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Old 01-08-2012, 02:06 AM
 
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The area west of Weber that's Bolingbrook is still larger than most suburbs. Then the area by Johansen would be well over his budget even though those houses have tanked over a $60,000 loss with the housing recession. Given that small of a budget it would be very difficult to find a good quality townhouse in the Chicagoland area.

To the OP, to only qualify for that amount you must be earning close to poverty level. My advice would be to enjoy the home cooking for a few more years, save your money, get yourself into a career and then buy a place.
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Old 01-08-2012, 08:41 AM
 
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Quote:
Originally Posted by ofcjim40 View Post
To the OP, to only qualify for that amount you must be earning close to poverty level. My advice would be to enjoy the home cooking for a few more years, save your money, get yourself into a career and then buy a place.
I looked it up, and I am actually closer to 250% of the poverty line, but otherwise, your point is well-taken. I guess I fear that by the time I have saved more money or make more money, mortgage rates and home prices will have risen to the point that I will be able to only get that same quality of home that I qualify for now. Does that make sense?

I am not restricting myself to Bolingbrook or Romeoville either - they are just the first places I thought to look. When I broadened my scope and opened myself to condos, I have found places in Tinley Park, Orland Park, Crest Hill, the west side of Joliet...etc.

Thank you for taking the time to respond.
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Old 01-08-2012, 05:17 PM
 
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It's going to take the housing market many more years to rebound so I'd say there's no immediate rush. As long as your credit stays good you'll be fine. So let's say currently you can afford $75,000 but in 2 years due to more saving and job earnings it's $150,000. In 2 years that 75g townhouse will not be 150g so regardless you'll be getting a much nicer place. The problem with buying a place on a low end like that is typically that's where the price will stay for now. So let's say you buy a place for 75, you don't really like the neighborhood or place but you want to be a homeowner so you rush into it. In 3 years you earn more money, have more saved and lets say you are going to get married or some life changing event. Now this place no longer suits you and you want to get out. Now you try to sell, there's no appreciation of the property or possibly has depreciated. You want to move but you can't because you are tied to the property until you can sell and possibly at a loss. Normally I'm all for homeownership, but IMO its not a good idea to buy at the very low end when in a few years you'll probably outgrow it and might have a hard time selling it. Sometimes renting or staying at home has its place. In today's market you should buy a place you can see yourself living in for 5-8 years otherwise there's a good chance of being upside down with it. But that's just my opinion.
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Old 01-08-2012, 10:33 PM
 
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Since you have limited funds you might want to consider getting IHDA money. (Illinois housing Development Authority) they give you up to 6k towards your closing costs and down payment. You need to meet certain requirements for the program but its FREE money (FYI-you do need to take a short online class).

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Last edited by linicx; 01-09-2012 at 12:54 PM..
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