Mission impossible: home edition

How does anyone afford to ever get a house? I mean obviously millionaires can just drop a shitload of money down and buy a house on the spot but how does one afford a mortgage if you are a regular person? Am I just making this too difficult?

We’ve been pre-approved by 2 different places so far but in the end what I worry about is buying a house that we can afford monthly payments and nothing in our area comes close. See I figured we might be able to afford a certain monthly payment considering we might be able to afford a few more hundred dollars a month from what we pay now. The average house cost in the vicinity of where we live now is about $500 on top of the most I figured we could afford. I had no idea we would be expected to pay that much money and I’m at a total loss.

I did however make an appointment with the woman who did our most recent pre-approval for Monday to figure out all our options. I guess the worst thing would be we’d just have to wait until interest rates go down.

Sorry for one of the most boring posts in the world, I was just hoping maybe someone would have interesting comments along with this.

5 Comments

  1. Blueyes

    April 14, 2006 at 8:49 am

    I’m actually somewhat scared to find out how much I’d have to pay for a house payment with me being by myself but that’s still a few years off for me. There must be some areas around you that are not bad off that might have lower housing prices like around here.

  2. Robin

    April 14, 2006 at 9:41 am

    We’re keeping an eye out and being realistic.

  3. heather(anne)

    April 14, 2006 at 11:42 am

    Not boring at all. I’m right there with you. It really does seem impossible to buy a house.

  4. Maureen

    April 14, 2006 at 11:45 am

    Have you asked about adding some of your current debt into the mortgage? I’m not sure if that is even possible without having the equity to begin with. But, if you could knock off a car payment by rolling it into the mortgage, you might be able to swing it all better.

    There are first time home buyer incentives from the government, too – FHA loans & other things like that. Have you looked into those?

    Here are some google hits for ‘first time home buyer massachusetts’
    http://www.mass.gov/dhcd/components/housdev/want/first_t.HTM
    http://www.masshousing.com/portal/server.pt

  5. Robin

    April 14, 2006 at 11:59 am

    Well I know she was looking into information for first buyers (even though Erik is a 2nd time not 1st) but we’re meeting with her monday to discuss it further. I”ll mention the debt thing. Thanks!!

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