I could go on about labels, or classes, but the reality of the people I know and associate with, well, we are paycheck to paycheck kind of people. We are above the poverty line, we get the bills paid, we even get to go out to dinner once in a while. A savings account is something we do not have.
So back to the dream of purchasing a house. How do you come up with the down payment? Five years ago when we bought our first house the only reason we were able to do it was because my brother lent me the down payment. He agreed to do this because he knew he would get paid back with the Obama first time buyers incentive money. That isn’t quite an option this time around.
You may now be thinking, “you have a home, maybe you should shut up and be happy with what you have”. This is a valid thought. Unfortunately, I live in the city and the crime is starting to move closer to my neighborhood. I’m not a big fan of crime, and I’m really not thrilled with it approaching my backyard. Do you blame me?
I work full time, and I also am back to college full time at the age of 42. I’m trying to “better myself and my future”. This also means more debt. My debt to income ratio is really less than pretty, and because of this, my credit score isn’t ranking too high. This means I don’t qualify for the better loans. My student loans are at a 7% interest rate. So if I borrow more than I need for tuition from the student loans, I can make a down payment on a house, and then make a payment plan with the college to take out money weekly from my checking account to cover the unpaid tuition. I will forever be paying tuition out of pocket, and with student loans. I will also be paying student loans and a mortgage until I die.
So how do so many of us manage this? We don’t. With the way the world works the hard workers like me will get no further in life than what we have. Believe me, I realize this is better than some. But tonight after work, I will be donating my plasma in order to get that extra $45 to put toward a down payment on a 1100 square foot house in the county, away from the crime that is trying to knock on my city door. I’ve created a gofundme page in dreams that a rich person out there will think “I like her honesty. Here’s a couple grand that I have just sitting in my pocket. Take it.”
It’s not really pretty, in the real world of wanting real estate.