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Old 08-12-2015, 06:48 PM
 
Location: Addison, NY
6 posts, read 15,389 times
Reputation: 10

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Here's the current situation. I'm 25 years old and currently receiving social security benefits of $820/month. I currently live in an income based apartment complex, because rent in my area is sky high (500-800+ a month). I don't want to live in subsidized housing all my life, but can't afford a regular apartment. If I did get one, I would have nothing to live on. I am also currently looking for work, but haven't had much luck so far. I can only work 20 hours a week to keep my benefits. And, I have heard in some ways it is cheaper to own a home then rent. The problem is coming up with money for a down payment, and my credit isn't all that great, last time I checked it was 565. So, can I buy a house? if so, how do I go about doing this?
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Old 08-12-2015, 08:10 PM
 
2,039 posts, read 3,271,845 times
Reputation: 1461
Quote:
Originally Posted by Laurakitty View Post
Here's the current situation. I'm 25 years old and currently receiving social security benefits of $820/month. I currently live in an income based apartment complex, because rent in my area is sky high (500-800+ a month). I don't want to live in subsidized housing all my life, but can't afford a regular apartment. If I did get one, I would have nothing to live on. I am also currently looking for work, but haven't had much luck so far. I can only work 20 hours a week to keep my benefits. And, I have heard in some ways it is cheaper to own a home then rent. The problem is coming up with money for a down payment, and my credit isn't all that great, last time I checked it was 565. So, can I buy a house? if so, how do I go about doing this?
Find a rich boyfriend
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Old 08-13-2015, 01:02 PM
 
Location: New Jersey
120 posts, read 140,708 times
Reputation: 124
Quote:
Originally Posted by Spanky25 View Post
Find a rich boyfriend
Blunt - but truthful and I agree.

1. No income
2. Low credit score

Those two alone completely take you out of the playing field.

BTW it's not cheaper to own. Unless you have money available for the many things that can go wrong with a home, you'll find yourself in deeper financial trouble than you already are. I spend a ridiculous amount of money a year on upkeep. Some comes back from taxes, but there's always more out of pocket, than in.
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Old 08-13-2015, 04:11 PM
 
10,302 posts, read 5,219,216 times
Reputation: 9912
Post this in the Detroit forum...plenty of houses there for $5-$15,000 for sale if you are willing to move and don't mind a progressive neighborhood.
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Old 08-13-2015, 06:37 PM
 
Location: Summerville SC Historic District
1,388 posts, read 1,581,655 times
Reputation: 884
Quote:
Originally Posted by Laurakitty View Post
I can only work 20 hours a week to keep my benefits. And, I have heard in some ways it is cheaper to own a home then rent. The problem is coming up with money for a down payment, and my credit isn't all that great, last time I checked it was 565. So, can I buy a house? if so, how do I go about doing this?
Actually, it's that you only MAY work 20 hours per week for those benefits. From what I've read, it sounds like you CAN work more.
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Old 08-13-2015, 07:32 PM
 
Location: Florida Baby!
6,525 posts, read 842,926 times
Reputation: 4109
Quote:
Originally Posted by sivyaleah View Post
BTW it's not cheaper to own. Unless you have money available for the many things that can go wrong with a home, you'll find yourself in deeper financial trouble than you already are. I spend a ridiculous amount of money a year on upkeep. Some comes back from taxes, but there's always more out of pocket, than in.
Take my word for it--home ownership is HIGHLY overrated....
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Old 08-13-2015, 09:58 PM
 
