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If you are poor and pay a mortgage

Posted by on Mar. 8, 2013 at 3:50 PM
  • 41 Replies
What percent was your down payment? Did you get a FHA loan, family loan or other assistance? Do you both work full time? Is your home worth less than 200,000? Was home size more important to you or lot size / location? How old were your children when you bought the home?
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by on Mar. 8, 2013 at 3:50 PM
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Replies (1-10):
Anonymous
by Anonymous 1 on Mar. 8, 2013 at 3:54 PM

We had a small down payment, about 10% of the price. We got an FHA loan, and an "off the books" loan from my FIL for part of the down payment. We had no other assistance. My husband works full time, I'm a sahm. We didn't go house hunting exactly. We bought our house from a friend who was looking to sell at roughly the same time we needed a house. It happened to be in the general area we wanted, and big enough for us, so we bought it. And no, we didn't really get a deal on it, we paid $500 less than the bank's appraisal came back as.

dbrown1989
by Gold Member on Mar. 8, 2013 at 3:54 PM

 I don't consider us poor, we're a young family trying to make it. We paid 3.5%, yes an FHA loan. We both work full time, and I work two jobs. My home is worth 130,000. Location was most important because we live in a city and there are plenty of bad blocks around here. Taxes and insurance included we pay less than 1000 a month for our mortgage.

Anonymous
by Anonymous 2 on Mar. 8, 2013 at 4:04 PM
We bought our house for 37000. I dont remember what our down payment was. The payments are 395.60 for 10 years. We have 1 year left. Location was the most important thing to us when we purchased it. We wanted to be close to dhs grandma. It is a 2 bedroom and was only 1 year old at time of purchase. I dont see why anyone would need a house that costs over 200000. I can get a house on the lake for less than that.
April620
by Ruby Member on Mar. 8, 2013 at 4:09 PM
I live in the city and anything less than 100,000 here is considered a dump. Usually it's at least 100$ per sq ft of living space. :-/

Quoting Anonymous:

We bought our house for 37000. I dont remember what our down payment was. The payments are 395.60 for 10 years. We have 1 year left. Location was the most important thing to us when we purchased it. We wanted to be close to dhs grandma. It is a 2 bedroom and was only 1 year old at time of purchase. I dont see why anyone would need a house that costs over 200000. I can get a house on the lake for less than that.
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MamaBurmie
by Silver Member on Mar. 8, 2013 at 4:10 PM
We aren't poor but we are a young couple and were first time home buyers. We were lucky enough to get a VA loan so 0 down and 0 mortgage insurance which if you buy FHA or conventional you have to get mortgage insurance. And that makes your mortgage more expensive. Location was EXTREMELY important, I refuse to put my child in a shitty public school so a good district is a must. Our house was $170,000 which gets you a good house where I live.
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ashybaby87
by Silver Member on Mar. 8, 2013 at 4:15 PM
my husband and I bought our first house in April 2012. He's 21 and I'm 25 and our daughter is 5. We have an fha loan and he put down $1500 on a $100,000 foreclosed home. We pay $593/month for the mortgage which includes insurance. its 1300sqft with 4 bedrooms, 2 full baths and a large backyard. We also were approved for a first time home buyers grant.

After about 3-5 years when we have more credit and hopefully better income we would like to start looking for a new house that fits more of what we're looking for. This one was to get out of the horrible apartment conditions as quick as possible. It's nice, but a bit small for us.
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Anonymous
by Anonymous 3 on Mar. 8, 2013 at 4:16 PM
1 mom liked this

I didn't put downa a down payment. I got a USDA loan. our closing costs were $12,000 so we paid most, and my family helped with a little bit.  I bought my home for 200,000 although it was worth 205k. We live on 1 income. Our house needed a little bit of tlc, but we wanted one with a large property and that's what we got. 

Anonymous
by Anonymous 3 on Mar. 8, 2013 at 4:17 PM


USDA loan is also 0 down and no PMI :) 

Quoting MamaBurmie:

We aren't poor but we are a young couple and were first time home buyers. We were lucky enough to get a VA loan so 0 down and 0 mortgage insurance which if you buy FHA or conventional you have to get mortgage insurance. And that makes your mortgage more expensive. Location was EXTREMELY important, I refuse to put my child in a shitty public school so a good district is a must. Our house was $170,000 which gets you a good house where I live.



SommelierMom
by Sapphire Member on Mar. 8, 2013 at 4:18 PM
Where the crap do you live? You couldn't buy a 1/2 acre of land for that, nevermind a house, where I live.


Quoting Anonymous:

We bought our house for 37000. I dont remember what our down payment was. The payments are 395.60 for 10 years. We have 1 year left. Location was the most important thing to us when we purchased it. We wanted to be close to dhs grandma. It is a 2 bedroom and was only 1 year old at time of purchase. I dont see why anyone would need a house that costs over 200000. I can get a house on the lake for less than that.

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Anonymous
by Anonymous 4 on Mar. 8, 2013 at 4:19 PM
Dh put down $1000 its a fha loan. House was $150, 000 . Its 3000sq ft total, only 2500 is living space. We live in the country and own 5 acres. Just bought it last year. Our mortgage is $1000 a month which includes insurance and taxes. We have 2 full baths 1 1/2 bath.
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