Going Backwards
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Thread: Going Backwards

  1. #1
    Registered User jenloveschip2001's Avatar
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    Default Going Backwards

    I am kind of new to the village. The village has been so helpful. It is just nice to know that there are people out there that is going through what I am or have went through it at one time. I have been so stressed because it feels like we are going backwards. My husband was in the army stationed at FT Campbell KY. We owned our own home and was making it all on our own. Well after almost 6 yrs of service he got out on a med board. We had always known that we were going to move back home so three months before we were to get out we decided to buy a mobile home and put it on a piece of land that my father gave to us. The reason we did this instead of buying another place was because we couldn't buy something until we sold our house, and it took a lot longer than we had hoped. We could have rented but the payment on the mobile home is only $225 a month and we could not have rented a place for as cheap as that and when it is paid for it is ours to sell or whatever we want to do with it. We finally sold our house and we have been living here for almost 2 yrs. He has a good stable job and we are doing ok finacially but we want to pay down some more debt before we get a bigger home. We are thinking about building a house on the land that we have the mobile home on. But also since we moved up here it seem like realty has really went up. Also I don't want a big house payment either. For that to happen we will need a good sized down payment and that could take awhile and we are in tight quarters as it is, I don't want to have to wait 5 more yrs to get a house. We have thought about getting a double wide mobile home because you can get more sq ft for your money but I have always heard that the resell value isn't as good as a house. But we are not planing on selling anything because if we ever want to leave the land has to be givin back to my father because it is part of his farm. I totally understand that and don't blame him but at the same time it makes me very stressed because if we built a house and something happened and we lost it his land would go with it but if we had a double wide we could just sell the double wide and the land wouldn't be bothered. Hopefully it will never come down to anything like that but you can't never tell what might happen in the future like medical bills and stuff. Sorry this is so long , I just hate not having a plan and know exactly what I want. Any Advice?

    Jennifer

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    Registered User PrairieRose's Avatar
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    Hi Jennifer

    Well I'm no financial planner (do have a little bit of personal, life experience to share though) but my 'plan' would be to focus on getting out of debt completely, first. Once you've done that you can build up an emergency fund and then start to save for another house. In the meantime whatever equity you build can be growing (or at least not costing you more in interest regarding the mobile home you live in). We all tend to get a bit impatient when we are wanting a bigger house (with a family, I know been there, done that) or nicer one. It would really make sense to pay off all your debt and then work towards your next goal (say building a new home or buying another one). Ofcourse all the bad things you can imagine "can" happen and possibly might even someday but if you've prepared it's not as devastating. Just focus on the things you really want out of life, write them down and start working toward making them happen. Oh, and read, read, read in the debt reduction forums here

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    Registered User pammy's Avatar
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    I agree completely with PrairieRose, well said. That'd be the route I'd go. You don't want a new home to be a burden, you want it to be a blessing, no matter which way you go: building, buying. You're best bet would be to enter a new home with no other debt and a nice sized downpayment.

    I know it's hard, and you've got a lot of choices to make, wishing you all the best.

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    you might want to check with the magazine called "countryside small stock journal" ... they had a couple who were in the same predicament as you and your dh... what they did, was add-on to their mobile home, enclosing it and making it look like a regular house... it was really cute when they were done... the magazine is like this forum, promoting being frugal and self sufficient... the couple did manage to do most of the work, using items they found or bought cheaply... and since they paid as they went, and had friends and family to help them, it didnt cost a whole lot... a lot less than if they bought a newer home...
    it can be done bc i was thinking of doing this myself... not sure of the costs but it might be something that will help you and your dh... and think of it this way, once you finish it and pay off the loan on the mobile home, the newer house is yours free and clear... no more mortgage or house payment!...

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    Registered User jenloveschip2001's Avatar
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    Thanks kittyrose I will have to check that out, great suggestion.

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    Registered User brenda67's Avatar
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    Default enloveschip2001

    I agree with the others as far as paying off your dept first...Also your Dh should be eligible for a VA loan...from my understanding you don't need to have a down payment with the VA it covers that area plus they guarantee the loan through your bank with very low interest rates like 6 to 6 and a quarter interest ...but this interest rate is in NY not sure what it is in your area or if it makes a difference..but it does depend on your credit....

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    While I'm not in the same situation as you are, I feel the same need to buy a house - I really want one, and of course, I want it now! DH and I are 28 and 32 and we've never owned a house. We're just about debt-free (minus my student loans) and we make decent money. But up here in MA, houses are just too expensive.

    While it is harder for me some days than others, I just try and remember that even if it takes us another 10 years to buy a house, that I will get one someday. And right now it looks like home-ownership is at least 3-4 years off. So I feel your pain about wanting a house. Especially since a lot of people we know owned houses when they were our age, and quite a few of our friends own houses. It really makes me feel like a failure sometimes, like I haven't quite made it because I don't have one.

