Health Savings Account-Health Savings Account Info

girl1985 asked:


Hey all, I currently take home about $2100 a month depending on commission (i do insurance). I am 25 and live at home, debt free, and have $35,000 in my savings account and $6,000 in my checking account right now. I wanted to move out and rent an apartment but everyone is telling me to buy a townhome/condo because it’ll be cheaper. Any thoughts on this? My car payment is currently $291 (its a lease that is up next june then I am definitely getting a cheaper car) and my auto insurance is $100. I pay about $45 in gas every 2 weeks. My father pays my phone bill and we have group health insurance so I do not pay those bills. I spend about $150 on groceries a month. Based on all this plus rent, utilities etc. could i afford to move out? I know HOA fees can be expensive and utilities but I really want to move out!!!!I am actually meeting with my bosses tomorrow to discuss a raise since my 2 year review is tomorrow. any advice would be greatly appreciated

Bobby

Coach asked:


Looking at purchasing a home. My net income is $3100 per month. That is after all taxes, health insurance, and 10% contribution to 401K. Currently have no revolving debt other than a $178/mos no interest student loan payment thanks to an ex employer. Credit cards are paid off every month. Otherwise typical monthly expenses such as gasoline, insurance, groceries, etc…

Looking at purchasing a house. Mortgage payment would be around $850/mos. Adding taxes and insurance it would be around $1250/mos.

Will have about $25K in a rainy day savings account after purchase.

We are a single income household. No kids. Wife is in nursing school with 1.5years to go. She is accumalating student loan debt, but we don’t have to start repaying until after she graduates. Payments at that time would be around $300/mos. She would have a fairly decent income at that point being a nurse.

Currently own a condo that we would be renting out. Anticipate generating about $100/mos of income from the rent.

Is that a fairly reasonable mortgage payment based on my income and debt situation?

Russ Kalmar

ValerieJ asked:


The health inspectors were in the building I reside in about 2 months ago and found many repairs that needs to be made and was not up to code. Including mold. I was instructed by my attorney to put my October rent in a savings account untill the repairs have been made. The owners have stated that they will not make the nescessary repairs untill after we are gone. I have never been late or behind in my rent and I now have an eviction notice and a court hearingf on friday. I have applied to couple apts and it is already showing up as a pending eviction the health inspectors never sent the owners the report of the repairs that need to be made untill 2 weeks ago andmakes me think why they had never done soi before then when they were here 2 months ago. Now I might have to take my 3month old to a shelter. Is this even legal.
The people that lived upstairs from me called the health inspectors right before they moved and reported the flaws. The health I nspectors sent the letter to the previous owner of the building and did not send tyo new owner untill we requested to do so.

Isidro Evelo

Anon Y. Mous asked:


I am 23, turning 24 this year. I am a PhD graduate student and will be for another 3-4 years. I am paid a stipend of $24k/yr and my tuition and health insurance is covered as long as I’m in school. My FICO is 760. I have $16k in student loans from undergrad that are currently deferred until I’m finished with school. I have no credit card or consumer debt, never had. I have $4k in retirement funds and $2k in an emergency fund. My savings account should be up to $6k by December, unless something goes wrong. All this I have saved from my measely income for 2 years. I also own my car outright, paid for in cash. (In that timeframe I’ve also covered moving expenses and an apartment full of new furniture + electronics.) So I would say I’m pretty good with money for my age.

My current rent is $675, nothing included. I’m wondering if it is smarter to buy. I will stay in the area for another 3 years, perhaps more if I decide to stay and work here after graduation. I have a good FICO score so I think I would get a reasonable rate (5.0%?). My credit report shows 5 years of history, all my accounts are in good standing, nothing negative. My available credit limit is approx. $10k and I never carry balances. In my area, I can get a 1bd/1ba condo for $100k, HOA fees approx $150/mo. If I apply for a 30yr mortgage, according to the calculators my monthly payment can range $530-730. I will only have the $6k from savings to put down though. But with Obama’s $8k incentive…. do you think I should even be thinking about buying? I would just really like to have a “home” and not have to apartment-hop after every lease due to management, move furniture, not allowed pets or this or that anymore.

Would they even look at me if I walked into a bank to ask about my loan eligibility?

TIA. Advice from loan officers or those experienced in mortgages are greatly appreciated!
I want to add that I would do the FHA.

Michael

kamran k asked:


I just graduated from college and I have a debt of close to 50,000 dollars that I owe to the US DEPT of Education. I have 3000 dollars take home pay. I also have 50,000 dollars in my savings account. Zero credit card debt. I am looking to buy a townhome in northwest suburbs of chicago. I’ve already been preaproved for the loan. The house I am looking to buy is around 170,000. The assmt fees is 160/monthly and 3000/annual taxes. I don’t have any other bills besides a cell phone , car insurance and my health insurance which is 300 combined. Would you consider buying a house in my situation?? Do you think it would be risky. I only plan to do a 5% downpayment. My loan also has 0 closing costs..and 6.625 interest rate thru Bank of America.
I am not paying PMI by doing 5% down.. Bank of america just started a new mortgage with NO PMI for less than 20% down.. and no closing costs.. the interest rate is fixed 30 yrs at 6.625. I do not like to spend all my savings on my downpayment. I rather get another weekend or seasonal job and make extra payments on my morgage. I know how hard it is to save cash.

Winston Demauri

scorpiomaj27 asked:


Simple question. There are all kinds of special accounts for saving for retirement, school for your kids, school for you, health, is there anything tax-preferred or generally better for saving for a home downpayment?

Todd Baier