bad news sucks even when you're expecting it - Cat Forum : Cat Discussion Forums
 
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post #1 of 8 (permalink) Old 01-05-2009, 11:25 PM Thread Starter
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bad news sucks even when you're expecting it

I found my house! Its in the neighborhood I've really wanted to live in, but house prices were running 10-20K over what I could afford. The ones that were closest to (but still far from) my price range were all still lacking something - one was gorgeous but didn't have a garage, one had a garage but the yard was 90% trees and would take a ton of efford to clear them enough to fence it in, and even then it was tiny. The rest were all too high to worry about.

Then, this one came along. Initially I didn't even want to look because it was still 10K over. Then the price dropped. Then, it dropped again.

I had been preapproved for the purchase price (and only had 15% to put down) a few months ago, before I lost my job. I've recently gotten enough saved up that I have the full 20% to put down, but have been working significantly less and thus making less. I knew there was no way I'd be approved but I still had to try, at least to give myself more information.

Just got the bad news that no matter how he worked it, I can't get my house. I knew it was what I would hear, but it breaks my heart to know that I've been working so hard to save and had been approved but couldn't find a house... then situations changed and now I found the perfect house and its still out of reach.

I'm going back to my first vet job who initially had no room for me when I got fired. I'm going to see if he'd be willing to do part time (my aim in a second job is really only 20 hours a week, but more would be great). If not, I know of another clinic in town who is still in need of assistants. Its less pay and I get to do much less than I do now, but its a paycheck.

I'm not sure if I could handle something over 30 hours a week and still keep up my hours at my current job. I'd like to keep that my focus since I make more there and love it. I'm also going to beg to see if it would be possible to add just one more shift during the week. I work 26 hours one week and 31 the next and its killing me. I pick up shifts for people on an almost weekly basis, but I need something set.

I did email the mortgage guy back to see if he could tell me what my income does need to be to get the house... but I'm not sure that he works out that kind of information.

For now, my goal is still to just save save save (and get much better about NOT spending) but the truth is I simply don't make enough money.

(Honestly though, I was looking for a second job even if I had been approved because I know there's no way I can swing the payments on my current income and I'm not going into a situation I know I can't handle)

Jessie

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post #2 of 8 (permalink) Old 01-06-2009, 05:08 AM
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Re: bad news sucks even when you're expecting it

I'm sorry that things have fallen through for you right now. Please remember that with the mortgage collapse and the credit crisis that we are still in it is going to be hard to get a mortgage even if everything with your finances are perfect.
Try to get your job situation under control with a steadier income, and then try again. Who knows, that house might still be on the market.


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post #3 of 8 (permalink) Old 01-06-2009, 08:29 AM
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Re: bad news sucks even when you're expecting it

I'm sorry you can't get your house Jessie, but if you need to work 50-60 hours a week just to pay the mortgage, there's a problem. First of all, that's going to get old very quickly. I also think there may be some question about qualifying you based on that level of hours.

In addition, if your finances are that tight, you won't have any room for unexpected expenses. And believe me, not only are there the big ones, but there's the little ones that happen almost weekly...$20 here, $40 there and pretty soon you're up to two-three hundred in a month that you didn't plan on. If your normal finances are based on a 40-45 hour week, then when the unexpected happens, picking up another shift or two is an option to help you through it. If you're already doing that just to make ends meet to begin with, you don't have any wiggle room.

I'd suggest getting those extra shifts/part time job and saving until you have enough of a downpayment to get the mortgage payment to a point where you only need a 40-45 hour week to meet your bills. Don't go into the new house needing to work a ton of hours.


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post #4 of 8 (permalink) Old 01-06-2009, 09:34 AM
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Re: bad news sucks even when you're expecting it

I agree with Doodlebug. As enticing and exciting as it seems to be a homeowner, the reality of the big mortgage and constant maintenance costs hits you real hard after you're in. You really don't want to stretch yourself to the point where you can't do anything else but pay for the house. There's also something to be said for renting right now, when you won't watch the value of your house go down and down and down . . .


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post #5 of 8 (permalink) Old 01-06-2009, 12:47 PM Thread Starter
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Re: bad news sucks even when you're expecting it

I'm actually not far off as far as income requirements. I'd be fine with what I make now if I was working 40 hours a week. So in reality, 10-15 hours a week would be enough.

Since this job is new, I'm also still at base pay. It should be increasing over the next few months. The same could be said for any other job I start. Its not something I would count on and assume would happen... but its something to keep in mind. Just because I only make this much at the moment doesn't mean I'll still be making this much in a year.

I also make extra pet sitting but its not taxed and is not a constant - varies a lot from month to month. But this past year I averaged an extra $500 per month. So its not really that I worry about having enough to pay my bills at all.

Either way - I've been in no rush to buy. I'm scared to death of it actually. But its easier to say I'm in no rush when there's been nothing really appealing to me. Now that I've found something, I'm frustrated that I'm this close but its still out of reach.

Jessie

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post #6 of 8 (permalink) Old 01-06-2009, 01:09 PM
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Re: bad news sucks even when you're expecting it

I'm so sorry things aren't working out for you right now, but remember the old saying, good things come to those who wait. I can speak from experience, having gone through several things in 2008, home maintenance is not fun, nor is it cheap! We were very lucky with our water pump, that could have been a huge cost for us, had it not been for our very generous plumber! And then earlier in the year we had an enexpected disaster in the basement that cost us financially. You just can't predict, nor know when to expect, that things are going to go wrong. And at times like those, you just can't afford to be strapped financially, and unable to afford to fix what needs to be fixed.

One thing you need to make sure you are doing, is take out a mortgage for what you can afford, not what the bank is willing to approve you for. I'm sure that's not the case for you, but so many home buyers get preapproved, and the banks really stretch that figure, people see that as an open door to buy something more than they can afford, without realizing it, and end up getting in trouble later on down the road.

Best of luck! Buying a home is very stressful, but it is a very exciting time as well, and very rewarding.
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post #7 of 8 (permalink) Old 01-06-2009, 01:18 PM
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Re: bad news sucks even when you're expecting it

I hope things work out the way you want them to, Jessie, but don't kill yourself with overtime. I know it's hard to give up what you want (temporarily, I hope) when you finally found it. Good luck.




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post #8 of 8 (permalink) Old 01-06-2009, 01:54 PM
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Re: bad news sucks even when you're expecting it

Another thing to keep in mind is don't clean out your savings account. Or at least have a back up where you can easily get money (e.g. parents if they're willing/able). I got laid off 2 months after buying my first house. Never saw it coming...


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