OH MY, I Wonder.....

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With so many nurses getting fired or resigning from their jobs for whatever reason, I am wondering about becoming a new home owner. I recently talked with a friend who is a nurse and had been at her job for several years, things did not work out and she had no choice but to resign on the spot with no other job and a morgage along with other bills. Most of the time, nurses can usually find other jobs, but there are other factors involved such as; will it be the same salary or higher, will the same hours be availabe and so on. This is really scary for me when i think about it, this is why i pray that God will bless me on my job and help me to make good decisions because we all are at risk of losing our jobs for whatever reason.:eek:

Specializes in FNP.

Oneclear: We bought a vacation home this summer at 50% less than appraisal (owner desperate to stay out of foreclosure) and financed it at 2.9%. Tell me that is not a greal deal?!

OP, IIWY I'd sit down with a financial planner and figure out where you stand and go from there. Congratulations and good luck!

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Specializes in LTC, Med-Surge, Ortho.

Thanks to all for the encouragement

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If I were you, I'd go for it after saving up enough for 6 mo worth of house payments. I'd also want to make sure my house payment is less than 30% of my monthly income, so I can afford to live, eat, and play in it.

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Specializes in Intermediate care.
If I were you, I'd go for it after saving up enough for 6 mo worth of house payments. I'd also want to make sure my house payment is less than 30% of my monthly income, so I can afford to live, eat, and play in it.

i've always been told that!!! My dad is always telling me to have enough money put away that you can live comfortably for 4-6 months if something were to happen.

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PMI (mortgage insurance) only covers UP TO 20% of the purchase price of the house. If you purchase a house for $100,000 and put $0 down, your PMI will cover $20,000 in the even that you default and foreclose. If you put $5,000 down then it would cover $15,000. It does not cover the entire loan, just FYI.

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Specializes in ICU.

Mortgage insurance protects the lender, not the borrower. The borrower may purchase life insurance in addition to the mortgage insurance, which will pay the mortgage, usually for up to one year. It is expensive, tho.

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Rent an apt. Live simply. Sleep better:)

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I dunno. I'm the back up plan if things get bad. Right now I only work part time and pick up hrs when I can. When I see the potential...sometimes I wonder why I don't work more then I remember all the kids I have. LOL.

In my area..If I were to need a ft job or another PT job, I could probably have one tomorrow. Might not be exactly what I want, but still it would pay the bills.

Getting back to the OP....if you buy a house that you can afford..you should be oaky. Living beyond your means only puts you at risk.

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If im able to snag a job at a LTC facility. I can be in a mobile home within 6 months, i know its not very glamorous, but it will be my very first home, and I can't wait :) Good luck OP!

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Specializes in Leadership, Psych, HomeCare, Amb. Care.

Financial uncertainty is a risk to everyone, but nurses generally have it fairly good. I've been fully employed for 98% of my life since graduating. The nursing unemployment rate is

Buying a house should be only one part of your total financial plan. Make sure you are in a job you like & are willing to stay at; save an emergency cash reserve, put at least the minimum into your 401K/403B to take advantage of employer match (free money); THEN save your 20% down while making sure your credit is squeaky clean (gives you a better mortgage rate). If you have any credit cards or high interest loans, pay them down (or off) before applying.

Follow these steps & live within your means, and you will probably be fine.

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Specializes in LTC, Med-Surge, Ortho.
I dunno. I'm the back up plan if things get bad. Right now I only work part time and pick up hrs when I can. When I see the potential...sometimes I wonder why I don't work more then I remember all the kids I have. LOL.

In my area..If I were to need a ft job or another PT job, I could probably have one tomorrow. Might not be exactly what I want, but still it would pay the bills.

Getting back to the OP....if you buy a house that you can afford..you should be oaky. Living beyond your means only puts you at risk.

Your right.:)

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