some sound advice on how to find your home sweet home…
Was poking around in the blogosphere when I came across some decent guidelines for how to make what might seem like an elusive dream come true: owning your own home.
Kelly Kennedy writes for singlemotherresources.com on a regular basis, and has some good things to say about how to make it all work. Including how to figure out how much house you can afford.
Let’s face it. As single moms, we have to be more resilient, creative, and resourceful than ever… but there should be nothing to stop you from making your dreams come true if you want them bad enough.
You just have to get through the hard parts with enough guts to still dream.
Tags: dreams, how-to-buy-your-own-home, single-motherRelated Stories
POSTED IN: finances
1 opinion for some sound advice on how to find your home sweet home…
navi
Nov 7, 2007 at 10:33 am
check what programs your area has.
MI has MSHDA which has down payment assistance programs as well, but you need pretty good credit.
There are also federal FHA loans where your credit doesn’t have to be quite as pretty.
I got one of these. I didn’t know they existed until I called on a rental, changed my mind because of the price, and the landlady ended up being a Realtor and got me in touch with an FHA lender so I could buy a house.
I also picked up a hud home, which gave me up to 60 days to make the low down payment - it was about 3kish, including home insurance (the house just needed some cosmetic work, and when you have kids cosmetics aren’t exactly a huge deal)
That said, depending on how much you’re paying in rent in reference to the area, it may or may not be worth buying. You don’t always get a return on your investment, especially if you aren’t able to keep the house up, and if you break even, you’re in the same place you were if you rented.
I have 3 kids, and well, to stay in the district (MI has schools of choice, but it’s not so smooth for children receiving special education - like my son) it was more economically feasible to buy. I didn’t really want to go for the commitment, but it looked like the most viable option. Turns out, my area’s being developed, so it just may have turned out a better option than I thought.
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