1) you're assuming that she owns the assets that are throwing off the investment income, which isn't the case
2) you're assuming a low rate of return of 5%, which isn't the case here, so the asset base is a lot lower than $1mm

In any case, my point is that once we're married our incomes are combined and she won't be low income anymore. My only point in mentioning the investment income is to say that she will qualify for conforming mortgages, etc.

I'm sure there are programs we can look into at this point that we will not be able to after the wedding as my income will throw her over the top.

Would be interested in the suggestions of this creative community.

MPower said:My fiance doesn't work, and technically falls into the "low income" category. She has interest income, and investment income, however, probably around $50,000 per year.
I'll tell my wife to work harder at being "low income" - your wife-to-be certainly seems to be good at it!

Seriously, maybe she wants to realize some capital gains this year in a lower tax bracket?

So there's a trust that throws off $50K annually to her. Still not low income. Not sure where you have any grounding in the reality that most people are grappling with

If she wants to buy a house in an "emerging" area, and you both are willing to live in said house, then there are some programs she can avail herself of. Most are aimed at middle-income people so her income level is just right. Most do require bank approval for a loan, which might be difficult if the assets in question aren't hers.

Sorry I can't give any links as you didn't state your location and these are all very area-specific. But the places to start looking are:

1) The HUD web site
2) Your state's housing agency, if any
3) Your city's housing agency or buildings program.
4) Your congressman's office and state representative's office. Often, they will have information on all of the above programs, as well as others that may not be advertised widely.

If some places, like NYC, there are literally dozens of programs you can apply for. Happy hunting!

MPower said:you're assuming a low rate of return of 5%, which isn't the case here
Care to share?

Without knowing where he lives we can't jump to conclusions on what she qualifies for. In Chicago you can make up to $60k as a single person and qualify for their first time home buyer programs. If you move to a targeted area you can make even more and still qualify.

One thing to consider though, is that many of these first time buyer programs have penalities if you sell the property within say 9 years. The penalties are dependant on your income and gain on the sale. There is an IRS form that determines this. Try google with your county and state for first time homebuyer programs.

I've got to say this....

I am a stay at home mom to 2 children (#2 is due any day). We live on my husband's salary of only $35,000/yr in a higher cost of living area surprising well, but frugally. But, I would never dream of using welfare programs and low income type programs. To me, it is taking advantage of higher wage earners since they pay those taxes to the government(the government has no money of it's own). It is my obligation to take care of my family, not the government's! You are also taking from people who DO need those programs. You ought to be ashamed, making the soon to be combined income that you do, trying to take advantage of "low income" programs. Stop being greedy and leave it for those who REALLY need it.

Can't believe no one gave this advice yet.

The best programs to take advantage of prior to getting married is hookers, BJ <-both should be used, roulette, etc., beer walking down the strip in Las Vegas.

Edit: Opps, I don't have any advice for her, but that is great advice for you.

YiFeng said:The best programs to take advantage of prior to getting married is hookers, BJ <-both should be used, roulette, etc., beer walking down the strip in Las Vegas.Why is that advice particular to pre-marriage?