we're gonna start building our new house in March....we have the land picked out...here are the blueprints for the house i want... http://www.eplans.com/house-plans.hwx/Q/Plan.HWEPL02586?searchId=1...
haha, oh absolutely, around here most newlyweds are able to buy a house right off the bat, that doesnt happen too often in NJ/NY.
Btw, I don't own house. Just giving a general idea of the "numbers." It's hard to ignore the actual price of the home. But, when it comes to NJ, you gotta see what it is in terms of monthly payment, so it doesn't seem as harsh. haha
1900 a month isn't realistic to expect for a total monthly payment in NJ on a 300k mortgage. PITI, man, PITI
taxes are ridiculous
I didn't factor that in, because I'm not a mortgage broker and there's so many different scenerios and mortgage programs, such as getting 2 different loans, etc. Just gave the base numbers, 'cause I don't even know what taxes are up there. But, it can be bought for around 2000 a month, not including PMI and taxes.
this is in hackettstown, which has lower taxes than most surrounding areas:
Purchase Price: $300,000.00
Rate: 6.00%
Term: 30 Years
Down Payment: $0.00
Yearly Taxes: $4,800.00
Yearly Insurance: $720.00
Income Required (33% Ratio): $82,132.73
Income Required (36% Ratio): $75,288.33
Monthly Payment: $2,258.65
add PMI in there (if you can't get a good First Time Home Buyer mortgage, and it's even worse)
renting is so much cheaper. :(
i'm sorry, that was 0% down, and 6% interest.
here's 5% down, and 7% interest
Purchase Price: $300,000.00
Rate: 7.00%
Term: 30 Years
Down Payment: $15,000.00
Yearly Taxes: $4,800.00
Yearly Insurance: $720.00
Income Required (33% Ratio): $85,676.73
Income Required (36% Ratio): $78,537.00
Monthly Payment: $2,356.11
What about 10% down?
if you're putting 10% down, that means you've been saving, so you probably have pretty good credit. so i figured in a 6% interest rate
Purchase Price: $300,000.00
Rate: 6.00%
Term: 30 Years
Down Payment: $30,000.00
Yearly Taxes: $4,800.00
Yearly Insurance: $720.00
Income Required (33% Ratio): $75,592.36
Income Required (36% Ratio): $69,293.00
Monthly Payment: $2,078.79
getting better!
That's the thing, getting the right mortgage program.. as well as moving out of Hackettstown (and buying the house through me and my mortgage brokers). haha
PA just passed a law called "Act 1" lowering property taxes (but raising income taxes, so renters get screwed). I don't know if NJ did something similar, but they may have. It might be worth a google for you if you're looking to buy. I think the rates go into effect in the 2008 school year.
that's how far behind PA is...they just passed there first act, lol.
NJ did similar. But the added tax is found in sales tax. The rich get richer and poor, poorer.
It also relates to what we were talking about earlier - Republicans v. Democrats. Rep are known to lower taxes and Dems are known to raise them; all these laws changing taxes were passed very close to the mid-term elections, don't you think?