I've been meaning to do a post on the ins and outs of using a 203k renovation loan for years now, and home ownership month seemed the perfect time! This post covers not only what the 203k renovation loan product is, but my own experiences with it and my advice for other first time home buyers who are considering it.
The path to becoming a smart mom starts long before the birth of your first child, and even before the double lines of a pregnancy test appear. Just as prenatal vitamins help us build our reserves of iron and folic acid, certain money habits adopted early make us stronger and better prepared for the financial shock of family life.
Remember your first real job, when you stopped earning $7.25 an hour at the neighborhood's fast food chain and started negotiating a yearly salary? I bet you felt like a millionaire. I know I did. My first job out of college paid around $50,000. Almost $1,000 a week, or $25 an hour! That was more money than I had ever made. But after working for a few months, it didn't seem like there was much more money flowing in than before.