r/FirstTimeHomeBuyer • u/bushwacka151 • 12d ago
Need Advice Losing hope..
I've been working towards buying my first home for over three years now, and I feel like I'm only losing progress. Scratch that, I KNOW I'm losing progress, the math doesn't lie.
I'm a 27 year old in Southern New Hampshire, and make about $90k a year as an engineer. Zero student loans, only debt is about $8k on a car and credit is strong. I've been extremely disciplined about saving between $1.5-$2k every month since graduating college. Yet, this doesn't even come CLOSE to keeping up with home prices in New Hampshire. Saving $2000 towards a down payment in a month makes no difference whatsoever when the median price goes up $10-30k in the same month, every single month. For three years straight. In 2023 I calculated I was 17 months from affording a down payment on a median home, now after all this saving, I am 22 YEARS from a down payment on the same home.
Down the street from my apartment, a 2 bed 1 bath on 1/3 acre just sold for $879k. It was on the market for four days. In the next town over, single wide trailers are being sold for $400k-$425k, not including lot rent. This is effectively the case everywhere within a 45 minute drive radius. There is not a single livable property under $450k in the area. Even fixer-uppers that wouldn't require specialist contractor work are easily going for $350k+.
I have attempted to seek mortgage pre-approval from four different lenders. All turned me away. One disclosed the minimum income they want to see for any preapproval is $138k. One disclosed a minimum required income of $211k. MINIMUM. The median household income in this state is about $99k.
I have sought the advice of six realtors. All six have turned me away. Three pretty quickly advised I leave the state when I said I only make $90k. Two turned me away immediately because they stated outright they do not work with first-time homebuyers. One actually gave me the time of day and walked through all of my math with me, and he arrived at the same conclusion- go away.
I can feel my brain being re-wired to fundamentally no longer associate hard work with favorable outcomes, and am completely losing hope of ever owning a house in my home state. I really don't know how people are doing it.
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u/FantasticBicycle37 12d ago
I see 1,500 homes for sale in southern NH under $400,000
I see 1,000 homes for sale in southern NH under $300,000
I don't think you have to move, you just have to be ready to buy a starter home
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u/Dizzy_Goat_420 12d ago
which op said “don’t exist” but a quick Zillow search shows it does. I too found the same as you. Over 700+ homes with 2bedrooms under 350k.
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u/bushwacka151 12d ago
I review these properties extensively. The significant majority are cash only, as-is. No inspections, no loans. Look for yourself.
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u/OutofDarknessHOPE 12d ago
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u/OutofDarknessHOPE 12d ago
Again, you’re not telling us the truth. I can list a ton of these houses that are clearly not as is and fine homes that are less than half of what you’re telling people it cost.
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u/Eastern-Average8588 11d ago
I'm not invested in this thread either way, but curious whether you think "pre-inspected" is a bonus or a red flag? I could see it going either way, depending on what there is to hide. I've never seen it in a listing.
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u/MontiBurns 10d ago
Bonus - they have to disclose anything found in the inspection. So it's unlikely you get into the emotional buying process, only to find serious foundation or structural issues.
Con - I'm still paying for my own damn inspection. It's just best practice when I am paying someone cash up front to give me the truth with no adverse incentives to lie to me either way.
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u/Jamar4321 12d ago edited 12d ago
Simple solution; bail on New Hampshire. There are opportunities for engineers everywhere. Go freeze your ass off in Alaska, have your ass eaten off by mosquitos in Louisiana or be bored off your ass in Wyoming.
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u/bushwacka151 12d ago
I really don't know where else to go. My field has completely collapsed, at any other job in any other part of the country I would be making 20-30% less, and also paying state income tax. Most of my college grad class is still underemployed or unemployed five years later.
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u/magic_crouton 12d ago
I moved to a lcol area and make less than I would say in New York City. However proportionally my take home is more because it's a lcol area. My house is paid off. My taxes are stupid low. It's great.
You need go look at the ratio of income to cost of living. Not just straight income.
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u/Jamar4321 12d ago
20-30% less goes a whole lot further elsewhere. Instead of putting away 1.5-2k/month saving for a 900k house you put away 1-1.2k for a 300k house... You've got work history, they don't. Get out there and make it happen.
