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-   -   starting over again (http://www.mothering.com/forum/312-frugality-finances/1416841-starting-over-again.html)

EmsMom 06-08-2014 04:36 AM

starting over again
 
4 years or so I started over on my own after my separation from my husband. I scrimped and I saved; my kids and I did without a lot of things. I finished graduate school, I paid off the divorce attorney,I found a stable job, I saved a substantial amount as a down payment on a newer used car, I put substantial amounts in a Roth IRA and tucked away a bit of an emergency fund. But we are living in a very small, inadequately heated, and poorly maintained rental.

I met the criteria to get a direct loan from the USDA for low income families so I have the mortgage, I have an offer on a house in a lovely town and I am very excited to have decent, warm, and safe housing. However, because I had saved more than their allowed amounts, the "no down-payment" loan has become a "give us all of your savings loan". I used to study in the library to save electricity; we have no cable t.v.; we don't go on vacation; I cook all of our food; we haven't even been able to have people over because where exactly would we put them in a 450 sq foot house? I felt strongly about creating financial security first and we finally achieved it AND found an affordable way to get a decent home. But the home comes at the expense of the financial security (I can totally afford the home including budgeting for repairs, heating costs, etc.).

So now I need to start my emergency fund all over again. And I am only going to say this once because I really am so very grateful for the affordable mortgage, but it bites, it really does.

For what it is worth, the USDA Direct loan (there is another USDA program where they guarantee mortgage made through a local bank) is a totally amazing opportunity to get a house in a rural area for a low income family. The income limits are lower than with the guarantee loan and nobody seems to know anything about the loan so if you are interested:

http://www.rurdev.usda.gov/had-direc...ing_loans.html

zebra15 06-08-2014 12:51 PM

hugs..... you can do it.

EmsMom 06-09-2014 05:32 AM

Quote:

Originally Posted by zebra15 (Post 17670137)
hugs..... you can do it.

Thanks. This morning I realized that I know I ave this. This is just going to require revisiting extreme fiscal discipline. For maybe a year. And in the end it will be worth it. Home inspection yesterday and things are looking good. Six weeks ago I was transferred to another department at work to take the lead on operations of a new business. We open doors today. Fingers crossed for a new career, a pay raise, a new home with heat and without mice, and ongoing and increasing opportunities. Always room to learn and grow...

happyhats 06-13-2014 08:34 PM

hugs. That does bite, and Im sorry. But it sounds like you have it under control and I admire that.

christianyvonne 06-18-2014 07:02 PM

Your intentions are great. I think the universe is meeting you with the energy you've put out. Go you!

EmsMom 06-22-2014 04:34 AM

Quote:

Originally Posted by christianyvonne (Post 17709378)
Your intentions are great. I think the universe is meeting you with the energy you've put out. Go you!

Thank you! I do feel as if so many things that have happened in the last four years have been the support of the universe. I am so looking forward to having a home in a lovely town and I plan to step up my volunteering (only spending about 5 or so hours a month now) and there are many opportunities where I am moving -- an active Habitat for Humanity, serious sustainability projects, community gardens, and I can stay active with the Alzheimer's association where I have been volunteering for a couple of years now. Right now I spend so much time driving I haven't had as much time as I would like to give back. I spent many years working with new moms who wanted to breastfeed as a volunteer and I miss the whole wonderful experience of volunteering on that level. That was a major reason to move where I am moving. So yeah, I think I will only look forward in hope and not get stuck in the present fears.

Blessings to you christianyvonne!!


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