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Some good news..my mom said that she will be willing to help us foot the 20% down-payment. This way, we avoid paying the mortgage insurance and have a lower interest payment to start with as well!
That said, we spent the entire day driving around Manlius today. Get to know the area a little better, and we LOVE it. The drive down Genesee St. to downtown is literally like 15-20 mins. Not forgetting that huge Wegmans, and that plaza with Target and Kohls in it.
Anyway, we are possibly interested in two houses, one in Highbridge Street and the other one in East Dauenhauer St. Both are $130,000, although the taxes for the one at Highbridge is about $5,400, while the one at Dauenhauer is $3,000.
I like the house at Highbridge better, although the one at East Dauenhauer St. has a swimming pool. Also, my fiance is concerned about reversing her car into the somewhat busy Highbridge St.
That is *wonderful* news! Congratulations on seeing your dream so much closer now! And I'm glad that you like Manlius, even at its dullest point of the year. lol - once the snow melts, it's make-your-heart-flutter beautiful...
I wanted to add- that's one of the reasons why we prefer the south-eastern 'burbs of Syracuse... the stores are closeby without being smothered by them. I *always* feel that way in the northern suburbs. That and I really feel like a sitting duck in wide open spaces; it just makes me uncomfortable and I'm always looking around for what's coming at me. lol - I have a similar feeling while driving through north-central OH and SE MI. We much prefer the many hills, deep valleys and large stretches of land and trees *within* this area... rather than having to drive out to hillbillyville or visiting a park before seeing them. It's all a personal preference, of course, but I just get a better feeling when driving through these areas.
Some good news..my mom said that she will be willing to help us foot the 20% down-payment. This way, we avoid paying the mortgage insurance and have a lower interest payment to start with as well!
That said, we spent the entire day driving around Manlius today. Get to know the area a little better, and we LOVE it. The drive down Genesee St. to downtown is literally like 15-20 mins. Not forgetting that huge Wegmans, and that plaza with Target and Kohls in it.
Anyway, we are possibly interested in two houses, one in Highbridge Street and the other one in East Dauenhauer St. Both are $130,000, although the taxes for the one at Highbridge is about $5,400, while the one at Dauenhauer is $3,000.
I like the house at Highbridge better, although the one at East Dauenhauer St. has a swimming pool. Also, my fiance is concerned about reversing her car into the somewhat busy Highbridge St.
Keep in mind that the house on East Dauenhauer is in the East Syracuse-Minoa SD. It is still a nice area(the Fremont part of the town of Manlius), the taxes are going to be lower for the most part and the schools are still good. To get to the Fayetteville Towne Center, you would just have to drive down North Burdick Street into Fayetteville. Northeast Medical Center and the Links at Erie Village are in between the house and the Towne Center too.
For your wife to get to work. she could take a left onto Fremont Road and then take a right on Manlius Center Road and catch I-690 West to the Downtown exit. You can do the same thing but go 690 East to 481 North to the Thruway. If you want to take Route 5, go 481 South to Fayetteville and take all the way to Utica.
With that said, you might not be too bad at Highbridge depending on what time she has to get to work.
Highbridge would be much faster. It's actually just Rte. 92 and runs straight into East Genesee within a few minutes, at Lyndon Corners. Better district (should you choose to have them), MUCH better resale (again, the school district is a ringing factor.) I don't think pulling out will be a problem as the sides of the road are extremely wide for that purpose.
Keep in mind that the house on East Dauenhauer is in the East Syracuse-Minoa SD. It is still a nice area(the Fremont part of the town of Manlius), the taxes are going to be lower for the most part and the schools are still good. To get to the Fayetteville Towne Center, you would just have to drive down North Burdick Street into Fayetteville. Northeast Medical Center and the Links at Erie Village are in between the house and the Towne Center too.
For your wife to get to work. she could take a left onto Fremont Road and then take a right on Manlius Center Road and catch I-690 West to the Downtown exit. You can do the same thing but go 690 East to 481 North to the Thruway. If you want to take Route 5, go 481 South to Fayetteville and take all the way to Utica.
With that said, you might not be too bad at Highbridge depending on what time she has to get to work.
