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need advice- I plan on hopefully buying a house this spring/summer- Currently I am thinking of the areas of Lindenhurst, Selden, centereach or deer park. I am looking to buy at $350k. Our annual income is appx $175k/year is this realistic? We are waiting for our co op to sell in whitestone ny so the 20% down will not be a problem- All advice is very appreciated and i am eagerly scouring this forum, I am quite addicted to it and I am soaking in all advice/opinions on the areas that i am looking to buy into. Thanks again
The most you can get for a loan is 3x your income, so $350k is definately do-able for you...and since you hope to have 20% down, the loan amount will be less than if you put nothing down.
I think it is very possible.. and 175 yearly income is appropriate. The area you mentioned are very different. You may not find anything as low as 350 in Nassau county. It is much more possible in suffolk county,in the Centereach/selden area.
It would help if we knew where you have to commute to for work, and if schools are a factor.
The most you can get for a loan is 3x your income, so $350k is definately do-able for you...and since you hope to have 20% down, the loan amount will be less than if you put nothing down.
Good luck. It definitely seems like a good move.
thanks- any suggestions on the areas that i am looking into?
I think it is very possible.. and 175 yearly income is appropriate. The area you mentioned are very different. You may not find anything as low as 350 in Nassau county. It is much more possible in suffolk county,in the Centereach/selden area.
It would help if we knew where you have to commute to for work, and if schools are a factor.
No kids- but I work in whitestone and my husband works in (drumroll please.....) New Jersey. He actually works nights though. I know its crazy- But I really want a house (saw a couple I really like with inground pools in those areas that i mentioned- I am leaning i think towards lindenhurst
I have lived in Suffolk, in Lake Grove which (in my area) shares the schools with centereach and Selden..Middle Country School. There are better, there are worse. I don't know what your criteria in a house is, but the Lake Grove area is nice. Look into Ronkonkoma too. That is Sachem schools. (some say better than Middle Country) Ronkonkoma is large, and parts of it are accessible to the LIE for commuting. The taxes are not too bad in these areas as well. (all LI is high,but....) It is overall a great area, its near a large mall, and 1/2 way to city life and 1/2 way to east end!
thanks- any suggestions on the areas that i am looking into?
Sorry...no clue. I know nothing about Suffolk...100% Nassau girl here. Have you looked into Levittown? It's not the most beautiful area, but it's decent and you can def. get something for $350k.
I made the move from Whitestone to LI this past year myself and didn't spend much more on a house than what you are looking to spend. Between my fiancee and I, we have been able to support the house and mortgage fairly well. Our annual income is similar to yours as well. Seldon, Centerreach and Deer Park (all Suffolk) are also a bit less expensive than where I live in East Meadow (Nassau) depending on what you're shopping for. Do your research on education and taxes in the area as property retains value better when the school system is rated well. Most of all, take your time looking. I almost bought the wrong house because I was in a hurry and luckily got out of that deal and into the one I finally bought.
Additionally, nothing down loans are a thing of the past. I managed a 3% down loand and even those are hard to come by now. Dropping 20% down will certainly make it affordable for you. Good luck and happy house hunting.
I agree. I actually grew up in Levittown. $350. may be tough though. It certainly would be enough house for 2 people. You can commute to anywhere from there. the southern state parkway will get you past queens and into Jersey in about 1 1/2-2 hours. (maybe less if not in a reg. traffic pattern) Great area.
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