Buy into the American dream. 500k debt is nothing. Someone on another thread said in 10 years you will be making 43% more. Then 43% more in another 10 years. Pretty soon you'll be making 500k/yr so your house cost come from the change you drop in the sofa. Buy into it like the rest of the Lemmings. The banks know money better than the rest of us, and if they say you can afford it, then they must be right. All of us amateur economists and nay sayers are all just jealous. People who own are so much better off. Only if I could afford to look like them. Just only...
Just get the note and forget about paying it. It will take 3-5 years to get you out of the house. Save every dime you make.
Do it again on your wife's SSN.
Then buy a house cash for 1/10th what you'd pay now.
Make sure it's near a water supply and on a defensible piece of land with space and soil quality for potatoes.
Do EXACTLY as Tony Manero said.
Except put as much money as you can in silver with some cash on the side.
Do NOT keep the cash in the banks and make sure to invest in PHYSICAL silver that you have in your hands. Put everything in a fireproof bullet-proof safe.
Keep a shotgun and several other guns with plenty of ammo, a bullet proof vest for both of you and invest in a good alarm system to detect when cannibal intruders have entered to rob and eat your flesh from intense hunger.
Keep a storage of preserved food that will not go bad and will be able to fulfill nutritional needs. Grow your own food though as Tony Manero said just in case...
Buy water and store it properly so it doesn't go bad. Build a water pump to get fresh water out of the ground. Storing water you buy from the grocery is in case the water pump doesn't work.
Buy a proper water filter to kill any bacteria in water and to purify the water from as much toxics, pollutants and chemical as possible. The filter is meant in case the water pump malfunctions and the stored water ran out.
Locate a natural source of clean water if you can.
Learn to purify water without a filter. Just basic equipment if everything above fails and the filter is no longer working.
Keep equipment that can cook food efficiently.
Buy a electricity generator.
Learn how to keep yourself warm and have heat.
Keep matches and lighters. Plenty of them.
Buy candles and flashlights with plenty of batteries and battery chargers plus bulbs.
Learn to clean yourself and maintain your hygiene. Infections are deadly.
Have a very energy and cost efficient transportation mode and do NOT travel to dangerous areas. Learn your way around which places to avoid. I do not recommend going out if you do not have too. Stay home. Avoid the streets and going out as much as you can. It will be mostly dangerous outside and there will be nothing to do since everything has basically collapsed.
Have a bug-out plan in case you lose the house and are kicked out. Learn how to survive living in a tent in a safe place. Pick a location wisely.
Keep extensive first-aid kits found in hospitals and know how to use it. Keep a water bag IV kit and know how to use it in case of severe injury and severe dehydration. Keep several different types of antibiotics for several different infections. Know how to use them properly with the proper dosage and how to most accurately determine what antibiotic should be used. Hospitals will be over-crowded when shit hits the fan and they may even be closed. I'm willing to bet that they will be closed.
I know what I'm posting is extremely long...What I really meant to post is this...
PREPARE FOR A FUCKING CANNIBAL SHIT-STORM ENGINEERED BY YOUR BELOVED BANKERS WHO PROVIDE YOU WITH CREDIT CARDS TO BUY WORTHLESS IPADS!
There are plenty of places in Upstate NY and LI (mid/east LI) where you can find a house for less than that. You are just going to have to either wait & save, live in an area you may not have wanted to, or buy less house. We have a combined income of 120K, higher when my business was doing well (husband has the stable 100K income). We are not comfortable spending more than 300K for a house. Taxes on LI are ridiculous, and you just never know how high they are going to go down the road. I didn't wait this long and wait out the market to end up in foreclosure because we couldn't meet the mtg payment, kwim?
Home price is 6.25 annual incomes, that's too high. Even if you could come up with a 20% down, you are likely to be wiped out in case one person were to lose the job. While you could possibly make the payments if you both keep working, it will significantly affect your lifestyle in other areas. Don't know what rents are like in your area, but simply buying wise, does not seem like a good idea.
Rents are not cheap here in NYC by any means. Even in the 4 boroughs that aren't filled with rich people. I have been wondering this for a long time now about the outrageous prices in NYC and the surrounding counties. I have to believe that many people actually bought their houses 30 years ago or more, when they were logically priced. Now there worth twice as much. I don't see how anyone can afford these houses with the way things are now. Wages are terrible, I am a public employee, forced to live in the 5 boroughs or surrounding counties, and my starting salary was 36,500 a year. If you have 2 incomes and a couple kids, you'll be paying day care expenses equal to a mortgage payment, so the 2 incomes really only makes a difference if you have no kids. What a nice life we live here in America, land of the free, home of the morons.