Quote:
Originally Posted by proulxfamily
Highbridge would be much faster. It's actually just Rte. 92 and runs straight into East Genesee within a few minutes, at Lyndon Corners. Better district (should you choose to have them), MUCH better resale (again, the school district is a ringing factor.) I don't think pulling out will be a problem as the sides of the road are extremely wide for that purpose.
Thanks for the info!
So in both of you guys' opinions, Highbridge would be better? We have yet to tour inside the house, just doing a checking-out from the outside, but I seem to remember the houses at Dauenhauer are kinda packed close together and have that "cramp" feeling.
Interestingly, both houses do not have a garage...
So in both of you guys' opinions, Highbridge would be better? We have yet to tour inside the house, just doing a checking-out from the outside, but I seem to remember the houses at Dauenhauer are kinda packed close together and have that "cramp" feeling.
Interestingly, both houses do not have a garage...
Also, here is a good site to look at for "average" tax rates for any county at the price range you are looking in: http://php.democratandchronicle.com/tax_rates/?cnty (broken link)
I think Highbridge would definitely be better. Nicer area, in general. And really, much better resale. Fremont/Minoa is technically in the *Town* of Manlius, I suppose, but it's not considered Manlius. Manlius is zip code 13104.
Garages- at least around here (I don't know about the new developments), people seem to reserve garages for storage and projects... maybe one of two cars parked in them. That's all we use ours for too. lol - the closer you park to the road, the less you have to shovel before getting the car out.
A mortgage officer was kind enough to spent 2 hours on a Saturday afternoon and talk to us about our mortgage options. Pretty much what she said was in-line with what the Bank of America guy told us.
However, she also mentioned that the upfront costs will include a 3.5% down (FHA loan), closing cost of $4,000 (which we can try to get the seller to pay) and a "property tax escrow and upfront insurance fee" of an astonishing $7,051!
Can anyone explain to me what this last factor "property tax escrow and upfront insurance fee" is?
p.s. this was before my mom told me that she can loan me the 20% down payment. With the 20% cash available, do we go to the conforming loan? How does the conforming loan rates compare to the FHA? Any other difference between the two other than I can avoid paying the mortgage insurance?
However, she also mentioned that the upfront costs will include a 3.5% down (FHA loan), closing cost of $4,000 (which we can try to get the seller to pay) and a "property tax escrow and upfront insurance fee" of an astonishing $7,051!
Can anyone explain to me what this last factor "property tax escrow and upfront insurance fee" is?
This is collecting the entire year's worth of taxes upfront, so that it can be paid out during the year, as the taxes come due. The account this money is kept in is called escrow. They also want the year's homeowner's insurance to be paid up front, also in escrow. Some lenders ask that you obtain and pay for it on your own and others want it up front. This is the preference of your lender. I would *not* use whomever they choose... shop around. You'll also be paying the first month of interest too. The mortgage officer only estimates closing costs until closing... you won't have the actual, solid number until shortly before the closing date. You'll have an estimate but it probably won't be the same number.
You can ask the seller to pay an amount higher than $4000 though. Anything up to 6% of the purchase price for an FHA mortgage... $7800 on a $130K home. I'm not sure if/what the limit is for a conforming loan.
The lender you choose will also want to see a reserve in your account, to know that you'll be able to afford to set up your home and make payments on your mortgage without problems. I'd say about $5000 would be plenty to ease their financial requirements.
A "conforming loan" is just a loan of a reasonable amount (I believe it's $417K or less, unless things have recently changed), that is taken by well-qualified borrowers who are making a down payment of 20% or more. An FHA loan requires a downpayment of 3.5% or more, their own mortgage insurance paid for at least 5 years (ie you have to pay it even after you've paid it down enough to own 78% of your home and get rid of PMI), and the down payment can come from a family member.
I'm not sure about the rules concerning who can contribute toward a downpayment with a regular, conforming loan. My knowledge on all of this only stems from our own experience before starting our househunt in early 2008. I'll look it up...
Last edited by proulxfamily; 01-17-2010 at 04:44 PM..
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And I'm glad that you like Manlius, even at its dullest point of the year. lol - once the snow melts, it's make-your-heart-flutter beautiful...
