Moving to Madison from Huntsville (Weaver, Grant: apartments, rent, condo)

[marumarku]

Hi, I currently live in Huntsville with my husband and my in-laws. I do not have permit to work yet, so I cannot get a job. My husband makes approx. $35000 after taxes. So we are looking a house in the 80-110k price range. We wanted to stay in the 35803 but all the houses were $140k-$200k. So we decided to go to Madison instead because it is nice and there are many things nearby the 72 road and the 565. We currently do not have kids, but we want to in like 5 years or so (we are in our mids 20s), so we like the madison school system.

What do we want in a house?

-to be move in ready
-to have a large backyard at least .30 acres
-to be in a "safe" place

(Really difficult to find a house with that price and all those requirement).

But we found one house near Rickwood Ln, by the Mill Creek Dog Park. So what I really want to know if that is a "safe" area? or how is the area like?

I know crime is everywhere, but I would like to hear from someone that lives in Madison or near the area. We don't know anything about Madison, and google just show us random stuff and it is not very accurate

So please, please help us out.

Feel free to send me a PM

*Forgive my English please, I am a native Spanish speaker*

bye

[RocketDawg]

I had to look the street up to see where it is, and I'm not very familiar with the area. But most any area in Madison is considered "safe", and based on what I recall of the area that Gracie Lane is in, having only driven nearby, it would be too.

Your English is fine ... much better than my Spanish.

[marumarku]

Originally Posted by RocketDawg

I had to look the street up to see where it is, and I'm not very familiar with the area. But most any area in Madison is considered "safe", and based on what I recall of the area that Gracie Lane is in, having only driven nearby, it would be too.

Your English is fine ... much better than my Spanish.

Hi thanks for your response! I made a mistake on the name of the road. The road is called Rickwood Ln, but I guess Gracie lane is close enough

[TN2HSV]

I live in that general area, off Balch & Browns Ferry. Yes, it's safe. And you're in a good school zone there.

[TurkeyRuben]

I live in Madison. That area has a good reputation. I've also used the walking trail next to the dog park at all hours of the day and evening and never felt unsafe.

In general, the questionable parts of Madison living are the apartments on Wall-Triana between West Madison Elementary school and Gillespie road, and the condo and apartment areas on Shelton road between the railroad tracks and Westscott drive. Even then, these areas probably have property crime lower than the national average, but higher for the Madison area.

[TN2HSV]

Originally Posted by TurkeyRuben

I live in Madison. That area has a good reputation. I've also used the walking trail next to the dog park at all hours of the day and evening and never felt unsafe.

In general, the questionable parts of Madison living are the apartments on Wall-Triana between West Madison Elementary school and Gillespie road, and the condo and apartment areas on Shelton road between the railroad tracks and Westscott drive. Even then, these areas probably have property crime lower than the national average, but higher for the Madison area.

Ditto. I was going to say the same thing, but didn't want to get jumped on for saying anything negative about "certain" parts of Madison.

[weaverra]

Originally Posted by marumarku

...My husband makes approx. $35000 after taxes. So we are looking a house in the 80-110k price range. ...but we want to in like 5 years or so (we are in our mids 20s), so we like the madison school system.

What do we want in a house?

-to be move in ready
-to have a large backyard at least .30 acres
-to be in a "safe" place

(Really difficult to find a house with that price and all those requirement).

But we found one house near Rickwood Ln, by the Mill Creek Dog Park. So what I really want to know if that is a "safe" area? or how is the area like?

I hate to be the bearer of bad news, but you can't afford a house in that range especially with those requirements and salary. Assuming you have zero debts such as credit cards and car payments you might have $400 a week left over after the mortgage and bills to eat on and gas for work. On top of that you will still need several thousand dollars even if you do a 100% USDA loan. Yes, you can roll in the closing cost into the loan, but only so much past the value of the loan. If the closing cost plus the original loan value push the total loan amount over that value you will need to pony up the extra cash at closing or the deal falls through and you lose any time and money put into the process. FHA will require 3.5% down payment. You can only do USDA loans in certain areas such as the county. Renting is probably going to be your best option right now. You have an advantage that people with kids don't have. You can rent a studio apartment in someones basement or garage and save some money for a house. Anyway that my opinion on the matter.

[weaverra]

Originally Posted by weaverra

I hate to be the bearer of bad news, but you can't afford a house in that range especially with those requirements and salary. Assuming you have zero debts such as credit cards and car payments you might have $400 a week left over after the mortgage and bills to eat on and gas for work. On top of that you will still need several thousand dollars even if you do a 100% USDA loan. Yes, you can roll in the closing cost into the loan, but only so much past the value of the loan. If the closing cost plus the original loan value push the total loan amount over that value you will need to pony up the extra cash at closing or the deal falls through and you lose any time and money put into the process. FHA will require 3.5% down payment. You can only do USDA loans in certain areas such as the county. Renting is probably going to be your best option right now. You have an advantage that people with kids don't have. You can rent a studio apartment in someones basement or garage and save some money for a house. Anyway that my opinion on the matter.

Another thought to think about. I wouldn't worry about school zones for kids you don't have yet. Chances are in 5 years and a kid or two down the road you will probably be looking to upgrade in house anyway. You can still buy in a good school zone for resale purposes, but trying to buy for what you don't have right now is a bad idea. It's the same reason many people don't buy their dream retirement home when they buy their first home. Most can't afford that dream home right then anyway. You buy or rent what you need now.

[LCTMadison]

That area is fine marumarka. Its a small pocket of older, smaller homes in an area that is dominated by larger, newer, more expensive homes.

I would consult with a local lender before I started looking to see what your loan options are so you are prepared. A good lender can put you on the right track. Contrary to popular belief, there is not one of those on this board but if you would like a recommendation I would be happy to DM you a couple of names.

[FayettevilletoHuntsville]

Originally Posted by weaverra

I hate to be the bearer of bad news, but you can't afford a house in that range especially with those requirements and salary. Assuming you have zero debts such as credit cards and car payments you might have $400 a week left over after the mortgage and bills to eat on and gas for work. On top of that you will still need several thousand dollars even if you do a 100% USDA loan. Yes, you can roll in the closing cost into the loan, but only so much past the value of the loan. If the closing cost plus the original loan value push the total loan amount over that value you will need to pony up the extra cash at closing or the deal falls through and you lose any time and money put into the process. FHA will require 3.5% down payment. You can only do USDA loans in certain areas such as the county. Renting is probably going to be your best option right now. You have an advantage that people with kids don't have. You can rent a studio apartment in someones basement or garage and save some money for a house. Anyway that my opinion on the matter.

Weaverra, Are you a mortgage broker?

I own my home and have been told in the past that if someone has good credit and qualifies for a home loan that a good rule of thumb is to finance no more than 3 times their annual income.

Marumarku said their annual income was $35,000 after taxes. Assuming they qualify for a home loan then 3 times their annual income would be a home price of $105,000 which is right in the price range she mentioned of $80,000-$110,000.

What are you assuming the monthly payments would be in the price range she mentioned? You can hardly rent a decent house (especially in Madison) for what the monthly payments would be in that price range. Granted, owning a home does require occasional maintenance costs whereas renting does not.