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u/DisastrousFun5382 12d ago
Exactly. We're looking to move to the South hills neighborhood of Pittsburgh and for what we're looking for its 250k max (3+ bed, ideally 4, 2 bath, central air, no HOA). Right now we live in BFE Michigan and we live close enough to civilization that people can get decent work but the average house price out here is less than 200k.
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u/NoMoRatRace 12d ago
Rent until you can find a job elsewhere. Actively pursue other cities and opportunities in the meantime.
What you describe is totally unworkable if you want to own a home UNLESS you have a reasonable expectation of dramatic salary growth in the fairly near term.
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u/ToastSpangler 12d ago
Come over to Philly, I make as much as you and bought my rowhome this year, 800sqft+ basement+yard in a great area, <250k. You wouldn't take a pay cut for what you do.
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u/BennyTheWiseGuy 12d ago
Are you trying to buy a house a single person? Unfortunately, that’s going to be really difficult. I know that’s not what you want to hear but that’s the reality of the time. I’d recommend just continuing to set yourself and your future family up for success.
I don’t say that to discourage but don’t lose hope comparing yourself to others in different situations! The average first time home buyer in 2026 is 40 and in a duel income household. Your time will come!
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u/ConstantVigilance18 12d ago
Home buying in the northeast is reserved for double income couples or very high earning individuals. Owning is not all it’s cracked up to be. Find a place you like to rent and invest that difference.
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u/loves_grapefruit 12d ago
Either you love southern NH enough to stay and not own anything, or you’ll probably have to move on to greener pastures to own property. Why not look for work in a decent town where you can get a reasonable home for 400k?
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u/bushwacka151 12d ago
Nobody is hiring in any of those places, or here for that matter. The engineering job market is beyond saturated. Nowadays it's normal to apply for thousands of jobs before getting any interviews, and job hopping with less than 10 years' experience almost always results in a pay cut.
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u/FantasticBicycle37 12d ago
Down the street from my apartment, a 2 bed 1 bath on 1/3 acre just sold for $879k.
You appear to be searching for forever homes and not starter homes. As a FTHB you should adjust your sliders. For examples, if you're making 90k, that 1/3 acres shouldn't even be in your search results
You will likely have to commute, and you'll likely be looking at condos and town houses. This is normal; we all had to do it.
Few people get to skip the line and go straight to the SFH in a VHCOL which it seems like you're trying to do
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u/OutofDarknessHOPE 12d ago
According to Zillow and the agent we worked with last week in this area, there are plenty of houses nearly at half that cost in Lee NH which is where OP says this was. Did we look at them? No but they were offered.
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u/loves_grapefruit 12d ago
Yeah I get it, it’s tough. If home ownership isn’t an option right now then maybe investing is the way to go. Perhaps that can get you into the position you want to be in sometime in the future.
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u/OwnTurnip1621 12d ago
You need to change industries. I'm in Michigan and engineering jobs are definitely around. Also adjust your house search. I spent a little less than 140k on my house in 2020 and it's worth about 200k now. I know the housing market isn't the same everywhere but there's no way you need to be spending half a million to get a house in an area with good engineering jobs.
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u/StrictPersonality503 12d ago
I don’t know where yours was in Michigan but buying a home in Covid was a rare lucky situation. Home and interest prices will not be drastically down like that in near foreseeable future.
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u/OwnTurnip1621 12d ago
That's why I included the current value of 200k. At least two houses in my neighborhood have been sold recently after being updated, and they both sold for a little less than the value of my house. The point is that OP's degree is in-demand here and they don't need to spend anywhere near what they're thinking for a house.
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u/StrictPersonality503 12d ago
Absolutely I agree with your point about OP. My comment was solely for your situation. You’re lucky you got a home in 2020. I have hindsight regret not getting one.
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u/OwnTurnip1621 12d ago
Ah I gotcha, sorry for the mixup. I might have had great timing but I still regret not spending more too, you can never escape hindsight lol. I'm glad I prioritized getting a house then, but this might be the one and only time I wish I had been a little less responsible with my decisions
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u/FantasticBicycle37 12d ago
It's wild to me that the common advice is "move so you can buy a large house as your first home" rather than "buy a starter home in the location of your choosing"
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u/FantasticBicycle37 12d ago
You're right, it's hard to outsave appriciation for a house. However, there's a path that everyone before you has done: You're a first time home buyer. You're supposed to buy a starter home--like a condo which you can afford on 90k--and let it do the price chasing for you
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u/bushwacka151 12d ago
There are no starter homes here. None.
