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SJG23
LIF Infant
Member since 1/15 87 total posts
Name:
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Re: Western Suffolk 300-450k under 10k taxes homes/areas?
Posted by Katareen
Posted by LuckyStar
Posted by SJG23
We have no debt and pay off 100 each a month on our credit cards. I never had a credit card until 2014. My credit was being built and is at around 700. Hers is 850.
We don't have any debts and our loans would, aside from a mortgage, be 400 total for cars a month.
Just a heads up, you need a at least 3 lines of credit (cards, loans, etc) that have been open and in good standing for a minimum of 1 year in order to qualify for a conventional loan.
I know this because I just made the cutoff with 3. DH had like 10- they cannot be combined, it's 3 each.
If you're paying off credit cards, you do have debt.
I'd wait until your 2017 timeline when your income will be larger and you'll have more to put down.
Our credit cards are paid off in full monthly. We only charge 100 to them. We have both never missed a payment and don't plan on it since we live at home with parents currently and don't use them as much as others who live on their own might. I think that a good thing on our end for the time being, especially with not yet having a mortgage.
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Posted 1/25/15 2:47 PM  |
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Dani
Life is about choices.
Member since 5/05 6532 total posts
Name:
Dani
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Re: Western Suffolk 300-450k under 10k taxes homes/areas?
Posted by SJG23
Posted by Dani
Posted by DWKS810
Posted by SJG23
We are not interested in Levittown. Fortunately lol. .
Wow! How rude. You know plenty of people on these boards live there.
eh, it's ok.. we don't want people with that attitude moving into our community anyway 
Levittown homes , most of them don't have basements. We need space. To own a ranch and to have basement space is important. Also the taxes in Levittown are pretty high. We cannot afford it. That places us in Suffolk, which is fine with us.
got ya... your post didn't explain that.. my apologies, i took it wrong. 
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| Posted 1/25/15 4:25 PM |
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SJG23
LIF Infant
Member since 1/15 87 total posts
Name:
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Re: Western Suffolk 300-450k under 10k taxes homes/areas?
Posted by Dani
Posted by SJG23
Posted by Dani
Posted by DWKS810
Posted by SJG23
We are not interested in Levittown. Fortunately lol. .
Wow! How rude. You know plenty of people on these boards live there.
eh, it's ok.. we don't want people with that attitude moving into our community anyway
Levittown homes , most of them don't have basements. We need space. To own a ranch and to have basement space is important. Also the taxes in Levittown are pretty high. We cannot afford it. That places us in Suffolk, which is fine with us.
got ya... your post didn't explain that.. my apologies, i took it wrong.
:)
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| Posted 1/25/15 6:21 PM |
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LuckyStar
LIF Adult
Member since 7/14 7274 total posts
Name:
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Re: Western Suffolk 300-450k under 10k taxes homes/areas?
Posted by SJG23
Posted by Katareen
Posted by LuckyStar
Posted by SJG23
We have no debt and pay off 100 each a month on our credit cards. I never had a credit card until 2014. My credit was being built and is at around 700. Hers is 850.
We don't have any debts and our loans would, aside from a mortgage, be 400 total for cars a month.
Just a heads up, you need a at least 3 lines of credit (cards, loans, etc) that have been open and in good standing for a minimum of 1 year in order to qualify for a conventional loan.
I know this because I just made the cutoff with 3. DH had like 10- they cannot be combined, it's 3 each.
If you're paying off credit cards, you do have debt.
I'd wait until your 2017 timeline when your income will be larger and you'll have more to put down.
Our credit cards are paid off in full monthly. We only charge 100 to them. We have both never missed a payment and don't plan on it since we live at home with parents currently and don't use them as much as others who live on their own might. I think that a good thing on our end for the time being, especially with not yet having a mortgage.
Maybe I'm mistaken, but didn't you say you only had 1 credit card that you opened in 2014?
