wanted to wait a year, BUT the $8,000.00 tax credit was too hard to pass up so we decided to buy a house NOW!
Here is our situation:
We close in Sept. and we will put $11,000.00 down, which will leave us about $5,000.00 in savings.
I'm a SAHM and could work if we got into trouble, but my husband makes about 110,000.00/year give or take a couple thousand depending on his bonus.
We have about 30,000.00 debt in student loans and will pay off 10,000.00 of it at bonus time next March.
We don't have ANY other debt, our newer cars are paid off and we carry a very low credit card balance that is paid off each month.
So what do you think? Are we going to be living beyond our means?


Asked by Anonymous at 3:25 PM on Aug. 16, 2009 in Just for Fun

This question is closed.
Answers (12)
  • It sounds to me as though you have done your homework. Especially if the bank was willing to lend you the money. It is scary to make such an important commitment, but it sounds as though your household has a good income and that you are a responsible couple. Good luck!

    Answer by Bmat at 3:29 PM on Aug. 16, 2009

  • Also, the numbers work out on paper! We should easily be able to pay our mortgage each month. And my husband's job is just as stable as any one elses right now. OP

    Answer by Anonymous at 3:26 PM on Aug. 16, 2009

  • Ughhhh show off!!

    Answer by Anonymous at 3:28 PM on Aug. 16, 2009

  • If you dont have any debt beyond you student loans it sounds like you would be able to buy the house with out it hitting you really hard. However, dont count on the 8000 dollar first time home buyer credit. It may not pan out like it is ment to, like that cash for clunker program. It would be a bonus if it actually goes through. All financial advisors are warning their clients about that. But it sounds like you will be fine without the bonus so you should be good.

    Answer by weirdjojo at 3:29 PM on Aug. 16, 2009

  • If your husband makes that much, some of his intelligence should have rubbed off onto you.

    1. You should already know the answer
    2. You should be investing some of your free time and your husband's money to create your own business.

    Answer by Anonymous at 3:31 PM on Aug. 16, 2009

  • OP here: How am I showing off? First of all, I went anonymous. Second of all, I truly am concerned as we aren't going to be able to put anywhere near a 20% down payment down. Third of all, I'm not stupid nor do I want to start my own business. Lastly, 110K a year is NOT that much money!!
    If you couldn't provide a helpful of thoughful answer you should really just move on....

    Answer by Anonymous at 3:34 PM on Aug. 16, 2009

  • Thanks for providing an honest answer weirdjojo and Bmat! Understably, I don't like to discuss my finances with friends so I find that this site is helpful and I can remain anonymous!! I appreciate your kindness:)

    Answer by Anonymous at 3:37 PM on Aug. 16, 2009

  • It's not alot of money? Lmao! I beg to differ. Stop crying and go wash your BMW.

    Answer by Anonymous at 3:37 PM on Aug. 16, 2009

  • Strange that you would come to Cafemom to ask that question, as if there's not enough professionals around you (via your husband).

    I say BOGUS and TROLL.

    Answer by Anonymous at 3:41 PM on Aug. 16, 2009

  • Nope not a troll! Why can't anybody ever ask a normal question around here without being considered a troll! I don't have a BMW and I live a normal life! I'm sorry I asked this question! Everyone around us is telling us we may get in trouble OR be house poor so that's why I asked. Will it make you feel better if I answer this question with my screenname? I'm the OP!

    Answer by theutilitarian at 3:47 PM on Aug. 16, 2009