To CF homeowners

[JennifersHope]

Hi,

I looked at the townhome again today. I am really in love with it, Problem is I am scared to death to commit to anything. My parents will be co signing for me which is awesome but puts even more responsibilty on me.

We are going back to look at it again on Tuesday night, then we are going to talk to a mortgage company to see what we can do. It really doesn't matter if I put down 10 or 20 percent as far as monthly costs go.. The only real way I have found to lower monthly payments is to do a 40 or 50 year mortgage..

My questions to you guys are... Where you scared to death to commit to owning a home and having having such debt and owing so much money? I am trying to do this on a single income. I don't feel like I can stay with my parents to much longer because I literally am killing them with worry about me, and besides like I said, it doesn't make a huge difference in monthly payments if I put down $30,000 or $50,000.

I am so scared that I am going to buy the home and then not be able to work or pay for anything... It isn't even so much my lungs that are causing the fear as much as it is all my other health stuff....

I am going to be looking for a roommate for sure, which may be my step sister though now she is starting to change her mind I am looking at about $2000 a month in mortgage, taxes, and maint fees..

Any advice is greatly appreciated....

Jennifer

 

[2005CFmom]

Sorry I can't help much, only wanted to give you a thought that I had about down payment. Are you going to go with an FHA (government) or conventional loan? The reason I ask is that normally with a conventional loan, if you don't put at least 20% down you have to pay an additional monthly mortgage insurance premium every month. It can add as much as $100 (or more) depending on your loan amount. With FHA you will pay that no matter how much you put down. Conventional loans are normally better, but it is easier to qualify for FHA loans. Just a thought that I had and wanted to pass on the info. I use to work for a mortgage company (that was 10 years ago, but I don't think the rules have changed much).

 

[anonymous]

Hi Jennifer,
My husband and I bought a house in 1996, two years after I was diagnosed. It is a tough decision. Just remember that it is a big step for anyone. Try to make the most informed decision regarding the mortgage and be comfortable with your decision.
Good Luck to you!
Annette

 

[julie]

Jen, Mark and I own a house. I imagine he would own one too if we weren't together (maybe later down the road after he gets a secure job he likes) but a MUST is short and long term disability benefits through work, and it also helps if you can look into your own personal short and long term disability benefits. We have that option through State Farm, but don't currently use it because of my military benefits. When he gets a job, that will be a major thing we do first.


If you can put $50k down, but putting 30k down really doesn't make much of a difference in payments, I would honestly put down the $30k and bank the rest away for "emergency" payments.

Hope this helps a bit.

 

[JazzysMom]

Another option to ease the monthly payment burden is to go with bi weekly payments. This is different then every 2 weeks. When the year is done you will have made an extra payment & it brings the life of the loan down a few years. It also doesnt strap you for that one time each month. Its scary & when we bought our home, we didnt have a pot to piss in. Literally.....everyone worked with us by holding checks or taking payments etc. We couldnt have done it without everyone working with us. I had to stop working 2 months after closing on the house. So even tho we were approved & got the house, for the next year or so I was scared we would lose the house. It all worked out thank goodness, but it was a stressful time. Make sure you dot your i's & cross you t's to think of everything imaginable so you know 100% guanranteed what you are getting into financially. I think you should move by me since the amount you will put down for this townhouse is the total cost of my mortgage! LOL! Big difference in areas. Also not all lending institutions are willing to do such lengthy loans so you might have to do a bit of homework. The only info I have is do your homework, think of the disability/life insurance to go on the loan payment (like Julie spoke of), the actual mortgage amount, what goes into escrow for taxes etc, consider all utilities or other payments like garbage or maintenance fees. All this adds up & you dont want a surprise that you forgot about!

 

[JennifersHope]

Thanks,

We are going tomorrow to talk to the experts to see what we can come up with. A lot of number crunching on their part and a lot of praying on mine.

I just feel in my gut that this is the right place to live.... I loved it, think it is awesome..etc.. Just hope that I can afford it. I just called my boss and told her I need to know how much money I will be bringing home a month, when we firgured it out, it looked like I could more then afford to manage on my own, and if I had a room mate it would be "gravey"

If you want to see the link IM me and I will paste it to you so you can peek, THe pictures do not do it justice but you can get an idea... There is one other house that we are looking at tomorrow that is in the same neighborhood.

THanks for the advice, any more is greatly welcomed. I am going to look in to long term and short term health.. I already have a policy on that I have to check it out.

Love
Jennifer

 

[anonymous]

Check out one of the Automatic Millionair books - I think there is one just for homeowing. I just finished one, it does a great job of telling you what to look for when buying a home, including the different options with loans and bi-weekly payments (like Jazzy was talking about). That extra payment a year can pay-off your loan a whole 10 years early! The book is a quick read - spend a hour at Barnes and Noble and glance through it.

I'm happy your getting your own place! I know quite a few friends who have houses and have roommates to help with the bills. I'm sure everything will work out fine! Also, don't forget that a home is an investment. If at some point down the road it doesn't work out for some reason, you can sell it.

--Wallflower

 

[anonymous]

Get mortgage insurance. Then you have no worries over the debt. If you get sick, lose your job, or die it pays off your mortgage. It can be expensive but worth it for me.

 

[Allie]

Ry and I owned a house, and it was the best decision we ever made. I agree, get mortgage insurance. but go for it!

 

[Bill]

Jennifer
From a father of a son with CF. He left home (Virginia) and Moved to Texas when he was 21. Wonderful for him, hard on the parents. Within 2-3 years he bought his first home. A small 3 bedroom, but nice. About 10 years ago he sold this home and bought another. 4 bedrooms, 2 1/2 bath, 3000 square feet. He also opted for a 15 year mortgage. Wants it paid off when his health really starts failing him. The 1500 mile separation is very hard on the parents. But, he needed to be on his own and loves his home. He has had his ups and downs with CF (currently down at this time), but presses on. We (my wife, my son and I) have never been sorry for his move or home purchase. He is now 46, has a reasonable job (income), is able to make his mortgage payments, pays off the one credit card he uses every month, has health insurance thru his company, and is able to make his co-payments. I believe there is more than just physical health involved with CF. Having good mental health, which is helped by being on your own, buying that first house, car or whatever, will be something you will never regret. If it's financially possible and it's what you want to do, GO FOR IT! Good luck in whatever you decide. Bill

 

[Landy]

I hope this doesn't come across wrong but you can always sell the house or rent it out to someone for the amount of the monthly payment if it ever becomes a necessity for you to move back home for a short or long term period.
I think everyone, CF or not is very nervous to make that first home loan/commitment so you're not alone!
Keep us posted!