I went and looked at condos with my mom last weekend as well as some spec starter homes. All around the same price (300 000). My lease is up March 31, 2009. I could resign it, pay $1200 a month plus utilities while I continue to save for a down payment, I could look for a cheaper place (which is ideal), but having a dog and a cat does limit my options, or I can apply to see if I am approved for any kind of mortgage with a 0 down payment. I know in PF world this is very risky and I can see risks in it too. My thought process is that although the payments will be higher due to interest, I will still be putting the money into me as opposed to paying another person's mortgage. Both of my parents are down with this plan. A is a little worried about it, but can also see that it would be better for us to be ultimately paying ourselves every month as opposed to giving someone else money we work for all day.
I don't even know if we will get approved or qualify or what we would get approved for. I do know that this is the way I am leaning right now and I am collecting everything to put together to start the process.
The other thing is that A just signed a 6 month lease at his place, although I am sure if it came down to it he could leave (he is just living with friends and would just need to find someone to take his place). Sometimes I really wish someone would just give me a house.
I received my bonus on my pay cheque yesterday. It was for a little over $2800 and then minus tax ( a lot of tax...I like to help out the government with an interest free loan every year). I had a rocky start in January with vet bills and a splurging flu, so I had to pay off some charges on my credit card ($647!!!) and then put some into savings (upped my down payment account to $550). I left $1000 in my chequing account because if I do go through with this mortgage thing, I may need some money for unforeseen costs. I also paid all of my bills to date (I always pay them on time so no worries about that one) and loaded up on non-perishables yesterday.
I really, really, really want this house thing to work out. I would like to be able to breathe easier in my own home not worrying about when a lease will be up and looking for a new place for Molly.