5,254 posts, read 3,275,236 times
Reputation: 12809
Quote:
Originally Posted by Laurakitty View Post
Here's the current situation. I'm 25 years old and currently receiving social security benefits of $820/month. I currently live in an income based apartment complex, because rent in my area is sky high (500-800+ a month). I don't want to live in subsidized housing all my life, but can't afford a regular apartment. If I did get one, I would have nothing to live on. I am also currently looking for work, but haven't had much luck so far. I can only work 20 hours a week to keep my benefits. And, I have heard in some ways it is cheaper to own a home then rent. The problem is coming up with money for a down payment, and my credit isn't all that great, last time I checked it was 565. So, can I buy a house? if so, how do I go about doing this?
Laurakitty:
1} your housing costs should be NO MORE than 30% of your income for the month, so $246 in your case. THAT SHOULD INCLUDE ALL housing expenses, too! {mortgage, PMI {Private Mortgage Insurance {you will need that as you will be putting less than 20% cash down, i take it}, electric, , homeowners insurance {A REQUIREMENT by the mortgage company}}, so that will reduce your actual mortgage allotment amount OUT OF the $246/m.
2} going to 50% housing costs is what got so many people foreclosed upon lately! even IF $246 could be devoted totally to mortgage, that leaves just $164 for ALL other housing expenses. HECk RENTER's insurance {far cheaper than homeowners} is $10/m! That leaves $154 for heat, water/sewer bill, a/c if you have it, electricity {mine is $170/m for nat. gas heat/hot water/cooking, electric and lights, a/c,ext for a 832sqft home!!!}
3} with a credit score of just 565, honey, your score is in the toilet, you couldn't qualify if the interest rate was 29%! {VERY BAD}
4} we just replaced {in the last 5 years}: the nat. gas furnace {$3,600}, the roof {1,300 dollars}, the nat gas h2o heater {$125} the stove {$800, simple {cheap} one, nat gas}, the washer {$450+}, the dryer{$399+}, the furnace has failed three times in five years, the first time costing $1025 in repairs,the second about $300-emergency call extra}, the third $250 . So in five years TOTAL REPAIRS: $8,249!!!! OR $1,649.80/year OR $137.48 PER MONTH EACH MONTH OF THE LAST FIVE YEARS! ANd THIS Year ain't over..we discoverd a soft spot in the bathroom floor making a hole next to the tub! {our home is 33 years old and showing it terribly}

SO NOw: you have: IF you COULD do it for this:
mortgage:$246
utilities: $164
REPAIRS: $137 Equals $547!!!

~That leaves you $273 FOR EVERY THING else...like FOOD {though you probably get SNAP benefits} including medications {you are on SSi, I assume you must have some copays?
~How about: bus ticket $50 -leaves now $223 for everything
~Buy a lawnmower? Buy a snow shovel? buy ice melt? Buy flowers, trees shrubs?
~Buy furniture to fill your new house?
~Buy new carpet if you don't like whats there,
~refinish hardwoods if they are there,and you don't like.
etc etc etc
a home is NOT cheap...
OH, and I forgot PROPERTY TAXES! You have to pay them too!

Then there are the facts you get only $820/income, cr score of 565 {very bad}, NO 20% to put down, and...to answer your question,

TA DA!

NO, YOU CANNOT BUY A HOUSE!

Thank you for playing!

HEre's what you can do.. 1] get some credit, pay IT OFF each month, to build a credit score {it takes time, long time},
2] work at saving every penny you can..collect returnable cans/bottles curbside if you have to out of public trash bins, etc.,
3]spend not dime more than you have to for clothes..use salvation army or goodwill thrift stores!
4}SAVE SAVE and IMPROVE YOUR credit score..put say your utility bill automatically on your credit card and PAY IT OFF each month.
5} LIVE on 80% of what you get...ie :$656 instead,and SAVE the ohter 20% or the $164 for SAVINGS
$164 x 12 =$1,968 savings in a year!In 5 years [with paltry interest} you'll have $9840, and 10 years you will have $19,688...mAYBe NOW you have a down payment!!!
6}volunteer 500 hours "sweat equity" at Habitat for Humanity to get on list for a house. yOU will have savings then and have credit then!

Best of luck to you!