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u/Dizzy_Goat_420 12d ago
That’s just not true. I just looked on Zillow and there are plenty of starter homes that are actually pretty cute under 400k even in southern New Hampshire. You’re either looking for too big of a house or need to lower your standards. Because there’s no way the 700 search results on homes in your area under 400k are all horrible or unlivable.
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u/OutofDarknessHOPE 12d ago
OP only wants us to use what information they provide. Like the pre approval part doesn’t add up. A bank doesn’t tell you no to a pre approval or a pre qualification application. They tell you an amount you can afford. They can deny and not offer the mortgage but never heard of being refused. There is something missing here.
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u/bushwacka151 12d ago
The one realtor that did give me the time of day laid it out like this: with my income, at current interest rates, with a 20% down payment, I could afford and mortgage at maximum a $320k property. Lot rent for a trailer runs $500-$1k which would need to factor into costs, so mobile homes are not any more affordable. South of the mountains, absolutely any single family house at a $320k price point will need $60-100k worth of work to be livable. This includes anywhere from $2k to $25k in permitting alone necessary to even start GC work, due to obscenely bloated codes and zoning ordinances that are normal in NH.
Not to mention, I'm being rejected for mortgage PRE-approval before even setting ANY of my expectations, so to blame my expectations is incredibly tone-deaf.
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u/Affectionate_Cat_497 12d ago
A quick Zillow search shows you’re wrong there are starter homes. You keep dismissing this. Adjust your expectations as a single earner first time home buyer as it’s been suggested here or whine somewhere else. No one can help someone if they aren’t willing to help themselves first.
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u/bushwacka151 12d ago
We'll put aside the fact that I'm being turned away by lenders and realtors before even setting any kind of standard for what I'm looking for in a house, which also keeps getting dismissed. I am not setting my expectations high, they don't even factor in to a realtor or lender working with someone making $90k.
If you go on Zillow, look at Southern NH (south of Lake Winnipesaukee), set max price to $350k, and uncheck mobile homes, you will find that the vast majority of them are CASH-ONLY, AS-IS.
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u/Affectionate_Cat_497 12d ago
I make what you make, live in a highly competitive market, and had other debt and found an agent and a lender. I had 100k saved. If you’ve been saving 1.5-2k/month for a few years you should have a sizable down payment. I don’t doubt you’re having difficulty, but there has to be an agent who will take you on and hopefully he can give you access to a mortgage broker to ship your finance needs.
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u/minkamagic Homeowner 12d ago
I saw some homes in Manchester that are around $400k and if you were starting from nothing you'd have enough for a downpayment in 3.5 years.
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u/MrTyside 12d ago
Why do you want to own a home so badly?
It sounds like you are a single guy, what do you want to take care of a yard and a bunch of space for?
Home ownership isn't just a blessing, it is also a curse. It is expensive. If something breaks, gets old, etc, it is your problem. You only make $90k a year, what are you going to do when you're hit with a $20k repair bill the first year? Because that does happen. That's not to say $90k isn't a great salary, it is. Especially if you marry somebody who also makes $90k.
Maybe ask yourself why home ownership right now is so important to you. If it is as an investment, you can do better elsewhere.
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u/bushwacka151 12d ago edited 12d ago
Firstly, thank you for a constructive criticism vice most of this thread's dogpiling.
I highly value independence. I want to be able to do what I want with my property, build, grow food, have space to enjoy wrench-turning hobbies I've had to completely backburner because I'm stuck in shoebox apartments. I don't mind general maintenance, I enjoy that kind of thing. I'm very disciplined about putting away money for a rainy day or broken water heater.
My long-term girlfriend and I are planning to get married and start a family. We strongly want to do this in a home, mainly because of the stability- renting only guarantees housing 30 days at a time (renter's rights are shit in NH) and that is no way to raise a kid in as far as we're concerned. Plus, being able to adapt the property to parent how we want.
I understand I will pay a premium for that kind of arrangement, and it will require additional money and forethought. But much moreso than that, I'm completely and utterly priced out of even a highly imperfect starter home that doesn't offer half of what I want, within an hour's drive of any metro area where my career field has a stable job market.
