Offered a Job in Falls Church, Need Advice (Tysons Corner, Linton Hall: houses, transfer)

[Ashley Tauzier]

As others have already stated you will need to look out towards Purceville or Lovettsville in Loundon County. Nokesville or maybe Haymarket in Prince William County. Warrenton or futher out in Fauquier County. All of these areas you will be able to get more land options in a more rural setting. You will probably need to find a home under 400,000 in any of these areas. Traffic is horrible in any direction honestly, so you will be maxing out your 1.5 hour commute in any of these locations. Personally I think 95 is the worst for traffic, it seems to have traffic at anytime of day. I personally live in Western Prince William county and there are tons of stay at home moms, great community feel, and good schools.

[usmcmotort]

Thanks all so much....I'm on the road and I'll be reading the rest of the comments tonight. I'll let you know what happens.

[TheWatchmen]

To be an echo:

Why on earth would you move to a higher COL area without a more significant salary increase? Unless you are unhappy in Memphis, it doesn't sound like you are - why???

Closer to your job offer area, there are acre lots, they are just VERY far and few between, and the affordable ones have a dump of a house on them that needs to be remodeled.

7105 BYRNELEY LN, ANNANDALE, VA | MLS FX8564691 | Listing Information | MRIShomes.com

[usmcmotort]

Originally Posted by TheWatchmen

To be an echo:

Why on earth would you move to a higher COL area without a more significant salary increase? Unless you are unhappy in Memphis, it doesn't sound like you are - why???

Closer to your job offer area, there are acre lots, they are just VERY far and few between, and the affordable ones have a dump of a house on them that needs to be remodeled.

7105 BYRNELEY LN, ANNANDALE, VA | MLS FX8564691 | Listing Information | MRIShomes.com

We're not unhappy here; but the move would allow us to be closer to family and also for me it would still be a promotion. I like the idea of starting with a new agency in a field that i enjoy.

But honestly, traffic and pay may be a factor in declining the offer. i'll be talking to HR tomorrow; but if CWS/AWS/Telework is a possibility it may be something to consider.

[Ashley Tauzier]

I totally understand, we use to live in a smaller town in Georgia and had an acre of land. My husband's job transferred us to Northern VA a few years back and we have never been happier. The cost of living adjustment is really big at first, but it is quite a nice place to live.

As for living near your job, the homes with land in a lower budget are probably going to be not so great!

But here is an example of what you can get in Warrenton for under $400K
7398 AUBURN MILL RD, WARRENTON, VA | MLS FQ8585192 | Listing Information | MRIShomes.com

Example of what you can get in Nokesville for under $400K
14497 SENTRY RD, NOKESVILLE, VA | MLS PW8625708 | Listing Information | MRIShomes.com

[pragmatic12]

Originally Posted by Carlingtonian

On a $100K salary, the most expensive house you'll be able to afford will be about $300K....

Interested in these calculations -How do you arrive at this number?
Oddly, when I put this number in on zillow and realtor "How much house can I afford calculator", they show about 340k vs 425k respectively, a difference of 85k! I wonder why there's so much difference.

[Carlingtonian]

Originally Posted by pragmatic12

Interested in these calculations -How do you arrive at this number?
Oddly, when I put this number in on zillow and realtor "How much house can I afford calculator", they show about 340k vs 425k respectively, a difference of 85k! I wonder why there's so much difference.

I based it on what we paid for our house vs our household income (percentage) and did a little algebra. Obviously, not everyone will have the same expenses/retirement investments--but it's a general guideline. The question of housing cost vs. income has come up on this forum a lot over the years, and the one takeaway is that people in this area put a lot more of their income toward their housing than do folks elsewhere.

[ACWhite]

Originally Posted by pragmatic12

Interested in these calculations -How do you arrive at this number?
Oddly, when I put this number in on zillow and realtor "How much house can I afford calculator", they show about 340k vs 425k respectively, a difference of 85k! I wonder why there's so much difference.

An old rule of thumb is that one should not finance a house beyond 3 times one's gross income. But this rule was popular when mortgage interest rates were around 9 %. That rate produced much higher payments than do today's rates near 4%. So with some adjustment for this change one might be able to afford something closer to 4 times gross income. But this depends on your other expenses, such as a dependent wife and 3 kids, student loan payments, etc.

[Old Guard]

I think 300K is low also. I am going to assume the OP has the benefit of getting a VA loan as well which is NICE.

OP, drop your lot size requirements down to half an acre and look in Annandale. There are some nice wooded lots in Annandale that seem pretty secluded. Just stay off the high traffic streets. You may be able to get 1 acre if you are patient but the commute would be VERY close to your job.

[Ashley Tauzier]

When figuring out what a person qualifies mortgage wise they do not only look at income. The lender will take income then calculate debt and subtract that out. Then they take the gross income and multiply it by a debt to income ratio of about 45%(depending on how conservative). That will give you his much payment a person can afford then you have to back out Taxes, insurance, HOA fees, and PMI if applicable to then get the reduce payment a person qualifies for. Then they take that payment and multiply it by interest rate factors and down payment to come up with actual amount qualify for. Hope this helps! I'm obviously a Realtor, not a mortgage lender, but this is a basic calculation for anyone who cares!