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I get all that- but the reality is, you can't afford a $289K loan (You're talking about $289K in addition to the $200K you already have, right?)...and 8 or 9K a year in taxers...and $400-$500 a month heating...and electricity....and everything else. Ain't gonna happen. You'd have a hard time with a $300K house, even with the $200K down...but at least that would be more realistic, and you might be able to hack it.
Just think before you jump....that $200K is a once-in-a-lifetime opportunity- don't lose it by getting into heavy debt in a situation that you can not afford. And what happens if one of you should lose your job?
We will try to get as close to $300k as possible. Our loan can be up to around $289k yes but we would like to get between a $300,000 home and a $399,000 home (my reality check from the other threads was when I though we could afford a home at $450,000. Every 50k less saves us a few hundred dollars a month. We are interested in Melville, Commack, Glen Cove and other surrounding areas. I've seen homes over the last year around $359,000 and up to $399,000. Modest homes, around or under $2,100 a month including our car payment loans at $399,000.
We will try to get as close to $300k as possible. Our loan can be up to around $289k yes but we would like to get between a $300,000 home and a $399,000 home (my reality check from the other threads was when I though we could afford a home at $450,000. Every 50k less saves us a few hundred dollars a month. We are interested in Melville, Commack, Glen Cove and other surrounding areas. I've seen homes over the last year around $359,000 and up to $399,000. Modest homes, around or under $2,100 a month including our car payment loans at $399,000.
No problem. I look forward to Locust Valley coming back into the mix. It's done so....twice.
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