reaper527 t1_jdvf4jg wrote on March 27, 2023 at 2:16 PM

your lender should be able to tell you more about the various programs.

as someone who went through all that stuff kind of recently though, expect to be disappointed. lots of the programs have income limits and "assets on hand" limits that are completely out of line with what houses cost in mass (especially since these limits don't exempt your down payment).

you end up in a situation where the downpayment needed to make the DTI ratios work for an income under their cap will disqualify you for having too much cash available.

maybe the programs work in other parts of the country, but they suck here.

valkener1 OP t1_jdvlq4p wrote on March 27, 2023 at 3:01 PM

Thanks, that’s kind of what I was expecting. My wife would perhaps lower our income a bit, assuming they count is together since we will be both only the mortgage.

LonelyAccountantCPA t1_jdy2aq1 wrote on March 28, 2023 at 12:53 AM

The programs are a joke, in my town the figures needed to qualify for the program are basically poverty wages and they also check your bank accounts. Oh you make above the threshold and have ok not great savings which means you don’t qualify at all, good luck to the middle class in this state.

reaper527 t1_jdy3nkg wrote on March 28, 2023 at 1:03 AM

> The programs are a joke, in my town the figures needed to qualify for the program are basically poverty wages and they also check your bank accounts. Oh you make above the threshold and have ok not great savings which means you don’t qualify at all, good luck to the middle class in this state.

and now with high interest rates, it's even worse.

like, one of the ones i was looking into last year the income threshold was like 98k, and the savings cap was like 75k (which again, includes any funds being used towards a down payment) plus the usual debt-to-income limit of 50%.

with interest rates where they are, exactly what house in massachusetts is anyone going to be able to buy with a < $98k/year income and a down payment < $75k? (and that's assuming they put literally EVERY dollar they have into their down payment,not even keeping cash on hand for daily expenses/routine bills)

LonelyAccountantCPA t1_jdy7a1a wrote on March 28, 2023 at 1:30 AM

It’s like the programs are engineered to actually not help anyone unless you have a very specific situation. Basically you have to be a high earner and can afford to buy over the asking price or living below the poverty level in which case the program works just fine for you. I honestly think the limit on personal savings is downright irresponsible of them. There’s alot of shit that can go wrong and need repair when buying a house so for them to disqualify people for building up their savings is asinine.