Delete | Imamother

amother

Tiffanyblue

Mon, Oct 04 2021, 11:08 pm

It is really hard. If you have enough saved up already than that’s great! If the only issue causing you to not get pre-approved is the credit, then do everything you can to boost it. Yes it can take time to get to a really good score but even within a few months of putting in effort you can make a big difference! And FHA loans typically don’t require as high of a credit score, so see what the minimum is that you would both need in order to get approved and create a plan to get there

This was my issue and within a year I’ve raised my score by around 100 points. We actually just got an accepted offer and are going into contract, so I can’t push it off anymore, but if I had another month even I’d be able to boost my score to the next bracket and get an even better rate

amother

Peony

Mon, Oct 04 2021, 11:09 pm

We're happily renting and buying isn't top priority for us. I want a life more than I want a house. We're saving towards marrying off our kids, it's more important for us. I know too many people that bought a house because it's a must (and borrowed large sums for a down payment) and they literally can't afford basic expenses. I don't want to live like that. DH keeps getting requests from friends and family asking to borrow money for a down payment. This means that they can't afford to buy a house.
Afew years ago we moved to a city with cheaper rentals and we just moved in to a big rental. The price I'm paying for a 4 bedroom house and huge property, is the price that goes for a 1 bedroom apartment in my old city.

amother

Mon, Oct 04 2021, 11:14 pm

amother [ Tiffanyblue ] wrote:

Went twice

amother

Moonstone

Tue, Oct 05 2021, 4:02 am

amother [ OP ] wrote:

We bh have a big family and we do have lots of expenses since the kids are growing. Overall we do live Comfortably.
We have 1 very huge problem that gets to me day to day living . We live in a very small rental apartment, we are always dreaming of buying a house but for various reasons it's just not happening. We don't have enough credit , nor a co-signer . I would love to know how most people I know are able to afford or make it work and we just don't seem to be able to. My husband works hard , I help out in bringing in an income and yet nothing is working out yet in terms of buying. though, we do have a ready down-payment but somehow we cannot get right now a pre- approval and I'm really going insane with a house full of people . I can't even begin to describe how we live in this tiny space. My husband is very much thinking of going into another rental, atleast a bigger and nicer place for now while things are getting settled with buying . I'm fed up of hearing of another rental or going into another rental. ITOH we do need a bigger place asap! It's getting impossible the way we live. I just have this question: Would I seem foolish when I'm still heading over to another rental? It seems like this is what works for us for now. Well, to me it seems forever! My dh claims it's not going to be "forever and we are still buying one day . Let alone were marrying off soon . I don't know what to think . I gave up my husband hasn't. He still believes we're buying . He just claims that it might take some time and if we can't survive anymore where we live right now we will be better off in moving into another rental. I don't know even what to do or think . If I wait until we buy it won't happen any time soon . I would consider maybe to rent again atleast it will be bigger and nicer . I just feel hopeless and embarrassed even to tell people that were still not yet buying . Is renting with a family of 10 the norm ?? I believe It is . But what name does it give out? I know I sound complexed but I'd love to know the truth and on top of all how do others do it ? From saving up , From where where? I hear people buy everyday . It just sounds odd that things are not working out for us. Why if it works for so many why can't it work out for us? It's just so sad to think about it . I'm thrilled for the people who are really able to . I jump for excitement when I hear that someone close or I know bought . And. I wish it for us too.

We are renting and have a family of 7 soon and I plan to have more. We live in a cheap rental close to shul that is getting too small for us.
We own a lot of property in our city but we cannot afford to own a place for our family close to shul because it is an affluent area and we would need a 2 mln dollar luxury penthouse.

So I don't feel stupid to live in a rental because it is cheap and if we had bought we would be paying at least 4x as much a month. I simply cannot buy a comparable space in this area without too much sacrifice in other areas.

OTOH of course I want a place that is perfect for us, that I can design and furnish to out liking, that would house everyone perfectly... However it doesn't make much sense financially and logically.

amother

Quince

Tue, Oct 05 2021, 9:34 am

Another happy renter here. Homeownership is just too much hassle and expense, not worth it in my opinion. It would cost us about 3x what we're paying now for good enough accomodations in a lovely neighborhood. If we'd buy it would probably be more on the outskirts with few neighbors. The maintenance of a house is another time expense and we both work full time as is. I'd rather just call management to do repairs. And use my savings for my child's wedding.

Homeownership of one's primary residence is not really a financial bonus unless you're buying in an area where prices are steeply rising, or if you have a rental or two included in the home.

watergirl

Tue, Oct 05 2021, 9:52 am

amother [ Quince ] wrote:

Just to address the bolded - where I live, a rental house the size of my house in my area is around $1500/month. My mortgage is under $1000/month. No, I have no rentals in my home and no, prices are not rising where I live and also no, I did not put down a large down payment (I paid 3% and have no PMI). Rent is almost always more than mortgage.

amother

Peony

Tue, Oct 05 2021, 9:58 am

watergirl wrote:

You either live in a cheap or OOT area or bought your home many years ago. You can't buy a home todays days in a frum area with a $1,000 mortgage. Today's days rent is cheaper than the mortgage. The average mortgage in frum communities now is around $3,000-$4,000.

watergirl

Tue, Oct 05 2021, 10:09 am

amother [ Peony ] wrote:

I bought my home 4 years ago. Not in a "cheap OOT area" but in yes, this is a large frum community (not in NJ/NY). Outside NY and NJ there are many very large communities with reasonable housing. My mortgage was $1200/month before covid and we got a better rate when interest was way down. No one in my city pays what you quoted in mortgage.

amother

Dustypink

Tue, Oct 05 2021, 10:14 am

amother [ Quince ] wrote:

Of course home ownership is a huge financial bonus. Rent you need to keep paying until 120, your home is yours after 30 years and you can sell at any time and get most or all your money back.
We bought our apartment in Beitar for around 700,000 nis. I think we put 50,000 nis down. Sold after 4 years for over 100,000 nis. Similarly, we bought in Cleveland for 90,000 k and then sold after 2 years for $140k.
Even with all the fees we more than made our money back.

amother

NeonOrange

Tue, Oct 05 2021, 10:16 am

amother [ Quince ] wrote:

Sorry but don’t agree with you about owning a home. If renting works for you and your family. Great. Buying isn’t for everyone always.But it is financially smarter for most to put the monthly payment toward your mortgage than to rent. My home went up in value over 500k in less than five years since I purchased my home.