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Working on buying a house

meg2sue

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If you are a first time home buyer you can see if your city has funds to give for downpayment and closing cost assistance. This helps tremendously, you can pocket your funds if you qualify for upgrades and such.
 

Luv2read

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Only you can figure out if you can stash that much cash away or not. Consider that not only do you need to have a down payment, you also need an emergency fund for repairs because something is going to break sooner or later (usually sooner). It's good to get into a stripped-down budget/saving pattern now because homeownership costs more than one might expect. Good luck, OP! You can do this!
 

CJForever

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First off congrats on your path to home ownership. I made the leap 10 years ago this month, and it was one of the best decisions I made. Now I didn’t read through all the responses but are you doing a conventional loan or FHA? From your post and the DP you currently have you would be better qualified for an FHA loan and the closing costs/DP programs that they offer. Also this is dependent on the part of the country your settling roots in. Before you decide you would do well in educating yourself fully in the differences of each to make a well informed choice. If you went FHA you may not even need your father for help with a DP. One other note I might add is that you make sure once you enter escrow that you don’t make any decisions that can/will impact you credit score. The underwriters are constantly checking your score and worthiness right up until you get those keys, so prepare to have cash on have for any personal financial hiccups that might come your way during escrow.
 

Theharlequinn

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Question, I have a year left on my lease and I’m trying to buy a house. I just got approved from the bank yesterday! I know exactly what I can afford to buy now.

Whoo hoo! I have about $4K in savings already. I bring home $2500 after all bills are paid every month. I’m trying to buy this without my Dad’s help on a down payment.

I want to put away $1500 every month! My goal is to have $15k saved up a year from now.

Is $1000 a month too little to live on?
Can I go lower than that? Is it worth it to get a second small part time job?

I got rid of all excess spending like my F45 and Cyclebar memberships.

Not going to lie I spend a lot of money on food and will drop a couple hundred at the farmers market on impulse buys.

I need help figuring out how to live on $1000 a month and not give into impulse buys!

Thank you!
Good luck OP! To help with the impulse buying stop, breath, and think. Giving the impulse time to pass. Then walk away. Use your new home as motivation as well.
 

Queen Vannah

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Question, I have a year left on my lease and I’m trying to buy a house. I just got approved from the bank yesterday! I know exactly what I can afford to buy now.

Whoo hoo! I have about $4K in savings already. I bring home $2500 after all bills are paid every month. I’m trying to buy this without my Dad’s help on a down payment.

I want to put away $1500 every month! My goal is to have $15k saved up a year from now.

Is $1000 a month too little to live on?
Can I go lower than that? Is it worth it to get a second small part time job?

I got rid of all excess spending like my F45 and Cyclebar memberships.

Not going to lie I spend a lot of money on food and will drop a couple hundred at the farmers market on impulse buys.

I need help figuring out how to live on $1000 a month and not give into impulse buys!

Thank you!
Congrats.

Create a budget and stick to it. Use your future home as your motivation. It’s hard but it can be done.
 

TravelXOXO

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Question, I have a year left on my lease and I’m trying to buy a house. I just got approved from the bank yesterday! I know exactly what I can afford to buy now.

Whoo hoo! I have about $4K in savings already. I bring home $2500 after all bills are paid every month. I’m trying to buy this without my Dad’s help on a down payment.

I want to put away $1500 every month! My goal is to have $15k saved up a year from now.

Is $1000 a month too little to live on?
Can I go lower than that? Is it worth it to get a second small part time job?

I got rid of all excess spending like my F45 and Cyclebar memberships.

Not going to lie I spend a lot of money on food and will drop a couple hundred at the farmers market on impulse buys.

I need help figuring out how to live on $1000 a month and not give into impulse buys!

Thank you!
Congratulations you can do this!
A few questions:
1. Have you started to inteview relators?
2. What are the types of homes you like going for in your area?
3. What are your monthly expenses that must be paid?
4. Budget in some discretionary funding or you may end up overspending every month and missing the mark on your savings targets.
 

Thistles

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We eat out way too much too. The thing that works best for me is to plan a menu once a week and write what is for dinner that week on the white board on the side of the fridge.

For me, I don’t mind cooking if I have a plan and everything ready. If I have to think about it though, it seems exhausting and we end up going out.

I try to mix it up and pick different things to try on AllRecipes. That way it doesn’t get too stale.

Also, always have a frozen pizza or something in case of emergency (worked late, appointment) — it may not be the best, but it will be a quick, cheap option you can throw in the oven last minute.

