Posted on: 04th Sep, 2010 10:16 am
I am about to go through a divorce. We have little savings right now, and it will take forever to sell our house.
Can I buy a home and leave my husband trying to sell our current home? We hope to make about $230,000 on it.
We also own some land, worth about $35,000.
We have no debt other than mortgage and about $1,000/mo on car payments.
My husband kind of put me in a spot where he is the bread winner. He takes home about $115,000 a year. I am just subbing as a teacher (used to be a curriculum coordinator for a school district) and only make about $800/mo.
We have 3 children. They have a few medical issues, so our medical expenses are high, but we always pay it off.
My questions are, can I buy a house now, or do I have to wait until we sell? And after child support and subbing, I will bring in about $4,000/mo. What price house should I be looking for.
Please help! I am very confused!
Can I buy a home and leave my husband trying to sell our current home? We hope to make about $230,000 on it.
We also own some land, worth about $35,000.
We have no debt other than mortgage and about $1,000/mo on car payments.
My husband kind of put me in a spot where he is the bread winner. He takes home about $115,000 a year. I am just subbing as a teacher (used to be a curriculum coordinator for a school district) and only make about $800/mo.
We have 3 children. They have a few medical issues, so our medical expenses are high, but we always pay it off.
My questions are, can I buy a house now, or do I have to wait until we sell? And after child support and subbing, I will bring in about $4,000/mo. What price house should I be looking for.
Please help! I am very confused!
Hi sawyersommer,
Quote:
can I buy a house now, or do I have to wait until we sell?
Currently you make $ 800/month and divorce is not yet accomplished.....So in my opinion you should wait till the time you sell your current home.Because in order to buy a brand new home you need to put down payment for it and to arrange it on your own with low monthly income could be a big task for you and it may take years to accomplish just a down payment.(I am assuming that you are not getting child support money)
So you are advised to wait........
We have varieties of calculators available on our site so that you can analyze how much you can afford.If you are not having any other debt except mentioned in the post and assuming you could make $4000/month, I think you can look for any home valued between 80-110k for buying.
You can also use '41 calculators' tool to find out yourself how much you can afford.
http://www.mortgagefit.com/calculators/howmuch-borrow.html
DIPA
Quote:
can I buy a house now, or do I have to wait until we sell?
Currently you make $ 800/month and divorce is not yet accomplished.....So in my opinion you should wait till the time you sell your current home.Because in order to buy a brand new home you need to put down payment for it and to arrange it on your own with low monthly income could be a big task for you and it may take years to accomplish just a down payment.(I am assuming that you are not getting child support money)
So you are advised to wait........
We have varieties of calculators available on our site so that you can analyze how much you can afford.If you are not having any other debt except mentioned in the post and assuming you could make $4000/month, I think you can look for any home valued between 80-110k for buying.
You can also use '41 calculators' tool to find out yourself how much you can afford.
http://www.mortgagefit.com/calculators/howmuch-borrow.html
DIPA