Nurse, single and wanting to buy a home
- 0Aug 26, '12 by JaneSmithRevisitedMy dream is to buy a (starter) home of my own. I'm not thinking about a few months from now but maybe 5-6 years later. Does anyone know of someone who's single, a nurse and bought their own house/condo/townhome after 5-6 years since starting nursing? I want to save up at least 15-20 precent downpayment as I don't want to struggle with paying off the mortgage. I'm from the Greater Toronto Area. I know the GTA is expensive but I'm interested in any metropolitan city in Canada. I just want to know if it's doable to buy a home by myself with a nurse's salary.
- 3Aug 26, '12 by NotReady4PrimeTime, RN Senior ModeratorOf course it's possible. I know many young single nurses who own their homes. Having a good down payment will be a wise move. As will going the bi-weekly accelerated route for repayment of your mortgage. You can arrange it so that your mortgage payments come out of your account a couple of days after each pay day and you'll end up making the equivalent of 13 months worth of payments each year. Your principle will get paid down faster and you'll save on interest costs.
- 0Aug 26, '12 by HollywoodDivaEasily done if you're willing to work for it. I worked for 5 years living on a budget, worked overtime and saved 3/4 of my monthly salary and put 50% down when the time came. I'm glad I did that when I first started out because I don't think I could do that again. Well worth it...if I can do, anyone can if you put your mind to it.
- 1Aug 27, '12 by joanna73 GuideYes it is definitely doable on a nurse's salary. I am also single, and saving for my down payment. I've been nursing for 2 years, my loans are paid, and I have 10 percent towards a starter home. However, your wages are lower in ON than the Western Provinces, and the average cost of a home in the GTA is 400,000 now. However, you could afford a starter home for 250,000, and then upgrade. Ideally, you would want to have at least 50,000 saved. Consider that you will need your downpayment, closing costs, lawyers fees, taxes, and some savings. I spoke with the bank the other day. On a 260,000 home, my mortgage will be 1150 a month, not including heat, hydro, taxes. That's with 38,000 down.
- 1Feb 5, '13 by exclusivelynursesI'm a real estate professional that works exclusively with nurses in the Maryland/DC/Virginia metro [USA]. I know this thread was done some months ago, but thought to add some comments for those who view it later with the same questions.
Purchasing a home on a single nurses salary is definitely doable! It's a great way to establish a stable asset that will likely grow for you over time. It helps you to stop the costs of rent increases and ensures that a little of your monthly payments go to help reduce your mortgage debt and increase your stake in your property.
Important things to keep in mind are to work on saving for a good down payment. Some mortgage programs allow you to get into a home in the US with as little as 3.5% down payment [FHA], but the more you're able to pay down the better and lower your monthly expense will be. Know that a down payment isn't the only cost you'll incur, so keep in mind that you also will have closing costs and monies to be placed in a reserve at closing to begin an escrow account that will help you pay for property taxes and insurance when they come due. So do some research on what those might run in your jurisdiction and be sure to account for them before you get to signing a contract. Just be sure that despite what you qualify for, that you're comfortable with the mortgage payment after you close on your new home!
Other important thing is to work on paying down your debts and getting your credit in the best possible tier you can. A lower credit score will often cost you more to secure the same interest rate as someone with a higher credit score.
Lastly, your income is important to the lender who will be issuing a home loan and they'll want to see at least 2 years of consistent stable income, preferably with a single employer, though it's not a deal breaker if you'd shifted employers in that time.
Best wishes for enjoying your future home sweet home.