I’ve had two people approach me recently about buying a home.  They both told me that it was impossible on a single salary.  Perhaps they’re right but I think if there’s a will, there’s always a way.

Both individuals are living in high cost areas.  One is retired, the other is still working.  For both, I have had to really think about this to come up with suggestions.  First and foremost, my suggestion for both would be to figure out how much of a house they could comfortably afford. 

Fannie Mae has an affordability calculator that you can use to determine how much you could spend.  I also recommend going to Fannie Mae’s Mortgage Calculator to determine what the range of home prices are in your budget.  You would need to put in information on the home price you want to buy, interest rate you expect to pay, etc.  It will provide you with the payment.  While these two calculators are similar, the second one allows you to input things like HOA dues, taxes, etc.  

Additionally, since both of these people are first-time homebuyers, there are several programs available to them to help.  An internet web search for programs would be in order here.  

My best piece of advice is for them to consult a realtor in their area.  A realtor would know of any programs available for them, can calculate affordability, and help them secure a mortgage.  

And today’s moral of the story?

If you think buying a home is out of reach, investigate it thoroughly.  Consult a realtor.  Use online resources to determine what you might be able to afford. In other words, if you have dreams of home ownership, see what it will take.  Hopefully, you’ll be pleasantly surprised and buying a home soon.