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Old 09-19-2018, 05:37 PM   #11
Rose76
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If you have significant debt, then putting cash into savings (beyond a little emergency money) might not be the best way to increase your net worth. You are paying interest on your debt, I would suppose. So getting rid of that debt should come before stashing money into a savings account.

To find your net worth, simply subtract how much you have in savings from how much you owe. Right now your net worth is below zero. Do look at the interest rates you are paying on your debts. Credit cards often charge 24%. If you have any debt like that, you want to get out from under it, before you can seriously consider buying a home.

Ask yourself, also, what you think buying a townhouse will do for you. Consider the annual property tax. What community fees might there be? Then, of course, there is on-going maintenance expenditures. Thinking you can depend on your brother's friends to work cheaply for you sounds a bit naive to me.

Of course, dreams die hard. Look at all of your options, though, while you're dreaming. Go to your local housing authority and get on the waiting list for subsidized housing, if you are eligible. You don't have to ever use that option, but you might be glad of it one day. In my city, there are small townhouses that low income people with a HUD subsidy can rent.
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Old 09-21-2018, 03:58 AM   #12
Aviza
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I owe 500 on two credit cards. Not much but they are nearly paid off. I'm making payment to them every month more than the minimum, and have started to save. I am on waitlists for subsidized housing. But don't like the units mostly. I can stay with mom build up my credit, save, and buy my own place in two years. That's the way to go. My dreams come true. Where there's a will there's a way.
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Old 09-21-2018, 11:14 AM   #13
Rose76
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Go for it. It may work out.
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Old 10-09-2018, 08:49 PM   #14
~Christina
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Pay yourself first , meaning put x amount monthly in a savings acct ... itís always best to have some padding Incase of unexpected expensives like car trouble or xtra medical bills.
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Old 10-10-2018, 12:51 AM   #15
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If anyone wants an idea of how much house they can afford on their SSDI benefits and monthly supplemental income, send me a message and I'll give you some rough numbers. I'll need your SSDI monthly benefits, your monthly supplemental income (must be under $1180 to maintain your SSDI eligibility), the mortgage interest rate and how much of a down payment you're able to make on your mortgage.
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