After reading all these posts about closing costs, down payments etc.

I've come to realize that we'll probably never own our own home

Re: After reading all these posts about closing costs, down payments etc.

Same here

Message edited 5/14/2010 11:06:36 AM.

Re: After reading all these posts about closing costs, down payments etc.

This I show I feel too

Re: After reading all these posts about closing costs, down payments etc.

we felt the same when we were house hunting so we got a coop just to get us into the market- once we have more equity in about 5-10 years, we will hopefully be able to turn that around for a house

but honestly its very frustrating- my cousin who is 21 just bought a 3-bedroom house in florida for like dirt- here I am 32 and we are crammed into a coop

Re: After reading all these posts about closing costs, down payments etc.

Educate yourself on buying a home. It helps to understand the process and you'll see that you will be able to afford one. We did it!

Re: After reading all these posts about closing costs, down payments etc.

This is exactly why we moved upstate. Well plus the costs of houses on LI!

It is ridiculous how much we got for our money up here. And we have a huge house (2,300 sf) on an acre of land with an inground pool.

Also we had out closing costs (which were about half of the cost in LI) added onto our mortgage so we only have to come up with the down payment, appraisal, and inspection fees.

Re: After reading all these posts about closing costs, down payments etc.

don't give up. it is NOT impossible. it just takes time to educate yourself on the process as well as the time to prepare to do what is necessary to own. it CAN be done!

Re: After reading all these posts about closing costs, down payments etc.

you can do it....re-locating is always an option, that is what we did and we are so glad we did it...sometimes i still can't believe we had the guts to do it but so worth it...

if you stay in NY you can still do it, it just might take more time, but eventually i am sure you'll get there...

with everything there is compromise, you just have to see which ones you are willing to make....for us it was leaving the city, leaving friends and family...but now we have our own place that we love, live in an area we love, and we can start our own family...it's all about what you are willing to sacrifice...whether it's space, location, etc.

Re: After reading all these posts about closing costs, down payments etc.

I hear ya, i was 42 when I bought my first house and it is tough. I am a planner and budgeter, and i'm constantly shocked how much things are for the house.

It can be done though Dana.

Re: After reading all these posts about closing costs, down payments etc.

I feel the same way...i said to DH last night I can't believe we will probably be 40 by the time we own our first home. It makes me so sad and then angry at myself for not being more responsible growing up!

Re: After reading all these posts about closing costs, down payments etc.

Ladies, I felt the same way. I honestly thought with our income, there would be no way to afford a mortgage let alone, a down payment.

But I encourage you to do your homework and research every available opportunity. Check the HUD website and research FHA loans.

Many towns (such as town of babylon) offer first time homeowners incentives such as downpayment assistance. And FHA loans, you just need to put down 3.5%.

Although they are PIA, look into foreclosures and short sales. We are in the process of purchasing a short sale, since it is the only we're able to purchase a house on the island. If you have any questions whatsoever, please fm me. I'm more than happy to share my experience and answer your questions.

Re: After reading all these posts about closing costs, down payments etc.

I completely understand how you feel. The only way my DH and I were able to buy a home was to buy a 2-family with DH's sister and her husband. Not the ideal situation by any means (it's TINY and they don't pull their weight around the house), but it will work for the next 5-10 years until we can afford to sell and buy our own place. As soon as DH retires we're heading to my hometown in Florida.

Re: After reading all these posts about closing costs, down payments etc.

It such a ton of money. we are in a small condo w/2 kids!! we have the DP and closing cost but the mort and tax will be so high we are so afraid to make the leap, I don't want to be house poor

very frustrating

Re: After reading all these posts about closing costs, down payments etc.

I have to say that I feel very VERY lucky that we bought our house right when we got married in 1998. I feel like we could never do it in todays market.

Re: After reading all these posts about closing costs, down payments etc.

I feel this way too. DH can't wait to start a family but I'm worried that at that point we won't be able to save money for our down payment and will be stuck renting for a long time.

It's kinda frustrating because we are educated and have no student loans but it's still difficult.

Re: After reading all these posts about closing costs, down payments etc.

Message edited 6/6/2010 1:18:53 PM.

Re: After reading all these posts about closing costs, down payments etc.

I feel the same way
It's so frustrating, especially knowing that if we relocate, we could buy the house of our dreams! We're not ready to leave family & friends behind though.

Re: After reading all these posts about closing costs, down payments etc.

I know the feeling I'm fairly certain I will never own a home.

Re: After reading all these posts about closing costs, down payments etc.

we relocated and never touched a dime from our "house fund"
it is all still there.

no pmi, no money down, 1200 in closing costs.

Re: After reading all these posts about closing costs, down payments etc.

I felt the same way but don't give up! It's not impossible. It's also not easy and can be extremely frustrating. But if you do research on different loan programs, like SONYMA or FHA you can get a great rate which makes things so much easier.