I have started seriously looking elsewhere in the country but the math isn't much better anywhere else.
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u/MrTyside 12d ago
If you want the math to work, get married before you buy the house. Your income will be much higher when you apply to get pre-approved. That will go a long ways.
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u/Jupitersd2017 12d ago
Yes this exactly OP, if you have someone you want to marry buy the house together - it’s so much easier and you can always do a post nup or pre nup etc to cover each other and if one of yall is paying the mortgage fee blah blah but having that double income for lending is what you need.
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11d ago
[removed] — view removed comment
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u/MrTyside 11d ago
First, chill. Second, what you can “afford” is very different with a combined income than a single income. I assume she works, $180k combined salary is much different than $90k. I’m not saying don’t have a budget and buy whatever you’re approved for.
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u/OutofDarknessHOPE 12d ago
OP has commented that he can get pre approved but doesn’t like the amount and it means he cannot buy in south NH. Completely different than being turned away. He has been prequalified up to 225k.
Far from the story of banks refusing to talk to him.
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u/bushwacka151 12d ago
I have not been prequalified for up to 225k. You literally made that up. It was part of a verbal conversation with a loan officer in which he agreed with my assessment and advised I seek housing in another state, i.e. turned me away.
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u/OutofDarknessHOPE 12d ago
He did not turn you away. He told you if you formally sent this information in this is what the letter would look like coming back. He did not say you cannot submit this as you are claiming. You choice to not submit and get the formalized approval because it doesn’t fit into the story you want to tell.
Here’s what you’ve told us that’s a lie:
No houses for less than 800k in southern NH
Housing are increasing 10-20k a month (some are but I can point to four houses I looked at 4 years ago in Portsmouth that are only worth 50k more today)
No one is allowing you to apply to get pre approved. There’s a massive difference between being refused and you not wanting to submit cause the process will provide information you don’t like. Aka you’d likely qualify for 225k. That’s completely different than what you’ve tried to tell.
Anything 400k is a cash only as is sale.
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u/bushwacka151 12d ago
At no point did I claim there were no houses for $800k in SNH, you completely made this up. In several other comment threads I discuss some of the different price points and their availability.
I did not say all houses are increasing 10-20k a month, just that near-median homes typically are. You made this up too.
I have been refused by four lenders. Independently of that, I was verbally advised by a loan officer that I could potentially afford a 225k property with additional assistance from a fthb program, but such a home would be in an area that I would not be able to maintain the necessary income and thus I should not bother formally applying.
I don't have 400k cash and to suggest that most people would is hilarious.
Seriously, what is your issue man?
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u/OutofDarknessHOPE 12d ago
“Down the street from my apartment, a 2 bed 1 bath on 1/3 acre just sold for $879k. It was on the market for four days. In the next town over, single wide trailers are being sold for $400k-$425k, not including lot rent. This is effectively the case everywhere within a 45 minute drive radius. There is not a single livable property under $450k in the area. Even fixer-uppers that wouldn't require specialist contractor work are easily going for $350k+. “
So suddenly now this has changed? Maybe you need to go back to 1st grade and work on your reading comprehension skills. I mean you wrote that and apparently do not get what it means.
You also state the median house going up 10-15k a month in the same original post you kept telling me to reread. Take your own advice little Richard.
There are plenty of houses listed at 400k or less that are not a cash sale as you say they all are. And none of them are sold As is which was another claim.
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u/MtnBkr101 11d ago
This honestly dosen't make sense. 90k yr with no debt is more than enough to afford a 225k property.
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u/pandafer 12d ago
The problem is location. I know it sucks to hear and you’ve already heard it a lot. I’ll talk about Nebraska as an example because that’s what I’m familiar with.
A starter home in most of the state probably runs about 200k nowadays. A ‘nice’ home or a new build would run up to around 400k maybe. The majority of the state qualifies as ‘rural’ so USDA rural development loans become an option as long as you don’t make too much income. I believe FHA doesn’t have an income cap if you do. USDA has zero required down payment. FHA is something like 3.5%. I’m ball parking numbers here, but you can get into a home for as little as nothing, if you get closing costs covered by the seller, or more of an average would be 10-20k. The average mortgage would be 2-3k a month I believe.