(Maybe you could immediately transfer whatever you would have spent eating out over to savings every time you really want to eat out but don’t. Seeing that start to build will help show you how much you were wasting - and motivate you to stick with it).
 
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Congrats! You can surely live on 1k/mo. Cut every unnecessary expense, create and stick to a budget, increase your savings with automatic transfers, and shop around for the best rate. Mortgage companies/banks will always tell you the max you're approved for but you can always purchase way lower than that especially when you factor in additional expenses you'll incur with monthly upkeep of your home. Create a running list of realistic negotiables/ non-negotiables. Once you connect with a realtor you can review and go over everything to find the best home for you. Best of luck! ;)
 

Old School Me

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Congratulations on your savvy plan. But don't let false pride keep you from allowing your dad to help. If it's a gift....TAKE THAT MONEY!! If it's a loan, make sure to write down the particulars and remember any agreements regarding real estate must be in writing. Any additions, deletions, etc. Also, bear in mind that if it's a loan your dad may begin watching your wallet seeing if, in his opinion, you're wasting money.

Again, if it's a gift, allow your father the pleasure of helping his child buy her first house!!

I just helped my son and daughter-in-law buy their house and it was his salary and my down payment that did it. The only time I brought the gift up was when I needed one of them to drive me somewhere and they blew me off.

Mind you, the only reason I was in the predicament that I needed a ride was because I was staying with them after I sold my home and waiting to close on a new one. I couldn't drive myself was because I would have had to go on the freeway (and I don't do freeways anymore). We had a long drawn out 'come to Jesus' conversation and straightened everything out.

So, yeah, your dad may hold it over your head so to speak but just try not to give him a reason to mention it.
 

stillagoodgirl

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As for groceries, household items, and beauty products, I like to coupon and buy on strategic days. I also buy what's on sale instead of going for a brand name I'm used to.
I was just about to say this. I'll wait the next week when I know there's a sale and can stack my coupons. Certain items like nail polish remover and toilet paper I buy at the Dollar Store.
 

sneakerk

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Question, I have a year left on my lease and I’m trying to buy a house. I just got approved from the bank yesterday! I know exactly what I can afford to buy now.

Whoo hoo! I have about $4K in savings already. I bring home $2500 after all bills are paid every month. I’m trying to buy this without my Dad’s help on a down payment.

I want to put away $1500 every month! My goal is to have $15k saved up a year from now.

Is $1000 a month too little to live on?
Can I go lower than that? Is it worth it to get a second small part time job?

I got rid of all excess spending like my F45 and Cyclebar memberships.

Not going to lie I spend a lot of money on food and will drop a couple hundred at the farmers market on impulse buys.

I need help figuring out how to live on $1000 a month and not give into impulse buys!

Thank you!
What type of work are you doing ?
 

GrooveThang

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So much great advice given by the ladies here. Take it all in and take it to heart, OP.

Don't forget about property taxes and PMI as well. They're usually wrapped up in the mortgage, but it adds up.
Be sure to ask if there is a HOA fee when looking at properties. That is not included in your mortgage payment, but will up your monthly outlay. And on top of that, homeowners insurance (especially if you are in a flood plain or a high risk tornado area.)

Also don't forget to budget for a home inspector/appraiser. The true costs of buying/closing sneaks up on you. Get a good handle on how much you will really need by closing.

Another tip - add a bit more to your monthly savings for emergency non-house stuff (car repairs, health emergency, unexpected trip, etc.) If something happens, you'll feel less pressure to push your home buying timeline.

I loved the suggestion of a separate bank account to save. Some banks will also allow you to set up auto transfers to a savings account every month. Set it up and do it through the summer (when we love to socialize and buy new sh!t, lol) and see how it goes.

You can do this!!!!
 

Cara-B

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First of all, congratulations! Home ownership is an important step that a lot of people aren't even close to achieving unfortunately. Lots of good advice here. I was trying to save too aggressively last year and ended up miserable taking on a part time job and eating cheaply. Don't forget to put comfort in your budget. Rice and beans may be cheap but it's not very appetizing every day. I've taken up cooking and sewing in my spare time while listening to audiobooks and my clothing and food budget have gone way down. I can do my own clothing alterations and meal prepping has me eating a variety of healthy meals.
 

knc286

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Girl don’t walk away from free money. All other races get daddy’s help when purchasing a new house or getting married or paying off student loans.

