gealach
MyPTSD Pro
As a renter
That was longer than I intended. Long story short, I am considering (*using that term loosely at this point in time) exploring the rent-to-own path to home ownership, but no earlier than next spring when my current rental is up for renewal. Anyone have any experience with this format? Or reliably know of someone's experience? positive/negative/meh it was okay/not as expected? Is it such a bad idea, that I should run screaming and never think of it again? Or is it a manageable risk?
I'm paying more than a monthly mortgage cost (plus annual property tax, plus profit). Rents keep going up (there's no rent control here, so the cost can more than double or triple annually, with no max/upper limits to the charge), there's increasingly limited rental availability, the house can be sold with minimal notice, renovictions occur with even less notice, and moving every year or two when the rent becomes unmanageable... it's all just too unstable, and frankly I'm sick of being a 25 year investor in other peoples properties, with absolutely nothing to show for it for myself. I need to get into home ownership, for stability, and to invest in myself in a financially meaningful way.
I have a small down payment saved, but what would have been a decent dollar amount in years past (approaching 15% - 20%), doesn't even make 5% of the disgustingly overinflated current house prices. I'm constantly chasing (and never catching up with) that 20% down payment. Which is my major issue with qualifying for a mortgage. (it's estimated that those wanting to enter the market now, will have to save for 11 - 17 years for a 20% d/p based on the current market)
I spent a long time (years long) on an unpaid LOA for ptsd and other injuries, so I have several years with no income, and was down to my last $5. That income gap is my second issue with qualifying for a mortgage. I did go back to school for 1.5 yrs during that gap (unplanned,) so I can explain some of that gap, but it is still an income gap where I relied exclusively on my dwindling savings.
I went back to work full-time last May/June, and since then managed to save just over 20% of my net income (2021), plus pay off $2000+ in LOA-induced debts, about $3000 in tuition debt, start auto payments for pension arrears, and pay rent/bills/gas/food/extras. But all of that skews my 35% housing/45% cost of living stats, which is my third issue with qualifying for a mortgage. <------- credit where credit is due though, until I put ^^^ that in writing, I didn't realize that I've done so much, financially, in just 11.5 months.... from $5 left and would have been starving and months into living in my jeep if mom hadn't saved me... to savings + debt payments accounting for about 31% - 33% of my net income (2021), which wasn't even a full year of income... damn, super saver mode activated!!!!
I have a small down payment saved, but what would have been a decent dollar amount in years past (approaching 15% - 20%), doesn't even make 5% of the disgustingly overinflated current house prices. I'm constantly chasing (and never catching up with) that 20% down payment. Which is my major issue with qualifying for a mortgage. (it's estimated that those wanting to enter the market now, will have to save for 11 - 17 years for a 20% d/p based on the current market)
I spent a long time (years long) on an unpaid LOA for ptsd and other injuries, so I have several years with no income, and was down to my last $5. That income gap is my second issue with qualifying for a mortgage. I did go back to school for 1.5 yrs during that gap (unplanned,) so I can explain some of that gap, but it is still an income gap where I relied exclusively on my dwindling savings.
I went back to work full-time last May/June, and since then managed to save just over 20% of my net income (2021), plus pay off $2000+ in LOA-induced debts, about $3000 in tuition debt, start auto payments for pension arrears, and pay rent/bills/gas/food/extras. But all of that skews my 35% housing/45% cost of living stats, which is my third issue with qualifying for a mortgage. <------- credit where credit is due though, until I put ^^^ that in writing, I didn't realize that I've done so much, financially, in just 11.5 months.... from $5 left and would have been starving and months into living in my jeep if mom hadn't saved me... to savings + debt payments accounting for about 31% - 33% of my net income (2021), which wasn't even a full year of income... damn, super saver mode activated!!!!
That was longer than I intended. Long story short, I am considering (*using that term loosely at this point in time) exploring the rent-to-own path to home ownership, but no earlier than next spring when my current rental is up for renewal. Anyone have any experience with this format? Or reliably know of someone's experience? positive/negative/meh it was okay/not as expected? Is it such a bad idea, that I should run screaming and never think of it again? Or is it a manageable risk?