Needing financial help! Wanting to move out.

[PineappleMama]

Agree with the others. Sounds like even renting a place is out of your reach right now.

In order to move you'll need dependable income, and I feel, more than the top of the scale you have now.
$1500/month gets eaten up very quickly by rent, utilities, car payments, gas, groceries... n'mind if you get sick.

One or both of you need to get a stable job, dependable hours/income, and start saving for the deposits... renting has a deposit, utilities have deposits, etc. You have to have all that before you can even worry about making the rent/bills. Once you've got that squared then you can start looking for a place, a hunt in itself lemme tell you.

No owner/bank in their right mind would rent to someone who they know, based on income check, will be unable to meet their end of the agreement. Even if DF's guaranteed $200/mo that's only $1200... rent/mortgage is usually (according to lender's rules) 25-33% of your income... so that'd be $300-400 right now... donno about your area but I don't think you could get a 1 bedroom for that... and again, you'd have to find an owner willing to take the chance... but even if you did you're looking at having all of $800 to live on... electric, gas, water, phone, internet, car payment, car insurance, gas, and food per month... it might be doable (don't know exact costs of living where you're at) but it would be incredibly tight which leads to incredibly stressful... not exactly a honeymoon.

If you were my sibling, kiddo, cousin, etc I'd advise to stay where you are until you get better/more dependable income and can save what's needed to move. And make sure your wedding gifts, Christmas gifts, B-day gifts until that fateful day are all things you NEED... not want, NEED... dishes, pans, lamps, etc etc... even gift cards (check expiration) to affordable stores for furniture later...

And yeah, I TOTALLY know what it's like to live with the In Laws... ALL TOO WELL... 100% understand y'all wanting to get out... but IMO better to get out and stay out on solid footing than to get out only to be forced to come back with your tail between your legs because you were not prepared... just my two (hundred) cents but that's what I'd recommend to my kin if they asked.

Congrats and Good Luck!!

 

[churchx3]

You should listen to Dave Ramsey, he is a wonderful financial advisor. Go on line and see if he is on a radio station near you. To answer your question, NO you should not buy a house for a minimum of one year, all debt is paid, and you have money saved. I know living with inlaws is very very difficult but maybe you could find a place to rent for a while...newlyweds need to have their own place for sure but there is enough stress in a new marriage without adding a house to the scenario. Best wishes in your marriage.

 

[Sonoran Silkies]

Figure out why the relationship with your soon to be MIL has changed to make living there uncomfortable. That is an issue that will not necessarily disappear just by moving out; moving out may even exacerbate it.

Quite frankly, it sounds like your DF needs to get his act together and get regular, full time employment. Quite frankly, if he is not making that effort, he is not ready for marriage. Now there may be other data that you have not shared that would cause me to reevaluate my opinion (such as him being a full time student due to graduate at the end of the semester). But, if he is not making an effort to support his soon to be family (you) and separate from his parents to become one with you, it does not bode well for your future together; with marriage, you are entangling yourself with legal issues that will be difficult to sever if you "wake up and smell the coffee" as Dear Abby used to say.

 

[Tam'ra of Rainbow Vortex]

I'm 27 and I just bought my first house. It was about $130,000 and we pay about $1200 a month for it. Combined, my roomie and I make about $4,000 before taxes and we ALMOST didn't get the loan even with good-excellent credit scores. My parents loaned us $3000 for the down payment. We spent 3 months not buying ANYTHING while our 3rd roomie (not on the loan cuz his ex destroyed his credit) paid all the bills, bought all the food, and put gas in the cars. We had to make it look like we had more money than we do to be approved. So I guess what I'm saying is, you don't have the funds yet. You will need 2 months of bank history and pay stubs showing you are reliable and legal and at least $2,000 in the bank or they won't consider you.
It's rough. It really is.
Now, of course, we're fine (paid back my parents and have enough to cover all our bills and even have some leftover for emergencies and even FUN things!) but it took 6 months of financial fasting and a lot of help to get here.
My advice is: Go to Wells Fargo, talk to their loan people. They'll set you straight with what you need. In the mean time, look for better jobs and do whatever it takes to up you credit score (no late payments!) and SAVE AS MUCH MONEY AS POSSIBLE! If you aren't paying rent, suffer thru it and stay where you are. Best way to save money is to not pay rent (but please do so legally!) We worked hard to save money at every turn. Don't eat out. Use coupons, buy raw ingrediants and make food from scratch. Don't buy anything you don't NEED. You have to be dedicated. Really dedicated. But you also need reliable income because they will check into it. But even if you are not ready, talk to wells Fargo. They can help you out with what you need.

