North Texan needing advice

A little about our family: family of 6 plus a big dog. Kids ranging in age from high school to toddler. In-laws planning to move in from out of state in the future. We currently rent a small home and pay $1900/month.

We are hoping that by spring of 2023, we will have improved our credit and saved enough to purchase a house. We are going about it much slower than we wish we could but we are still making steady progress. That’s the soonest we could buy a home.

I’d like to keep my exact location private but can say we live in the Fort Worth area. We want to stay in our current town but have considered the town adjacent just because houses are cheaper there. The schools in the adjacent town are bad, from what we’ve heard, so it really makes us want to stay in current town despite high house prices.

The highest mortgage payment we can make per month would have to be under $3k. Edited to add: we will be able to put about $15k down and assume with current numbers that we can afford something under $400k. It’s a bit worrisome because interest rates are going up, property taxes are rising, and house prices are not dropping so we aren’t sure we will be able to find a decent sized house within our budget right now – our guess is that it will be just as hard/harder next spring.

I’ve applied to a medical program and if I get in, I would bring in a decent second income that would bring our budget up much higher but we would have to wait about three years from now for that to actually all start benefiting us. So, there is more income coming but just not yet.

Another couple of points of interest are that our oldest, even though two years away from graduation, is planning to stay with us while working through college. Additionally, in-laws have given us more of a set timeline for when they hope to move in – 7 years. So, we know we will be a household of 6 for about another five years or so, and we could potentially be a household of 8 in seven years.

I’m wondering if you have any advice?

Should we start exclusively considering adjacent town since it’s more affordable and just pray the schools aren’t too bad?

Should we wait to buy until we can depend on my second income since we know we will have to have a bigger home to fit us all?

Should we buy a small (ish) home that’s under our budget next spring and just make it work and be thankful we aren’t house poor?

It’s so difficult to figure out what to do and I’m hoping you might have some advice.

submitted by /u/RepulsiveSelf
[link] [comments]

A little about our family: family of 6 plus a big dog. Kids ranging in age from high school to toddler. In-laws planning to move in from out of state in the future. We currently rent a small home and pay $1900/month. We are hoping that by spring of 2023, we will have improved our credit and saved enough to purchase a house. We are going about it much slower than we wish we could but we are still making steady progress. That’s the soonest we could buy a home. I’d like to keep my exact location private but can say we live in the Fort Worth area. We want to stay in our current town but have considered the town adjacent just because houses are cheaper there. The schools in the adjacent town are bad, from what we’ve heard, so it really makes us want to stay in current town despite high house prices. The highest mortgage payment we can make per month would have to be under $3k. Edited to add: we will be able to put about $15k down and assume with current numbers that we can afford something under $400k. It’s a bit worrisome because interest rates are going up, property taxes are rising, and house prices are not dropping so we aren’t sure we will be able to find a decent sized house within our budget right now – our guess is that it will be just as hard/harder next spring. I’ve applied to a medical program and if I get in, I would bring in a decent second income that would bring our budget up much higher but we would have to wait about three years from now for that to actually all start benefiting us. So, there is more income coming but just not yet. Another couple of points of interest are that our oldest, even though two years away from graduation, is planning to stay with us while working through college. Additionally, in-laws have given us more of a set timeline for when they hope to move in – 7 years. So, we know we will be a household of 6 for about another five years or so, and we could potentially be a household of 8 in seven years. I’m wondering if you have any advice? Should we start exclusively considering adjacent town since it’s more affordable and just pray the schools aren’t too bad? Should we wait to buy until we can depend on my second income since we know we will have to have a bigger home to fit us all? Should we buy a small (ish) home that’s under our budget next spring and just make it work and be thankful we aren’t house poor? It’s so difficult to figure out what to do and I’m hoping you might have some advice. submitted by /u/RepulsiveSelf [link] [comments]

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