As a single nurse were you able to buy a home?

brandy1017, ASN, RN · May 7, 2015

Planning for emergencies reminds me of the budget by Elizabeth Warren in her book All Your Worth which recommends 50% for needs, 30% wants and 20% for savings and debt repayment. The closer you can get to keeping your needs at 50% the easier you will be able to handle any problems that may arise. Even short term disability covers only 60% of your base pay and unemployment even less! It makes sense to purchase disability insurance if your employer doesn't provide it.

Financial flexibility is key to surviving a crisis and Deal with Your Debt by Liz Weston is a wonderful book that provides useful financial strategies to manage the struggles of life. Also Your Credit Score by Liz Weston reveals how to get a good credit score which is so important to saving money by not overpaying for the fundamentals of life!

tacomaster · May 14, 2015

That's awesome you want to buy a house. However, there are some things to consider. Do you have a budget? Do you live within your means? Do you have debt--credit cards, student loans, car loans, etc? If so, you should really wait because buying a house has a lot of hidden costs like maintenance, taxes, etc. If you are in debt and want to get out (you didn't indicate that you were) you should check out Dave Ramsay. I've paid off about $20,000 in 8 months. He has a radio show and it's on Podcast format as well. Best of luck!

whichone'spink, BSN, RN · May 14, 2015

I did, with lots of help with the down payment, and lots of help to build a deck, fence, landscape etc. Now I can pay the bills, but barely. I often cut it close and am not able to save too much to pay property taxes. Home ownership sucks, and if I didn't have pets I would rent. But in my city there are way too many apartments that are not pet friendly, and those that are are not that great. I probably need to sell my house soon to pay for grad school. I will miss having my own space but it's better to rent. I may have to give away my pets if it comes to that.

MatrixRn · May 15, 2015

I bought my first house about a month after graduating from school. I did not have a job yet, but I had stellar credit and a BSN.....at the time that was enough to write my loan. Granted this was when there was a true nursing shortage......when someone could quit a job in the AM and have another by noon. Those were the days.

Jules A, MSN · May 15, 2015

I may have to give away my pets if it comes to that.

Oh no I can't imagine anything being worth that.

SwampCat, BSN · May 15, 2015

TL;DR :)

I think this buy vs rent calculator is pretty helpful for putting it all into perspective. Apologies if something like this has already been posted: http://www.nytimes.com/interactive/2014/upshot/buy-rent-calculator.html?_r=1&abt=0002&abg=0

Good luck!

johsonmichelle · May 15, 2015

It really depends on where you live, because in my area( Maryland), you have to spend 6 figures to buy a decent house. The posters commenting here must live in very cheap areas, because there is no way you can get a mortgage for $650 per month in DECENT place in this area. Even the hoods here charge $1000 per month for rent. I would personally not buy a house as a new nurse. I would settle into the profession before making that big decision. Also factor in childcare , even the cheapest, would still cost $100 per week, amounting to $400 per month.

Karou · May 15, 2015

It can be done! Do you have good credit and a decent amount in savings? It's a great idea to put 20% down if possible because it not only does that mean you don't have to pay PMI interest, but it also looks great to lenders and they will work with you more.

Budget your finances and see how much of a mortgage you can comfortably handle. There are mortgage calculators online that can help you determine what price rage of homes you need to be looking at to get that mortgage payment. Then contact a realtor. Mine had a specific lender who helps single income or low income people get approved for loans. There are first time home owners assistance programs as well as other forms of government incentives. Whatever amount you get pre-approved for, remember to be realistic and focus on the mortgage payment itself. You can shop around I different lenders also- credit union would be good if you have one.

A realtor can explain how the housing market is in your current area. I know where I live you would need to pay closing costs and usually offer MORE than the owner is asking because it's a sellers market and houses are being sold within 2 days of being in the market.

Realtor.com is very accurate and my favorite place to look for newly listed homes. They update quickly for anything thats under contract so you know to not look at those. Anything that's "active continent", "active option contract" or "pending" is off limits.

I am in the process of buying my/our first home with my boyfriend, and it's stressful and exciting. Do some research and it's probably a more obtainable goal then you think. Good luck!!

smartnurse1982 · May 16, 2015

Not in NJ.

You buy too cheap,you might get shot.

You buy in a safe area,you are going to be working 3 jobs.

There is no middle ground in this state.

My first down payment i had to take and pay for the Lpn to Rn program.

I have to take my down payment that was for a home and pay for the Rn-Bsn program.

The type of nursing field i work in(Pdn) does not have set schedules though,so i know that hinders me.

Two jobs are a must,and you might work 80 hours one week,and literally 24 the next week,none of which is your fault.

smartnurse1982 · May 16, 2015

This generation has to remember that moving is a MUST these days to stay employed,so i actually would advise against buying a home if someone does not have a second income.

What if i lose my job 5 years from now?

Then what?

If you are looking a home as an investment,i think stocks and bonds are more stable.

TheCommuter, BSN, RN · May 16, 2015

What if i lose my job 5 years from now?
Then what?

You simply sell the house and move on. I've sold more than once, reaping nice profits with each transaction.

joanna73, BSN, RN · May 16, 2015

Agreed. I debated buying for a long time because I didn't feel stable enough. Changing jobs and unemployment is a reality for us all, but you're building equity. If you decide to move or something happens, sell. Usually, that property has increased in value after 4+ years.