***This post is in no way sponsored; it is composed of original content and thoughts, exclusive to the writer. All images contained there in are public property or stock. I am not a professional financial advisor, please do not take anything I say as such.Momma Told Me: Life's full of big firsts.
I have an announcement. Okay, a declaration.
We have decided to buy a home. After 10 years of renting, more than 1/3 and nearly half of my life, I have grown tired of tossing money into the wind in exchange for another month with a roof over my head. My parents made their big move from renters to home owners when I was 10, placing them in their mid-thirties, and a decade ahead of me. Like most of these life goals I set out to tackle, this is no exception; I feel constantly judged by my age. Naturally anyone who has been on this planet for a few decades knows that age is no indication of maturity or one's ability to handle responsibility. Unfortunately, when buying a home, there are some things considered that simply must come with age. (For example,it's hard to have established credit at 20.) So I have waited, patiently, and through an entire marriage, for the right time to dip my toe into the homeowner pool and gauge the water's interest.
Unfortunately, my marriage put a few dings on my credit history. 2 debts, school loans and a whopping $1,300 Time Warner collection (for un-returned cable boxes) equal a debt of about $5200 on my credit history. Both incidents are near their 3 year 'turn the other way' credit history length, and we found ourselves with 2 options for resolution. We could wait for both incidents to drop off my credit history through the next year, or haggle with collections to reach a settlement and bring my FICO up to the golden 640 within 6 months of payment. Whether I want to point fingers or not, both debts were incurred with my knowledge of the consequences, and fighting the ex-husband for his financial responsibility would likely take even longer. So I resolved to clear my outstanding debts in good faith; and the 6 month wait begins.
These are the things that keep swimming through my head. Am I making the right decisions? 6 months may seem like a lit of time, but life flies by before we know it. Do you have any tips for making these decisions and navigating the first time home buying market?
What Daughter Says: From my first steps to my first home, these firsts don't get any easier, but are just as rewarding!