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amother




Brown


Post  Mon, Feb 04 2019, 2:59 pm
We borrowed for the down payment and paid the person back monthly for 5 years in addition to paying the mortgage. Our down payment was not even close to 200k. We put down 10 percent for a house in the 400k range. We pay the monthly mortgage and tax with our salaries.
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amother




Firebrick


Post  Mon, Feb 04 2019, 3:01 pm
We bought 5 years ago in Monsey for under $500,000 and we were able to include our closing costs into our mortgage which was a huge help
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amother




Cerise


Post  Mon, Feb 04 2019, 3:11 pm
The secret for us was moving out of town.

We bought a 300k house in Baltimore.

Our mortgage/taxes/insurance is less than $1600 total.

Our upfront costs were less than 100k which we borrowed from a relative at no interest.
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amother




Ecru


Post  Mon, Feb 04 2019, 3:21 pm
If the down payment is a gift do u need a letter stating that or something? Or just put it in your bank account a few months before the look back?
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naturalmom5




 
 
 


Post  Mon, Feb 04 2019, 3:28 pm
imasoftov wrote:
tea parties?


What you might refer to as parlor meetings to raise tzedoka
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mandr




 
 
 


Post  Mon, Feb 04 2019, 3:58 pm
Even if a house is $500k the taxes are usually around $12k+ a year so that’s another $1000 a month. Mortgage for $400k is $2000 approx. so we’re up to $3000 total. Then utilities and insurance are another few hundred. So even the cheaper monsey houses are still not so cheap at the end of the day!
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amother




Lawngreen


Post  Mon, Feb 04 2019, 4:04 pm
amother wrote:
If the down payment is a gift do u need a letter stating that or something? Or just put it in your bank account a few months before the look back?

You need a gift letter and proof the check cleared ur account and proof from donors account as well. Or if u have time, get the money a few months earlier and then no issue.
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amother




Turquoise


Post  Mon, Feb 04 2019, 4:07 pm
mandr wrote:
Even if a house is $500k the taxes are usually around $12k+ a year so that’s another $1000 a month. Mortgage for $400k is $2000 approx. so we’re up to $3000 total. Then utilities and insurance are another few hundred. So even the cheaper monsey houses are still not so cheap at the end of the day!


Two of us siblings bought for about 400k (one in Airmont and one in Pomona) work hard and there is no magic involved. No leased cars (used minivans and camrys). No one goes on vacations. Shop only in all fresh. The down payments were saved up. Not married around 5 years and got married young. One sibling bought for more but it’s a condo so much less taxes, I believe parents helped with that down payment.
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amother




Ginger


Post  Mon, Feb 04 2019, 4:18 pm
mandr wrote:
Even if a house is $500k the taxes are usually around $12k+ a year so that’s another $1000 a month. Mortgage for $400k is $2000 approx. so we’re up to $3000 total. Then utilities and insurance are another few hundred. So even the cheaper monsey houses are still not so cheap at the end of the day!


Thanks exactly and 12,000 is the cheaper end of taxes at this point my friends are seeing 13,000-18,000 for an2000 sq ft home. And there is barely anything decent for under 550,000
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amother




Turquoise


Post  Mon, Feb 04 2019, 6:25 pm
amother wrote:
Thanks exactly and 12,000 is the cheaper end of taxes at this point my friends are seeing 13,000-18,000 for an2000 sq ft home. And there is barely anything decent for under 550,000


That’s the way a market works- things only get more expensive. But ppl that u see in a home for 3/4/5 years didn’t necessarily pay these prices...

Ppl have to check into taxes before buying- for example spook rock area that now ppl are going to has insane taxes.
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amother




Wheat


Post  Mon, Feb 04 2019, 8:34 pm
amother wrote:
There are many houses under that. I am in the field. I can also give u a great mortgage person to speak to who has helped many many people achieve the dream of home ownership. There are many ways to make a loan work and if you speak to the right person hopefully you can achieve that dream. I am in Monsey as well

Please share the info! I'd love to find a cheap house. Fixer upper is fine. Townhome is fine. Just looking for litvish kollel type neighborhood. Otherwise open to anything I can afford. No expectations. Totally don't have a down payment so feel like I'll be stuck renting a tiny apartment forever. Would love to change that!
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amother




Sienna


Post  Tue, Feb 05 2019, 7:50 am
I bought in Airmont 3 years ago for 470k. There are plenty of houses in my area at that price point but the houses are small-ish. For us it was the only way to achieve home ownership: to buy a dumpy small house on a street that's a little bit further than "the area". We did a sellers concession (which includes the closing costs in the sale) so total was 490k and put a down payment of 20% which is 90k. We put in the basic barest minimum into the house before we moved. We painted only the upstairs, didn't scrape the floors, and put in a new kitchen. Everything together totaled less than 30k.

