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We can't even afford a moblile home
My husband and I live in Southern California and it's so expensive to live here. I don't want to move to another state because I would miss my family. We live in a small noisy city that is not so great but not terrible either. We would like to move to a better neighborhood. Our 2-bedroom is fine for us and our daughter who is almost 5 but we are thinking about having another child, and would like our kids to have separate rooms. Also, this street is very noisy. We went last night to look at a mobile home. It was nice and it even came with beautiful furniture. It wasn't as small as my husband thought it would be, but the bedrooms were kind of small. But after talking to the realtor, he found out that the rent on the space plus the loan payments would be too much for us. He is a mail carrier and I work part-time at a restauraunt. We were really dissapointed and depressed. I was kind of mad at him too, because he acted all enthusiastic to the realtor and then told me it was too much. I didn't hear what was said about the space fee, so I had no idea until we got back in the car to leave. Do you have any suggestions? Would a forclosure be better? My husband says we can't afford that either but I think he is just being negative.
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Maybe give some free advice about: Personal Finance?
You might be able to qualify for a HUD loan with a low down payment. Check out the HUD Web site: [Link](Mouse over link to see full location)
Generally speaking, the bigger your down payment is the smaller the rest of your payments will be. Given that there's an upper limit to both your incomes, it's probably the monthly payments that are presenting a problem. If that's the case, save for an extra year or so and put the extra money into a down payment. It doesn't mean you can't buy a home, it means there are a few more ducks you have to get into a row first.
Your biggest savings come when you put 20% or more down on a home, because then there's no mortgage interest. If you put less than 20% down on a home, expect to pay an extra 1% or so in interest for "mortgage insurance", which helps protect the lender in case you default. Once you have 20% of the home paid for, that expense can be taken off. On a 30-year mortgage that point often doesn't come until several years have passed, unless you put the 20% down in which case you don't have to pay extra. A really good program that lets you plug in values, interest rates, and what you can afford can be found here:
[Link](Mouse over link to see full location)
This shows you how different levels of property tax and different interest rates can affect how much you pay and how quickly your loan is paid off.
Your Realtor needs to know what kind of monthly budget you have and what kind of loan you can qualify for, otherwise he or she will be wasting time and depressing you by showing you properties that are outside your price range. He or she may also have some suggestions for you as to where to look for a home.
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I don't think you should be mad at your husband because he was enthusiastic to the realtor. You were present too.
Mobile homes are not that good of an investment. They often depreciate instead of increase in value, and you don't own the lot - that is rented and you have little control if they decide to raise it. Definitely start asking around at banks, realtors, and mortgage companies, and be persistent. We bought a house two years ago, and the only reason we were able is through government bond money, two daughters signing on the loan, and finding someone who was impatient to sell and paid the closing costs. It was difficult, but if you are determined, and keep asking, you can get something that is a good investment.
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There are always options. Talk to a bank manager or loan specialist at the bank. If they honestly believe that there are no options for you then I suggest you start scrimping and saving and wait on the idea of another child.
The reason I say wait on the child idea is that you wont be able to save money if you are having a new baby and you will be taking time off work as well. All these things mean less money and I realize money isnt everything but in reality- it means a lot. So you need to save and consider a new budget for the family and make sure you talk to the bank personnel and see what they have to say about the situation. There are some really beneficial loan payment plans out there that might help you.
If the baby doesnt want to wait (things happen! :D) then there shouldnt be an enormous issue if the kids have to stay in the same room for a short period of time or until you save up to get the space fees for the mobile home.
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isnt there a quiet nabourhood in ur area houses and apartments tend to b cheaper when their not near the city centre or out in the country. I dont no what to advice arange a meeting with ur local coucil and ask for advice on housing.
I hope everything works out
good luck
friend2all
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I say if you can't afford to support yourselves right now. DO NOT HAVE ANOTHER CHILD if you cant support yourselves how do you expect to bring up another baby??? you only have part time jobs, and thats just not good enuf maybe you should look into a better job that pays better and start saving but please do not have another kid you wouldnt be goving it a good life.
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