Rent to Own?? Please answer even 1 question :)

[fdnywife]

Originally Posted by NY Annie

Why not ask to remain in the house with the children?

Thanks for all the answers everyone They have been very helpful!

We still owe $380 on his mortgage. My name is on the deed, but not the mortgage. If I had to pay that much than Id rather be right around the block from work. Im about an hour after dropping off my 3 children at 3 different places. Its just adds a lot more stress to my daily life.

Sadly we bought in 07 and prices DROPPED right after that. Id like to get a home on a culdesac with an inground pool, fireplace, detached garage, Central Air etc and land like mine, but it looks like Im going to have to rough it LMAO.. Just kidding. (I grew up in a house without any of those things, which is kind of why I bought the house I did.) I work in a higher priced area. So basically im going to have to settle for a small house without those things in that area, or a nicer home with those things a couple minutes away, not in my work district.

On a side note... today I called a mortage broker to try to understand all this. Our mortgage payment right now including insurance and taxes is $2800. Our home was $420 and we owe $380.

He said if I looked at a house which was about $300 my payment would also be $2800. Why is that? (the taxes in the new area are $1 to $2k more, but thats all I can think of??)

Thanks again everyone!!!!!!!!!!!!!!!!!!!!!!!!!

[Dreams2Plans]

Originally Posted by fdnywife

Thanks for all the answers everyone They have been very helpful!

We still owe $380 on his mortgage. My name is on the deed, but not the mortgage. If I had to pay that much than Id rather be right around the block from work.

Having 3 kids, the judge might award you the house - good thing you're already on the deed! Then your husband may or may not (be able to) take himself off the mortgage, but either way, making a payment on existing home is a LOT easier then qualifying for a new loan!! Especially now, especially for a house of similar size.
Not to mention that kids are used to it, you are, everything is settled, you were getting to work fine before, etc... and, it is lot easier for one person to move on (and out) and settle elsewhere, then for 4!

Originally Posted by fdnywife

He said if I looked at a house which was about $300 my payment would also be $2800. Why is that? (the taxes in the new area are $1 to $2k more, but thats all I can think of??)

Have you tried the morgage calculator I mentioned above?
Could it be because of small downpayment (thus, large PMI)? Plus, high taxes (how much in total)? And possibly, HOA fees if house is in community?

Though, it still looks pretty high... why not ask him?

[tryin2buy]

You can rent a home that allow pets and save money until you have enough for a down payment.