I'm getting really sick of not having a house?

We live in an apartment. And I live in Northern CA. My wife and I together make about 37500 a year. We have no debt, and we have 8000 available for down payment.  We worked HARD to get out of debt. And it took us about 8 years. And  lending companies are only willing to lend us $150k. Which won't get you jack **** around here. 

I know people who are making MUCH LESS than we do and they're getting houses. And we're not.  How can I cheat the system to get lent more? Because we can afford the rent that many claim to be paying for theirs. And if I save up for more down payment, house prices will just keep going up. And it will just be a cat and mouse string along game where we'll never keep up. 

16 Answers

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  • 1 month ago

    Stop taking out loans you pay interest on them which digs you deeper into the rabbit hole.

  • Anonymous
    1 month ago

    You're not likely to get a mortgage much more than 2-1/2 times your documented income and you'll need at least a 20% down payment to get that. I don't know any way to cheat your way around it -- predatory lending is what caused the housing crash in 2008, so everything is being documented.  

    Biden is planning a first-time buyers program that will contribute another $10,000 to your down payment, but that's probably a couple of years away with so much on his plate. In the meantime, either move to a less expensive area or find legit ways to up your income, or both. You can only get a condo for $150,000 where I live.

  • garry
    Lv 5
    1 month ago

    word of advice , keep renting , its cheaper than buying a house ..

  • 1 month ago

    No one can tell you how to cheat. What you should do is keep looking for a place you can actually afford. Your figures are VERY low--even if you weren't in California--which is the highest housing market in the US. I doubt very much you're seeing anyone who make much less than $37.5K a year who can afford houses, not there anyway. That's just LOW--for almost everywhere. 

    And your down payment is also low. I'm sorry you are frustrated, but you really just need more money to buy. And you don't know if housing will increase in price--or how long it will take to find some place. You should consider looking outside your current area, maybe trying to buy a house that is in need of fixing, or trying to buy something that is much smaller--if you think you really need to buy. 

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  • 1 month ago

    Your problem is that you're living in CA and don't have a wel paying skill. 

  • Judy
    Lv 7
    1 month ago

    Are the other people doing rent to own?

  • ?
    Lv 7
    1 month ago

    Why dont you ask the "people who are making MUCH LESS than we do and they're getting houses" because I only know the legal ways to get places.  Well, that's not entirely true but the marginally legal stuff is to risky.

  • ?
    Lv 7
    1 month ago

    $150k seems about right: the payments will be 1/3 of your income. You cannot afford more than that.

    If you know people who are paying much less than $1000/month for their home, then their mortgage was less than $150k. Either they settled for a cheaper house than you've been willing to look at, or they saved up a substantial down payment.

    If you want to spend more money, get a job that pays better than minimum wage.

  • Anonymous
    1 month ago

    If you're both working full-time your income is 25% less than California minimum wage.

    Not sure how you claim you are both working hard when you're both not even working full time. 

    The only way people who make less than you are buying houses is if they have more cash than you.

    You can't cheat the system.   You can try to convince a relative to finance the home for you with their own money so you don't have to meet commercial lending criteria.  

    If I were you, I'd make sure both of you were working at least full time and invest that $8000 in learning a skilled trade at a community college or vocational school - a smart one that will earn you a lot more than you are making. 

  • 1 month ago

    The rule of thumb is the home can't be more than 3 times income!

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