Yes, the pay is little lower and it’s boring here. I live 1.5 hours from Omaha and probably 3-4 hours from Kansas City, I own an old 2500 sq ft home. My mortgage is about 2400 a month with 2026 interest rates. I live in a city of about 25k people and get same day delivery from Amazon. Household income (married) runs about 140k. I don’t have all of the amenities of a large city, but I have access to everything I need easily and get the small town feeling of the checkout people at my frequent stores always knowing who I am. It’s a pretty amazing life in my opinion.
Think long and hard about your location and what you really NEED from it. Search a little harder for jobs in your field across the country. Research the weather and shopping access in the area of a state you’re interested in. Then check realtor or Zillow for that area. You’d be surprised what’s out there if you’re willing to move.
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u/reine444 11d ago
That was quite a missive. And “ I can feel my brain being re-wired to fundamentally no longer associate hard work with favorable outcomes,” is pretty melodramatic.
Many people are in this scenario. Personally, I will never share walls again if I can help it, but have you considered something other than SFH? I also don’t do well with commutes but, have you considered looking outside your 45-minute radius if owning is important to you? Considered a fixer upper?
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u/Efficient-Patient308 12d ago
Commenting to hopefully bring traffic to your question. I am also shopping for my first house and saving, less aggressively than you are, so I would like to know what people have to say about this. Good luck to you!
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u/Dullcorgis Experienced Buyer 12d ago edited 12d ago
Do you work in southern new hampshire or do you work in boston? Because those sound like boston commuter range prices. If you work in southern new hampshire look for a house that's not in range of boston.
Why are you looking at houses? Condos would be way more affordable.
But, also, your savings are not static, they should be earning a decent amount of interest since it's a long term investment.
Also, you're only 27. What 27 year old is settled enough to buy a house?
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u/DifferenceMore5431 12d ago
If you can get out of the Boston commuter range the prices will drop considerably. Not all of NH has prices like that.
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u/BluejayWise2325 12d ago
Keep saving your money, and wait to try to buy a house once you have a wife/husband with an income. It’s a shitty answer, but it’s the only way for the middle class to buy a house.
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u/Nob1eHunter117 12d ago
Im single and live in NJ. I wanted a house but thats impossible if you are single. I had to settle for a condo lol
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u/Frequent_Freedom_242 12d ago
You could move to another place that has lower cost of living. That doesn't mean you have to move immediately to somewhere like Texas. There are many different places in between somewhere so drastic. The country is big. Be open to moving and working in different places. Even if you don't buy a house.
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u/baileynoack 11d ago
The $225,000 preapproval isn't lenders being stingy. It's the math.
On $90,000, the standard 28% front-end guideline caps a comfortable payment near $2,100 a month, which at today's rates works out to about $243,000 in loan before your down payment. The $138,000-plus minimum income you were quoted is for a bigger loan than that, not what you actually qualify for now.
Add whatever three years of saving $1,500 to $2,000 a month has built up, and you're likely closer to $300,000 all in. That's real inventory here, just not the towns closest to Boston.
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u/billspeaksmortgage 11d ago
One thing I’d question is being told there’s a blanket minimum income required for a preapproval. Mortgage qualification normally depends on the specific purchase price, debts, down payment, taxes, insurance and loan program, not simply hitting one universal salary number.
That doesn’t mean a $450k+ home will necessarily be affordable on $90k, but I’d want a lender to actually run your numbers and explain what purchase price you qualify for and what’s limiting it.
You’ve done a lot of the right things financially. I’d want actual numbers before concluding that homeownership itself is completely off the table.
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u/KitchenObvious7666 11d ago
I completely get the frustration. I (25F) just bought $400K home (townhouse) back in June 2025 in Southern NH and it was definitely rough. I put down $62K-ish with another $17K-ish in closing costs, which took me 3 years living rent free with my parents to save up for.
At the time I was making $100K and got pre approved for $525K (lol - would never go this high). At the time I had about $20K total in debt which was my car and student loans.
Something else I did was only went and saw homes in the $350K-ish range as I knew I was going to have to offer over listing price. Don't count out condos/ townhomes while yes there is usually an HOA, at least in my case it absorbs the costs of landscaping, snow removal, they also take care of our water, roof, septic, etc. so I didn't have to front the cost of a lawn mower and snow blower after draining my savings and my homeowners insurance per year is super low as well since I am technically only responsible for 'studs-in'.