Be glad you have a parent who can help. I would save aggressively for at least 18 months. Follow Dave Ramsey financial makeover plan. I know he has been involved in some controversies but his advice is solid.

Get a part time job, eat rice and beans and aggressively save. You will need money for furnishings, as well as unexpected incidentals.
 

SmokingHot

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Ooh! Also OP consider putting your money into an online savings account like Ally or Citibank which have an apy of .5%. It's an easy way to make a few extra dollars off of your savings without putting them into stocks.

And stocks may not be a bad option either since you won't be buying for a year. Your gains will be considered long term at that point (1 year + 1 day). May be worth looking into!
 

80sbabyXO

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I'm not understanding the fonts that keep telling OP to accept help from her father after she made it clear she's not interested in doing that and even provided an explanation for her decision.
 

Fly2TheMoon

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Congratulations! I would strongly consider looking into a homebuying assistance program. There are programs out there that will pay most or all of your down payment and closing costs. I would also suggest waiting until you have at least $20,000 in the bank before you proceed. In order to avoid becoming house poor. Even if you use a down payment program, there are a lot of things you will need when you move into a home.
 

Royal Pain

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Thank you! Such a great idea! Spot on! I’m told that I need to keep at least 10000 in the bank for housing emergencies like HVAC!
So my real estate agent is putting me in contact with someone who helps
people finance loans. I’m getting the FHA loan.
So with the FHA loan your paying 3% of the purchase price as your down payment right? Don't you qualify for a couple of programs as a first time home buyer? There is a Downpayment Assistance Program (DAP) Loan that you can qualify for in Tennessee that works like a grant?( I should just google but I'm lazy) all you have to do is take a class.

BTW, the class is actually informative and maybe answer some of your questions about home ownership and how to budget and plan.
 

Go-Go Girlie

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Question, I have a year left on my lease and I’m trying to buy a house. I just got approved from the bank yesterday! I know exactly what I can afford to buy now.

Whoo hoo! I have about $4K in savings already. I bring home $2500 after all bills are paid every month. I’m trying to buy this without my Dad’s help on a down payment.

I want to put away $1500 every month! My goal is to have $15k saved up a year from now.

Is $1000 a month too little to live on?
Can I go lower than that? Is it worth it to get a second small part time job?

I got rid of all excess spending like my F45 and Cyclebar memberships.

Not going to lie I spend a lot of money on food and will drop a couple hundred at the farmers market on impulse buys.

I need help figuring out how to live on $1000 a month and not give into impulse buys!

Thank you!
If you have $2,500 after the bills are paid and put up $1,500, what would you be spending the $1,000 on? How are you living that that wouldn't be enough and bills don't have to come out of it.
 

DUO

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congratulations

please reconsider accepting family help,
 

Lalitaa

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I don't have much info to offer just wanted to say congrats! You're doing great and keeo it going
 

Royal Pain

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Also one more thing @Giggles2cute I know your getting alot of information but another thing you may want to do is put the money your saving into a high APR checking account something like 4.25% or more. While saving up so that you get something back on your money. I switched banks recently I don't get 4.25% but my rate is about 15X more money than I was getting about a week ago.

I did a google search and found a some Credit Unions that offer higher APR in checking

Magnify Money The Best High Yield Checking Accounts in 2021
 

just4online

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Question, I have a year left on my lease and I’m trying to buy a house. I just got approved from the bank yesterday! I know exactly what I can afford to buy now.

Whoo hoo! I have about $4K in savings already. I bring home $2500 after all bills are paid every month. I’m trying to buy this without my Dad’s help on a down payment.

I want to put away $1500 every month! My goal is to have $15k saved up a year from now.

Is $1000 a month too little to live on?
Can I go lower than that? Is it worth it to get a second small part time job?

I got rid of all excess spending like my F45 and Cyclebar memberships.

Not going to lie I spend a lot of money on food and will drop a couple hundred at the farmers market on impulse buys.

I need help figuring out how to live on $1000 a month and not give into impulse buys!

Thank you!
Congrats on taking steps to reaching your goal of home ownership.

Create a liveable budget.

Pay yourself first by having the money direct deposited into your savings.

There are also APY savings, some are 0.50% and I've seen some higher, but you have to check the stipulations to ensure you meet the criteria and it's the right fit for you, but getting something back is nice.

https://rates.savingsaccounts.com/savings-and-money-market-account

You can still dine out, but make that time your cheat meal. Otherwise, meal prep and try to plan some meals ahead.

