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How's it going everyone. I used to be a member here a few years ago and I couldn't remember my login so I had to make a new one. Anyway, here's my story:
I'm a cop in my late 20s that rents an apartment and I'm not happy where I'm currently living. I'm married with 2 kids and 2 dogs. I have no debt, have decent savings, high 600s/low 700s credit score and am currently looking for a change. Scoured the island for a comparable 2 bedroom apartment, but I haven't found anything remotely close to what I'm paying. Haven't found anything halfway decent for less than $1600/mo.
My preference of location is mid-island around the Sachem/Pat-Med area but am open to areas a little more west. Definitely want to stay close to the LIE for commute purposes.
As of right now, I'm having trouble getting approved for a mortgage (utilizing my VA mortgage) due to my length of employment. I was previously in college, and while the VA recognizing college as a reasonable gap in employment, 2 mortgage companies I've spoken to have turned me down because my major doesn't coincide with my current job. Doesn't make sense since I needed it to get hired.
I believe my buying power will be roughly $250k. Seems like there are decent homes in this price range for now. Worse case scenario, I'm even flirting with the idea of moving to neighborhoods like Central Islip or Brentwood.
The cliff notes to this is pretty much that I'm in the hurry up and wait portion. I have roughly 6 months before I can feasibly start getting pre-approved so I have plenty of time to research and learn. Any incite on buying a home would be greatly appreciated.
You may want to take this time to push your credit score up over 720 or so. Pay down some debt, whether it's student loans, car loans or credit cards, especially the credit cards and pay cash for a while. You don't say where you work so we can't suggest alternate areas.
I don't have any debt to pay down as I said in the OP. The only thing I have is a credit card that I keep a recurring balance on but the balance is less than a days pay. Raising my score any higher wouldn't really benefit me, as my current credit score qualifies me for the lowest rate available from USAA and Navy federal. As it stands, the only thing that really effects me is time at my current job, unless I land a spot in a division that coincides with my college major.
As for consistent employment, I have that. Lenders want 24 months of continuous employment, or employment with college totaling 24 months. I have the latter, which is why I didn't understand the issue, but that's out of my control. All of this however, is besides the point.
Looking for information regarding the process of purchasing a home. As in appraisals, what to watch out for with real estate agents (not happy with mine, she's very flaky and doesn't listen), how to grieve taxes. Things like that.
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