If that's the case, it's great that you pay it on time, but you still need 2 more lines of credit to be approved for a mortgage and each line needs to be open and in good standing for a MINIMUM of 1 year. So if all you have is that 1 credit card, you will need to have other lines of credit open- a car loan, student loan, additional credit cards etc. I say this because if you only have 1 line and aren't buying until 2017 it would be in your best interest to open 2 more lines of credit.
The bank wants to make sure you can pay- 1 credit card open for 1 year doesn't show a strong enough payment history, even if it is always on time.
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| Posted 1/26/15 6:06 PM |
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SJG23
LIF Infant
Member since 1/15 87 total posts
Name:
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Re: Western Suffolk 300-450k under 10k taxes homes/areas?
Posted by LuckyStar
Posted by SJG23
Posted by Katareen
Posted by LuckyStar
Posted by SJG23
We have no debt and pay off 100 each a month on our credit cards. I never had a credit card until 2014. My credit was being built and is at around 700. Hers is 850.
We don't have any debts and our loans would, aside from a mortgage, be 400 total for cars a month.
Just a heads up, you need a at least 3 lines of credit (cards, loans, etc) that have been open and in good standing for a minimum of 1 year in order to qualify for a conventional loan.
I know this because I just made the cutoff with 3. DH had like 10- they cannot be combined, it's 3 each.
If you're paying off credit cards, you do have debt.
I'd wait until your 2017 timeline when your income will be larger and you'll have more to put down.
Our credit cards are paid off in full monthly. We only charge 100 to them. We have both never missed a payment and don't plan on it since we live at home with parents currently and don't use them as much as others who live on their own might. I think that a good thing on our end for the time being, especially with not yet having a mortgage.
Maybe I'm mistaken, but didn't you say you only had 1 credit card that you opened in 2014?
If that's the case, it's great that you pay it on time, but you still need 2 more lines of credit to be approved for a mortgage and each line needs to be open and in good standing for a MINIMUM of 1 year. So if all you have is that 1 credit card, you will need to have other lines of credit open- a car loan, student loan, additional credit cards etc. I say this because if you only have 1 line and aren't buying until 2017 it would be in your best interest to open 2 more lines of credit.
The bank wants to make sure you can pay- 1 credit card open for 1 year doesn't show a strong enough payment history, even if it is always on time.
I have two credit cards now.
Car loan that I pay off automatically every month so by Jan 2016 I will have my three lines of credit all over one year, two of them over two years.
Thank you for your concern and words :)
Message edited 1/26/2015 6:22:36 PM.
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| Posted 1/26/15 6:21 PM |
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SJG23
LIF Infant
Member since 1/15 87 total posts
Name:
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Western Suffolk 300-450k under 10k taxes homes/areas?
So we are looking at.
200-250k down in early 2017 on a 320-400k home
Maybe late 2016 if lucky (Fall or early winter)
5.0 maybe - hopefully even lower (interest rate)
10k taxes maybe lower with star, 6-7k sweet spot (good luck right?)
60-100k in savings
Her credit 800+
My credit (over 750)
Curious on how much house we can afford comfortably - if jobs didn't change and we made 65k combined (don't believe this will be the case!!!!) and 1200 extra month coming in
Probably looking at 1700-2000 month mortgage, taxes and insurance
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| Posted 1/26/15 6:28 PM |
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olive98
LIF Adolescent
Member since 11/12 791 total posts
Name:
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Western Suffolk 300-450k under 10k taxes homes/areas?
Sorry but how is it possible with you making 65k combined to have 350k saved between savings and down payment in 2 years. Just curious.
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| Posted 1/26/15 6:44 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Western Suffolk 300-450k under 10k taxes homes/areas?
Posted by SJG23
So we are looking at.
200-250k down in early 2017 on a 320-400k home
Maybe late 2016 if lucky (Fall or early winter)
5.0 maybe - hopefully even lower (interest rate)
10k taxes maybe lower with star, 6-7k sweet spot (good luck right?)
