Hey thanks for caring about my situation! The current situation seems to be the most likely.
My father is going to give each of is $48,000 during the end of 2009 and the beginning of 2010 ($12,000 to each person - so my soon-to-be hubby will be getting $12,000 and I will too...and so one with my siblings.)
I will have $48,000 PLUS $40,000 saved (this is a conservative estimate - I should have closer to $50,000). So, I will have approx. $90,000 saved in cash towards my downpayment and emergency fund.
When it comes to gift equity - that is where it gets a little hairy and we are just going to consult with a tax attorney. If the house appraises for around $300,000 (which is what we estimate), my dad is going to either cut the price about $18,000 (6% that would go to a realtor if he were selling it that way). OR he will give us the gift of equity - but I would rather not go that way because of tax ramifications (again, we are going to consult with a tax attorney).
So it looks like we are going to put about $50,000 down (gift from my father) and then have $40,000 in the EF (what we have saved now). The house does not need major repairs...but I of course would love to update it. My fiance feels as though we should hold on on updating things...I can be patient.
As far as salary, my salary will be $57,725 the school year we buy the house.
The upcoming years will be like this:
2010-2011: $67,232
2011-2012: $75,849
2012-2013 $84,894
(We signed an AMAZING teaching contract!!!)
My fiance finishes law school in May 2009...his first job will probably be around $45,000 a year (law clerk). After that, it will hopefully increase.
So BASICALLY...we are looking at:
Joint Salary of $110,000
Law Student Loans $120,000
Mortgage of $200,000
NO Credit Card Debt
Cars Paid Off
::whew::
Is that a pretty good run down?
My siblings are supportive of the decision. I have a very successful sister making millions in Atlanta and she's just happy for us, my other two siblings are happy with the situation as well - because they would love for the house to stay in the family in order to have a place to gather together.
Looks like a 30 year mortgage would be around $1,600 (with PITI) and a 15 year mortgage would be around $2100 (with PITI). I would LOVE to take out the 15 year mortgage and throw extra $$ at it and get it paid off!
I have a fully funded ROTH IRA, and annuity (with only $3,500 and not adding anymore - from a previous job) and a pretty sweet pension.
We are both 27.
Here's a pic of it.
http://img.makeupalley.com/7/1/5/6/1007133.JPG