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I'm a first time home buyer, looking in Essex, Middle River, or Dundalk. Fixed income through SSA 20k. Apparently as it's untaxed income I can 'gross up' 25%. I have 25k saved. Moving because everything I want access to is in the Baltimore area, and want to either live in the basement and rent the top or vice versa. I live in Elkton, MD. Ultimately I'd have to be able to afford the place without a tenant, and I'm not dead set on having one yet. I do want the option, which is why I look for brick rowhomes with basement entrances.
Since I've never even so much as looked at a house for sale... I have no frame of reference. There are so many solicitations it's hard to know what information is accurate.
There is the Maryland Mortgage Program and I did call Harbel Community something this morning. They have no waiting list and your only option is to call at 9.30am every two weeks and hope the line isn't busy. I wish they would just list all of their program details online.
There are 4 community groups that serve Bmore County. One of them requires you pay 100.00 for their class. While 100 isn't unreasonable they don't tell me what I'm paying for. What I don't want is to get a mortgage through this program that is not congruent with my living situation (ie wont allow tenants).
You could add Parkville to the list as well. Most row homes have a separate basement entrance in the rear of the house. There are down payment assistance programs like community development loans that your realtor can help you out with.
By the way, I'm not a real estate professional. I just checked Redfin and there are more than 75 homes in Baltimore County in the $50K-75K price range and about 100 in the $75K to 100K price range. I would recommend that you buy a brick rowhouse if possible because maintenance and utility costs are usually lower. Remember, you will need to develop some savings (or not use all your savings in the purchase) so that you have a nest egg set aside for repairs. That said, if you can find a house in good condition for about $70K to $80K, a purchase might make sense for you, even if you don't have a tenant.
I agree that you should consider Parkville, especially if you are a bus rider.
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