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Buying a house

Posted by on Feb. 5, 2009 at 1:31 PM
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So I've never posted before, but kind of needing some advice/help.

I am a single mother to my 5 year old daughter. I don't receive child support, I do it all on my own, work 2 jobs 7 days a week. Anyways, I rent a house now, pay $550 now plus all utilities every month. I work 30 miles away from my current house. I want to move more toward where I work (Solon), preferebly Aurora, because cheaper taxes. I would like to buy a little house around $80,000 or cheaper for just the two of us.

The thing is, I have no down payment money or any of that. Has anyone been in this situation and received a grant or anything. Any advice would be helpful. I don't even know where to start. I live in Newburgh Heights, Cuyahoga County now, but Aurora I believe is a different county, Summit.

Thank You!

*Jaimee* Proud mom to Angelina!

by on Feb. 5, 2009 at 1:31 PM
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SweetChildofE
by New Member on Feb. 8, 2009 at 12:23 PM

I have not been in your situation but I am also currently renting and wanting to buy a house. Yet first you must  ask yours self a couple of questions I am asking my self. Look at your spending and see how much you are spending now? Will you be speding the same amount on rent and if not will you be able to pay tha extra money if you pay more? If you job secure? The chikld support has if been steady  or the same amount can you really count on it all the time? What about medical expenses. How about daycare will you pay daycare? Also in an emergency is there anyway you can get money from freinds or family or do you have a  have a savings? Will you like the area you move into being a single mother you need to look at that? What about transportation is your car in good condition because if it needs repair how will you do that? Will you have money for that? I know I am saying alot of questions but you do have to thing of all these things plus more. You do not want to be just be making enough money to pay your bills every month. After thinking about all this then ask yourself is it better to conitnue renting and save money for at least one  year.  For instance if your rent is going to be higher than what you have now put that extra money aside and see if you can afford it. For example if your rent is $550 right now at it will go up to $750. then put aside those $200. and see if you can be able to pay that much rent. Form the price you gave me with not down payment you will be paying between $800 to $900 depending on your credit and if you include the taxes in the payment or not. You can still move closer and rent there. You may be able to move into a house with not down payment but there may still be expenses. Closing cost if the seller is not willing to pay that and inspection of the house. If the owner does not want to pay closing cost you can raise the house price by $3,ooo and ask them to pay clsoing cost beacuse it is the same as you paying the clsoing cost but the money is not coming out of your pocket. In now way do I think that renting is better than buying. Yet if you will be struggling or may be losing your home in the long run then do not buy a house until you know you can afford it. The first step to do is get pre qualified then you will know whether you can be given a loan to buy a house or not. But do your own buget spending before beacuse you will be asked and that way you know what your expenses are too. If you can not get a loan ask why and what do you need to do to qualify in the future. Yet if you do qualify great beacuse the housing market is low right now.  Wish you the best of luck. hope this helps.

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