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The strategy is, *drum roll,* get educated. Certain skillsets flourished amid the recession. Unemployment is low for the college educated.
For some of us who been living in SV long enough we know better not say..
"Unemployment is low for the college educated."
But regardless of all that... have a read!
Done!
@
2011 Jan 22, 4:40am
300K in my town with low interest rate 4.75 or so, would be a $1600 mortgage, plus the taxes on that would run about 400 to 500 a month and about 200 for Insurance. $2200 a month is a tall order, if you're in a industry that time leaves behind, and you have to reinvent your self.
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there is no job security in US. Even if you feel confortable at your present job, you have to always to prepare for the worst- if you loose your
job.
we have the present economic situation. Is not great. Everything you read or hear you have to take with a grain of salt.
therefore, if anyone is contemplating buying a home in this year, only if you have enough downpayment, so that your loan monthly
payment is payable with one income (if you lucky to have dual income), and don't even think about following the lenders' guidelines of front/back end ratios.
To be safe, if you loose your job, make sure you have saved money to pay your monthly mortage for at least one year.
So the lower your mortgage payment, the safer you are.
Example of what I mean, in a good location (willow glen, campbell, fremont) I think 300K loan would be pretty safe ,
easy to make payments, and still have money left. That means, have a 300-400K as downpayment.
#housing