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BacktotheFutureTmw t1_ivr2rzy wrote

I'm a Realtor in your area...there are grants available and you can do an FHA loan which requires 3.5% down. I have worked with people who are in a financially worse place than you are. My advice is to cut out all unnecessary spending (take out, expensive clothes, etc.) and just sock away the money as much as you can. If you have a goal of home ownership, you will attain it as long as you keep moving towards it!

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THROWAWAYHELLLLL OP t1_ivr4tdz wrote

The only thing I have problems with is take out because buying groceries is tougher on paper then it is eating a $1 meal in McDonalds, but I'm working on curbing that.

It really is nice to hear that people who are way off worse can buy a house here, I've seen so much in this sub saying it was impossible and I kinda felt dejected. I love my state and I want to build a life here, so hearing this from an actual realtor gives me a bit of hope. Saving as much as I can, hopefully I can put more down then 3.5% when it finally comes time to it. My goal is homeowner ship, I want to have a place I call my own, without fear. It's my one dream.

Kinda sappy I know that my only big dream is to have my own little home but whatever lol. Thank you so much!

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BacktotheFutureTmw t1_ivr6bfc wrote

I've sold houses in the $150k range. Granted, some need a little work but if you're not looking for a fully updated house, then it's attainable. I sold one in Alloway for less than $220k last month that was fully updated.

It's hard right now with inflation and groceries being so expensive, but I would suggest only buying items on sale that week and stocking up on them when you can. For example, now is a time when soups go on sale. Stock up because they have a year or two shelf life. Use the digital coupons available for the store you use. I know there is no Shoprite in Salem County, but it is cheaper than crappy Acme. You just need a budget and stick with it. You should aim to pay yourself first, even if it's $25 a paycheck right now. I'm sending you a private message with some apps I use to save on groceries as well.

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THROWAWAYHELLLLL OP t1_ivr7ekb wrote

That is perfect thank you! I think there is a ShopRite in Gloucester somewhere, I went there a few times but it's been a while. Better to travel a bit then shop at the small owned convenience stores where milk is like 67 dollars (I love small businesses but Jesus I can't).

I save as much as possible, I average about 150-200 a month though I deff have gone over my budget a few times to compensate. I budget regularly, and minister my finances every day because I can't stand being surprised in finances. Everything is monitored and tracked using budget apps and my online banking, which also has a built in finance tracker.

Any help is appreciated! I don't need a modern home much, as long as it is livable, has power and won't fall over in a month I'll love it forever. I will deff take any advice to make that happen before I turn 75 lol. I appreciate your expertise in this.

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RivChk t1_ivt3b76 wrote

if you have the ability & energy, having a part time job during the holidays or a side hustle (like door dash) could help you build your down payment faster.

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dehydratedsilica t1_ivtwzlp wrote

As you may know, $1 at McD is cheap but certainly not healthy. You wouldn't do that for 2-3 meals/day x 30 days/month either (someone has already documentary-filmed that). Have you checked out r/EatCheapAndHealthy or r/Frugal or similar resources?

I ran my numbers for 7 years of expenses as a single person (extrapolating 2022 YTD to the full year) and found that groceries are 70-80% of my food spending. Social is about 15-25% (includes some general entertainment but it's mostly food) and the rest is self-dining/takeout. I realize this is a bit extreme but maybe you can calculate your current grocery percentage and work on getting halfway to mine. It does takes time to plan, shop, cook, clean (and I store and eat leftovers, rather than simply cook "one serving" at a time) vs. it takes money to pay for the convenience of eating out, which is someone else doing all of that for you.

3.5% down on 129k is about 4.5k. I'm not thoroughly reality-checking all the numbers (and also I personally would not do 3.5% only) but I just have the impression that the upcoming months might be good for seasonal work. Can you hustle and make a dent in that? Or make a dent in the car loan - and once you get rid of the car loan, that few hundred dollars of monthly payment can go towards your house fund.

Keep in mind that with a mortgage, the bank "owns" your home, and if you don't pay, you will eventually no longer own it. When the mortgage is paid off, you still have property taxes, and if you don't pay, you will eventually no longer own it. All throughout, anything that needs maintaining or fixing - anything that you previously called the landlord about - is all your financial and emotional responsibility! I'm not saying don't dream, or be fearful of everything, but do go in with a plan knowing the practical realities, not only a starry-eyed ideal.

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