Mortgage Help In Ct
November 13th, 2009
Mortgage Help In Ct
Question: How can someone with medium income buy a house in Southcentral CT?
Ok I am a first time home buyer, I have lived here for almost 4 years and just finally started to build my credit. The score is good, but my history is quite short. To the point I can hardly get a credit card. Anyhow, we are interested in buying a house here in the New Haven – Milford area but the houses are sky high in prices. We need a 3 bedroom and nothing decen goes less than 220K if not 250K. How in the world can someone with 40K income pull that off? This is very unmotivating. Will I be forced to rent for my life? I cannot afford a 1600 mortgage or more. The taxes are also ridiculous! But we really want to live in this area as I have a good job.
Answer: I know how you feel. Prices up here in NH are ridiculous too. If you want a really nice house with 3 + bedrooms that isn't older than dirt and is in a really nice area, you have to expect to pay AT LEAST $260,000 and UP. It's really hard for people like my husband and I who aren't rich and don't make tons of money per year. (I'm in social services and my hubby is self-employed, need I say more? lol). We just have come to realize that we're going to have to settle for a slight older home that may not be in the best area. We're just looking hard to find the best one that needs the least work and has room to add on to in the future, for when, if ever we have the money to do it. Also, look for foreclosure homes, we're doing that as well. Good luck!
We currently own a townhouse (our first home) that we're selling right now. We got it for really cheap three years ago and now are going to make a good profit off of it. So maybe that's something you could do - buy the cheapest townhouse/condo you can find, live there for a few years, and then sell it for a profit. That's what we're doing. We'll use our profit as a downpayment for a new single family house with some extra money for us and repairs.
7133 Waterford Ct Longmont Co FSBO Help With Listing - Drive by Only - Longmont Mortgage Help Expert
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