I live and work in a very rich, but I have a very low income. How can I afford to buy a house?

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The area where I work, all the houses are too expensive. It is in the Connecticut / New York, and even fewer homes cost $ 500,000 or more with less than one hectare of land. Real Estate is outrageous and is purchased by New Yorkers for the rich and famous New Homes weekend. I currently rent an apartment in New York in a complex of low income of $ 550 per month. I think I can afford a monthly mortgage of up to $ 900 – 1000 $ . But in this market is that not even approach the purchase of a house with a 30-year-Hypothek.Ich love my job and do not want to move and work in a “no expensive “because I am working poor. Of course, I have a roof over your head, but I want my own home. Government programs? Loans to low income? They all exsist but wont do anything for me, if I stay and work in this field because a) can not afford a mortgage I do less than 500,000 loans in dollars, and b) The government didn ‘ will not live and that among the rich conneticut.Wer white, the other options? me, I have decent credit, my FICO score 720.Zwischen around to me and my partner (with 1 child), we have approximately $ 45,000 per year. The monthly payment, I was approached only on my income, compared to what I have to pay rent, car payments, loans and debt of students, etc. I did not include income my partner, because my income is charged for all our combined bills and rent while their income (which is much less than mine) buys all the food and travel Ausgaben.Und random I can not be sought for other areas, or I must find a new job or a 1 hour + for a job, paid $ 15 per hour. I lived 30 minutes. The houses that I can outside the area where I can still keep my job of it.

  1. Reply
    May 18, 2011 at 11:40 am

    Look in areas that you can afford the housing. You are not going to afford a $ 500,000 house so don’t look in those areas.

  2. Reply
    May 18, 2011 at 11:53 am

    It doesn’t sound like you have any other options. Resign yourself to renting or move.

  3. Reply
    Chris B
    May 18, 2011 at 12:15 pm

    HUD will help you buy a house, if it’s your first and only house. HUD requires by law that arcitects and contractors set aside houses for low income families. contact your city hall if you cant find anything out online. You may have to commute to work, lets be realistic

  4. Reply
    Courtesy Flush
    May 18, 2011 at 12:42 pm

    Welcome to Capitalism 101…

    You’re just not going to be able to afford to buy a home with your income level. Try a condo or townhouse instead. Especially with the lending crisis going on right now, banks aren’t making any risky loans anymore. Get a better job, or move. Those are your choices.

  5. Reply
    May 18, 2011 at 12:48 pm

    Work with a real estate agent who can keep an eye out for you for what they call a “fixer-upper”. If you put some “sweat equity” into a place like that you can improve it and have a place of your own.

  6. Reply
    May 18, 2011 at 1:23 pm

    I’m not sure what goes on out there, but in CA we have a government program that helps low income people buy a house.

    I would suggest to you that you look for foreclosed homes. They are often much cheaper than “On-the-market” homes. And the banks that own them often have assistance programs.

    Good Luck!!!

  7. Reply
    my brain hurts
    May 18, 2011 at 1:26 pm

    Presumably you are thinking of Fairfield County. Go a bit further north and you will find plenty of homes under $ 200,000. Of course though you will either have a long drive or a long train ride to work. The other big problem now is that banks are much less willing to hand out loans and mortgages, especially to regular working folks like us.
    My suggestion would be to wait a tad longer. Prices will probably go down even further at least through next year, and the more cash you save up the easier it will be for you to get a loan anyway.

  8. Reply
    May 18, 2011 at 2:07 pm

    i have a few thing that will work to improve your bottom line and help with your goals.drop me a email at e2saxon@yahoo.com and we can chatt.

  9. Reply
    May 18, 2011 at 2:40 pm

    Looking at houses that have been foreclosed on is a good idea. I don’t know if your area has sheriff auctions but I purchased a three bedroom, two bath house and my house payment is less than what you pay in rent. I also went through a bank that had a good neighbor loan which really helped out. Good luck!

  10. Reply
    Mary B
    May 18, 2011 at 3:21 pm

    You can’t afford a $ 500K house on $ 45K a year…more like $ 150K is what you can afford, especially with high New York Taxes.

    Sometimes people live in areas where they can NEVER afford to buy a home…that is a choice to live there.

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