Last edited by galaxyhi; 08-13-2015 at 11:04 PM..
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Old 08-14-2015, 07:21 AM
 
2,039 posts, read 3,271,845 times
Reputation: 1461
Quote:
Originally Posted by galaxyhi View Post
Laurakitty:
1} your housing costs should be NO MORE than 30% of your income for the month, so $246 in your case. THAT SHOULD INCLUDE ALL housing expenses, too! {mortgage, PMI {Private Mortgage Insurance {you will need that as you will be putting less than 20% cash down, i take it}, electric, , homeowners insurance {A REQUIREMENT by the mortgage company}}, so that will reduce your actual mortgage allotment amount OUT OF the $246/m.
2} going to 50% housing costs is what got so many people foreclosed upon lately! even IF $246 could be devoted totally to mortgage, that leaves just $164 for ALL other housing expenses. HECk RENTER's insurance {far cheaper than homeowners} is $10/m! That leaves $154 for heat, water/sewer bill, a/c if you have it, electricity {mine is $170/m for nat. gas heat/hot water/cooking, electric and lights, a/c,ext for a 832sqft home!!!}
3} with a credit score of just 565, honey, your score is in the toilet, you couldn't qualify if the interest rate was 29%! {VERY BAD}
4} we just replaced {in the last 5 years}: the nat. gas furnace {$3,600}, the roof {1,300 dollars}, the nat gas h2o heater {$125} the stove {$800, simple {cheap} one, nat gas}, the washer {$450+}, the dryer{$399+}, the furnace has failed three times in five years, the first time costing $1025 in repairs,the second about $300-emergency call extra}, the third $250 . So in five years TOTAL REPAIRS: $8,249!!!! OR $1,649.80/year OR $137.48 PER MONTH EACH MONTH OF THE LAST FIVE YEARS! ANd THIS Year ain't over..we discoverd a soft spot in the bathroom floor making a hole next to the tub! {our home is 33 years old and showing it terribly}

SO NOw: you have: IF you COULD do it for this:
mortgage:$246
utilities: $164
REPAIRS: $137 Equals $547!!!

~That leaves you $273 FOR EVERY THING else...like FOOD {though you probably get SNAP benefits} including medications {you are on SSi, I assume you must have some copays?
~How about: bus ticket $50 -leaves now $223 for everything
~Buy a lawnmower? Buy a snow shovel? buy ice melt? Buy flowers, trees shrubs?
~Buy furniture to fill your new house?
~Buy new carpet if you don't like whats there,
~refinish hardwoods if they are there,and you don't like.
etc etc etc
a home is NOT cheap...
OH, and I forgot PROPERTY TAXES! You have to pay them too!

Then there are the facts you get only $820/income, cr score of 565 {very bad}, NO 20% to put down, and...to answer your question,

TA DA!

NO, YOU CANNOT BUY A HOUSE!

Thank you for playing!

HEre's what you can do.. 1] get some credit, pay IT OFF each month, to build a credit score {it takes time, long time},
2] work at saving every penny you can..collect returnable cans/bottles curbside if you have to out of public trash bins, etc.,
3]spend not dime more than you have to for clothes..use salvation army or goodwill thrift stores!
4}SAVE SAVE and IMPROVE YOUR credit score..put say your utility bill automatically on your credit card and PAY IT OFF each month.
5} LIVE on 80% of what you get...ie :$656 instead,and SAVE the ohter 20% or the $164 for SAVINGS
$164 x 12 =$1,968 savings in a year!In 5 years [with paltry interest} you'll have $9840, and 10 years you will have $19,688...mAYBe NOW you have a down payment!!!
6}volunteer 500 hours "sweat equity" at Habitat for Humanity to get on list for a house. yOU will have savings then and have credit then!

Best of luck to you!
You actually took the time to break everything down for a phony post?
Again, a rich boyfriend will make her "Dreams" come true.
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Old 08-14-2015, 12:50 PM
 
2,137 posts, read 1,606,544 times
Reputation: 2804
Yes you can buy a house.

There are plenty of houses for sale pretty cheap and the sellers are very anxious to get rid of it. You can buy a house with no money down, with the seller holding the paper. Question is, would you want to live there?
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Old 08-14-2015, 02:49 PM
 
Location: Where my bills arrive
10,038 posts, read 10,687,933 times
Reputation: 9632
Some well written posts, buying a house is something you earn it is not a right with that said have you earned enough to buy one? Regardless of your income source owning a home even in a cheap locality is likely above what you have available.
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