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Old 11-27-2011, 09:58 PM
 
Location: Village of Patchogue, NY
1,144 posts, read 2,432,712 times
Reputation: 613

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Don't worry about the SD.

I think LI needs to put a stop on the overblown importance the SD has on your property value. It may be true now, but if the SD takes a swing or turn there is nothing you can do. And you have nothing to show for it since you have no kids in the first place.

Plus, I strongly believe parents have a bigger impact on performance than the schools do. Did your elementary school make you as successful as you are today, or your parents?

you don't have kids, and you won't for a while, so why worry. why live in a dumpy house in a so called Blue Ribbon district when you don't even have kids or even plan on anytime soon? Seems stupid to me. Not saying to live in a mansion in the ghetto, but i'm sure you can figure out what i'm trying to say here.

Buy in a place that has what you're looking for. Obviously school isn't one of them. Don't sweat it.
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Old 11-27-2011, 10:45 PM
 
Location: Long Island
9,038 posts, read 18,355,935 times
Reputation: 4745
Quote:
Originally Posted by jinx18 View Post

I have $30k for a down payment. I would like to keep taxes down only for the fact that it seems to be throwing money away. Money that could go into a mortgage. I would have no problem spending $2k a month on mortgage/insurance/taxes/utilities. Whatever that breakdown works out to for mortgage or taxes. Does that seem sufficient? I honestly may not even be able to afford a house on Long Island which is crazy.

.
If you're only budgeting $2,000/month for your full mortgage payment for a single family house, it would be difficult at best with the amount of money you have saved up, especially in Nassau County.
You say you have $30,000; I'd suggest you leave $10,000 for closing and moving/moving-in costs - leaves you with $20,000 (BTW, currently the lowest downpayment is 3.5% for FHA loans).
Let's say you find an acceptable house for $250,000 - put down $20,000, leaves a mortgage of $230,000. Even with today's low interest rates, your principal and interest will be at least $1,150/month, probably more; that leaves $850 for RE taxes and insurance which just MIGHT be doable, but leaves nothing for PMI or MIP (mortgage insurance you have to pay because you'd be putting down less than 20%). Bottom line, increase your down payment or increase the budget; neither one may work for you at this time.

Regardless, why don't you talk to an experienced Loan Officer and let him/her tell you what you can or can't do.
If you like, I can recommend some to you who won't mind talking to you even knowing that you might not qualify and you'll just "take up their time".

Good luck!

P.S.: Just reread your post. Utilities? Included in the $2,000? Never in a million years!! Sorry to say...
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Old 11-28-2011, 04:03 AM
 
Location: Massapequa Park
3,173 posts, read 5,666,893 times
Reputation: 1349
Quote:
Originally Posted by jinx18 View Post
Hello. I am looking to buy my first home on Long Island and am looking for any input you could give. Here is some background:

I currently live with my parents in Bellmore and have lived here my whole life so I am pretty familiar with the Long Island area. I would like to stay west of Farmingdale as going further east is too out of the way for my job. I would like to keep taxes reasonable. Obviously the cheaper the better but under $8000 is best. Income is ~$85k a year. To save costs I can have my brother as a roommate (hopefully in a separate area like a finished basement) to help with payments.

As far as the home...

Sacrifices I am willing to make:

- School district - I have no children so school district is not important right now.
- Condition: I am willing to buy a "fixer upper". Nothing that requires massive exterior things like roofs, siding, etc but interior things like drywall, paint, carpet, counters, etc... are all good.
- Size: Does not need to be a huge house at all. 2 bedroom 2 bath is big enough.

Preferences:

- I prefer a finished basement to possibly have brother/roomate.

Must Have:

- Good neighborhood. My whole area where I live is good (merrick, bellmore, wantagh, seaford, etc... but I may not be able to afford here.) Somewhere similar would be nice.
- Garage


As far as mortgages I want to do a fixed 30 year. My credit score is great being 750's. Since the housing market has crashed I can't seem to find info on what the banks are looking for anymore. What are appropriate down payments? I have seen people say you need nothing down, 3% down all the way to 20% or higher as a down payment. What is really required?

Given my income and situation what areas should I be looking at? I am assuming my budget is ~$250k? If I left out any information please let me know. Thank you.
Here's a few:
notes- All homes look to be in great shape and are in the hamlet of East Massapequa -Amityville School District.
Area is okay - Not the greatest, but decent and convenient. Reasonable taxes.
5 years ago these would be double the price.
You have to refresh/reload your browser at the MLSLI page when you get to it (will say error)

1. $229,000 E. Massapequa Hi-Ranch MLSLI.com

2. $229k E. Massapequa Colonial MLSLI.com

3. $235k E. Massapequa Split MLSLI.com

Because of Amityville Schools, you get a lot of bang for your buck in this part of E. Massapequa. However, $30k down is really bare-bones. You could do less than 20% down, but you will pay PMI (or) you can roll the PMI into your interest rate (adds about 1/8th to 1/4 point to your rate). Even with only 3% down, you will need $10k+ for closing costs and a good cushion of monthly payments (6 months). In your situation, I'd shoot for $45k to be safe...of course the more the better. A few other areas to consider: Farmingdale (south), Lindenhurst (Village), E. Meadow or Levittown, North Wantagh, Valley Stream (Village & South), Baldwin (harbor).

Last edited by Pequaman; 11-28-2011 at 04:14 AM..
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Old 11-28-2011, 08:01 AM
 
7 posts, read 19,699 times
Reputation: 10
Quote:
Originally Posted by Elke Mariotti View Post
Regardless, why don't you talk to an experienced Loan Officer and let him/her tell you what you can or can't do.
If you like, I can recommend some to you who won't mind talking to you even knowing that you might not qualify and you'll just "take up their time".

Good luck!
It appears I may be a little further from purchase than I thought. I will save up more for a down payment and generally just hold off for now. My income will be increasing in coming years as well which will help. I appreciate the offer but I don't want to waste anyone time. I will contact you when I get a bit closer to get there info. Thanks again.
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Old 11-28-2011, 02:21 PM
 
Location: Massapequa Park
3,173 posts, read 5,666,893 times
Reputation: 1349
Quote:
Originally Posted by jinx18 View Post
It appears I may be a little further from purchase than I thought. I will save up more for a down payment and generally just hold off for now. My income will be increasing in coming years as well which will help. I appreciate the offer but I don't want to waste anyone time. I will contact you when I get a bit closer to get there info. Thanks again.
You have time. Rates will most likely stay low for at least the next year or so (barring any major moves by the FED or in the bond market).
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Old 11-28-2011, 06:28 PM
 
332 posts, read 709,914 times
Reputation: 122
Consider renting.....Nassau is very expensive and your budget of 2K a month may not do that well for you once you include utilities and taxes and mortgage insurance....

You can get some very nice apts for 1200 a month.....and if your brother moves with you, you can split a 2 bedroom for say 1600 which works out to only 800 for each of you.
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