Payment less than 1/4th of my take home what the fuck lmao houses where i leave around 450k+ for mediocre housing and this is a cheaper area. Payments are looking like $7000/ month for these crappie houses. Who the hell is making $30,000/mo after taxes to buy these houses? I make about 110k/ year myself my take home is about 5-6k/ month
15 year fixed with no more than 25% of my take home pay is a house worth less than 100k. Thats literally impossible. Maybe he has different rules for people who aren’t married with kids, but if this is his rule for everyone then I’m never owning a home.
What if you have 30k saved and do the 0% down and now you have 3-6 months emergency funds I think the first time home buyer program would be good at that point
This video is from 2021 is 2024. The rent gap is almost close to a mortgage gap or even more expensive. If I need to pay rent for survive and have a roof in my head for $1450 for just one bed room apartment. I think I'm ok if I invents in a house that even If around $2000+ I investing money on that house and apartment rent is just lost money. Plus most FHA after you put down-payment you have 2 moth to recover and don't have to pay for 2 moth.
Dave's 15 years is a bit nuts, but other than that, monthly payment of no more than 25-30% of take home pay, 20% down, are good rules of thumb for buying a house imo if you can lock in a good low interest rate
I think Dave is rich enough that he's completely lost touch with reality… It's so much more affordable in many areas to buy than to rent if you get a 30 year loan and use a new home buyer program to help with the down payment. There's some that match your down payment and are forgiven after 5 years. Otherwise you're stuck in a tiny apartment where the rent goes up every year
I would need to make $12,000 per month with 100k down to buy a house in vancouver wa with Ramseys income requirements. simply not possible. Mortgage loan calculator says 3,032 per month with 100k down. (Just checked zillow you cannot get a house under 400k that's not a complete dump and this isn't just vancouver this is typical anywhere on the west coast.
I make 110k with good savings and want to buy a house. I bring home just over 6k a month after tax. Dave is telling me i need a 15 year mortgage that is roughly 1500 a month? Thats a $60,000 house
My problem with this is if you’re paying to live anywhere- why not be in your own home. Who cares if you don’t have an extra $60k for 20% plus done debt and ask the other requirements since the living costs exist regardless. Speak to people who own and get an idea of the actual cost of ownership and if you’re paying $2800 for a two bedroom and could be paying $2000 for a mortgage-go for it. That’s the position many are in. We’re not living with mom or Dad and able to stack money- we’re not willing to move to the hood where our children can’t play outside just for slightly lower rents- we’re not moving 3 hours away from work when we can help it just to never see our families. But we are paying this rent every month on time for decades without fail. So Why not be paying a mortgage.
There’s many programs where you get deferred at 0% or forgivable and this clown is just not very informed cuz he’s rich and don’t need it. Horrible advice
PMI is not that big of a deal. If you are able to pay extra every month on the principle, you wont have a PMI in 12-24 months. Also many places have tax assistance where you wont pay taxes on the house till you reach 20% equity, or lose the PMI.
I finally got my credit to the point where I can buy a home but I'm fuckin broke 😂😅 but I pay $1200 for a 2bdrm. It's insane. And I live in Oklahoma, small town.
I agree with dave, reality is median income to home price is way out of wack! By the time you save up for down payment you done spent another 30k or more in rent.
At first i was like what is this guy talking about but i was thinking about what he was saying and its true. Anyone who enters a homebuyers program has no money, and to me is not ready for a home, and going to put your self in debt. $100-$250k on a house, then you have mortgage,electric,gas,water, watever fees or taxes, maybe some pmi, then lets say you have a shitty inspector or the seller dosent disclose everything and your HVAC goes out, or the basement floods or has dry rot somewhere, your going to need to put way thousands of dollars in reserves just to keep afloat, even if its a new build home, theres probably thousands of people who were waiting on a new build first so that puts you in the back of the line, lets not talk about other side expenses like car payments,insurance,kids, groceries, your going to put yourself in a bind and have no money to do anything else. So he is absolutely correct!
So Dave, should everyone just pay fucking rent and throw their money away instead of buying a house, waiting till the interest rate goes down, get a lower payment and rent it out?! So we should just keep waisting money on rent is what he’s saying, pay someone else basically, don’t pay yourself in the long run
Based on Ramsey's perimeters, here is what this would look like for my family of 4…. 25% of Take Home Pay – $1,700.00 (based off of $6,800 net monthly)
Example 1: 300,000.00 – 20% = 60,000 down 15yr fixed FHA 6% – 2,058.00 monthly
Example 2: 200,000.00 – 20% = 50,000 down 15yr fixed FHA 6.25% – 1,756.00 monthly
Living in Greenville, S.C. this nearly impossible unless you want to live in shady parts of town AND it would take us a minimum of 3 to 5 years to save 50K-60K in which properties will be up another 24-28K affecting the monthly mortgage limit of $1,700.00…
I say all of this to say, Ramsey's ideas sound good but are not really realistic today
Horrible advice
I put all of his advice into a mortgage finder/ calculator and there isn’t such a deal in the US unless a quarter of your take home pay is 3,500…
Payment less than 1/4th of my take home what the fuck lmao houses where i leave around 450k+ for mediocre housing and this is a cheaper area. Payments are looking like $7000/ month for these crappie houses. Who the hell is making $30,000/mo after taxes to buy these houses? I make about 110k/ year myself my take home is about 5-6k/ month
15 year fixed with no more than 25% of my take home pay is a house worth less than 100k. Thats literally impossible. Maybe he has different rules for people who aren’t married with kids, but if this is his rule for everyone then I’m never owning a home.
