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

Reply to comment by reaper527 in Home buying programs (DPA, Mass) by valkener1

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.