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    Registered User jenloveschip2001's Avatar
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    Thank you for all your helpfully post. When we bought our first house I really didn't want to get it I just wanted to rent because I new we would move back home within 3 years but my dh really wanted to buy. Well it turned out to be alot better that we bought instead of renting. The Va Loan was the only reason we could buy a house then because we were just starting out and had no savings. Our house payment was only $370 a month and that was including escrow. We would have been paying atleast $475 or more a month if we had rented. We bought the house for $54,900 back in 01. When we sold in in 05 we got $66,000 for it. We used what little money was left after realtors to pay on bills. It was a three bedroom 1 1/2 bath home. It had around 1200 sq ft. Now in 2006 to build a house it is averaging in KY about $80 a sq ft. So if we wanted to build atleast a 1500 sq ft house it would cost us $120,000. I wish we could have just moved our old house with us. $120,000 would be a pretty good monthly payment with nothing to pay down. We looked at buying a house somewhere else about 6 months ago but anything that we found in our price range we wanted to spend had something wrong with it that VA would not aprove and Va would only let us have a loan based on a 40 hr week they won't consider overtime as extra income until he has been at the job for 2 yrs. He will be there 2 yrs May of 07. VA does give loans for double wides also, but as soon as we get this put in our name we don't have to have a down payment even without Va because the land will stand as equity. Our goal is to have all of our bills but the one vehicle payment paid in full by May of 07 and then in May or June of 07 to start building or get a double wide.I would really rather have a house but having 4 kids we need all the extra sq. ft we can get and you can get over 2000 sq ft for anywhere from $65,000 and up. We do want to stay here on the same land though. I would move to be closer to DH work but he wants to stay here. He drives an hr to work then an hr home everyday. I don't think I could do it but he says it doesn't bother him.He likes were we live now because it has no real close neighbors. This is also were we both grew up and everybody knows everybody. That can be good and bad.But I do think it is a good place to raise kids though.Anyways, I guess my next step is to choose wether to get a house or a double wide and decide wether we need to wait and have a down payment or use a Va loan and have bigger payments. I hate having a payment that is bigger than one paycheck.Sarah just hang in there you know what you want and you are focused on your goal and you will get there. If it hadn't been for VA we wouldn't have been homeowners yet either. The wait will also make it that much sweeter and you will be more gratefull when you do get it. Thanks for all of you post.

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    on miserly meals by jonni mccoy, on her website, sorry i am not sure if i can post this, but she has stories that others have shared... well there is one that resembles you and your dh... with the double wide and living in the country...
    they decided to get a double wide bc it was cheaper than a house and they were able to pay it off earlier...
    my ex mom in law has a wonderful double wide... hers looks just like a house... but it is a double wide... and it was much much cheaper than if they bought a house... they live in n florida...
    if i had my choice, i would probably get a double wide but it wouldnt be in florida, due to the hurricanes... just my opinion...
    we had a house but with the taxes and insurance here, it was toooooo expensive... plus we lost our house in the 2004 hurricanes...
    just my opinion...

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    Registered User jenloveschip2001's Avatar
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    Double Wides are so nice these days. You can even put basments under them and you can get them with drywall to just like a house. My parents live in one because there house buned 5 yrs ago and that was the cheapiest and fastest solution. It is actually a lot nicer than there house was. We live in KY so we don't have to worry about hurricanes but we do have tornados. No matter what we get I do want a storm shleter. I'm sorry to hear that you lost your home in the hurricane kittyrose. Some people think that a double wide isn't as safe as a house but my parents poured footer and built a brick foundation under theres and you can't even tell when the wind is blowing hard. There's was a repo and they got a great deal on it. Maybe we could luck up and find a repo too.

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    If you're interested in a double-wide, I'd check lots for ones that were damaged in all the hail/wind storms we've had this year. My niece purchased one for almost half price because it had some hail damage. If you don't mind a few dents, I'd say it would be worth it. I believe she got hers in Louisville.

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    Registered User thriftstorequeen's Avatar
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    Default Going Backwards

    My hubby and I bought our first house and lived there until baby #3 was on the way. This was back in the 70's. We got ourself into so much debt the we could hardly afford to heat that old place. We sold it and bought a used older mobile home on a small piece of land. We were able to pay off all our debts with the sale of the house and moving. Later as the family grew to 5 kids and 2 adults, we were very cramped. We bought another mobile home and placed it next to the other one and made our own double wide. After a few years of living there we were able to buy his grandparents house. It was just a few doors down from or mobile home. We did have to borrow the money from a dear friend, but payed it off in only a few years. The house was small even though it had 4 bedrooms. We had always wanted to get a bigger house. Now I'm glad that we didn't. I helped to make us closer to each other by having to share that small space. Well 6 yrs age we moved again with a couple of the kids still at home (they are all gone now). We are back in a mobile home (single wide). It was about 1 yr old when we got it. I just love it. Cheap to heat and cool and quick to clean. After 35 yrs of homemaking i now realize that home is so much more than the dwelling. I'll be praying that things work out for the best for your family

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    Registered User patra's Avatar
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    I dont have much in the way of advice as Ive never bought a home,But the very best of luck to you-good vibes your way..

    patty

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    I know how you feel. What we did was stay in a VERY OLD farm house on my father in laws farm. Our goal was just to live there a year. Well, we ended up there 3 years and I was so ready to leave. We had been saving the whole time we lived there by living frugally and not having rent.

    It was hard tho. The ceiling was leaky and my husband had to do all repairs himself to save money on the old, dying house!! We knew we wanted better tho and hung in there until we had a very nice down payment. We also bought our house through finding foreclosures and looking at the properties before they went up for sale. It was a lot of planning and preparation that went into us finally getting our good deal and our home.

    Now we have a home that we love and we also don't owe a lot on, so we are still financially very secure and continue to save.

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    well .. i had the big house and along with that came the big utility bills, taxes and insurance... we lost our house in the 2004 hurricanes... now we rent...
    i have told my dh and family the next home i buy will be a double wide (if by myself, then a single wide)... my ex mom in law (from my 1st marriage, i divorced her son not her) has a beautiful double wide... in fact, it looks like a regular house and they have it tied down securely... they live in n florida... but their utilities are much cheaper than mine ever were...
    just my opinion..

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