It's all happening very quickly. I would be purchasing my BIL's current home (they are moving elsewhere). With home prices so low in the valley coupled with the first-time home buyer's tax credit, I realized I could do this, even on my piddly salary. But the window of opportunity is small, so I need to get cracking. Have to close by 12/1 to qualify for the tax credit.
I was plugging numbers into online calculators just to try and get an idea of what mortgage payments might be and I wouldn't be paying much more than what I'm paying in rent right now. In some cases, I would be paying less, which boggles my mind. If I end up having a smaller mortgage payment, I'm going to be kicking myself for not doing it sooner.
I meet with a loan specialist next week.
I find that using the 1-percent rule still has its purpose. If I can keep all the house bills under 1 percent of the mortgage amount, it's all good. So far, I'd say I'm well under that, even with our Godawful property taxes.