Basket is an app that compares grocery prices for whichever items you're looking for the best price.
 
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arubiana

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Hi OP,

I started my down payment saving back in December. I’ve stacked up quite a bit, but I’ve only allowed myself money for bills and necessities. No eating out, no more impulse buys. I keep telling myself it’ll be worth it once I close on my place.

Also be sure you know what you’re comfortable with, lenders will typically approve you for much more than you’d realistically want to pay in a mortgage. Decide how much you’re comfortable with, and only look for homes in that range.
 
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A isha baby

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You sound absolutely ridiculous talking about you don't want your daddy's help....UNLESS he's the type to hold sh!t over your head or act like it's his because he helped you.
 

Raspberrytea

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I love these types of discussions because money is all I ever think about these days. I’m in a similar situation, trying to buy a home. I saved $17k in the last 7 months but because I’m in NY, it feels like I’m so far off because you pretty much need a minimum of $70k for your down payment to have something decent. Some tips that helped me:
1) Never be too embarrassed to pick up side gigs or sell things to make extra money (I.e Uber eats, selling your bags, get a part time job). If you can even bring in an extra $200 a week, that’s $10,400 a year you can save without even touching your main source of income.
2) make it a hobby to find food at a cheaper rate. Shop at Aldi. Look up new recipes. Have fun with it and make enough food to last you for a few days.
3) stay home. Stay home. Stay home. It is very doable to live off of $150-200 a week if you stay home or find things to do that cost little to nothing.
4) if you are materialistic like i once was, work on changing your mindset. For me, I looked at all the people around me dripped in designer, with leased bmws or Benz and realized that outside of that, they have nothing to their name except the clothes on their back, an expensive car note, and an instagram handle...and the friends of mine that dressed regularly had their own condos, paid off cars, maxed out IRAs, 401ks, Airbnb rentals..and I just got to the point where the thought of designer anything turned me off....not completely now lmao but enough to make me view it as a distraction from my wealth-building goals.

you got this! Keep us posted!
 

EnergyOrbit

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I’d like to keep my Dad as a resource for just in case or get him to pay off my student loans for me.

I just want to say I bought this house 100% on my own. My Dad is good but you know how people like to sometime hold things over you.
But maybe he can build the fence if it doesn’t have one already hahaha! Good idea!
Girl, this is an amazing blessing so don’t turn it down. My parents helped me purchase my home ans I have no shame in that. I had a lot saved so their assistance helped make shed my down payment was higher and my monthly payment lower. If they are willing to help, go for it. You will thank them down the line because there are so many hidden costs that come with homeownership. Plus other races get help from their parents, why not us? That’s intergenerational wealth and asset building you are turning down!
 

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I think it was HUD that use to offer free "first time home buyer" classes. I went to one once years ago and it was very informative. Worth checking out if they still have them. Also, there is a real buying frenzy going on right now depending on where you live/are looking. I'm convinced it is going to create another bubble similar to 2008, it's something to keep in mind.
 

Giggles2cute

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Wow wow! So much good advice on this! Y’all really come through on ya girl!

1. So I’m doing the USDA loan and got it approved through my mortgage officer. So it’s 0% down because I’m buying a house in the zipcodes that qualify for it! Also, I’m looking into building a brand new home as well. The loan qualifies for that! So I don’t need my Dad’s help at all! Maybe until I want my fence potentially. Lol

To the font who lives on NYC maybe check out some rural zipcodes outside the city and see if anything qualifies! You won’t have a downpayment! I live in Nashville and thankfully everything that qualifies is about 20 miles outside the city which is a 25-30 drive. This is a sweet deal!

2. I work for a government contracting company.

3. To the font that said don’t be too ashamed to do side jobs. I completely agree. I realize I can work 2-3 jobs this summer and make $$$. Put that money from side jobs in a bank account on top of my savings and main accounts. I will look into the APR! Thank you to the fonts who
mentioned that! I’m just about to hustle it for a few months but not overdo it! Anything helps! Lol!

4. Great advice about moving money to another account outside my savings and checking! You are so right I can definitely live on $1000.
My mortgages is technically 1300 but after insurance, and taxes and whatnot is going to be around $1700 so you weren’t lying about it all adding up. Thank you! I need to tone it down and lively frugally for a few years!

