Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
You say "we"...what does you wife make? Or was it just your salary that got you the 400k in Bergen County? If that's the case I really need to talk to you about who your realtor was...
I always assumed I would need at least 100k/year just to even see Hackensack or Teaneck (and not the Jewish part either....talking about the area where the rappers live, like Lil Kim and DMX...lol). The rest of Bergen would be pretty much "yeah right" to me.
We is my wife and I, yes but her salary was not included in our calculations so that if we decide she is not going to work at all when we have children, that will not be an issue. Our realtor has nothing to do with our finances(?) We bought in Midland Park and it was among the cheapest house in town. There are a few houses in this range that come up from time to time that are totally fine, but will over time need work or expansions.
I would stress making a budget, figuring in tax advantages, and putting 20% down and seeing where that gets you.
We is my wife and I, yes but her salary was not included in our calculations so that if we decide she is not going to work at all when we have children, that will not be an issue. Our realtor has nothing to do with our finances(?) We bought in Midland Park and it was among the cheapest house in town. .
I think the proper comment should have been "who your mortgage broker is", not your realtor. I'm assuming the 20% got you a no income verification loan, which is the only way you'd qualify for a $320k mortgage on $70k income.
I'm no mortgage broker, but I bet you could find a two family or a single family house with a rental. The rental income can count towards you getting your mortgage. In my experience, it has been calculated at 60% of the rent you would get. So, if you could rent it for $1,000, you can count $600 a month (or 7,200 a year) as income towards the home. Beyond being able to get the mortgage, the rental income will be KEY in being able to pay the mortgage each month. Hopefully the live-in has income as well. I had roommates for several years to help me until I made enough to go it alone...but I still miss that tenant rent.
If you do go this route, try to get an empty 2-family so you can choose the tenants. Also, try to find a side by side or duplex one so you don't have anyone above you. If you can only find one that has one apartment above the other, then you should try to find one that has the upstairs with 2 levels or enough space for you to be happy living there.
If you can't do a down payment, you will likely have to get 2 loans. 1 for about 80% of the value and 1 for about 20% that will serve as the down payment and likely have a much higher interest rate (like 10+%). I have a coworker who did this and he is able to pay down the high interest loan at a faster rate so that it will hopefully be gone in a few years. He has his live-in wife plus her family living there and paying the mortgage. The house is co-owned by both he and his live-in girlfriend (i.e. both of them are on the deed and mortgage)
Well, our combined income is 92k as-is. The loan had plenty of income verification. We have no debt, we had 20% down and paid closing costs in cash. But all that being said I made sure that we could get by on my income alone if something were to happen one way or another. You have to examine your wants and needs carefully.
joe moving........You mentioned places in more central New Jersey. If you are interested in North Jersey. Two towns come to mind. Newton has some nice three level townhouses. They are called Hampton Commons. Also in North Jersey is Hackettstown, where there are a few townhome developments also.
They may have come down a bit to be in your price range. Don't forget moving into a townhome requires HOA dues. Depending on the fee, it could bring your expenses up quite a large sum. Best of Luck to you....
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
