I'm looking for a condominium or townhouse/townhome which may be in foreclosure.

I'd make it my focus to maximize household income and live frugally, saving as much as possible.

The only thing is I want to stay home with her.My wife and I have owned several fixer uppers over the year, and have become quite good at household repairs, and while we are first starting off I think that will come in handy.

We require a household income of 3x rent and will consider 2.5x with an additional security deposit.  

Luckily, my household has enough income from our day jobs that we could pay the mortgage at these places even if we don't find renters, but my goal is to buy and hold as a rental to create some passive income as we begin to grow our family.  

Also in Virginia definitely be up to speed on the Virginia condominium act which you have to warrant for two years against structural and habitat defects which typically the association hires an engineer to go through the building and create a punch list

But must be verified by 60 day history, and must be a gift with no requirement to pay back.Reserve Requirements 3-4 Unit owner occupied properties must have 3 months PITIThree (3)- and Four (4)-Unit Property The maximum mortgage amount for the three (3) - and four (4)-unit properties is limited, so that the ratio of the monthly mortgage payment, divided by the monthly net rental income does not exceed 100%, regardless of the occupancy status.Livable Conditions The property must demonstrate the following characteristics: A continuing and sufficient supply of safe and potable water under adequate pressure and of appropriate quality for household uses.

Due to the poor economic condition in the economy, too many households and individuals are suffering from lack of funds and therefore are not being able to manage the mortgage payments on both their first mortgage loan and second mortgage loan.

Others move in with family or friends and otherwise consolidate households.

My thinking here is that the demographic attracted to Somerville are younger professionals (DINKs or single person household) and they accept the noise as a given to having access to the train.