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TiggerBounce
The Prince & Princess
Member since 7/05 4939 total posts
Name:
J
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How do people do it?!?!
We have thought about buying a house-had DH's friend (A real estate broker) find out what we could afford. Fine.
But we have NO savings. None. How would we have $$ for a down payment?? I wish we could turn back the hands of time and do things differently, but we can't. We have made adjustments in our lives, but how will ever get there??
I say (as a joke, but afraid it will be true) we won't get a house until DH retires!
It's tough b/c we have 1 child now and are talking about a 2nd one, but not sure we could really make it work in our current apartment (space-wise)
I guess this is more of a vent than a question.
Thanks for "listening"
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Posted 8/11/07 10:32 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
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Re: How do people do it?!?!
well there were way to finance almost the entire home price, however I don't know if these loans will still be available with the new climate in the mortgage industry. I know people that have borrowed from their 401k & life insurance policies to come up with a down payment, I also know people that borrowed money from family.
You should sit with a financial planner that can tell you what options you have to borrow money or they can make a plan for you to save up.
Good luck!
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| Posted 8/11/07 10:55 PM |
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steph4777
**************
Member since 5/05 11726 total posts
Name:
Stephanie
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Re: How do people do it?!?!
There are a lot of 1st time homebuyer programs that involve little or no down payment. Maybe put off buying and try to save a little more. If you get a tax refund consider using that to help with closing costs.
Good Luck! 
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| Posted 8/11/07 10:58 PM |
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cjb88
Little Brother
Member since 5/05 3540 total posts
Name:
C
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Re: How do people do it?!?!
the only reason we were able to come up with a down payment... which was not 20%, more like 10% was because we both lived at home for our first year teaching... so we were able to bank all that money instead of spending it on rent... without that chance we wouldnt have been able to swing it either...
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| Posted 8/11/07 11:06 PM |
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MissJones
I need a nap!
Member since 5/05 22150 total posts
Name:
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Re: How do people do it?!?!
People do it. There are those that stretch themselves beyond belief and there are those who make sacrifices, realize what can be afforded and find ways to create loans that are managable. Good luck.
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| Posted 8/11/07 11:06 PM |
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mommy2Two
LIF Infant
Member since 3/07 218 total posts
Name:
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Re: How do people do it?!?!
Posted by MsKitty1274
We have thought about buying a house-had DH's friend (A real estate broker) find out what we could afford. Fine.
But we have NO savings. None. How would we have $$ for a down payment?? I wish we could turn back the hands of time and do things differently, but we can't. We have made adjustments in our lives, but how will ever get there??
I say (as a joke, but afraid it will be true) we won't get a house until DH retires!
It's tough b/c we have 1 child now and are talking about a 2nd one, but not sure we could really make it work in our current apartment (space-wise)
I guess this is more of a vent than a question.
Thanks for "listening"
a year ago or so i probably would have wholeheartly agreed with you but not today. i think for some people, like myself who don't get generousity from family, who don't get to live cheaply or rent-free with family or have someone die or whatever, it is about SACRAFICE. my husband and I with our unplanned kid lived in our apartment in a very nasty area of queens for 3 plus years before we could move. we had mice that peed on our food and clothes and then towards the end we had roaches. we took that time to pay debts and there was a lot of debt and my husband at the time made little money. i didn't work b/c it was important to us for me to stay home. we lived pay check to pay check and GOD forbid we should not be able to make it to the bank on time to cash a check on wednesday b/c then my son would have no formula and the house would be completely out of food. (we maxed out our credit card b/c it only had $300 limit on it.) but it's things like that, that save you money. it is about sacrafice for people like me. maybe people like you. i also walked to the laundromat to wash the clothes so i wouldn't have to use gas with my son in the stroller and the laundry on top. walked to the grocery store. used powdered milk instead of store bought milk and so on. these are just ideas but it is about saving a little here and there.
DON'T give up. I own a house now in a nice area of li. Have my second kid. Live better than I did and have more debt (the house, no other debt). It's that poem, "Don't Quit" that drives me. i love it. look it up if you haven't heard of it.
and feel free to send me mail for ideas.
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| Posted 8/11/07 11:12 PM |
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Goobster
:)
Member since 5/07 27557 total posts
Name:
:)
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Re: How do people do it?!?!
Posted by mommy2Two
It's that poem, "Don't Quit" that drives me. i love it. look it up if you haven't heard of it.
and feel free to send me mail for ideas.
I have this poem by my computer. I read it when I feel down.
...here it is....
Don't Quit!
When things go wrong, as they sometimes will, when the road you're trudging seems all up hill, when the funds are low and the debts are high, and you want to smile, but you have to sigh, when care is pressing you down a bit, rest if you must, but don't you quit!
Life is strange with it's twists and turns, as everyone of us sometimes learns, and many a failure turns about, when he might have won had he stuck it out. Don't give up though the pace seems slow, you may succeed with another blow.
Success is failure turned inside out, the silver tint of the clouds of doubt, and you never can tell how close you are, it may be near when it seems so far. So stick to the fight when you're hardest hit, it's when things seems worse, that you must not quit.
Message edited 8/12/2007 2:14:38 AM.
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| Posted 8/12/07 2:13 AM |
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Jacksmommy
My love muffin!
Member since 1/07 5819 total posts
Name:
Liz
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Re: How do people do it?!?!
Honestly, I lived in a poopy neighborhood where the rent was cheap and didn't go out or spend needlessly to get this house. Now that we are here, it is well within our means!
ETA: I assumed my mortgage would be 3000. My rent was only 1000. We took the extra 2000 a month and put it into a savings account with high interest (HSBC online )and it accumulated very fast. We had a down payment in a year and a half (I also only put 10% down.
Message edited 8/12/2007 7:14:09 AM.
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| Posted 8/12/07 7:12 AM |
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counselor74
LIF Adolescent
Member since 5/07 806 total posts
Name:
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Re: How do people do it?!?!
I totally understand your dilemma. The only way DH and I were able to get the 20% downpayment for a house was because of a generous gift from my family. There was no way we could have saved 80K in the past few years.
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| Posted 8/12/07 8:47 AM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: How do people do it?!?!
There are loans that have little or no down payments... although I don't know whats left in this terrible market. If you have excellent credit and know you can afford a certain amt. each month, you can talk to a mortgage broker and she if he/she can find a loan that will fit your situation. If you'd like the name of someone, let me know.
GL
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| Posted 8/12/07 9:17 AM |
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