August 2020 Budget Update
CURRENT MONTH PROJECTED BUDGET
Income Total: $ 5,476.00
Expenses Total: $ 2,428.00
Savings Potential: $ 3,048.00
1) We are no longer going to contribute to the Sinking Fund Categories "New Car"and "Vacation"
2) Entertainment and Dining out cash categories are cut down to $50/month ....This means we pretty much will be hermits for the next year.
The simple answer is that....wait, there is no simple answer. As simply as I can put it:
We tried to qualify for a home loan. We can't qualify for the price range in the area (northern california) without going for a FHA loan with a PMI.
If we stay with the conventional loan, we can only qualify for a $225,000 purchase price, which is impossible for this area even.
In the end, we decided to save up more down payment by waiting another 12 months because having a conventional loan is important to us.