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amother

Seablue

Sun, Feb 18 2024, 8:02 pm

amother White wrote:

It was mostly the downpayment. We had to borrow 50k and promised to give it back within a year. I freelance, so I was able to take on a lot more jobs to pay everyone back on time. But when we actually signed contract we were 75k short and we had no idea where we'll get the money from. Hashem helped, that's all I can say.

Us too!! I have no idea how, but somehow Hashem made the $60k we still needed just appear!
We had about 70k from our first house. My in laws had very generously given us 50k towards our first down payment which really helped with our second!
(We also bought before Covid, so prices and interest rates were lower)
We’re still in debt (took out a heloc) but we’re slowly covering it

amother

Firethorn

Sun, Feb 18 2024, 8:02 pm

Was short $300 a month bit we knew my husband salary would increase as he was at the start of his career. The first 2 years was tight but bh he earned more and we were able to refinance.

amother

Hibiscus

Sun, Feb 18 2024, 8:12 pm

amother OP wrote:

So what happens? You’re in cc debt?

Right now yes unfortunately
We are trying our best to get out of it

amother

Pearl

Sun, Feb 18 2024, 8:18 pm

No. We convinced ourselves it would. The first year, we actually managed well. We had some savings for it, but by the time the second year was over, we were $25000-30000 in credit card debt. It took us almost 15 years to fully pay that off, but we did not go into any further debt. We cut expenses, we added work, and more work.
BH, we are in good financial standing now.
If you can’t increase income, you will go into debt.

amother

Wallflower

Sun, Feb 18 2024, 8:25 pm

Yes. But I live in a place where houses cost $200,000 (at least when I bought). Now maybe they are $300,000.

Our mortgage was the same as out rent.

amother

Blonde

Sun, Feb 18 2024, 8:30 pm

amother Mocha wrote:

No they did not so we rented it out to cover mortgage until we could afford it

Nowadays rent can often cover only half a mortgage…

amother

NeonGreen

Sun, Feb 18 2024, 9:17 pm

Yes it worked on paper. We borrowed 22k and paid it back a few months after but that was for extras we put into the house. Bh we weren't crazy tight.

amother

Calendula

Sun, Feb 18 2024, 9:38 pm

Of course. I would never be able to buy a house if I couldn’t pay the mortgage.

amother

Silver

Sun, Feb 18 2024, 11:27 pm

We did have to go into a lot of debt but we are so grateful to have a house, especially since rent recently jumped so high.

Davening that we get out of debt with Hashem’s help iyh!

I’d still suggest to take the plunge, if it’s somewhat doable.

familyfirst

Mon, Feb 19 2024, 1:34 am

There has to be a balance between faith and responsibility. If you can account for eighty percent of how your mortgage will be paid, you are still leaving room for HaShem to workmHis blessings. This includes recognizing additional business opportunities, being more frugal etc

But you need to be reasonably responsible.
(Learned this from imamother. This was the advice someone received from her Rebbe and it really resonated!

Rappel

Mon, Feb 19 2024, 5:24 am

It did. We couldn't otherwise

tweety1

Mon, Feb 19 2024, 7:06 am

No it did not. We have rental income to help pay for the mortgage.

amother

Moonstone

Mon, Feb 19 2024, 8:02 am

We jumped in and I'm glad we did! We needed to borrow 200k plus and bH paid back a significant amount that we knew would be coming in. The first 2 years were very hard. But we have no regrets as bH Hashem gave us a big house that we will iyH pay off. The value of the house practically almost doubled in 3 years. Hashem has always provided and will continue.

amother

Milk

Mon, Feb 19 2024, 9:39 am

familyfirst wrote:

That was me!!! I came to post this and found that you already did. I'm so grateful for this hadracha and repeat it often. DH went to ask our Rebbe if we should buy a house because I was pushing for it but he was unsure about taking on a commitment like that. Rebbe said if it makes sense 80% then we should go for it. A person needs to leave space for Hashem to bring forth bracha and not make cheshbonos down to the last penny. But you still need hishtadlus... 8 years ago, we went for it. The first two years were extremely tight. DH and I both took on additional jobs. We bought bare bare minimum. When we finally paid back our last loan, we felt so free! I can't imagine how we'd be able to buy in today's market.

amother

Aqua

Mon, Feb 19 2024, 10:39 am

I also would never jump into such a large deal without having $ to pay. We knew what we had, how much our monthly payments would be. We only made house changes if and when we had the $ to cover it.

amother

DarkRed

Mon, Feb 19 2024, 11:54 am

We jumped into it. Haven’t been able to pay back the loans yet. Rent has become astronomical the size apt we would need is often mora than our mortgage. We struggle week to week still 5 yrs later. It’s tough but hope we make it thru ok

amother

Lawngreen

Mon, Feb 19 2024, 11:59 am

We were short $80,000. FIL pushed us to jump in & gave us a loan to cover half of that. We really really tightened our belts. BH so glad we did. Prices have skyrocketed. Value went way up.

Highstrung

Mon, Feb 19 2024, 12:01 pm

What we made sure was that we had enough of a down payment , that we had enough income to pay mortgage and taxes and the higher utilities . But we did not have extra of something needed fixing etc .
We did not renovate either . We moved in as is even though that’s not what “most” people in our community do .
B”H it was the best decision and I thank HaShem all the time for that . We would never ever be able to purchase a new home today if we were going from a rental. Even though our income is higher than when we purchased , our expenses have increased drastically over the years as well.

amother

Diamond

Mon, Feb 19 2024, 12:21 pm

Yes. I'm not a risk taker.

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