Is buying a house on one income a good idea?

Answers:3   |   LastUpdateAt:2012-08-14 15:24:03  

Question
Febby
Asked at 2012-08-11 12:04:02
My wife and I found a house we love and are trying to decide whether to buy now is a good idea. I recently returned to nursing school and has another two years , so now we are living on an income. She does work part time and make enough to cover your expenses (gas , telephone , insurance, etc. ..) . Currently own a condo that is rented by buying a house. Which currently take home around $ 3000/mos in net income and the mortgage on the house we are looking for would be around $ 1200/mos (this includes taxes and insurance) . The only other debt we have is my student loan , which is about $ 150/mos , otherwise you are debt free .

After buying the house would be about $ 20K left on our rainy day savings account. My concern is that if something happens and I lose my job over the next two years , we would be screwed. In this economy could 6mos a year to find another job, if not more. I've been with my company for a little less than a year and am in a rotation program with them. Basically, I turn to the new department every six months for me to learn the business for a period of two years. It is a very small company privately owned so there is no formal procedures for human resources. I feel a little unsure because I have a permanent position in the company yet and am not very visible to the leadership, while in the rotation schedule .

Is buying our dream home worth the risk , or is my only insecurity and paranoia we wait until my range is made with the school?
Answer1ksAnswered at 2012-08-11 21:57:02
It depends on the amount you pay in your condo now, if it is a big difference I think you should wait until your job is more secure and your wife is closer to the date of graduation from school, with this economy you never know what going to happen. Better safe than sorry .
Answer2tipAnswered at 2012-08-12 06:26:02
I would not sell his apartment , rent a place, and buy your home in a year from now. There are some more Adj . rate mortgages coming due next year and house prices have another accident. When this happens , the money will be even more scarce, so if you have money, you can buy what you like cheaper.
Answer3JenaanAnswered at 2012-08-14 15:24:03
Buying a single income is not advisable.
If we have enough hot money in the hand is advisable.
Sufficient funds will empty your account and suffering.
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