LI neighrborhoods to buy a home in (Levittown, Freeport: sales, real estate)
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You need to educate yourself fully before you start searching for houses. Taxes are juts ONE part of your monthly payment, and if you choose to escrow them- you will be paying them every month...if you choose nOT to have the bank set up an escrow account on your behalf, you will be responsible for that 2-8K bill from the County and School District twice a year.
My general rule of thumb when evaluating affordability for a house is the 3x your annual income rule. For ex- if your total combined income is $120K the max you mortgage you can take out is $360k.(120K x3=360k). With that said, if your Max is $300K, I am assuming your total HH income is only $100K. A house worth 300K is going to be hard to find in Nassau County, even if you limit yourselves to the more affordable towns like Elmont, VS, Hempstead, etc because once taxes are factored in- your total monthly cost will be higher. How much of a downpayment will you be putting down?
since FHA only requires u to pay 3.5% so our maximum downpayment and closing costs should not exceed $20,000 (maximum downpayment is $11.000) im still a little confused regarding the taxes issues, i agree with you that taxes are part of the monthly payment but if you choose to pay them annually (out of your taxes) isnt it supposed to be taken yearly and not monthly?!
since FHA only requires u to pay 3.5% so our maximum downpayment and closing costs should not exceed $20,000 (maximum downpayment is $11.000) im still a little confused regarding the taxes issues, i agree with you that taxes are part of the monthly payment but if you choose to pay them annually (out of your taxes) isnt it supposed to be taken yearly and not monthly?!
thank you.
When you take out a mortgage, your lender usually sets up an escrow account (some people don't have an escrow account, they pay taxes and HO insurance themselves). Out of this they pay your property taxes when they are due (usually twice a year) and your HO insurance.
So your lender pays these things, not you, and they are rolled into your monthly mortgage payment.
The amount escrowed into your monthly mortgage payment will be more than what you actually owe. Let's say your taxes are $11,000 and your HO insurance is $1,000. You would expect $1,000 a month to be added to your principal and interest, but they will figure in more. They need an overage in the escrow account for when your taxes and HO insurance increase.
You are putting the cart ahead of the horse asking to pay your property taxes out of your yearly tax refund. If you want to pay your property taxes yourself instead of having your lender do it, you need to work that out with them and they won't care where the money comes from as long as you pay. My guess is with an FHA loan that that is never going to be an option anyway.
Location: An Island off the coast of North America
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Quote:
Originally Posted by Rafickw12
My family are thinking to move to Long Island and purchase a 3 bedrooms home/condo or townhouse, we would like to stay in nassau county more since it is generally close to NYC (queens) we have been pre-approved for an FHA loan up to 300K, i would like recommendations for which decent,safe and quiet neighborhoods in the county that at the same time have affordable housing prices.
Worst case scenario, we will consider Suffolk County if i can also get recommendations for neighborhoods with the same category i just mentioned.
Lastly, i need opinions regarding aread in LI like Valley Stream,Floral Park,Amityville,Massapequa and Riverhead.
I deeply appreciate it.
You do realize that Riverhead is WELL into Suffolk County? I recommend excluding it from your searches as it is also one of LI's more undesirable communities. Amityville is also in Suffolk but right on the border. Its a very quiet and beautiful community in the village of Amityville but North Amityville not so much...
Any reputable agent would explain that taxes are paid monthly even though they are deductible. They would have caught on that you didn't understand that.
Anyway,add Levittown to your search. You can definitely get a good home in your price range there.
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