60-100k in savings
Her credit 800+
My credit (over 750)
Curious on how much house we can afford comfortably - if jobs didn't change and we made 65k combined (don't believe this will be the case!!!!) and 1200 extra month coming in
Probably looking at 1700-2000 month mortgage, taxes and insurance
Only YOU know what you can afford comfortably. A bunch of strangers on the internet can't tell you
Make a budget (include home repairs, daycare if you plan on having kids, retirement savings, utilities, eating out, vacations, medical expenses, general savings, etc). See what you have left over each month. Minus an additional buffer. That is what you can afford each month.
No one knows what prices will be or where interest rates will be in two months, let alone two years,
Message edited 1/26/2015 6:50:56 PM.
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| Posted 1/26/15 6:50 PM |
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MrsBumbleb
it's me
Member since 5/05 11234 total posts
Name:
Christine
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Re: Western Suffolk 300-450k under 10k taxes homes/areas?
We live in Melville and there are houses definitely in your price/tax range.
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| Posted 1/26/15 6:51 PM |
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SJG23
LIF Infant
Member since 1/15 87 total posts
Name:
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Re: Western Suffolk 300-450k under 10k taxes homes/areas?
Posted by olive98
Sorry but how is it possible with you making 65k combined to have 350k saved between savings and down payment in 2 years. Just curious.
Gift payments from parents and living with patents until we buy a home.
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| Posted 1/26/15 6:58 PM |
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Re: Western Suffolk 300-450k under 10k taxes homes/areas?
Are you the poster formerly known as "LIQUEST" from the City Data LI board? Your finances sound eerily similar to that guy. Your budget sounds awfully ambitious and there are too many "we hope to be making X, we hope to have X more for a dp in 2016, etc"...you should see a mortgage broker to get a definite pre approval range for you can realistically afford, and narrow down your target area to maybe 2-4 towns. You will find many decent homes in the $400K range and up in Western Suffolk.
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| Posted 1/26/15 7:25 PM |
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SJG23
LIF Infant
Member since 1/15 87 total posts
Name:
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Re: Western Suffolk 300-450k under 10k taxes homes/areas?
Posted by EclecticEsq10810
Are you the poster formerly known as "LIQUEST" from the City Data LI board? Your finances sound eerily similar to that guy. Your budget sounds awfully ambitious and there are too many "we hope to be making X, we hope to have X more for a dp in 2016, etc"...you should see a mortgage broker to get a definite pre approval range for you can realistically afford, and narrow down your target area to maybe 2-4 towns. You will find many decent homes in the $400K range and up in Western Suffolk.
Yes I am and I'll tell you something. People on here are so much nicer. Great info and patient posters. I am happy to have found this board. Thanks for your added input as well.
We have narrowed down to: East Northport, Kings Park, Melville.
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| Posted 1/26/15 8:03 PM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Re: Western Suffolk 300-450k under 10k taxes homes/areas?
Posted by SJG23
Posted by EclecticEsq10810
Are you the poster formerly known as "LIQUEST" from the City Data LI board? Your finances sound eerily similar to that guy. Your budget sounds awfully ambitious and there are too many "we hope to be making X, we hope to have X more for a dp in 2016, etc"...you should see a mortgage broker to get a definite pre approval range for you can realistically afford, and narrow down your target area to maybe 2-4 towns. You will find many decent homes in the $400K range and up in Western Suffolk.
Yes I am and I'll tell you something. People on here are so much nicer. Great info and patient posters. I am happy to have found this board. Thanks for your added input as well.
We have narrowed down to: East Northport, Kings Park, Melville.
And your finance has asked the same questions as you asked on there and here. How many people do you need to answer your questions the exact same way.
You are making my head hurt!!!!!!
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| Posted 1/26/15 9:24 PM |
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jellybean78
:)
Member since 8/06 13103 total posts
Name:
Mommy
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Western Suffolk 300-450k under 10k taxes homes/areas?
