We're Still Considering Buying a Home With Land Soon

I know I have talked about it on here for years. At one time we were soooo super close to buying. We had a home, an old home, that was on over an acre. We lived there for several years.

At first, she said she would eventually sell it to us with the option to add on another house and 5 more acres. It would have been perfect. Then she flipped a switch and ditched us on the entire thing.

I’m still dumbfounded. We were great tenants, we even helped her make repairs and also helped her with her farm animals. I seriously thought that would be the first land we would buy.

So here we are, starting over once again. We had to move into a different home, one without land and in a neighborhood. Totally not my happy place.

Figuring it all out

I’ve been crunching numbers using several mortgage calculators. It helps to have access to these free tools to use. One of my favorites is the Home Loan Limit calculator.

Lenders estimate the ability of a borrower to repay their loan based upon factors like how much debt they carry along with what their monthly debt service costs are. This calculator uses a 28% front-end ratio (housing expenses versus income) & a 36% back-end ratio (monthly debt payments versus income), though you can adjust them to the limits set by your lender. 28/36 are historical mortgage industry standers which are considered ideal by lenders & are still used in some automated loan underwriting software programs, though lenders approve borrowers with higher DTI ratios.
Home Loan Limit Calculator description

We’ve also been checking the current rural land prices for Texas. It’s going to take some time and a lot of planning and saving. But I have no doubt, that eventually, one day… we will be where we want and need to be.

I’ve also been working on our credit scores. After getting buried in so much medical debt, I feel like we’ve almost dug our way out. Reading Bloomberg has helped me learn a lot as well.

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Girl on Fire

Photographer at Loudmouth Photography

Brandy is the wife to a carpenter/musician and the mother of 3 amazingly awesome homeschool/unschooled girls. Brandy is a Photographer as well as a Coach for the Weebellion as part of Rolling Rebellion Jr. Roller Derby. Brandy is passionate about many things and suffers from a very painful and degenerative neurological disease called CRPS/RSD.

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