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Home › Forums › Purchase Program › How long to maintain shock payment?
Peapod0609.
JR0312I am currently paying $1550 in rent and plan to have a mortgage of $2000. I should hopefully be homebuyer qualified by next week. With the holidays coming up, I would like to purchase Christmas gifts. Do I still need to show a savings of +$450 every month?
NelsontUntil the day you close on your new house without fail. This is one of the non-negotiable hard stops.
2 exceptions: eliminate debt in lieu of saving like paying off a loan entirely (if it doesn’t lower your monthly payment it doesn’t count) and 1 time emergencies like hospital bills.
Peapod0609Yeah, buying Christmas gifts will not likely count as an exception to payment shock. You are supposed to do it every month without fail until you close.