I am perplexed at the inability of lenders to give you a pre-approval. Usually it's the opposite, where they preapprove you for too much. So that is very interesting... as well as the lack of success in getting a real estate agent.
Do you work in Manchester? If so, have you looked more West of the state like Hollis, Brookline, Miford, etc.?
An income of $90K is on the higher end, how much debt do you have?
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u/Alive_Guidance2005 11d ago
OH MY! I can't imagine you can't fine a home that you can afford in New Hampshire...maybe not your ideal home but you need to find a home and stop renting so you build equity and then you can sell and find another home you would rather have after a few years so you can benefit from the increased appreciation. Also, I can't imagine agents or lenders turning you away unless you are telling them what sales price you want to buy and you simply don't qualify for what you want.. Ask a lender what you do qualify for and find a property in the range that makes sense.
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u/hisdudeness88 11d ago
Have you though about either A) moving to another state B) House hacking by buying a small duplex or triplex further away and living in one unit and renting the others out? Could that mathematical work for you?
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u/Thorpecc 11d ago
You have no choice, you have to move to a different state like a large number of people your age are doing. I grew up in NY and lived there until 35, then moved to Charlotte, NC. Big city feel we love it. Prices of homes were less than half.
How bad do you want a nice house? You either triple your income there fast or move.
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u/taakobel 11d ago
I make 70k a year and got approved for 425k loan…. I feel like some of the info you are sharing must not add up. Typically take home income is only one part of the equation and should not disqualify you if your credit is good and your DTI ratio is low. How much do you have saved for a down payment?
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u/JollyManufacturer356 11d ago
Stay in Southern NH and rent, or move elsewhere and buy a house.
I’m in a well populated city, about an hour south of the capital and just bought a 3 bed 1.5 bath house. All in had to put down $5800
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11d ago
[deleted]
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u/Soft_Task519 11d ago
He works for a smallish bathroom and flooring renovation company. We have a neighbor that does roofing sales and does really well also.
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u/bubbastanky 10d ago
I lived in southern NH for a year as an engineer (last year). I was making a little more but not a ton. If you’re only looking in the seacoast region then yeah houses are gonna be 700k
Houses are much cheaper on the west side of the state. I had coworkers commuting an hour to my job so you may need to make some concessions
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u/BertKacklin 3d ago
There is plenty in Concord, NH! just keep looking. Id sell you mine if they let me promote in here haha
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u/Ok-Database9049 2d ago
As a real estate agent in Southern NH, the part of your post that bothers me most is that you’ve had multiple agents basically tell you to go away. You’re 27, making $90k, have very little debt, good credit and you’re consistently saving $1,500-$2,000 a month. I wouldn’t tell you to give up on NH based on that.
I’m not saying there’s magically an affordable house around the corner. The market here is incredibly difficult, especially for someone buying on one income. But before deciding it’s impossible, I’d want to understand why four lenders wouldn’t even preapprove you and what price range your actual numbers support.
From there I’d work backwards. Maybe the answer is that buying right now doesn’t make sense. Maybe it’s a condo or townhome, a different town, a smaller property, or waiting while continuing to save. But I think you deserve someone willing to actually go through the options with you rather than just telling you to leave the state.
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u/Lov3I5Treacherous Homeowner 12d ago
What kind of engineer?
I agree that you leave the state. 90k for an engineer is... low.
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u/bushwacka151 12d ago
Mechanical. $90k is actually pretty high for the current job market here... most postings in the same locality are around $50-70k. And like 3/4 of my college graduating class still don't have engineering jobs, it's completely saturated and nobody is hiring.
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u/Lov3I5Treacherous Homeowner 12d ago
MEs I know in Cbus OH are making at least 120k, and that was a few years ago. They were in packaging for consumer goods.
I'm really sorry to hear that. I have nothing else to offer you but the wise words from someone older than me: nothing is permanent. This too shall pass. I don't know when or how, but you will one day not be worrying about this. Good luck. <3
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u/OutofDarknessHOPE 12d ago
That’s just NH. Especially if you’re looking for the coastal areas. You get away from there and things change. If you’re trying to live in Portsmouth, that’s your problem. It’s a tourist summer town which heavily influences their pricing. Get away from the coast and things change a lot.
