We have a 1 year old boy, I just landed my dream job as a web dev in Dallas making $80k/year, and my wife makes $55k. We have both been working to improve our credit from some poor choices made in our early 20's, hers is 700+ now, mine is just now breaking into the 600s.
We have been living with my father in law for 1.5 years now, since just before our boy was born. The plan was originally just supposed to be 6-8 months while I searched for a job, but COVID did away with those dreams. Now our boy is over 1 year old and we are still room sharing with him, and it is getting extremely difficult.
Our plan now with the new job was to begin saving very aggressively while living in an apartment down town for a year. We would be paying a premium price (~$2200/month) for safety and closeness to both of our offices for when we go back to in-person working.
The frustration is, we could easily afford a $350k home and pay substantially less monthly for a mortgage while gaining equity, however we don't have 3.5% or more to put down immediately, and are both still improving our credit scores, hence the apartment route.
My question is then, are there great programs right now for first time buyers with decent income like ours that I'm not aware of? I see so many options, each with their own caveats, and it is all a bit overwhelming. Is paying towards a 2 bedroom apartment for a year while still saving $2k+ per month an understandable and acceptable route to take, and then purchase when we have $20k-$30k to put down? Or would we be better taking advantage of first time buyer programs to help cover down payment and closing costs to get into an equity position immediately?
Hope this all makes sense, if I need to clarify anything I'm more than happy to.
Submitted October 03, 2020 at 07:52PM by KnoobLord https://ift.tt/33qFCA0