I would absolutely speak to a mortgage broker now and just see where you stand with your income and down payment. The 850 score seems to be really high (you seem to be on the younger side) and usually people don't reach the 800 scores until they have a long well rounded established credit history. Keep in mind that the fico scores you get from most websites are "fake" and really just estimates. The only true fico scores that you can get are on myfico.com and they will cost you. Plus the mortgage fico scores are usually lower than your myfico score. My mortgage fico was about 20 point lower than the score I pulled from myfico so just FYI.
We make more than double what you make and we are looking to stay under $400K..preferably around $350K to keep our payment at about 30-35% of our NET salary. This is because you don't want to be house poor and you also want to live..kids are also $$ so make sure you keep your expenses manageable. Taxes on LI are crazy..I have a family member that lives in a not as desirable school district in a moderate house and pays $10K in taxes. Lucky for him he got a good deal on his house and his mortgage is low..
I say with a $200K downpayment and finding something under $350K with taxes in the $7,000 dollar range you should be fine. Of course in the nicer areas that means lots of leg work and preparing yourself for a fixer upper.
Also I would pay off all your debt including car loans before than to help your DTI. With the housing prices in LI and your salary you are already at a disadvantage. An underwriter would definitely feel more comfortable approving a loan with you having minimal to no debt.
I also have to say that initially during our house hunting we avoided Nassau because we simply thought it was out of our price range but now that we have been looking for a while there are quite a few good deals that come up. I think you have to be fast and ready (i.e. mortgage pre-approval, able to move fast) in order to snag those diamonds in the rough. Don't get discouraged though and good luck!
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| Posted 1/26/15 9:26 PM |
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SJG23
LIF Infant
Member since 1/15 87 total posts
Name:
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Re: Western Suffolk 300-450k under 10k taxes homes/areas?
Posted by jellybean78
I would absolutely speak to a mortgage broker now and just see where you stand with your income and down payment. The 850 score seems to be really high (you seem to be on the younger side) and usually people don't reach the 800 scores until they have a long well rounded established credit history. Keep in mind that the fico scores you get from most websites are "fake" and really just estimates. The only true fico scores that you can get are on myfico.com and they will cost you. Plus the mortgage fico scores are usually lower than your myfico score. My mortgage fico was about 20 point lower than the score I pulled from myfico so just FYI.
We make more than double what you make and we are looking to stay under $400K..preferably around $350K to keep our payment at about 30-35% of our NET salary. This is because you don't want to be house poor and you also want to live..kids are also $$ so make sure you keep your expenses manageable. Taxes on LI are crazy..I have a family member that lives in a not as desirable school district in a moderate house and pays $10K in taxes. Lucky for him he got a good deal on his house and his mortgage is low..
I say with a $200K downpayment and finding something under $350K with taxes in the $7,000 dollar range you should be fine. Of course in the nicer areas that means lots of leg work and preparing yourself for a fixer upper.
Also I would pay off all your debt including car loans before than to help your DTI. With the housing prices in LI and your salary you are already at a disadvantage. An underwriter would definitely feel more comfortable approving a loan with you having minimal to no debt.
I also have to say that initially during our house hunting we avoided Nassau because we simply thought it was out of our price range but now that we have been looking for a while there are quite a few good deals that come up. I think you have to be fast and ready (i.e. mortgage pre-approval, able to move fast) in order to snag those diamonds in the rough. Don't get discouraged though and good luck!
My fiancée parents have been building her credit ever since she was 19. She is 26 now and that's why her credit score is 850. My middle score is 698 and I expect it by 2017 to be in the mid to upper 700s range. I always pay off my bills every time on time. :)
Our car debt total together is 400 dollars.
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| Posted 1/26/15 10:16 PM |
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Re: Western Suffolk 300-450k under 10k taxes homes/areas?