 

[TyrannosaurusChix]

oiy.. my BROTHER did this. couldnt pay his own bills or rent but threw a lavish wedding and then 3 days after marrying he inherited 170 grand and ended up buying a house outright....

I dont personally think you should get married when you dont have your own roof. Also, when you live on your own, things are much different than when you are living with a parent. JMO. I think you guys should move into your own rented place before you get married.

And my personal opinion is that $1200-1500/month income wouldnt pay the utilities on a house that costly, unless i read your income wrong and its per week. My husband makes anywhere between 1000-1500 a WEEK and i wouldnt want to spend 190 grand on a house and be confident in costs. But that is me!


Good luck in whatever you choose to do though!

 

[TheReidHomestead]

I remember when we were shopping for our first home about 20 yrs ago, the rule of thumb was to not buy anything more than 3X your gross salary. So say your gross (before taxes are taken out) is only +/1 $1500 per month, that means that you could only afford a home of around $54,000. I'd definently try saving as much as you can while you are where you are. And I agree that your DF needs to find a decent, regular paying job. I know it's tough in this economy, but I would think (I would HOPE!) that he has as much desire to leave your current living situation and move out on your own together as you seem to. If he doesn't have this desire, you have bigger issue's to deal with.

 

[redhen]

No..i dont think you can do it with your income..sorry.
I'd stay at the in-laws for a while longer and save save save... and your DF has to get a better job.. somehow... or it will never work..
I know jobs are soooo hard to come by today...
What does he do for work now?? What about going back to school? Theres lots of programs that are 1 year courses.(which would give you guys more time to save money too..).. HVAC..electrician asst.... mechanic... etc... etc

 

[littlefarm_bighappy]

We moved out together when we were 17. We were BROKE.Paid $200 for a crappy apartment.

We follow Dave Ramsey (great advice) and Bruce Williams for house and financial advice.

I don;t think asking anyone here will help you. There is no lender alive out there that would loan you money. You don;t make enough on your best month to sustain a house with that much mortgage for one month let alone 30 years.

Does living in apartments suck? YES. Is it hard work saving up the money? YES.

But it is the only way to get smart.

 

[silkiechicken]

I certainly would not move out in your financial situation, I wouldn't even think about trying to buy a house as you'd stand to lose even more than you have if you can't actually afford it.

Why put 3.5 down and pay half a million on a 200k house in 30 years, when you could get on your feet, put down 20% or more with a 15 year plan and only give the bank 100k instead of 200k? That interest is $$, principle takes a long time to pay off.

I hate living in an apartment, and only do so because school is 300 miles from home and that would be one long commute.

 

[justbugged]

My understanding is that most banks won't lend you any kind of mortgage, without a down payment. Except for maybe some FHA loans, I keep running into banks that want 20% or more down. So with closing and taxes, the minimum you would need for the property that you are looking at is about 45,000.00 dollars to get into the door. Then the lender will look at whether or not you have enough cash reserves to handle a basic emergencies, repairs, and expenses. Think about things like hot water heaters that have to be replaced and furnaces that won't heat. So given your current income level, you either need to stay where you are at, or be willing to look in a less desirable neighborhood and rent.

If you want the house in the future, I would look for something near a college. You will both need more education, to be able to find better jobs. As much as I believe in marriage, I wouldn't marry a guy that doesn't have some type of steady income that will pay for his basic living needs like rent, food, and transportation. And a guy that is still living with his mommy is never a good sign. I feel like that is harsh, but those are some of lessons I have learned from watching others make major mistakes in their lives.