American Dream?
Question: The American Dream?
Dilemma, what do people do that need a 10% house down payment? Let me explain my husband’s and my dilemma.
We are both adults and both of us are hard workers. That is why we’re at this crossroad. My husband was offered a
new job out of town (one that we both grew up in), a good job with good people. Very rare in itself.
He talked it over with me and decided to take it. This man for almost three months drove over an hour to work than
drove another twelve for his work. (Bless his heart – 12hrs is grueling enogh.) So we rubbed our coins together, gave
notices and put our furniture in storage. (not good, found out about mold.)
We got a high interest loan and bought a used 24-26 foot camper. Rental units in the area are extremely high for it is
a college town.
So here we are, the two of us plus our kids, (a small mix of a dog and a very mixed up cat) in our new home (the
camper) on a lot we have dubbed Swampville with undrinkable well water. All our savings (what we could save) again
went into a move. But we do figure one day we will own our small home.
We’ve always rented. Not by choice. Our dream has always been to buy an older home, and fix it up, and some day
retire there, maybe with a small business.
How do we do this in our economy? My last job before we moved was full time, $5.15 an hour with no overtime pay, I
worked 50 plus hours a week and still was turned down for a loan. $200 short on earnings. Now hubby makes good
money but has poor credit / I have fair credit but can’t find a decent full time job for a loan. Every time we get some
money saved something happens. We thought of first time buyer grants, but again they take money. We know we
have to come up with a 10 to 15% down payment, but how do we do this? It might as well be 100%.
My parents are both gone so no loan there ( I know my Father would have happily helped) and my husband’s parents
are estranged ( another long story). So what to do? I am asking this to the void of the Internet. I do thank those who
took time to read this very much. I am not asking for hand outs, just information on optaining help with down payment
and closing costs.
We hope someone will help us to find the way to OUR AMERICAN DREAM!
Answer: Don’t make dumb moves like taking a high interest loan and using up all your savings to make a move into a camper that is completely unsuitable for long term family housing. (Does your camper have internet or did you post from the library?)
Pay on time so as not to have bad credit. Same income and good credit opens many more possibilities than same income and poor credit. Often it is a downward spiral as you pay more and more for less and less credit – if you have bad credit don’t use any until it is cleared up or you will pay top dollar for the privilege.
Yes sometimes bad things happen to good people, but also so often people make their own luck.
This is all anecdote, from both your end and mine. My 23 y.o. stepson just bought a house – no 10% or 1st time buyer, her just pur 25% down cuz he wants low payments. We did not lend him ANY of the money – people should NOT depend on their parents for their down payments – their parents saved for decades, how long have you saved? My stepson never finished community college. He is a craftsman, “works with his hands”, worked (and still works) huge hours to get the bucks to get where he is property wise.
That’s hard to do with kids first, but then “having kids too early” is a good predictor of future financial hardship. At least there are two of you and your H is willing to work really hard, and you seem to be supportive on your end.
Work hard, save up, don’t blow $ on bad decisions. The “dream” is just that, not everybody makes it. My OTHER stepson never will, nor should he, nor does he deserve to, but that’s another story.
Good luck.
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