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cheesusbreezus t1_je2q063 wrote

Rhode Island actually offers a grant currently for first time home buyers that could be worth checking out for some people!

https://www.rihousing.com/statewide-dpa/

I would need to save more money, but would consider buying over renting for a few reasons.

  1. I have a dog and rent prices with a dog are completely and utterly insane (if you can find somewhere that will even take them to begin with)
  2. Actually putting money into my own investment and not into the hands of landlords that don't give a crap about you.
  3. rent prices I've seen can range from up to anywhere to over 3k for a 2 bed. Why not buy a house and have your own land for a mortgage that's going to cost the same.

I know most of this depends on where in RI you buy. Realistically you can get a house for 350-375k in Warwick, Pawtucket, Cranston, West Warwick,etc. If you're looking for a nice place closer to the ocean in South County or Aquidneck Island then you're going to be paying probably closer to 550-600k.

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NoellaChel t1_je31p4j wrote

Smart thought also though got to remember when you own something goes wrong you got to fix it so never buy a house without an inspection no matter how much they push! Its worth every penny! I encourage those wanting to buy to passive look my first home (long time ago$ I bought a perfect fixer upper it took almost 2 years of looking but I was not in rush had a decent rental etc. go see a mortgage broker learn about programs FHA 203 is awesome. This way when you find that perfect first home you prepared to jump

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climb-high t1_je38y1c wrote

Fuuuck I bought in September and I would’ve qualified. Oof.

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sicksteenein t1_je3dqjl wrote

I believe your lender has a duty to check and disclose home state buyer programs before offering you a loan. Fuck if I know what your recourse would be, but I believe dems da rulez

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pweedith t1_je57n68 wrote

They bought before the grant program existed so the lender did nothing wrong in this instance. Just a case of bad timing.

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WafflesTheBadger t1_je4o5xm wrote

Wow. How long as this existed? My lender only offered me their first-time homeowners program which meant I only had to put 5% down. This was 3 or 4 years ago

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Mountain_Bill5743 t1_je3noh6 wrote

People should know that the income caps for this program are around 112k (as it should be) or slightly more with kids. Worth noting there is a cut-off and many dual career couples will make too much.

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administrativenothin t1_je3f4za wrote

Damn…. I wish I had gone through RI Housing instead of Navigant when I bought my condo last year! I got a good interest rate though, so maybe it’s a wash in the end.

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snowthunders t1_je4zjob wrote

Does anyone have any experience regarding how the income limit is calculated? My wife and I were certainly under the limit last year (just did our taxes), but this year we might end up just over it. I wonder if they measure by paychecks or taxes? Or something else?

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pweedith t1_je57xb0 wrote

If you're curious I can connect you with a lender who can answer any questions you have about this program and all the other first time buyer programs available

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Signal_Masterpiece_4 t1_je66dc5 wrote

Why does no one ever consider Glocester (chepachet)?

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cheesusbreezus t1_je67ecx wrote

That is just a person dependent question. Just like anywhere what you prefer to do for fun/hobbies probably influences your choice of where to buy.

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masoyama t1_je3onam wrote

Lol at that price to income ratio. At my household we are looking to ideally buy a house around $500k ( below the limit) but we make over 3 times the household income limit. Cant imagine going into that much debt with those income numbers.

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o8r8a8n8g8e t1_je3s1g2 wrote

If you make 3x the household income limit, just buy a house normally and save the grants for people who need it. To be clear to those who haven't followed the links... you'd need to make over $300k to be "3 times the household income limit". What a crap complaint.

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masoyama t1_je3sbwv wrote

Im not complaining I don’t qualify lol. Im pointing out that the debt leveraging the state is incentivizing on its citizens is 3 times more than what we are comfortable taking on in my family. We make a lot more and still won’t buy a house at that price range as its taking on more debt than its sensible

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Synchwave1 t1_je4jgh4 wrote

This grant will be gone before anyone seeing it gets under contract.

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