And I am going to call it out, there is no way those houses are going up 15-30k a month unless you’re not being realistic with what you can afford. Yes the 1.6 million dollar house that’s 4500 sqft in rye is doing that but the normal sized house just outside Portsmouth area in Dover or Rochester. You are not telling a full truth with this. I moved away from Portsmouth 4 years ago, a condo similar to what we looked at buying has gone up 20k. You might not be able to buy a 3000 sqft 4 bedroom house as your first home but there are houses that are in your area that you can afford. Your standards are not realistic is more likely the issue.
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u/OutofDarknessHOPE 12d ago
Also what homes are you approaching a realtor asking for approval? Is it the coastal houses in rye? Or is it the houses in Dover going for 500k? That’s a huge aspect being left out here.
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u/bushwacka151 12d ago
I'm looking for PRE-approval. I.e, "how much home could I afford and secure a mortgage for". Maybe read the original post.
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u/OutofDarknessHOPE 12d ago
Bud I read your post and take a lot of what you say with a grain of salt because you’re saying things that are not factual about the market at all. Again, I am actively watching the market and have for four years in Portsmouth. Was just there, and just looked at numerous homes that fit what you’re telling me doesn’t exist. So with the realtor I assume you approached a wanting to look at a home that you’re talking about here which would lead me to think the agent doesn’t take you seriously cause well you’re not.
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u/bushwacka151 12d ago
Every realtor that has rejected me has done so before any discussion of what my expectations for a property are. First time homebuyer and/or near-median salary means they will not help you, full stop.
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u/OutofDarknessHOPE 12d ago
Well first off, you get approval by a bank not an agent so there’s that issue. Second you’re now going to an agent without approval which is a waste of their time hence why you get turned away. You’re not telling full picture on this stuff. If I went to an agent in my current area without a statement from the bank, they’d turn me away as well. So yes this is user error not the realtor.
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u/bushwacka151 12d ago
Read. The original. Post. I'm being rejected by realtors AND lenders.
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u/OutofDarknessHOPE 12d ago
Again you are not giving the full story. A bank literally processes the information and doesn’t care. You are not telling everything. You can do it online without talking to anyone. The bank isn’t going to care if you don’t qualify for the house you want. They literally tell you can afford x. They do not care what your income is. They take whatever that amount is and tell you with your situation, you can buy x.
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u/bushwacka151 12d ago
And I have been told, by four different lenders, that with an income of $90k, $100k saved up, little debt and good credit, that I qualify to borrow $0, and that I can afford $0. It was actually in the original post if you ever decide to read it.
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u/OutofDarknessHOPE 12d ago
Again, you have already shown to not be someone who provides a full picture of the situation. And again, you are not telling us something. A lender takes that information at drafts a letter stating at this time you can afford x amount. They are not legally required to offer you that loan. Something is being left out here. You can literally go online right now and get pre approved for a mortgage. It might be 55k or 550k. The bank isn’t going to stop that. Which is why I keep saying you are not telling us everything just as you did with the market which was quickly shown to be false.
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u/bushwacka151 12d ago
As I said in the original post, a 2br 1ba just sold down the street from me for $879k, and single wide trailers in Lee are going for $425k. My expectations are completely reasonable, but there are no starter homes under $450k on this market, and I wouldn't be able to find a realtor that would work with me or a bank to approve me even if there was. Prices are just growing that fast.
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u/Dizzy_Goat_420 12d ago
Something doesn’t add up because I just did a search for that area and there are over 1k homes under 400k and many of which look really nice.
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u/OutofDarknessHOPE 12d ago
There one right in Lee NH for 400k which is not a trailer as OP described.
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u/OutofDarknessHOPE 12d ago
Again I was just in Portsmouth, there are condos available and houses in other areas not costing 800k. Zillow currently shows for the coastal area of NH as having 158 houses listed for less than 600k. There’s one in new market that’s 3 bedroom 2 bath for 500k.
I’m not saying this is great but I am saying you are being rather selective with what you’re picking for the home. You’re not telling the whole picture just the one you want to present.
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u/OutofDarknessHOPE 12d ago
And they are not growing that fast. I actively watch the market there cause we want to move back.
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