This is my first entry in this new blog. I am on a mission to put away enough money to buy a home of my own. I am working with a non-profit group called NACA, to help me to get a mortgage with no down payment.
At this point I must demonstrate that I can afford to pay the difference between what I pay in rent and what my new mortgage payment will be. My plan is to set up automatic payments from my paycheck to my savings account so it does not rely on me remembering to do it.
My other strategy is to find ways to spend less money and find other, creative ways to generate some additional revenue to put towards my new home. This blog will be the place where I will chronicle my progress.
I've been reading some of the blog posts of my neighbors here in the personal finance forums and I'm totally inspired by all of you.
New Beginnings
March 23rd, 2008 at 07:14 pm
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I'm a little curious about this statement, "I must demonstrate that I can afford to pay the difference between what I pay in rent and what my new mortgage payment will be." Do you mean you need to prove that to yourself or actually have to prove it to the group you are working with to get a mortgage?
Please keep in mind that owning a home involves costs well beyond the mortgage. Suze Orman uses, as a rule of thumb, that your expenses will be 40% more than the mortgage payment. So if your rent is $800/month and your mortgage would be $1,000/month, you need to anticipate monthly costs of approximately $1,400/month. Just being able to afford the mortgage isn't sufficient. You also will need money for utilties, maintenance and repairs, decorating costs, etc. Good luck on the journey.
March 23rd, 2008 at 11:13 pm 1206314017
Good luck
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