I'd like to explain my situation. Basically, I'm an electrical engineering undergraduate with just one more semester left to go. My GPA is a 2.9, with no job lined up. I'm searching for a job as I type this. I live and study in the New York metro area in New Jersey. I make $15k a year — I live in a rental with my mom and brother ($1k a month). Mom makes $30k a year and bro is unemployed right now but he got an internship, making $13 an hour working 25 hours per week over the summer, which may lead to a fulltime job ($37.4k a year). He graduated this semester. My mom has no savings. My brother has $2k in savings. I have $3700 in savings (along with 1.183 BTC) Our dad died 6 years ago abroad and we inherited a cheap piece of real estate. We sold it for $30k. $10k was spent because of several emergencies. We now have $20k in savings. What would be wise for us to do with this $20k? My mom wants to buy a home ASAP, but I don't know whether that would be a good investment to make right now. We can buy low-income housing, and for her it would be affordable and it would also be affordable for us too. It would be a 3 bedroom condo in Cedar Knolls, NJ (110k with a 700 per month mortgage, which is the max resale value). What happened recently however, is the deal broke off because my mom got irrational fear when the mortgage had to be shifted onto another bank, and so closing costs went up. Low-income housing doesn't appreciate and we can't rent it out. Apparently, once we no longer want the house, we just sell it back to the township. Should we still pursue to buy low-income housing, with a 20k down payment? We are afraid that our rent may go up this year.
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