HerrGruyere
Line Up and Wait
Hey PoA,
I don't start off-topic threads (or any threads for that matter) often, but I figure this is a good, outside source with a wealth of experience on this subject.
The lady and I are looking to buy a house. Well, she is, and I'm just kind of tagging along. I would like a house soon, though. Our goal is to likely purchase within two years. I just took a new position with the government, and she and I work in the same department, so we'll likely be facing furloughs. However, afterward, and within two years, I should be back on my feet.
The thing is, we live in the D.C. area. For those of you not familiar with the area, real estate is too expensive. Way too expensive. I'm originally from Raleigh where real estate is actually reasonable. Buying a house up here in this area seems out of reach and very intimidating.
She already went ahead and talked to a real estate agent who informed us that with our salaries (as of right now, GS-7 and GS-12 and she's the 12) we would be approved for $450,000. Holy crap that is more money than I've ever seen. Frankly, it's more than I want to take on.
The thing is, houses around here (we're looking in Loudon County) are around $350K. At least, the one's she's picking out. I haven't started looking because I'm scared and unsure about buying a house that costs that much.
Our issue is how people manage to buy these things on our salaries. We don't have nearly enough coin to even come close to a reasonable down payment, which I'm guessing is like 12-15%. We found this so-called "low income" and first time buyers programs that help people like us get a house by wrapping up closing costs and down payments into the price or covering them somehow. The thing is, at our salaries, we are just below if not surpassing the income cap. As time goes on, we will be above the income cap. With the price of rent, though, it's hard to save money to come up with the down payment.
How did people get houses around this area? Does anyone know of any programs? We are 26 and 27 years old, so I guess this is a good time to buy a house.
I don't start off-topic threads (or any threads for that matter) often, but I figure this is a good, outside source with a wealth of experience on this subject.
The lady and I are looking to buy a house. Well, she is, and I'm just kind of tagging along. I would like a house soon, though. Our goal is to likely purchase within two years. I just took a new position with the government, and she and I work in the same department, so we'll likely be facing furloughs. However, afterward, and within two years, I should be back on my feet.
The thing is, we live in the D.C. area. For those of you not familiar with the area, real estate is too expensive. Way too expensive. I'm originally from Raleigh where real estate is actually reasonable. Buying a house up here in this area seems out of reach and very intimidating.
She already went ahead and talked to a real estate agent who informed us that with our salaries (as of right now, GS-7 and GS-12 and she's the 12) we would be approved for $450,000. Holy crap that is more money than I've ever seen. Frankly, it's more than I want to take on.
The thing is, houses around here (we're looking in Loudon County) are around $350K. At least, the one's she's picking out. I haven't started looking because I'm scared and unsure about buying a house that costs that much.
Our issue is how people manage to buy these things on our salaries. We don't have nearly enough coin to even come close to a reasonable down payment, which I'm guessing is like 12-15%. We found this so-called "low income" and first time buyers programs that help people like us get a house by wrapping up closing costs and down payments into the price or covering them somehow. The thing is, at our salaries, we are just below if not surpassing the income cap. As time goes on, we will be above the income cap. With the price of rent, though, it's hard to save money to come up with the down payment.
How did people get houses around this area? Does anyone know of any programs? We are 26 and 27 years old, so I guess this is a good time to buy a house.