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Everyone is buying houses!
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amother
Snowflake


 

Post Fri, Jun 17 2022, 12:43 am
Can’t believe no one mentioned getting a first time home buyer loan and or grant to make it easier to buy.
We were in contract at the beginning of this year for a 500k house in Jackson and we’re planning to only put down 3% cuz of a FTHB loan, and would not have had to pay PMI with this program.
Anyway our contract fell through and then inflation hit and the interest rates started skyrocketing so for now we’re holding off looking.

amother [ Black ] wrote:
Was anyone able to get a house with medicaid in a legal way ?


Maybe different states are different but in NJ they do not ask about assets for Medicaid afaik.
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amother
Canary


 

Post Fri, Jun 17 2022, 12:52 am
B’derech tevah I was not able to buy a house, I davened to HaShem the one who owns all the money in the world, and He sent us money straight from him, literally- raise, some extra work opportunities, a little help from parents(seriously not alot)…Baruch HaShem we were able to buy. Keep davening!
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amother
Burgundy


 

Post Fri, Jun 17 2022, 1:22 am
amother [ Canary ] wrote:
B’derech tevah I was not able to buy a house, I davened to HaShem the one who owns all the money in the world, and He sent us money straight from him, literally- raise, some extra work opportunities, a little help from parents(seriously not alot)…Baruch HaShem we were able to buy. Keep davening!


I can really relate to this. We were in a really bad place financially like I mean really bad like making almost nothing. We started learning the Zera Shimshon and when I say we stop miracles and my husband started a business that actually turned out to be more successful than as well his dreams I'm not exaggerating. So sometimes God can really turn things around in a blink of an eye. I'm so grateful and we still try to be super super careful with how we spend even though we could spend a little bit more. We do have a little bit of debt to pay off to a parent to help this out during that difficult time. But we have a payment plan to take care of it over a few years so that we can still be okay. Very grateful to that parent for helping us. And another friend of my husband's also did not have a job and they started learning it together because they learn anyway so they added it to their learning time. And he got three job offers within 3 weeks of starting to learn. And every one of them is a great offer so he gets to really make a great choice. So just saying miracles can happen although I know we cannot be dependent on them. I would never go spend the money hoping it would come in
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amother
Narcissus


 

Post Fri, Jun 17 2022, 4:02 am
amother [ Iris ] wrote:
I fall into category #3 and I'm willing to bet that you would not be able to find someone who lives simpler than we do. We save and save and save, but it will never be enough for a house.

Furthermore, our savings is not just for a house. Only a percent of it can go towards a house. As we know we will never have family help for anything, we need to leave part of our savings for other expenses like simchos, braces etc and we cannot just drain our savings on a house


Isn't it wiser to put most of it into a house as long as you can afford the mortgage and then you can borrow money on the house to pay for simchas and things in the future? The value of the house goes up while the money in the bank goes down
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amother
Geranium


 

Post Fri, Jun 17 2022, 4:13 am
amother [ Magenta ] wrote:
This is what we do.
Every month we do direct deposit into mutual funds under each of our childrens names.
We do it monthly so that we buy highs and lows and hope that it evens out. This way over 20 yrs we hope to ride the market and get an avg earning. While mutual funds can fluctuate you and invest pretty conservative in a vanguard fund and the money should not disappear entirely no matter how bad the market is.
We have a goal amount and once we reach that we stop putting in. So we don’t have to do for all kids always - assuming it does well
We set this up with a financial advisor that did not charge for his service.
There is a fee taken off every month when investing.

Can you recommend a financial advisor?
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amother
Magenta


 

Post Fri, Jun 17 2022, 8:24 am
amother [ Narcissus ] wrote:
Isn't it wiser to put most of it into a house as long as you can afford the mortgage and then you can borrow money on the house to pay for simchas and things in the future? The value of the house goes up while the money in the bank goes down

There is no way to know this. We bought at a time that our home dropped in value for 10 yrs. In the next few years I’m not sure a house you buy now will rise so drastically. And if interest rates are 6.5%+ it wouldn’t make sense to borrow money at that rate to make a wedding. (At 3% it did).

If the country goes into a recession and interest rates stay high homes will not increase in value the same way and may drop if bought at the highest prices.

I wouldn’t buy now as a bank if someone is struggling and has no savings.
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amother
DarkRed


 

Post Fri, Jun 17 2022, 8:32 am
I think that instead of thinking about how much a house would cost, think about the down payment amount. It’s still a lot but it’s way more doable than close to $1m.
It will take a few years to save for the down payment but it’s not like thinking that you need the full amount right away.
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amother
Ultramarine


 

Post Fri, Jun 17 2022, 8:38 am
amother [ Iris ] wrote:
Do you really know people IRL who can buy a house in the CURRENT market at 25 with no help? And if you do, where do they live?


