Hi all,
I'm a S 48yo F with a 15 yo son who is ill (I have no health insurance so I get help from family for meds etc). I live in the DC Metro area and I need to stay there for 3 years for school reasons. I will do this even if I have to live under a bridge.
I lost my (six fig) job in 2009 and have been eeeking it ever since. All in all in a dowward spiral ending in the recent sale of my house. I will get $265 in equity there. I still haven't found another job so income is 0 for now and I don't know how long that will go on. I've gone through all savings, raided my 401k so no savings left. However I still own a couple of condos but for various family reasons I don't get the rental income and cannot sell those.
I have moved into a $1750/mo rental (which believe it or not isn't expensive for our area), and have 0 debt of any kind. No student, car loans or cc debt.
My current issue is the 265k isn't enough to buy something cash here (at least not something I would WANT to buy, I'm ok renting) and I won't be able to get a loan until I find another job.
My question is would you wait until a job comes along (whenever that is) and then use the whole $250k (assuming I use 15 to live on) as a down payment or would you do something else?
Thanks!!!
I'm a S 48yo F with a 15 yo son who is ill (I have no health insurance so I get help from family for meds etc). I live in the DC Metro area and I need to stay there for 3 years for school reasons. I will do this even if I have to live under a bridge.
I lost my (six fig) job in 2009 and have been eeeking it ever since. All in all in a dowward spiral ending in the recent sale of my house. I will get $265 in equity there. I still haven't found another job so income is 0 for now and I don't know how long that will go on. I've gone through all savings, raided my 401k so no savings left. However I still own a couple of condos but for various family reasons I don't get the rental income and cannot sell those.
I have moved into a $1750/mo rental (which believe it or not isn't expensive for our area), and have 0 debt of any kind. No student, car loans or cc debt.
My current issue is the 265k isn't enough to buy something cash here (at least not something I would WANT to buy, I'm ok renting) and I won't be able to get a loan until I find another job.
My question is would you wait until a job comes along (whenever that is) and then use the whole $250k (assuming I use 15 to live on) as a down payment or would you do something else?
Thanks!!!