I’m gonna have to buy an RV and live in a park 😢
I don't believe NACA charges a mortgage insurance.
What if you have 30k saved and do the 0% down and now you have 3-6 months emergency funds I think the first time home buyer program would be good at that point
This video is from 2021 is 2024. The rent gap is almost close to a mortgage gap or even more expensive. If I need to pay rent for survive and have a roof in my head for $1450 for just one bed room apartment. I think I'm ok if I invents in a house that even If around $2000+ I investing money on that house and apartment rent is just lost money. Plus most FHA after you put down-payment you have 2 moth to recover and don't have to pay for 2 moth.
Dave's 15 years is a bit nuts, but other than that, monthly payment of no more than 25-30% of take home pay, 20% down, are good rules of thumb for buying a house imo if you can lock in a good low interest rate
I think Dave is rich enough that he's completely lost touch with reality… It's so much more affordable in many areas to buy than to rent if you get a 30 year loan and use a new home buyer program to help with the down payment. There's some that match your down payment and are forgiven after 5 years. Otherwise you're stuck in a tiny apartment where the rent goes up every year
Dave is stupid
Are 10 year fixed a thing? Just don’t wanna be owing money on my house for longer then 10 years
I would need to make $12,000 per month with 100k down to buy a house in vancouver wa with Ramseys income requirements. simply not possible. Mortgage loan calculator says 3,032 per month with 100k down. (Just checked zillow you cannot get a house under 400k that's not a complete dump and this isn't just vancouver this is typical anywhere on the west coast.
Why not advise her to take 30 yr but pay it as 15 yr?
Fuck it 30 year then refi after a few to a 15 the market sucks right now
I make 110k with good savings and want to buy a house. I bring home just over 6k a month after tax. Dave is telling me i need a 15 year mortgage that is roughly 1500 a month? Thats a $60,000 house
at 1:24 i understood that i was starting in the middle. Re-focus on game plan. need to abide and build up before the plunge ty
He is delusional.
My problem with this is if you’re paying to live anywhere- why not be in your own home. Who cares if you don’t have an extra $60k for 20% plus done debt and ask the other requirements since the living costs exist regardless. Speak to people who own and get an idea of the actual cost of ownership and if you’re paying $2800 for a two bedroom and could be paying $2000 for a mortgage-go for it. That’s the position many are in. We’re not living with mom or Dad and able to stack money- we’re not willing to move to the hood where our children can’t play outside just for slightly lower rents- we’re not moving 3 hours away from work when we can help it just to never see our families. But we are paying this rent every month on time for decades without fail. So Why not be paying a mortgage.
There’s many programs where you get deferred at 0% or forgivable and this clown is just not very informed cuz he’s rich and don’t need it. Horrible advice
I love this advice but after 1 year you can refinance and get out of the PMI
VANCOUVER!!?im in LAKE SHORE HAZEL DELL AREA❤
PMI is not that big of a deal. If you are able to pay extra every month on the principle, you wont have a PMI in 12-24 months. Also many places have tax assistance where you wont pay taxes on the house till you reach 20% equity, or lose the PMI.
For now it’s 700k
I finally got my credit to the point where I can buy a home but I'm fuckin broke 😂😅 but I pay $1200 for a 2bdrm. It's insane. And I live in Oklahoma, small town.
I can only afford a house in the ghetto. People tell me it's a bad idea, but it's the only financially responsible option
Do not listen to Dave. Take advantage of the first- time buyers program.
I agree with dave, reality is median income to home price is way out of wack! By the time you save up for down payment you done spent another 30k or more in rent.
You don’t have to put 20% but payment has to be 25% of take home pay soo… basically need to be making 180-250k to buy a 400k house !!!
At first i was like what is this guy talking about but i was thinking about what he was saying and its true. Anyone who enters a homebuyers program has no money, and to me is not ready for a home, and going to put your self in debt. $100-$250k on a house, then you have mortgage,electric,gas,water, watever fees or taxes, maybe some pmi, then lets say you have a shitty inspector or the seller dosent disclose everything and your HVAC goes out, or the basement floods or has dry rot somewhere, your going to need to put way thousands of dollars in reserves just to keep afloat, even if its a new build home, theres probably thousands of people who were waiting on a new build first so that puts you in the back of the line, lets not talk about other side expenses like car payments,insurance,kids, groceries, your going to put yourself in a bind and have no money to do anything else. So he is absolutely correct!
they use your gross pay not your take home, source
my uncle is a high ranking loan officer
Mortgage is no more than 1/4 your take home pay😂😂😂 with 15% DOWN.
Dave NotRootedInReality Ramsey
Its preferable to have $400,000 for a house, in todays economy, we dont get preferable.
Dave is for morons
So Dave, should everyone just pay fucking rent and throw their money away instead of buying a house, waiting till the interest rate goes down, get a lower payment and rent it out?! So we should just keep waisting money on rent is what he’s saying, pay someone else basically, don’t pay yourself in the long run
Based on Ramsey's perimeters, here is what this would look like for my family of 4…. 25% of Take Home Pay – $1,700.00 (based off of $6,800 net monthly)
Example 1:
300,000.00 – 20% = 60,000 down
15yr fixed FHA 6% – 2,058.00 monthly
Example 2:
200,000.00 – 20% = 50,000 down
15yr fixed FHA 6.25% – 1,756.00 monthly
Living in Greenville, S.C. this nearly impossible unless you want to live in shady parts of town AND it would take us a minimum of 3 to 5 years to save 50K-60K in which properties will be up another 24-28K affecting the monthly mortgage limit of $1,700.00…
I say all of this to say, Ramsey's ideas sound good but are not really realistic today