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Old 01-15-2009, 04:44 AM
 
Location: Suburbia
8,826 posts, read 15,363,212 times
Reputation: 4533

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Quote:
Originally Posted by ateo View Post
I would gladly give up the "vibrant" D.C. area lifestyle for a similar income out in Nebraska or just about anywhere else in the Mid-West.

You can keep your yuppies and 20 dollar cheese burgers and I'll live on 5 acres with some dogs.
Moving like might be nice, but how many people can actually move and keep the same income? If my wife and I moved, in many places (probably most places) our income would be cut probably in half. We'd probably be in the same situation then as far as affordability goes.
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Old 01-24-2009, 11:01 PM
 
72 posts, read 185,553 times
Reputation: 29
I guess we all need to get jobs that pay $200K/yr plut to stay in Fairfax County.
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Old 01-25-2009, 06:18 PM
 
Location: Burke, VA
269 posts, read 1,003,930 times
Reputation: 105
Quote:
Originally Posted by kevinm View Post
Go to a mortage broker. A six-figure income should qualify you for at least $700K with an interest only loan.
Are you normal?! The jumbo-market have almost totally dried up, and unless you have 20% down there's no way you can even get PMI. My husband & I have absolutely stellar credit histories, no debt whatsoever, but we ended up having to use a FHA loan for financing because getting PMI is so so difficult without having a hefty down-payment. Now, we could have waited 2 more years to save more, that was the original plan, but seeing the interest rates get so low and being that this is an opportune time to jump into the market, so decided to make a go for it NOW!

It's surprising that anyone would recommend to someone to get an interest-only loan, that is just NOT a wise financial decision at all!
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Old 01-25-2009, 06:30 PM
 
Location: Burke, VA
269 posts, read 1,003,930 times
Reputation: 105
Quote:
Originally Posted by wickednoodle View Post
I respectfully disagree with you on this. We just closed on a home in NoVa (Aldie) in Mid-December. We watched this home for a few months while it went from a list price of $765k, to $725k, $666k, then finally to $592k. It was bank-owned and they wanted it off their books before the end of the year. It was built in 2003 on a very private acre and a half. Beautiful hardwood floors, gorgeous sunroom, granite countertops and 4800sf on two levels. The only "bad" thing was that it needed paint and some work on the crown molding, etc. due to sitting empty for six months through the summer humidity. We had someone come in and fix these minor things for just under $8,000, and we now have what looks like a brand new home. And it appraised at $700k BEFORE all the work was done.
What a minute, you mean you're in $600k for a home in faraway exurbian Loudon County?! I'm not at all surprised that you were able to get a big home on a big lot for that price, but the OP is talking more of the close-in places, and people are deluded if they think they can wait it out until prices for a home in which you have described (4,800 square feet and hardwood floors on 2 acres etc.) fall into the $500k range in Fairfax County!
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Old 01-25-2009, 08:05 PM
 
8,993 posts, read 21,223,368 times
Reputation: 3811
Quote:
Originally Posted by 05c6400 View Post
I guess we all need to get jobs that pay $200K/yr put to stay in Fairfax County.
Sadly, it seems that's almost true... especially if you want a detached home on half an acre or more.
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Old 01-27-2009, 10:18 PM
 
Location: Arlington, VA
593 posts, read 2,444,038 times
Reputation: 301
Quote:
Originally Posted by eyeball View Post
That's about the dumbest thing anyone could recommend. Has no one learned anything about interest only loans from the current mortgage fiasco? "Qualify for" and "afford" are two different things.
I completely agree! They always recommend these on HGTV, and it makes me sick. What if you are laid off or are injured and can't work for awhile? With a loan that leaves you zero wiggle room, you're not going to be able to handle any unexpected situations that life can (and will) throw your way.

As for NOVA home prices relative to income, I see it as a trade-off. Unless you are making crazy money, you have to be willing to make some sacrifices.

Either live in a smaller condo in Arlington/Alexandria and enjoy a short commute, walking distance to everything...or, live in a big, beautiful house farther out in the burbs and pay the price with a longer commute. That is just the reality of it.

On the other hand, you are getting some value for those high prices...Arlington, VA is the "#1 best city to ride out a recession"
The Best Cities for Riding Out a Recession: Arlington, Va. - BusinessWeek
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Old 01-28-2009, 09:43 AM
 
Location: -
488 posts, read 1,749,719 times
Reputation: 105
Great photo of Clarendon.

Love the storm clouds LOL
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Old 01-28-2009, 08:20 PM
 
72 posts, read 185,553 times
Reputation: 29
Quote:
Originally Posted by Skapov View Post
Are you normal?! The jumbo-market have almost totally dried up, and unless you have 20% down there's no way you can even get PMI. My husband & I have absolutely stellar credit histories, no debt whatsoever, but we ended up having to use a FHA loan for financing because getting PMI is so so difficult without having a hefty down-payment. Now, we could have waited 2 more years to save more, that was the original plan, but seeing the interest rates get so low and being that this is an opportune time to jump into the market, so decided to make a go for it NOW!

It's surprising that anyone would recommend to someone to get an interest-only loan, that is just NOT a wise financial decision at all!
Are there any special qualifications to get an FHA loan?
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Old 01-28-2009, 08:45 PM
 
4,709 posts, read 12,702,869 times
Reputation: 3814
Quote:
Originally Posted by DCguy03 View Post
.....On the other hand, you are getting some value for those high prices...Arlington, VA is the "#1 best city to ride out a recession"
The Best Cities for Riding Out a Recession: Arlington, Va. - BusinessWeek

Wow, that site says Agricultural jobs: 0.16%

I didn't know they grew anything in Arlington (except pot)!
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Old 01-28-2009, 09:27 PM
 
Location: -
488 posts, read 1,749,719 times
Reputation: 105
Quote:
Originally Posted by car54 View Post
Wow, that site says Agricultural jobs: 0.16%

I didn't know they grew anything in Arlington (except pot)!
there used to be a small community garden on South Glebe Road.

Thats got to be it LOL
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