Just Out of Reach

There are some wonderful perks given to teachers. But they sure make it hard to claim those benefits. It's much like all those millions of dollars in scholarship money that go unclaimed -- because no one meets the esoteric qualifications. It's hard enough trying to find out what the fine print is because the print isn't there and you have to inquire deep in the recesses of the programs to get the information you need.

A year ago, I verified that we qualified for the Teacher-Next-Door Program (TND) which allows teachers to buy a HUD home for 50% off (although extremely slim pickings) within the Title I district boundaries where he works. I have in writing that, even though you cannot own any other property when you purchase the HUD home, you can sell your current home and buy the HUD home as long as you close on the current home prior to closing on the HUD home.

Well now, a year later, the TND Program was absorbed into the Good-Neighbor-Next-Door Program (GNND) which now encompasses teachers, firefighters, EMTs, and police officers. Included in the changes is the rule that you cannot have owned a home for one full year prior to bidding on the HUD home. That puts us out of the running and dashes our hopes of getting a $100K-home for $50K. We were hoping to have the same monthly house payment we have now so that our income would get us somewhere.

Will we be able to afford a house? I'm sure we will, but how big a chunk of our income will it take? When Rex worked at Kinko's, it was approx. 50% of our income for our small mortgage + HOA fee. I thought it was supposed to be around 20%. Perhaps that's if you have two incomes.... Now with a bigger income and the need for a bigger home, it looks like it will require at least 50% of our income again.

Leaving behind Food Stamps, WIC, Medicaid, and Lifeline phone plan ($1/mo), we will incure many more expenses. I know I shouldn't complain because everyone else is in the same boat, right? Isn't that the definition of Middle Class: just out of reach? But after we pay for those expenses that were free during our no-income days, plus the increased housing costs and student loan repayment, we will be no better off than we were with no income. That's why I had my hopes set on the TND/GNND home program....

It's so frustrating seeing that if we were done with school a year ago, we'd have qualified by the old standards. Only at that time, all the TND homes were diverted to help the Katrina victims, so even though we would have qualified, there were no homes available for teachers at that time....

I hope finances are not as bleak as they seem from this vantage point. Once we have concrete numbers, I probably won't feel as discouraged.