I'm living w/ my mother in order to save $ & pay off some debt. I'm be able to save about $250/mo after bills, gas, daycare, etc. I'm expecting a nice return in April when I plan on moving out. I don't want to waste anymore $ paying rent. I hate apt living & I want my son to grow up w/ a backyard and a nice home. I know buying a home is out of means for now. I'm interested in getting a bit of land so that I can finance a trailer or manufactured home. When I pay it off, I can get a home later on & rent out the trailer as income property.
I don't have a lot of debt - just $200 to Compass and $2800 to Capital One. I also have student loans to pay. I really don't want to rent & I want to start owning my own dwelling. What steps to I need to take? Do you do this? I'm a young single mom & work full time. I just want the best within my means. Any advice?
Answer by dancinintherain at 8:40 PM on Oct. 13, 2010
My sister is also a single mom and she just bought a house. Depending on your credit you may be able to buy land and a trailer and finance it with one payment. What you need to do is make a budget and see what you can afford. Don't forget the extra cost of owning your own home- electric/gas, water, trash service, lawn mowing, homeowners insurance, maintenance, etc. Go ahead and include this in your budget. From now and until you get your tax refund, see if you can stick with this budget. Put the money that you would spend on toward your mortgage payment and the above added cost of home ownership in a savings account. If it is not possible, then you may want to rethink buying land and a mobile home right now or redo your budget as far as what is necessary and what you can get right of. Once you do these things, you can go to the bank to see what you qualify for. Look around in your area. Cont..
Answer by JeremysMom at 8:46 PM on Oct. 13, 2010
Cont.. Also don't completely knock off the idea of buying a home. There may be a few homes that are very reasonable priced in your area, especially if it is a foreclosed home.
Answer by JeremysMom at 8:47 PM on Oct. 13, 2010
Answer by Pumelo at 8:55 PM on Oct. 13, 2010
Answer by HotMama330 at 1:51 PM on Oct. 14, 2010