The down payment was our own money which I/we saved up over the years. I worked 3 jobs for a few years and later DH 2 jobs. The money we put into the house we borrowed from family and friends. We've paid back 2/3 of the money with plans to pay back the last bit within one year.

Iy"H when our debts are paid back and we get to save the surplus, we'll be putting more money into the house: to fix up a bathroom, Pesach kitchen, close in the garage for another bedroom, etc. ...

Our monthly mortgage is 1800 and annual taxes are 12.5k before STAR which translates into less than 1k monthly. Still under 3k/month which is BH doable for us.
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amother




Sienna


Post  Tue, Feb 05 2019, 7:52 am
amother wrote:
Please share the info! I'd love to find a cheap house. Fixer upper is fine. Townhome is fine. Just looking for litvish kollel type neighborhood. Otherwise open to anything I can afford. No expectations. Totally don't have a down payment so feel like I'll be stuck renting a tiny apartment forever. Would love to change that!


THAT'S the hard part. In Monsey, there aren't that many options. Check out Regina area.

Plus you want to be able to afford it?
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amother




Gray


Post  Tue, Feb 05 2019, 8:09 am
We bought a dump with a private one year mortgage. The house was not up to any standards that would allow a bank to give a mortgage. I was a nervous wreck about paying back the money. I had saved up $110,000 and took a private mortgage of $250,000. I was such a wreck about the balloon payment coming up that a relative took pity and paid off the mortgage. DH kept saying that Hashem will provide. BH!

The house needed a complete overhaul. We fixed up the house to make it livable. A couple of years later, we did a major renovation for cash. The house is now worth a million more than we put into it.
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amother




Wheat


Post  Tue, Feb 05 2019, 8:35 am
amother wrote:
THAT'S the hard part. In Monsey, there aren't that many options. Check out Regina area.

Plus you want to be able to afford it?

Chestnut Ridge or anywhere around Monsey is fine too. Just want to have a few neighbors so kids (and I). Open to buying on the outskirts if there are a couple other people too. Don't want to be the only one on the block, but doesn't need to be full. I just don't see paying more than 300 something, so pretty stuck. I work full time (have a degree) and will potentially take on another part time/supplemental job if the details work out, but kollel and not asking family for money (as well as other factors) doesn't lead to a 500k house! Or even 400k! I often wonder how so many in our situation get there! I guess this other thing we're dealing with that took a lot of our savings must be the difference. I just wish there were more affordable options for people that don't need a fancy house and would really fix it up themselves over time. Like a real kollel lifestyle type of house.
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amother




Gray


Post  Tue, Feb 05 2019, 8:40 am
amother wrote:
Chestnut Ridge or anywhere around Monsey is fine too. Just want to have a few neighbors so kids (and I). Open to buying on the outskirts if there are a couple other people too. Don't want to be the only one on the block, but doesn't need to be full. I just don't see paying more than 300 something, so pretty stuck. I work full time (have a degree) and will potentially take on another part time/supplemental job if the details work out, but kollel and not asking family for money (as well as other factors) doesn't lead to a 500k house! Or even 400k! I often wonder how so many in our situation get there! I guess this other thing we're dealing with that took a lot of our savings must be the difference. I just wish there were more affordable options for people that don't need a fancy house and would really fix it up themselves over time. Like a real kollel lifestyle type of house.


There is a guy buying up houses for kollel families in chestnut ridge. I heard he didn't millions.
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amother




Wheat


Post  Tue, Feb 05 2019, 8:45 am
amother wrote:
There is a guy buying up houses for kollel families in chestnut ridge. I heard he didn't millions.


Details?
Any idea who or where?
That would be such a chessed.
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amother




Ivory


Post  Tue, Feb 05 2019, 8:51 am
What's Star that brings down your taxes? Thanks
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amother




Sienna


Post  Tue, Feb 05 2019, 8:53 am
amother wrote:
What's Star that brings down your taxes? Thanks
If you live in the home you pay taxes for you get a STAR reduction in your taxes. You apply for it the first year and then it goes automatically. YOu get a refund check for about 1k.
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amother




Lawngreen


Post  Tue, Feb 05 2019, 8:55 am
amother wrote:
What's Star that brings down your taxes? Thanks

Starting exemption is if it's primary occupied and you make under a certain number I think 500k. It takes off about ,,1000 in taxes
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