I must say that next year I'll be sticking to a more defined budget... and I got carried away... getting little somethings for everyone here and there... meh
But I paid all in cash and for that I can be proud.
any who, I'm sticking to a strict budget and I'm trying to beef up my emergency fund. I got a $450.00 rebate check from AAA so I'm adding $400.00 to my emergency fund!
I want to get it to $7,300 before I buy a condo (that would be 3 months worth of income with the condo budget i have planned out)... and I just learned that the government is giving a interest fee loan of 7500 to everyone who buys a house by July 1st, 2009.
Makes me wanna buy before July 1st... But I can't seem to get realistic about my goals for home ownership. It would be more financially stable to find a 1bedroom place, around 700 square feet... but those become harder to sell later down the line... and if I'm married in a year or two... a one bedroom condo could be too small to meet our needs... and the market too volatile to make a profit or break even (closing costs are gross).
so the two bedroom is ideal, around 1,000 square feet.... and I could make all the payments solo so when I do get hitched, the income rises (and renting out the spare room to a friend will generate income in the time being)... I just don't know if I could qualify for a loan that big... without 20% down..... and that's where all my freaking hesitation is coming from... I only make 43,000 a year and I want a condo that's priced at 209,900 low ball offer.
But waiting for a larger down payment could affect the rates that are so amazingly excellent right now... plus there is that lovely 7500 interest free loan from the government (pay 500 a year back for 15 years or when you sell the property) that I would miss out on... ... but 7,500 is a nice chunk of change to help with buffer costs and give me more of a cushion in case things went crazy my first year in the home.
It makes home ownership happier... ... ... but how on earth do i get qualified for the condo that fits in with the whole plan...
"and I just learned that the government is giving a interest fee loan of 7500 to everyone who buys a house by July 1st, 2009"
ReplyDeleteI am VERY interested in this. Could you elaborate?
I am clamoring for an urban condo in my city of Worcester. I don't want to move back to Boston because of the high cost of living. Worcester seems just right, and if I can get my startup firing on all cylinders, I can just work from home all the time in about a year (hopefully).
Anyways, congrats on your shopping, good luck moving forward!
Hello,
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