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Maddmaxx297 t1_ja5l7h3 wrote

How can someone who is considered poor or moderate afford 40k down

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WaitForItTheMongols t1_ja6a1mk wrote

I make 40k a year (so well under the limit) (and have never had a higher paying job) and have 70k of savings in the bank. I put away about $10k a year. I'm sure there are other folks like me who live frugally on low salaries and can therefore afford to pay using accumulated savings.

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someoneyoudontknow0 t1_ja8l1k8 wrote

That was me for a number of years! Then I got a car. 🫠

1

WaitForItTheMongols t1_ja8pg0a wrote

Exactly. Cars are an absolute budget killer.

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someoneyoudontknow0 t1_ja9ksjq wrote

Agreed. Far more than I expected. I love having those wheels though. It allows me a lot of flexibility I didn’t have before

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blackdynomitesnewbag t1_ja5ugrn wrote

There are assistance programs that could cover that with a zero percent assistance loan.

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TheSausageKing t1_ja61r9o wrote

You don't have to be poor. You can have savings. You just need to be under the income threshold. It could be a family where both parents used to work and then they went down to 1 income, a divorced parent with kids, etc.

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fab-lollies t1_ja6f1y9 wrote

This is a fantastic model for housing in this area, and I wish there were more of them around.

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b00gerbear OP t1_ja5cxlk wrote

Doing this on behalf of neighbor, mods please remove if this is considered an advertisement wasn’t sure if this fell along those lines

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blackdynomitesnewbag t1_ja6i54p wrote

You’re in the clear. You comment and post a lot here, so clearly not an interloper.

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blackdynomitesnewbag t1_ja5th84 wrote

I believe that OP is passing this information along and isn’t actually part of the sale. Therefore, this doesn’t count as a self promotion. Although not required, when sharing listings like this in the future, I’d advise making a text post and putting the link there.

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st0j3 t1_ja8ep0i wrote

$40k sounds way too low. Are you buying 20% of a house or not? What happens when you sell? What happens if the house burns down and the insurance company writes a giant check?

1