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I admire that you are doing what you can with what you have to obtain your dream. The only statement you've made that I don't agree with is "There are lots of people out there who can afford the payments and maintenance on a house but for whatever reasons are not able to save up enough for a down payment." If you do not have the ability or the dicipline to put anything into savings, there is no way to afford the maintenance on a home. Furnaces go out, so do roofs, water heaters and lots of other systems. If you have no savings to cover these costs when they happen, you will need to "borrow" from the mortgage payment or car payment or credit card payment to cover the costs. Thats where the downward spiral into foreclosure starts. From the rest of your post, I think you are going about it the right way. You are making plans to decrease your costs so you can afford a home. I have all the faith in the world that with your attitude and plans that you will obtain it! Good luck to you.
Thanks!Another thing I want to try to do while we are still here in Florida is to get a better paying job with benefits. I hate that I have to rely on a credit card for when our only car breaks down - I wish I did not need that darn thing so much! Not having a car payment, gas or insurance would save quite a lot if you do not count whatever it would cost for public transit for a family of four (My teenage son does not want to move and he will be an adult by then anyway).
We are at the point in our lives now where we do not want to wait until we have thousands in the bank for a down payment. We do not want to be in our fifties or sixties before we buy our first house.
Something else to consider is this:There are probobly a lot of repairs that could be handled by the homeowner if they would just take the time to learn some home repair skills. I know that installing a furnace, for example, would need a pro. Installing a new toilet would not. I think I even saw a water heater installation booklet at Home Depot.Here one of the local Vo-tech schools even offers a course on basic household wiring for non electricians. I also know that in order to qualify for the government programs the homeowner usually is required to take home ownership classes.
Something else to consider is this:There are probobly a lot of repairs that could be handled by the homeowner if they would just take the time to learn some home repair skills. I know that installing a furnace, for example, would need a pro. Installing a new toilet would not. I think I even saw a water heater installation booklet at Home Depot.Here one of the local Vo-tech schools even offers a course on basic household wiring for non electricians. I also know that in order to qualify for the government programs the homeowner usually is required to take home ownership classes.
You are quite welcome. Be careful on what projects you try to take on yourself (especially if you stay in Florida). Basic wiring and basic plumbing (rewiring a lamp or a socket and changing out a toilet) are very different than rewiring a room or installing a hot water heater. In many states (Florida included) major work to MEP systems requires a permit be pulled from the local building department so the work is done to code. For any work that requires a permit I strongly suggest that you hire a licensed contractor. They know the building codes and can keep you out of a lot of trouble. As far as making more money. Can I suggest looking into you local community college for classes and financial programs they have available? Many of them now even offer credit courses on-line. This will go a long way in increasing your pay grade
You are quite welcome. Be careful on what projects you try to take on yourself (especially if you stay in Florida). Basic wiring and basic plumbing (rewiring a lamp or a socket and changing out a toilet) are very different than rewiring a room or installing a hot water heater. In many states (Florida included) major work to MEP systems requires a permit be pulled from the local building department so the work is done to code. For any work that requires a permit I strongly suggest that you hire a licensed contractor. They know the building codes and can keep you out of a lot of trouble. As far as making more money. Can I suggest looking into you local community college for classes and financial programs they have available? Many of them now even offer credit courses on-line. This will go a long way in increasing your pay grade
I am a nursing assistant. I work Baylor shift (weekends only)-long hours but I get paid for an extra eight which puts me at thirty-two hours a week.The nursing home I work at is notorious for low wages compared to other nursing facilities,but since I have a daughter who has severe low functioning autism the hours worked for us.For her safety and peace of mind my husband, who is disabled, and I had to pull her out of public school and homeschool her. I did have some tentative plans to go to college for something other than nursing (I really do not want to be a nurse).Those plans are on the back burner until she attains more independent self help and communication skills. I have a vacation weekend in August so I am going to take it and
make sure I get my PDO pay then I am going to start looking for a job at places where I know that they pay more than what I get.
I do not even try to re-wire lamps.Since all of mine come from thrift stores I just throw them out when they stop working and then spend less than five dollars for another one.I would never try to do anything that would require a permit.I just think that there are a lot of homeowners who waste money hiring expensive repair people for things they could do themselves.
....I do not even try to re-wire lamps.Since all of mine come from thrift stores I just throw them out when they stop working and then spend less than five dollars for another one.I would never try to do anything that would require a permit.I just think that there are a lot of homeowners who waste money hiring expensive repair people for things they could do themselves.
Got that right, like spending $2K for a tile job for a 6 x 6 bathroom? I think just about anyone can do that given the time and learning what needs to be done. I have done some of my own wiring work too and have installed ceiling fans, and even a 240V circuit for a restaurant deep fryer my grandmother gave me. As long as the homeowner knows what they are doing and has the skills, no reason why they can't do it themselves. Besides, you appreciate the work even more when you do it yourself.
My husband and I recently moved from CA to TN. We are currently renting an apt., and have been renters in CA as well. My husband makes decent money in the IT field, we have 1 car payment, 1 low CC balance, & I am currently staying home with my 1 yr old son, and we do without a lot of nice things. I also have excellent credit. We have been trying to save money so that we can purchase a house soon. I still don't think it will be enough for a 5% down though.
