Hi, I need advice on whats best for my children please...?

hi everyone, i'll try to be brief. I'm going through a separation right now and my children and I are living in a 3bdrm apartment in an awful neighborhood paying $1550 a month. Now that I'll only have my income (55K) that's too much rent and so I wanted to rent a 2 bedroom in a better neighborhood. My dilemma is that I am in the process of fixing my credit to eventually get my kids the home they deserve, I am not even close to the 3% down payment I'll need, it may take 2 years at least. My question is, should I just stay in the 3 bedroom apt. (we saw 4 waterbugs this morning...yuck!) and save the $2000 I have started to save for the downpayment so it can accumulate OR use that $2000 to move to a better area in a downsized 2 bedroom and start all over again saving. Sorry if this sounds silly, I'm just confused and at a breakdown point. Thanks for you advice, I want to do whats best for my kids and buy them a home.Hi, I need advice on whats best for my children please...?
Have you thought about looking at low income homes to buy. Alot of times you can incorporate the 3% down payment right into your 30 year mortgage. Or some bank are now doing a 40 year mortgage. There are many ways to get around that 3% cash down payment. There is ';double dipping'; which is borrowing BOTH the down payment AND the remaining amount of the house. Don't forget that banks consider the child support payments as income. You may be ';making'; more than you think. Check out all of your options. Talk to your long time banker, credit unions and those ';low income'; housing places. Relatives, friends, maybe you can ';no interest'; borrow from them. Owning is always better than renting. It is after all, money in your pocket in the long run. You are a great mom putting your kids before you. Remember you do need to think of yourself first though. Cause if you continue in a dazed and confused state of mind, your'e not doing them any favors. Slow down, and just breath for a minute. You'll figure it out. I actually think you probably already have.





Kuddos to you.Hi, I need advice on whats best for my children please...?
For your kids I reccomend moving to a better location. But becasue of your financial status


i recomend staying situated in the area but going to a smaller better cheeper appartment if its possible. If you buy a house you ask the government for help for affordable housing wich allows you to live in a better area with a lower price because the government will be paying for part of your payment.





I hope your situation gets better and you will be able to do the best for your kids and yourself.
I would suggest that you use that money to move to a better place especially if you can get it for less than $1550/month.





I would then not even think about buying a house until you can get the credit fixed. The better your credit, the better interest rate you can get when you do purchase.





But even before using all your savings for a down payment on a house, you need to have 3-6 months living expenses as an emergency fund. Once you have that, then start saving for the down payment.
I am not sure where you are located, and knowing might help answer the question. But if you are anywhere MI Homes is a builder, you should contact them about their first time home buyer program. They finance the loan themselves and have a program that requires no money down. It doesn't take perfect credit. I was able to get a home through them with some credit issues and still got the no money down program. It was called a Neihmiah (pronounced knee-a-my-a). They may still offer this. Best of luck and hang in there!
well, first off if you are renting ask your landlord to spray... If you want to move to a better neighborhood I would just start looking to where you want to live ask a Realtor what would a house with your income.. sometimes first time home owners can get a break but be realistic in what you are looking for don't go out of your budget... Some say if you are renting it is better to buy any way... Unless you have a job that will move you...





I completely understand what you are coming from.. been there done that but make sure that you can still afford what you are looking for because the ';dad'; may not always help you...





Good luck