I live and work in Baltimore County MD, but my income is not enough to pay $310,000 for a house, the median price in my area and any area around me that is safe for my family and I to live in.
2007-01-11 08:02:45 · 9 answers · asked by pcguthrie 2 in Business & Finance ➔ Renting & Real Estate
Have you looked into grants ???? Many states and towns offer assitance to first time buyers ...
Here's what I found with 5 minutes of searching
http://www.dhcd.state.md.us/Website/programs/programs_main.aspx
http://www.hud.gov/local/md/homeownership/buyingprgms.cfm
2007-01-11 08:07:48 · answer #1 · answered by yeah , yeah whatever 6 · 0⤊ 0⤋
Very few first time buyers go for the higher priced homes or even the median price. Work with a good agent to find a home in a nice, safe area that can more affordable, and gradually move up. This may mean that you have to buy further out, and settle for smaller than you would like to have, and a home that does not offer all of the amenities that you aspire to, but it is the starting place.
Remember, that 5 years ago, 10 years ago, 20 years ago, etc.. people said the same things, and they found a way to make it happen.
2007-01-11 16:21:51 · answer #2 · answered by walkinandrockin 3 · 2⤊ 0⤋
Median is just that, median. Starter homes are usually LESS then median, for everyone, not just you.
Figure out what you can afford, then start looking at homes about 40-50k more. Offer what you can afford and MOVE ON if you are declined. Play the numbers game, find yourself a hungry seller, there are bunches out there!
In CA, where I live, the cost you are quoting is more like a down payment, so my figures may be a bit off. I buy homes to rent out, mostly "starter" and that is how I do it. I like making money (even if just paper) as soon as I buy.
2007-01-11 16:16:07 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You are not alone at feeling "priced out" of the market. Luckily a good mortgage broker will have a lot of options for you. As stated in other posts there are FHA, grants, bonds, and other types of government help for qualifying individuals. Your best bet is to find a good mortgage broker and see what your options are. You may also consider a rent-to-own contract. Often times the rent will go towards the purchase of the home. I deeply suggest using a Realtor on these transactions so you will be protected from being taken advantage of though. The good news is the Seller/Landlord pays for the Realtor.
2007-01-11 17:10:32 · answer #4 · answered by RN 2 · 0⤊ 0⤋
Focus on looking for fixer-uppers (needing minor repairs) in the better neighborhoods. You should be able to negotiate the price because of the condition. Also, look for homes with high DOMs (Days On Market) - the seller might be more willing to make a deal as the home has been sitting on the market for a while.
Lastly, if you need closing cost assistance, negotiate with the seller to pay a 3% seller assist towards closing costs.
2007-01-11 17:10:52 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Well, if that's the median price then exactly 1/2 of the houses cost less than that.
2007-01-11 16:10:56 · answer #6 · answered by Oh Boy! 5 · 1⤊ 0⤋
to figure out how much house you can afford use the 28-36 rule. 28% of your income can go for a house payment and 36% is what you are allowed for debts.
2007-01-11 16:31:52 · answer #7 · answered by northville 5 · 0⤊ 0⤋
Be thankful you don't live in CA. My wife and I make 130k an year, have no kids or debt, but can't afford a house in a 'safe' area.
2007-01-11 16:13:58 · answer #8 · answered by Cardinal Rule 3 · 0⤊ 0⤋
talk your scenario through with an experienced Loan Officer.
2007-01-11 20:17:57 · answer #9 · answered by Anonymous · 0⤊ 0⤋