Well I'm 27 and my husband is 29 and we're in contract for a small house in Brooklyn which is a fortune. Our down payment is a lot of savings, some wedding gifts, some birthday gifts, 2 shadchanus gelt situations and that's it. No family help. We're taking out a gemach loan for closing and moving costs and the help we are getting is more logistical, helping to find good brokers, good rates, good inspectors etc.
We both have pretty good jobs, 3 kids, we don't have tutions yet because our kids are in 3K and UPK programs so now is our only chance, once my oldest goes to Pre1a, we'll have tuition and there's no way we can buy.
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amother
Fern


 

Post Fri, Jun 17 2022, 8:39 am
amother [ Iris ] wrote:
Do you really know people IRL who can buy a house in the CURRENT market at 25 with no help? And if you do, where do they live?


current as in the last few years yes I know some
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amother
Cyclamen


 

Post Fri, Jun 17 2022, 8:45 am
amother [ Poinsettia ] wrote:
I live out so prices are different.
We bought our house last year, I am 23 and dh 26.
We were living in ey and came home for covid Pesach and got stuck living by my parents for 8 months.
We saved on rent and had a down payment.
We got our house for 350.

Now our mortgage is less than rent, but its still hard to cover the month....
You saved rent for 8 months and had a down payment with that amount?
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amother
Dill


 

Post Fri, Jun 17 2022, 8:47 am
amother [ Snowflake ] wrote:
Can’t believe no one mentioned getting a first time home buyer loan and or grant to make it easier to buy.
We were in contract at the beginning of this year for a 500k house in Jackson and we’re planning to only put down 3% cuz of a FTHB loan, and would not have had to pay PMI with this program.
Anyway our contract fell through and then inflation hit and the interest rates started skyrocketing so for now we’re holding off looking.

Maybe different states are different but in NJ they do not ask about assets for Medicaid afaik.


The reason why nobody mentions getting a first time home buyers program, is because it's not available in most places. I'm in the Monsey area and there are no first-time homebuyer programs where I am that make any sense so nobody gets them.
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amother
cornflower


 

Post Fri, Jun 17 2022, 8:47 am
amother [ Fern ] wrote:
current as in the last few years yes I know some


Last few years isn't current. House prices have been rising like crazy since covid. And interest rates went up a ton.
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shabbatiscoming




 
 
    
 

Post Fri, Jun 17 2022, 8:51 am
amother [ NeonBlue ] wrote:
A lot of people I know (including myself, my siblings, my husband, his siblings and several of my siblings' spouses) have money saved from when they were babies- gifts or money earned and it was put into investments for 20+ years and grew to 10s of thousands of dollars. We used that to buy our house when I was 22.
This is called help. There is nothing to be ashamed about. But if you didnt ern the money yourself, its a gift.
Obviously im talking about the gift money, not what you made on your own. But snything your family gave as you were growing up, not sure how you think thats not help.
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oakandfig19




 
 
    
 

Post Fri, Jun 17 2022, 9:03 am
Didn’t read the whole thread but no, not everyone is buying houses. The people who are now are either getting money gifted or are very successful. More people are struggling though.
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amother
Cyclamen


 

Post Fri, Jun 17 2022, 9:27 am
We were very generously gifted the money for a down payment from my in laws. They wanted to help us. And we always tell them how grateful we are that they helped us.
It wasnt expected but greatly appreciated. We bought in our late 30s. There was nothing to buy in our community before that.
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amother
Smokey


 

Post Fri, Jun 17 2022, 9:28 am
I have saved up 20% for a small-ish house, which Im fine with. My issue is that I need a cosigner and cant find one. Can anyone relate?
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amother
Powderblue


 

Post Fri, Jun 17 2022, 10:39 am
I worked for 5 years before getting married and managed to save 100k for down payment. I lived in my parents home during those years and contributed to household expenses.
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amother
Mauve


 

Post Fri, Jun 17 2022, 10:43 am
oakandfig19 wrote:
Didn’t read the whole thread but no, not everyone is buying houses. The people who are now are either getting money gifted or are very successful. More people are struggling though.


Agree.
Everyone I know who is buying now is either
1) quite comfortable
2) getting significant help from family
3) panic-buying. Grabbing a house, signing for mortgage and conditions that are a bit of a stretch for them, because they're panicking that all the houses will be gone. Time will tell if it's the right decision or not.
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amother
OP


 

Post Fri, Jun 17 2022, 11:05 am
what is considered wedding money?

I got married in e"y so wedding money we had about 8k in total...I only started to work once I was married 3 months becuase I was in school FT before that.

I was 24. how do people that have masters (in the health field) work before then?
I didnt do an online program. I went to a real graduate school. didnt get accepted to touro or tti.

we saved up and we have 16k in savings. thats it.
I borrowed money from my daughters account. when I pay her back shell have 4k. how do I invest for her? I want her to have a better life than I do. like the poster from above who had thousands in savings by the time she got married
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amother
Gladiolus


 

Post Fri, Jun 17 2022, 11:08 am
We’re buying now for a lot but at least we’re also selling for a lot.
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