Posted by alli3131
Posted by SJG23
Posted by EclecticEsq10810
Are you the poster formerly known as "LIQUEST" from the City Data LI board? Your finances sound eerily similar to that guy. Your budget sounds awfully ambitious and there are too many "we hope to be making X, we hope to have X more for a dp in 2016, etc"...you should see a mortgage broker to get a definite pre approval range for you can realistically afford, and narrow down your target area to maybe 2-4 towns. You will find many decent homes in the $400K range and up in Western Suffolk.
Yes I am and I'll tell you something. People on here are so much nicer. Great info and patient posters. I am happy to have found this board. Thanks for your added input as well.
We have narrowed down to: East Northport, Kings Park, Melville.
And your finance has asked the same questions as you asked on there and here. How many people do you need to answer your questions the exact same way.
You are making my head hurt!!!!!!
He got banned from City Data precisely because he pisssed off many posters with his incessant questions that were repeated over and over, (even if he didnt like the answers) and now he is on here driving us insane w similar questions which have answers he already has received on multiple threads he created over at C-D and now on LIF (47 posts alone just in a few days).  
Message edited 1/26/2015 10:23:10 PM.
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| Posted 1/26/15 10:20 PM |
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SJG23
LIF Infant
Member since 1/15 87 total posts
Name:
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Re: Western Suffolk 300-450k under 10k taxes homes/areas?
Posted by jellybean78
I would absolutely speak to a mortgage broker now and just see where you stand with your income and down payment. The 850 score seems to be really high (you seem to be on the younger side) and usually people don't reach the 800 scores until they have a long well rounded established credit history. Keep in mind that the fico scores you get from most websites are "fake" and really just estimates. The only true fico scores that you can get are on myfico.com and they will cost you. Plus the mortgage fico scores are usually lower than your myfico score. My mortgage fico was about 20 point lower than the score I pulled from myfico so just FYI.
We make more than double what you make and we are looking to stay under $400K..preferably around $350K to keep our payment at about 30-35% of our NET salary. This is because you don't want to be house poor and you also want to live..kids are also $$ so make sure you keep your expenses manageable. Taxes on LI are crazy..I have a family member that lives in a not as desirable school district in a moderate house and pays $10K in taxes. Lucky for him he got a good deal on his house and his mortgage is low..
I say with a $200K downpayment and finding something under $350K with taxes in the $7,000 dollar range you should be fine. Of course in the nicer areas that means lots of leg work and preparing yourself for a fixer upper.
Also I would pay off all your debt including car loans before than to help your DTI. With the housing prices in LI and your salary you are already at a disadvantage. An underwriter would definitely feel more comfortable approving a loan with you having minimal to no debt.
I also have to say that initially during our house hunting we avoided Nassau because we simply thought it was out of our price range but now that we have been looking for a while there are quite a few good deals that come up. I think you have to be fast and ready (i.e. mortgage pre-approval, able to move fast) in order to snag those diamonds in the rough. Don't get discouraged though and good luck!
If you don't mind me asking what is your percentage of down payment that you would put down on a home in the range that you're looking for?
We are okay with a fixer-upper as long as it's things like floor and painting.
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| Posted 1/26/15 10:27 PM |
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SJG23
LIF Infant
Member since 1/15 87 total posts
Name:
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Re: Western Suffolk 300-450k under 10k taxes homes/areas?
Is this high school? Seriously. Grow up and contribute.
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| Posted 1/26/15 10:28 PM |
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2BadSoSad
LIF Adult
Member since 8/12 6791 total posts
Name:
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Re: Western Suffolk 300-450k under 10k taxes homes/areas?
Posted by SJG23
Is this high school? Seriously. Grow up and contribute.
well, to be fair, shes not really wrong. Its kind of incessant and redundant.
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| Posted 1/27/15 12:11 AM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Western Suffolk 300-450k under 10k taxes homes/areas?
