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My boyfriend had me all excited about us buying our first house if he got the job he's trying for... but I just ran the numbers and I don't think we can afford it at all. He asked for 12 an hour, and I'm currently waitressing and I'm lucky to make minimum wage. On top of that his stupid student loans are costing us like 300 a month in addition to my 86 or so. I was so excited to find a place with a couple bedrooms and a little yard where I could have a few chickens and a beehive and a garden. Looks like most of the houses in the area this job will be in are at least 120,000 or so and most are way, way higher. Maybe they'll fall, and maybe they'll give him more money (if he gets the job at all, he currently makes 9 an hour) but my hopes, at least for now, are completely dashed.  gently caress being poor.
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Jun 15, 2009 04:48
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Dik Hz posted:I know you didn't mean it this way, but that sounds somewhat elitist. Yeah, I know he was working at a factory for a summer job making 11 an hour and some of the guys there were making significantly more than that. But he's right, we're in no position to buy a house. We honestly may have been able to swing it relatively soon had I not lost my job back in April and had to take another one at significantly reduced pay, but at this rate we've lost a couple grand off our savings that would have gone toward a down payment. I guess I just thought that having nearly 10 grand and all but perfect credit meant that we'd be able to find a way. I just needed to vent, I guess. I'll be back when our income increases and we've built our savings back up.
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Jun 15, 2009 13:31
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Speaking of PMI, I have a coworker who's in the process of buying a house and she told me we didn't necessarily need a 20% down payment. I asked "What about PMI? Don't you end up paying like an extra hundred bucks or more a month due to that if you don't have the down payment?" and she said that since the place she's trying to get is out in the country outside city lines that there was no PMI. She's knowledgeable and has a pretty good head on her shoulders so I'm inclined to believe that this is the case rather than somebody just fed her some bullshit and she bought it, but I thought I'd ask here anyway. If this is true it'd be pretty cool because I want a place out in the country anyway (Milwaukee taxes are insane) and while we definitely intend to save up 20% if we can it'd be nice to know that if we found a really great place we could afford that we could cut it a bit short and not get screwed in PMI payments for it. For the record I don't think that's likely to happen as we're both making between $9 and $10 an hour working full-time and unless housing prices keep dropping in the Milwaukee area we're going to have to find better jobs before we can pull it off but hey I can dream.
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Nov 7, 2009 17:51
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skipdogg posted:There's a USDA Rural Development loan program out there right now. 100% financing, low credit score requirements, no mortgage insurance, no downpayment. Perhaps this is it then. I didn't have time to press her for details, we work in a busy deli and she's a chef and constantly running back and forth in the back. If I get the chance I'll ask her about it next time I see her. Thanks 
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Nov 7, 2009 20:05
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