5. Fonts I actually love to cook! That’s the problem I’m buying all this Wild Alaskan seafood and Tomahawk ribeyes m, and duck and that gets me in trouble! My butt needs to eat rice and beans and keep it moving! I also buy way too many fresh juices and smoothies and need to stop that too.

My motivation is to get my land going to grow food and save money with that period! Thanks for reminding me to think of the end picture always!

Thanks y’all! My realtor and I are meeting up next week! Will keep you posted!
 

call 6322135

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I haven’t read the whole thread yet so sorry if you already answered this, but did the bank tell you that you only needed $15k for the down payment? I’m saving for a home too and I always thought I needed more
You do. Well I do. I have that and it seems like it’s barely covering closing. But I am in nor cal. This market is tooooo messed up for me right now.
 

MGTiger

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I'm not a fan of putting most of your life savings into the down payment like I see a lot of people do. I say if you can see if you qualify for a down payment program and try to find a property that will double in equity in a few years so you can sell it and eventually use the equity in the home for greater wealth
 

call 6322135

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Wow wow! So much good advice on this! Y’all really come through on ya girl!

1. So I’m doing the USDA loan and got it approved through my mortgage officer. So it’s 0% down because I’m buying a house in the zipcodes that qualify for it! Also, I’m looking into building a brand new home as well. The loan qualifies for that! So I don’t need my Dad’s help at all! Maybe until I want my fence potentially. Lol

To the font who lives on NYC maybe check out some rural zipcodes outside the city and see if anything qualifies! You won’t have a downpayment! I live in Nashville and thankfully everything that qualifies is about 20 miles outside the city which is a 25-30 drive. This is a sweet deal!

2. I work for a government contracting company.

3. To the font that said don’t be too ashamed to do side jobs. I completely agree. I realize I can work 2-3 jobs this summer and make $$$. Put that money from side jobs in a bank account on top of my savings and main accounts. I will look into the APR! Thank you to the fonts who
mentioned that! I’m just about to hustle it for a few months but not overdo it! Anything helps! Lol!

4. Great advice about moving money to another account outside my savings and checking! You are so right I can definitely live on $1000.
My mortgages is technically 1300 but after insurance, and taxes and whatnot is going to be around $1700 so you weren’t lying about it all adding up. Thank you! I need to tone it down and lively frugally for a few years!

5. Fonts I actually love to cook! That’s the problem I’m buying all this Wild Alaskan seafood and Tomahawk ribeyes m, and duck and that gets me in trouble! My butt needs to eat rice and beans and keep it moving! I also buy way too many fresh juices and smoothies and need to stop that too.

My motivation is to get my land going to grow food and save money with that period! Thanks for reminding me to think of the end picture always!

Thanks y’all! My realtor and I are meeting up next week! Will keep you posted!
I just spoke with the person who covers my areas for the USDA Single family loan program, construction to permanent loan.... and Jesus be a fence. It’ll never happen and it basically said so bc alllll parties involved is basically giving the land, doing the build and doing the contracting up front with payments along the way. No one here is going to do that, so while that program is good it’s not easily attainable.

I’m going to utilize the single family guaranteed loan since my mortgage office is already an approved lender, providing I find a house in the eligible area. Le sighhhhh
 

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Question, I have a year left on my lease and I’m trying to buy a house. I just got approved from the bank yesterday! I know exactly what I can afford to buy now.

Whoo hoo! I have about $4K in savings already. I bring home $2500 after all bills are paid every month. I’m trying to b
You'll need about 20k for closing cost, and more if you need repairs. So keep that in mind
 

Raspberrytea

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You sound absolutely ridiculous talking about you don't want your daddy's help....UNLESS he's the type to hold sh!t over your head or act like it's his because he helped you.
It may sound crazy but sometimes you reach a point in your life where you want to look at your accomplishments and say “I DID THAT”. Plus, you don’t know her dads situation. Many parents would give their last dollar to help their kids even if it means they have to struggle right after giving it. I wouldn’t take the money either. My parents have done more than enough.
 

Lifeiseazi

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Middle TN! I’m looking for land! It can get a property with 1-4 acres for about $30000 depending on where it is! It’s super affordable still!
Girl I’m familiar with middle tn area. Affordable where that housing market is extremely competitive. If you can get help with down payment you should take it. The whites get help from family and it’s not bad if your parents can afford to help you. The more money you can put down then that the less your mortgage will be. Whether you get help from your parents or not it’s still your home. Buying a home is expensive you have to account for down payment, closing cost, moving expenses, furniture etc.
 

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