My response to the quote is: How in the heck are you supposed to be able to save money with high rents, increasing gas prices, not to mention the prices for food & other goods. It's sad times when a husband has to work 2 jobs, or a mom has to go to work (having to pay for child care at that) to make a 5% down to buy a house.
I'm in my early 30's, and it is rough for us. Definately way worse than my parents had it.
I have always been very responsible with money matters, and it has gotten me nowhere!!! Just wanna say "thanks" to all the people who screwed everyone by buying houses they could not afford!
Hopefully things will get better instead of worse. I'm sick of renting!!!!
OK, I feel better now.............
Sorry to have to say this BUT thats life . look at it this way. if you can't afford the down payment then you will never be like many people today walking away from their homes . Renting might not be all that bad right now . wait for evrerything to settle down , then buy >
Everyone who says "if you can't save that money you shouldn't be buying" does not, has not, and will not ever live in specific cities in California. Period.
If I were in Colorado making the money I make now, saving would be easy, because rental rates are reasonable. A 2 bedroom can be had for less than $1000, that includes garage and other amenities. My current apartment which has no garage is close to $1800 a month, said and done. While that's only a third of my actual salary, it's over half of the checks I actually do see. Of course I could turn off tax withholding and bump that up, but that would be unethical, now wouldn't it?
So my rent is $1800/month. My car is ~$320/month. Credit cards are about $200/month total. So a little less than $2400/month. That's not counting gas, food, and other expenses. Can't go without gas, I live and work in the suburbs. Can't go without food...obviously. Gas alone is another $250/month, and I don't even drive a guzzler. Food can easily get up to $400/month and it's just me by myself; I have a super high metabolism. So now we're up to a little over 3 grand, and that's just to get by renting and assuming I had no TV, no phone, no internet and no electricity. And I don't live lavish, people.
If I were married, we'd be living a good life if she made even half of what I make. My income takes care of most household (Husband/wife) requirements and bills, which leaves hers as basically free and clear to do whatever with. However, I'm not married and likely won't be. I'm on my own. That means unless I miraculously get a 50% raise somehow, saving is a difficult option. Not impossible, at a slower rate, simply difficult.
To those saying "well just wait and buy later", it's more illogical to pay ever-increasing rent payments than it is to get into something more stable and fixed for the short/long term. There's also equity to consider which might help you get loan funds for debt consolidation - decreasing your monthly load and freeing up cash every month.
Your premise is incorrect. Folks in lower costing cities also tend to have lower incomes accordingly. i.e. my cousin in NYC who only has a GED is working for the local govt doing basic maintenance activities and makes more (not much though) than I do as a professional with a college degree in Houston.
Everyone who says "if you can't save that money you shouldn't be buying" does not, has not, and will not ever live in specific cities in California. Period.
If I were in Colorado making the money I make now, saving would be easy, because rental rates are reasonable. A 2 bedroom can be had for less than $1000, that includes garage and other amenities. My current apartment which has no garage is close to $1800 a month, said and done. While that's only a third of my actual salary, it's over half of the checks I actually do see. Of course I could turn off tax withholding and bump that up, but that would be unethical, now wouldn't it?
So my rent is $1800/month. My car is ~$320/month. Credit cards are about $200/month total. So a little less than $2400/month. That's not counting gas, food, and other expenses. Can't go without gas, I live and work in the suburbs. Can't go without food...obviously. Gas alone is another $250/month, and I don't even drive a guzzler. Food can easily get up to $400/month and it's just me by myself; I have a super high metabolism. So now we're up to a little over 3 grand, and that's just to get by renting and assuming I had no TV, no phone, no internet and no electricity. And I don't live lavish, people.
If I were married, we'd be living a good life if she made even half of what I make. My income takes care of most household (Husband/wife) requirements and bills, which leaves hers as basically free and clear to do whatever with. However, I'm not married and likely won't be. I'm on my own. That means unless I miraculously get a 50% raise somehow, saving is a difficult option. Not impossible, at a slower rate, simply difficult.
To those saying "well just wait and buy later", it's more illogical to pay ever-increasing rent payments than it is to get into something more stable and fixed for the short/long term. There's also equity to consider which might help you get loan funds for debt consolidation - decreasing your monthly load and freeing up cash every month.
That's just a crazy amount of money. I would move and come back to visit.
Not that I recommend that you do, you may love where you live. That's just how I would handle it.
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,259 posts, read 24,782,332 times
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Quote:
Originally Posted by renriq02
FHA still allows 3% down payment which can be given by the seller....
That is why neighbourhoods are full of empty "government homes" for sale. The FHA should be BANNED from offering anything to anybody that cannot pay 5% down in cash from a verified source.
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I think just about anyone can do that given the time and learning what needs to be done. I have done some of my own wiring work too and have installed ceiling fans, and even a 240V circuit for a restaurant deep fryer my grandmother gave me. As long as the homeowner knows what they are doing and has the skills, no reason why they can't do it themselves. Besides, you appreciate the work even more when you do it yourself.
