Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

Financial Advice

Posted by on Dec. 1, 2009 at 12:50 PM
  • 16 Replies

We have $0 saved for our first time home purchase. I understand the best would be to save around 10% of the cost of the home? That's like $15,000 for a $150,000 home... we're lucky if we can keep $20 in our savings in a month.

Any suggestions?

Lilypie Pregnancy tickers
Lilypie Second Birthday tickersDaisypath Anniversary tickers
by on Dec. 1, 2009 at 12:50 PM
Add your quick reply below:
You must be a member to reply to this post.
Replies (1-10):
themountainmama
by on Dec. 1, 2009 at 1:26 PM

Do you know where your money goes?  Can see where you can cut back?  What can you sell?  What can you not buy that you think you need?  Also, its really important to learn to pay yourself first.  When you get your paychecks, take a portion and put it in a savnigs account.   Finally, never take money out of savings. 

canthaveboys1
by on Dec. 1, 2009 at 1:30 PM

I would buy a CD at the bank with your tax returns. It will add up and collect interest. 

dosthepost
by on Dec. 1, 2009 at 1:33 PM

If it's your first time buying a home, try an FHA loan. They're easy to get, and you actually have to have used an FHA loan to get the homebuyers tax credit. They're no money down, we paid NOTHING, it was all added into our final loan amount.


themountainmama
by on Dec. 1, 2009 at 1:35 PM


Quoting dosthepost:

If it's your first time buying a home, try an FHA loan. They're easy to get, and you actually have to have used an FHA loan to get the homebuyers tax credit. They're no money down, we paid NOTHING, it was all added into our final loan amount.

I can't find the post from earlier, someone was asking about borrowing agains a grandmother's home equity.  Did you suggest this, by chance?  I don't know anything about this type loan, but its definitely something to look into. 

nessy1980
by on Dec. 1, 2009 at 1:35 PM

 I would save half of your tax refund and do that for a few years and then get a house. or what you can do is borrow 15k and then get a loan for the house. I wouldnt do this because youll have 2 seperate loans but if you want a house thats your best bet.

momoffive07
by Bronze Member on Dec. 1, 2009 at 1:37 PM

well set goals to save that much money. Figure out what you can save each month. Figure out if there are things you can sell to help with the money issue. Set a budget for all your spending. You will need more than just the down payment to move. You have to account for the gas for the trucks you use to haul your stuff, money to turn on utilities.

There are lots of ways to get you ready for a house.

Can you afford a 150,000 house right now? If not then you need to work at paying off all other debts. You should have more than the 15,000 in savings for the unexpected for the new house and if you need extra cash fast for anything along the way.

 

Good Luck!!!!

Kristy momoffive07
dosthepost
by on Dec. 1, 2009 at 1:40 PM


Quoting themountainmama:


Quoting dosthepost:

If it's your first time buying a home, try an FHA loan. They're easy to get, and you actually have to have used an FHA loan to get the homebuyers tax credit. They're no money down, we paid NOTHING, it was all added into our final loan amount.

I can't find the post from earlier, someone was asking about borrowing agains a grandmother's home equity.  Did you suggest this, by chance?  I don't know anything about this type loan, but its definitely something to look into. 

I didn't have time to, the idiot shut the post down before I got to it. But apparently she was too worried about her credit to even bother getting a proper loan... IDK. FHA's are amazing. HOWEVER, one thing to remember is that your final pay off will be higher than the amount on the house... you're also paying closing costs, etc. It was worth it for us. We didn't have thousands to save for a down payment, so this was perfect. They're pretty easy to get as long as there's nothing terrible on your credit... We have ours through Chase Mortgage.


themountainmama
by on Dec. 1, 2009 at 1:42 PM


Quoting dosthepost:


 

I didn't have time to, the idiot shut the post down before I got to it.

lol, now your post a few down the page makes sense.  I ran a few errands, came back and couldn't find it.  Its funny how people solicit advice, but then spin their wheels denying the validity of replies. 

dosthepost
by on Dec. 1, 2009 at 1:43 PM


Quoting themountainmama:


Quoting dosthepost:


  

I didn't have time to, the idiot shut the post down before I got to it.

lol, now your post a few down the page makes sense.  I ran a few errands, came back and couldn't find it.  Its funny how people solicit advice, but then spin their wheels denying the validity of replies. 

Haha! Exactly!


deann66
by Silver Member on Dec. 1, 2009 at 1:50 PM

I am the LAST person to give financial advice. I bought a home last year with no money down and you can actually get a rebate on your tax return that you can apply to your loan and it would all go to principal. If you want to have money down then I can pass on advice my uncle gave me and he was THE KING of saving money (He died about 10 years ago and my aunt is still living well off what they saved). He said to "pay yourself first". He said to open a savings account and always always always put 10-20 % in it each payday (Whatever you determine but always AT LEAST WHAT YOU SAY YOU WILL....like if you say 20% don't put 10% one week because you want a new dress..) Then pay bills. He said everyone always lives beyond their means and to trick your mind into believing you just do not have that money to spend. Its gone on a bill the same as utilities, car etc. If you even once say "we can use savings for this or that" then kiss it goodbye because you will never save money. It didn't work for me LOL....I am THE QUEEN of spending money!

Add your quick reply below:
You must be a member to reply to this post.
Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)