sounds like your best bet is just saving longer so you can pull off a larger loan?
I find it tough to purchase anything decent quality at a reasonable price.. I'm qual. For 140k at 3.7 % 30 yrs..
Looking in the greater portland maine area.. hopin for an acre, wi..th a decent quality home in a decent neighborhood.. mostly bank owned that people destroyed before vacating.. Or manufactured homes etc. That I can't stand to make an offer their asking 100k and up. Complete junk.
Where is the true value in this sea of failing homes due to deferred maintenance/or poor planning?..what is the true cost after 30 yrs of interest and taxes and maintenance that people pay a premium price v. value. I'm seriously considering buying land, taking a small loan; then building small and efficiently.
All in the name of saving dough, getting what I want, and let these penny stock homes fall out the bottom..
$140k doesnt sound like at gonna get you anywhere near what you want to own.
sounds like small home, small land and fixer condition to me.
the true cost to own is much higher then the purchase price.
you will spend(waste) ten's of thousands on interest, yearly taxes, repair and maintenance... probably to the point of 3 times the purchase price over the course of 30 years.
the interest on a 30yr loan at 3.7% is 92k if you don't accelerate repayment
I need to follow this... "Not everything you eat has to, or should, taste really f*cking awesome. Sometimes you need to eat 'boring' food to stay healthy.