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Old 06-10-2008, 06:09 PM
 
Location: Placer County, Ca
111 posts, read 270,730 times
Reputation: 42
Flipsyde,
You've been doing your research, from what you have said, your gut is telling you to avoid Anatolia, listen to it. Sounds like you will not really be happy there, no matter how bargin priced the properties are.

Folsom always seems popular, if you are staying for several years you should build equity, I am not sure about the comment that houses below $450K in Folsom don't rise as quickly (maybe it was someone trying to sell in Anatolia?)

If you haven't already get qualified for a loan so you aren't looking at houses you can't buy. Sounds like you have a good down, but may be over reaching your price point, depending on what debt you currently have (school loans, cars...).

I prefer established neighborhoods over brand spankin new ones, because you can see how the neighborhood is developing and how the houses are holding up. Just my personal preference. Consider also in your budget if there are HOA fees, can be steep in some areas.
Best of luck with your first house.
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Old 06-10-2008, 07:14 PM
 
5 posts, read 6,715 times
Reputation: 10
Quote:
Originally Posted by CityGirl72 View Post
Can you afford almost $2K (or more it seems from the houses you are looking at) - for JUST your mortgage? And that's if you get a good deal. Imagine Calif has higher property taxes and the interest rates are going up.
Currently I have been able to save about $2500 a month on average (including months where I have higher expenses), and that's AFTER paying a rent of $665 a month. So if I plan $665 a month for all other non-mortgage house expenses, then I have $2500 a month to put into mortgage. If I don't put as much into my 401k, then I'd have more to work with. Is that still too small of an amount to work with?

Quote:
Originally Posted by Guevera View Post
Then when you lose the house
Since you said when I lose the house, is my question really that absurd? I do appreciate the responses either way, but I'd just like to know since you sound completely sure of it.

Quote:
Originally Posted by ColfaxTeri View Post
If you haven't already get qualified for a loan so you aren't looking at houses you can't buy. Sounds like you have a good down, but may be over reaching your price point, depending on what debt you currently have (school loans, cars...).
I did already get qualified for a loan above $310k, but the reason I'm asking these questions is that maybe the loan gave me more than I could pay back? Also, I don't have any other debt at all. Both of my cars (and previous tuition) were completely paid for in cash.

Thanks again, everyone!
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Old 06-10-2008, 07:39 PM
 
Location: Sacramento
2,395 posts, read 3,831,558 times
Reputation: 1647
Are you familiar with the term Mello-roos?
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Old 06-10-2008, 11:26 PM
GLS
 
1,990 posts, read 3,282,865 times
Reputation: 2298
Quote:
Originally Posted by flipsyde98 View Post
Currently I have been able to save about $2500 a month on average (including months where I have higher expenses), and that's AFTER paying a rent of $665 a month. So if I plan $665 a month for all other non-mortgage house expenses, then I have $2500 a month to put into mortgage. If I don't put as much into my 401k, then I'd have more to work with. Is that still too small of an amount to work with?



Since you said when I lose the house, is my question really that absurd? I do appreciate the responses either way, but I'd just like to know since you sound completely sure of it.



I did already get qualified for a loan above $310k, but the reason I'm asking these questions is that maybe the loan gave me more than I could pay back? Also, I don't have any other debt at all. Both of my cars (and previous tuition) were completely paid for in cash.

Thanks again, everyone!
I think most people are simply suggesting that you buy a little less than near the max you can afford. You are young and if you are on a good career path, your salary will increase beyond 65K and you will grow into the mortgage comfortably. However, prudent contingency planning would include how you plan to pay for the house if you lose your job, have a debilitating accident, etc. One guideline is to have six months of cash reserves to pay all living expenses. If you have this set aside, stretching for a more expensive house may be worth it to you. However, if you have only a few weeks of cash reserves, don't accept the maximum mortgage
payment you think you can afford.

In addition, a more detailed projection of your expenses would be helpful.
You can easily gather this info. First calculate your exact mortgage payment based upon current rates the lender is willing to give you. Call the insurance company to get a specific estimate on houses you are looking at. Look up tax records for houses of your preference in your area. Do the estimates for all utilities. Include a monthly allowance for maintenance & repairs, etc, etc.

The point is, you can do your own analysis and with this data you can narrow the divergence of subjective opinion on this forum. Good luck.
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Old 06-11-2008, 03:32 AM
 
5 posts, read 6,715 times
Reputation: 10
Quote:
Originally Posted by suzie02 View Post
Are you familiar with the term Mello-roos?
Yes, I am.

Quote:
Originally Posted by GLS View Post
The point is, you can do your own analysis and with this data you can narrow the divergence of subjective opinion on this forum. Good luck.
Thanks! I previously had already calculated most of what you've talked about. Again, I don't plan on hitting the maximum for what I was approved on a loan, but it seemed many were saying that I couldn't get even close to the 300k range, so I just wanted to make sure. I understand that there would be extra costs in addition to what you've mentioned if I had a family, but being single for now, I would think that my salary would go up more before I did decide to start a family.

Thanks again.
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Old 06-11-2008, 10:42 PM
 
48 posts, read 156,763 times
Reputation: 18
Nah... I'm anything but sure about you losing the house... just being a smart ass.

It does seem like you're at the top end of your budget, and I personally wouldn't stretch my budget in this unstable market.

I personally am about to close on my own piece of suburban paradise. Before I made an offer I wanted to know that I could afford the house even if a) I get fired tomorrow and b) the housing market drops another 10% the day after.

Can you pull that off on your salary with the kind of price you're talking? If so, more power to ya; if not you may want to back off on your price a bit.
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Old 06-12-2008, 02:52 AM
 
6 posts, read 20,188 times
Reputation: 11
Hm, your situation sounds extremely like a co-worker of mine who works at Intel in Folsom... I wonder if you're that same guy

No one knows how Anatolia will turn out. I lived there for a year but I only rented. I think it generally takes more than 7 years though for a community to completely degrade to the point of fear though. So if you're looking to get out before then, that point might be moot.

I've said this in other threads but traffic and shopping really suck in Anatolia. The "Coming Soon" signs for Raley's and Safeway will be there forever.
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Old 06-12-2008, 07:03 PM
 
14 posts, read 36,152 times
Reputation: 20
Back to your original question,

IMO and experience, Folsom has maintained its value better than most communities, and certainly much better than Anatolia. I vote for Folsom. The Folsom outlet area is good and a very convenient location.
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Old 06-12-2008, 08:06 PM
 
433 posts, read 1,579,055 times
Reputation: 292
Property taxes in California are quite reasonable compared to many other states. Like other posters have said, they average a little more than 1%. They also don't go up as fast after you own the home. The upward adjustment is based on a reasonable inflation factor vs the appraised value of your home. It's a good deal once your in.

States like Texas can hit you around 3% and they go up based on the whims of the taxable market value of your home. Lots of retirees move to states like Texas and then get hammered by the rapidly rising property taxes.

You may pay dearly for a home in California, but at least the property taxes won't be a big reason you are forced to move down the road.
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Old 06-12-2008, 08:12 PM
 
Location: Sacramento
2,395 posts, read 3,831,558 times
Reputation: 1647
In California there are other taxes. They are called Mello-Roos. We just bought a house that has over 2K in Mello-Roos.
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