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should i do this with todays issues

between my hubby and myself we make a combined income of about 75-80k a year. i am in school for 1 more year and my student loans are about 20k defered. we have no car payments,about 200 a month in credit card payments, 350 a month in unsecured personal loan payments. we found a house that appraised 6 months ago for 325k and looking into buying it for 190k. with todays problems are we shooting ourself in the foot? should we just not buy a house right now? think we might be shooting to high for a little to much for our income? we currently found out that a few places are closing here and i am just not sure what to do.
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January 09 2009 - Poplar Bluff
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artesia, the answer is going to depend on several questions:
1. what would a similar home rent for?
2. how many homes are for sale in that area? how many sell a month? if the available supply is more than six months, prices will probably continue to drop.
3. how many foreclosure are in the area? how many short sales, which are likely to turn into foreclosures?
4. what is the local job market like? losing jobs? increasing?
5. how long do you anticipate being there?
6. how much do you have to put down, how is your credit?
7. how badly do you want to be a homeowner?

For financial planning, you could try to pay off all credit card balances and the personal debt. What kind of rates are they at anyways? Then save more for a downpayment, especially if your answers above imply the market will continue downward.
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January 09 2009
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lots of job loss in the area. I am a home owner now but this house would not longer be in my name . i would no longer have this house payment this house is sold for a break even amount. The new house would be the one i die owning thats for sure.

I doubt any homes of this kind are up for rent. in the area. not many homes are rented out that are 200k+ homes. but if i had to guess i would say close to 2000+ a month. the area it is in does not have much"rental property" if any at all. its in a very nice area. (we live in a small lil miniopolis in the south not a very big city)

they are offering me 4.5% int rate with only 3% down which i have that covered. between my hubbys credit which is approching 800 and mine at a yucky 650 we still seem to be in an ok boat for financing dont see a problem there. just never made a purchase this large and i am trying to seek out good solid advice. i dont know if the market will continue down but with goodys closing, ruby tuesdays, pear tree as well closing i am confused.
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January 09 2009
 
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should i do this with todays issues
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January 09 2009 | 2 answers
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