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500 a month isn't leasing a luxury car,not around here. Unless you consider a Nissan a luxury car. Also,424 is normal for Jersey. I'm insuring 2 cars,one full coverage and one liability only.
My sister didn't have reserves when she bought her home.
The line of work I do,a car is a must. No way around it.
I can save 7000 within 2 months. Just gotta work overtime.
You're still trying to squeeze by here on a shoestring budget that is more than 100% spent as things are.
Are you really taking into consideration how much work a $60-$90K house needs? Guessing these are not new properties by any stretch. I don't know your market, but it would not surprise me if they needed $50K-$100K in work fairly soon. Having a sub $1000 monthly payment is great, but repairs can easily run 2-3 times that on a home that hasn't been renovated.
What happened to the banks for not asking to show some reserves on the account equal to few following months payments as well as $$ for taxes and insurance?
500 a month isn't leasing a luxury car,not around here. Unless you consider a Nissan a luxury car. Also,424 is normal for Jersey. I'm insuring 2 cars,one full coverage and one liability only.
The line of work I do,a car is a must. No way around it.
I can save 7000 within 2 months. Just gotta work overtime.
I simply cannot believe that $5,088 a year for a 1 full coverage car and liability-only car is "normal", even in New Jersey. Or are all your children teenagers and use the cars?
$500/mo for a lease on a Nissan also seems high. I thought it would be in the 250-400 range.
Quote:
My sister didn't have reserves when she bought her home.
You're still trying to squeeze by here on a shoestring budget that is more than 100% spent as things are.
Are you really taking into consideration how much work a $60-$90K house needs? Guessing these are not new properties by any stretch. I don't know your market, but it would not surprise me if they needed $50K-$100K in work fairly soon. Having a sub $1000 monthly payment is great, but repairs can easily run 2-3 times that on a home that hasn't been renovated.
The home is out in the country. Its a 1200 square foot home. Its not huge.
I simply cannot believe that $5,088 a year for a 1 full coverage car and liability-only car is "normal", even in New Jersey. Or are all your children teenagers and use the cars?
$500/mo for a lease on a Nissan also seems high. I thought it would be in the 250-400 range.
That doesn't mean it's a good idea...
It is normal. I live in the inner city,Newark,which is the stolen car capital of the Usa.also,Nj has high insurance rates because we have "No Fault Insurance"
I paid for extra mileage up front with the car,and its rolled into the monthly payment. Also,I get free maintainance.
That's rolled into the payment.
By mving,that's one expense that will go down. My kids are under 11 years of age.
I'm reading the complete opposite.
I will go ask on the other forum about short sales and repairs,because I read you don't need too much money for repairs,because they usually are In better condition than foreclosures.
Actually, car insurance prices in NJ are outrageously expensive. I have a friend that had a brand new Acura TL and was paying more than the OP for his insurance with a spotless record in a good neighborhood.
I know we come to the forums for honest advice and people will say if you don't like the advice you get then don't come to a public place and ask for it...but I feel that we're being a little hard on the OP here.
OP, there are 100% loans you can get ... check with your local states housing authority and see if they have a program for you. I live in Virginia, and our housing authority has 100% FHA loans for people who don't make over 125k a year. Some credit unions will also do 100% loans but you need pretty steller credit for those. Anything through your housing authority is going to be your best bet.
Otherwise, I am sort of in the same boat as you. We weren't going to purchase a home right away and save up for it but with FHA changing the rules in a few months, we decided to do it now. I was pre-approved for FHA with the contingency that we have the required down payment money by the time we close. I am purchasing new construction and the home won't be done till about August ... so, they are giving me basically 8 months to save up while they build the house.
So, it is possible to do ... just need to make sure everything aligns with your budget and you have the means to accomplish what you want to do.
I'm reading the complete opposite.
I will go ask on the other forum about short sales and repairs,because I read you don't need too much money for repairs,because they usually are In better condition than foreclosures.
The short sales I looked at were often just as neglected as foreclosures.
Older Home? Previous owner was broke? It's going to need repairs. Whatever that house needed 5 years ago, it now needs even worse.
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