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[quote=Anonymous][quote=Anonymous][quote=Anonymous]If you're making 35k you cannot afford a $250k house. [/quote]

Agreed. That is over 8 times your salary, and you are talking about not putting down any down payment? No way.[/quote]

What you could do, however, is look into affordable housing homeownership programs offered by various municipalities.  If you can qualify, and get chosen, these are like winning a lottery in my view.

Many municipalities are requiring developers to incorporate some affordable units, which can be buy or rent.

Stonebridge Manor in Falls Church is a $ Million dollar new development, but some $100,000 range units are included there as part of a program.  I doubt any are still available.

Arlington just announced a new program, $500,000 in county funds designated for down payment assistance for 10-15 low income families.  Could be ~$50k in down payment assistance each.  Low-income is defined as making under $60k as a single person, under $68k for two people, and varying levels if you have lots of kids.  This program was announced within the past two weeks so I'm sure they're taking applications still.

The District of Columbia has various programs too.

If you are low income and can research these programs and get picked, it sounds like a windfall.  Good luck.[/quote]

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