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This is the paradox I find myself in as I'm saving up. I still have several years before I buy (I'm in my early 20s, but started saving for a house last year with a high interest money market account). Then I look at property values and realize it's going to be a long road before I can buy. I initially shrugged it off since I was planning on moving out of New York where housing is cheaper, but some things have come into play that may cause me to stay.
Sigh, I'm not asking for a handout of any sorts, but I sure wish home ownership was more attainable for young people on Long Island like myself who are trying to make wise, responsible choices for the future
There are programs out there to help young owners - check your town's housing authority. I know Town of Islip has programs and incentives.
There are programs out there to help young owners - check your town's housing authority. I know Town of Islip has programs and incentives.
Most of these programs only kick in at relatively low levels of income - for example, in Nassau, the dow payment assistance for first time homebuyers is only available to a single person making less than $58K per year, and a 2-person home with a income of less than $65K. If you work at a job making $40K and your spouse makes $35K or so, you're well over the income limit and aren't eligible for assistance, even though you're priced out of most of the housing in the county at that income level, and aren't really making a whole lot of money given the cost of living here.
Most of these programs only kick in at relatively low levels of income - for example, in Nassau, the dow payment assistance for first time homebuyers is only available to a single person making less than $58K per year, and a 2-person home with a income of less than $65K. If you work at a job making $40K and your spouse makes $35K or so, you're well over the income limit and aren't eligible for assistance, even though you're priced out of most of the housing in the county at that income level, and aren't really making a whole lot of money given the cost of living here.
Same thing with Suffolk. Many of the towns and villages participate in it collectively.
We make too much money, but I gave the information to a single co-worker of mine who is tired of renting and wants to own. Hopefully it'll work out for her! She said it would cover the closing costs, according to the person she spoke to about it. You also have to take a HUD class, but most of the non-profit ones are free.
Oh my goodness! I didn't know about these programs. Thanks, guys!
PS- okellies, I tried to rep you for that link, but CD says I have to spread the wealth
That's okay! I've been told the spread the wealth too before lol
I had no idea those things existed either. I had a friend forward it to me originally who saw it on News12.
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