Posted by 2BadSoSad
Posted by SJG23
Is this high school? Seriously. Grow up and contribute.
well, to be fair, shes not really wrong. Its kind of incessant and redundant.
I lurk on city data- totally the same poster. Please read my advice on this board- he won't respond bc it is sound advice!
He will crowd the board with the same question over and over and not take anyone's advice. It's worse than the spam!
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| Posted 1/27/15 6:48 AM |
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GoldenRod
10 years on LIF!
Member since 11/06 26792 total posts
Name:
Shawn
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Re: Western Suffolk 300-450k under 10k taxes homes/areas?
1. You're new to this site. Stop hounding everyone to answer all of your questions. It's rude to just jump into somewhere and start demanding answers.
2. An 850 score is nearly impossible, especially after only 7 years, with no mortgages.
3. If you're not buying until 2017, why ask about specific streets? Even if you find the "perfect location", what good is it if nobody is selling. You need to look at a much wider location.
4. Take the advice you've been given. Talk to a real estate agent and a mortgage broker. They are the only ones that can give you accurate info about what you should be able to afford, and roughly what neighborhoods to look at.
5. Don't put too much stock in the crime statistics sites. Especially for 2 years away.
You will get much more information, and useful information if you relax, stop pestering everyone, and take the advice given.
Have you bothered to actually read through this site? There's a lot of info already on here.
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| Posted 1/27/15 7:30 AM |
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Chai77
Brighter days ahead
Member since 4/07 7364 total posts
Name:
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Re: Western Suffolk 300-450k under 10k taxes homes/areas?
Posted by GoldenRod
1. You're new to this site. Stop hounding everyone to answer all of your questions. It's rude to just jump into somewhere and start demanding answers.
2. An 850 score is nearly impossible, especially after only 7 years, with no mortgages.
3. If you're not buying until 2017, why ask about specific streets? Even if you find the "perfect location", what good is it if nobody is selling. You need to look at a much wider location.
4. Take the advice you've been given. Talk to a real estate agent and a mortgage broker. They are the only ones that can give you accurate info about what you should be able to afford, and roughly what neighborhoods to look at.
5. Don't put too much stock in the crime statistics sites. Especially for 2 years away.
You will get much more information, and useful information if you relax, stop pestering everyone, and take the advice given.
Have you bothered to actually read through this site? There's a lot of info already on here.
GREAT advice. And now since we are all so annoyed, let's all just stop reading and responding, and maybe these threads will all just go away!
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| Posted 1/27/15 8:00 AM |
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Mrs&MrsK
i need sleep ;-)
Member since 2/14 2008 total posts
Name:
L
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Re: Western Suffolk 300-450k under 10k taxes homes/areas?
Posted by SJG23
Is this high school? Seriously. Grow up and contribute.
"please contribute at least 10x."
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| Posted 1/27/15 10:36 AM |
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Mrs&MrsK
i need sleep ;-)
Member since 2/14 2008 total posts
Name:
L
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Re: Western Suffolk 300-450k under 10k taxes homes/areas?
Posted by alli3131
Posted by SJG23
Posted by EclecticEsq10810
Are you the poster formerly known as "LIQUEST" from the City Data LI board? Your finances sound eerily similar to that guy. Your budget sounds awfully ambitious and there are too many "we hope to be making X, we hope to have X more for a dp in 2016, etc"...you should see a mortgage broker to get a definite pre approval range for you can realistically afford, and narrow down your target area to maybe 2-4 towns. You will find many decent homes in the $400K range and up in Western Suffolk.
Yes I am and I'll tell you something. People on here are so much nicer. Great info and patient posters. I am happy to have found this board. Thanks for your added input as well.
We have narrowed down to: East Northport, Kings Park, Melville.
And your finance has asked the same questions as you asked on there and here. How many people do you need to answer your questions the exact same way.
You are making my head hurt!!!!!!
OMG me too.
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| Posted 1/27/15 10:36 AM |
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