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Old 06-07-2012, 09:07 PM
 
Location: Queens, NY
53 posts, read 192,146 times
Reputation: 28

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Hello there --

Both the wife and I are looking to purchase our first home. We have a 2.5 yr old and a 1.5 yr old and currently renting in Fresh Meadows. We're looking on purchasing something in LI where our kids can grow up, have a decent sized yard to play, and have an adequate education. She's a stay at home mom while I work in Lake Success with a salary of around 85K. Rent is roughly 1600 now and based on my calculations, I can probably shoot for a 300Kish house. I can probably scrape up 10% for the DP. My FICO is near 800 and a few years ago, was prequaled for 200K (with lower salary and FICO) since we were looking in to coops.

What towns do you guys recommend? I did some initial research on this forum and it led me to RVC and Levittown since they are somewhat affordable and have decent schooling. Can anyone add some others that I should consider? We just signed a 1 year lease and want to get out by May 2013. Hope it's not too early to shop around...

Thanks!
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Old 06-07-2012, 09:13 PM
 
Location: Long Island, NY
1,776 posts, read 3,554,911 times
Reputation: 1892
If I were you, I would keep renting until you save at least 20% for the downpayment, possibly by 2014. I dont see house prices going up anytime soon, not through 2013 anyway. RVC taxes are pretty high. There are VERY few houses (decent ones, that is) priced under $400K. RVC is more around $400-650K range. With just a salary of $85K, I don't know how you would qualify for a $400K mortgage...does your wife plan to work FT when the kids start kindergarten?

Levittown is much more affordable, but then you have to deal with houses that have no basements (less storage space) and driving a longer distance to the LIRR stations. It does not hurt to look now, just search MLSLI.Com to get an idea of what house styles you like and general neighborhoods...but brokers usually won't work with you until you are really serious and have a pre-approval for a mortgage already in hand.
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Old 06-07-2012, 09:17 PM
 
428 posts, read 909,766 times
Reputation: 160
^ try to save 20%- listen to the lawyer!

Also, take a look at Oceanside and East Rockaway, Long Beach. I love RVC as well
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Old 06-07-2012, 09:23 PM
 
Location: Queens, NY
53 posts, read 192,146 times
Reputation: 28
Yes, always listen to the lawyer

Thanks, LegalDiva. We really thought about saving 20% and it's doable but calculated that by paying only $400-$500 more than what we're renting now, we can own our own place, hence the dilemma. You're right that there is no way I can qualify for a 400K mortgage. She is definitely looking to go back to work when the kids are older. Thanks again for your post.
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Old 06-08-2012, 05:41 AM
 
91 posts, read 189,474 times
Reputation: 37
Just a heads up that most of the affordable homes in Rockville Centre are actually in Lakeview and do not go to RVC schools.
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Old 06-08-2012, 07:03 AM
bg7
 
7,696 posts, read 9,674,037 times
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On top of your 10% you'll need to have enough cash for closing costs too, which are a chunk in NYS. You'll probably want to be saving closer to 15% even if you put down 10% what with closing costs and then having to furnish the place.
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Old 06-08-2012, 07:21 AM
 
Location: under the beautiful Carolina blue
21,594 posts, read 32,837,987 times
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Agree, wait and save up the 20% - you won't regret it. Your kids are still young and aren't as needy as you think. They won't remember that they lived in an apartment till they were 5 (you may not ever forget it, but that's a different story!)

You aren't getting into RVC schools for $300K - forget it. Levittown would be a good choice...but save the money - even if you do opt to put down less than the 20%, you can't move into a house with no money left anyway.

You might get a little house in Garden City Park or New Hyde Park or Mineola if you really look carefully which would make for a nice commute for you.
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Old 06-08-2012, 09:53 AM
 
428 posts, read 909,766 times
Reputation: 160
Quote:
Originally Posted by twingles View Post
Agree, wait and save up the 20% - you won't regret it. Your kids are still young and aren't as needy as you think. They won't remember that they lived in an apartment till they were 5 (you may not ever forget it, but that's a different story!)

You aren't getting into RVC schools for $300K - forget it. Levittown would be a good choice...but save the money - even if you do opt to put down less than the 20%, you can't move into a house with no money left anyway.

You might get a little house in Garden City Park or New Hyde Park or Mineola if you really look carefully which would make for a nice commute for you.
I love this post. Thank you for making me feel a bit better about the idea. It's not even my post or our life yet! I always felt rushed and anxious that we had to have everything settled right this second so that when our kid is born, he/she is in the house that they will grow up in. But you're right, that's not the case.

I'm worrying about this now and we don't even plan to have a kid for another 3 years. LoL! I'm also very glad to know "You might get a little house in Garden City Park or New Hyde Park or Mineola if you really look carefully..." Hope this is us one day
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Old 06-08-2012, 12:35 PM
 
Location: Long Island
9,483 posts, read 14,532,657 times
Reputation: 5860
^ when your kids are about 3 and extremely active, the more room you have for them the better... so that's one reason (storage & space for toys is another big one). No it's not going to break their hearts not knowing what they don't have. You may start to get a bit cramped though.

To the OP, any chance of getting your wife to work part time while family watches the kids? A single income is really rough around here.
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Old 06-08-2012, 12:42 PM
 
Location: South shore o Long Island
75 posts, read 212,919 times
Reputation: 27
We looked in RVC, but yeah, $300K wouldn't get you anything you'd want there, our budget was a tad higher and it didn't work -- taxes were really high. I do think PP's who have suggested saving more are correct -- you get banged out with PMI if you put less than 20% down. But to answer your original quesiton, I would suggest towns like Oceanside, East Rockaway, Lynbrook -- I'm seeing some nice house prices around here now and the schools are good, too. Good luck! It can be a long road...we just closed on our first house -- my advice, SAVE SAVE SAVE! We've already encountered unforeseen costs.
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