I'm depressed! Why is owning a home on Long Island nearly impossible?

ugh, tell me about it

i spent this whole week, my whole vacation house hunting

it is so upsetting when i know we make decent $$ but seriously need a LOT more!!!

with the amount we have to put down, and the house i really liked, it would cost over $3000 a month for mortgage, taxes, home owner's insurance

that does NOT include heat, gas/oil, etc.

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Posted by Jonas9281

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Posted by gfield101

After living together in our wonderful one bedroom apartment and 2 pups! We are leaving Queens to move back to long island... in parents basement apartment

With needing 20% down for a mortgage these days it seems impossible to save for a house! So now we are going to start our marriage living under my parents roof and im almost 29!

I just dont understand, why cant two responsible full time working adults be able to own a house on Long Island????

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You don't need 20% down!! we just bought and we only put 10% down...but there are FHA loans where you only need 3% loans!! look into it!!

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this is true, but if you dont put 20% down, you have to pay PMI

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Posted by Snowflake08

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Posted by Jonas9281

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Posted by gfield101

After living together in our wonderful one bedroom apartment and 2 pups! We are leaving Queens to move back to long island... in parents basement apartment

With needing 20% down for a mortgage these days it seems impossible to save for a house! So now we are going to start our marriage living under my parents roof and im almost 29!

I just dont understand, why cant two responsible full time working adults be able to own a house on Long Island????

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You don't need 20% down!! we just bought and we only put 10% down...but there are FHA loans where you only need 3% loans!! look into it!!

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this is true, but if you dont put 20% down, you have to pay PMI

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we're not paying PMI because we split the loan (I think...i actually would have to check with FH bc I am not totally clear on the process) but, i do know that normally you would have to pay PMI which is really a waste of money

you know what the saddest part is? I couldn't have come up with this... my mom said to me not too long ago: 'In order for you to own a house, you'll have to wait till I'm dead, and you get the inheritance money'

I was shocked a appalled at first, but you know what if things don't change my mama is right!

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Posted by Jonas9281

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Posted by gfield101

After living together in our wonderful one bedroom apartment and 2 pups! We are leaving Queens to move back to long island... in parents basement apartment

With needing 20% down for a mortgage these days it seems impossible to save for a house! So now we are going to start our marriage living under my parents roof and im almost 29!

I just dont understand, why cant two responsible full time working adults be able to own a house on Long Island????

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You don't need 20% down!! we just bought and we only put 10% down...but there are FHA loans where you only need 3% loans!! look into it!!

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These loans are pretty scarce these days given the market, and you probably got that loan a few months ago before the investment banks started the lay people off (these loans that were made to lots of individuals were bundled together and 'sold off' but as more and more people defaulted, the banks started getting in trouble, hence all of the layoffs and why it is really hard to get approved even for a regular loan these days).

We lived in RVC for a year in his co-op sold that got a house in bellmore (before things went crazy with the market 5 years ago) and last fall we sold it just before things went crazy with the mortgage market- we now live up state but still with in my FH traveling distance to the city every day- way, way cheaper here- taxes are about half makes a big difference in our bottom line!! Would not change our mind about moving - the only draw back is all of our family is still on the island- that i miss

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Posted by gfield101

After living together in our wonderful one bedroom apartment and 2 pups! We are leaving Queens to move back to long island... in parents basement apartment

With needing 20% down for a mortgage these days it seems impossible to save for a house! So now we are going to start our marriage living under my parents roof and im almost 29!

I just dont understand, why cant two responsible full time working adults be able to own a house on Long Island????

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I totally feel your pain...Dom and I look from time to time and it gets me so upset and sad. I refuse to have a 3000 a month mortgage! I will be saving forever!

However, it is just temp about moving back in with the parents. It will help you save a lot and then you can get the house that you want.

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Posted by EsquireBride

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Posted by Jonas9281

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Posted by gfield101

After living together in our wonderful one bedroom apartment and 2 pups! We are leaving Queens to move back to long island... in parents basement apartment

With needing 20% down for a mortgage these days it seems impossible to save for a house! So now we are going to start our marriage living under my parents roof and im almost 29!

I just dont understand, why cant two responsible full time working adults be able to own a house on Long Island????

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You don't need 20% down!! we just bought and we only put 10% down...but there are FHA loans where you only need 3% loans!! look into it!!

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These loans are pretty scarce these days given the market, and you probably got that loan a few months ago before the investment banks started the lay people off (these loans that were made to lots of individuals were bundled together and 'sold off' but as more and more people defaulted, the banks started getting in trouble, hence all of the layoffs and why it is really hard to get approved even for a regular loan these days).

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no, we just got it in April...april 10th...the market is bad right now, but there are still loans available...it's no where near as easy as it used to be to get a loan, but i'd definitely check it out!

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Posted by gfield101

After living together in our wonderful one bedroom apartment and 2 pups! We are leaving Queens to move back to long island... in parents basement apartment

With needing 20% down for a mortgage these days it seems impossible to save for a house! So now we are going to start our marriage living under my parents roof and im almost 29!

I just dont understand, why cant two responsible full time working adults be able to own a house on Long Island????

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While I agree it is tough to own a home on LI....I have to say that there is nothing wrong with living in your parents basement apartment...thats what DH and I are doing and since we've moved in here we have managed to save alot of money. I was a tad skeptical at first but I dont see my parents anymore now then I did when I didnt live in their house.

I wouldnt be so upset about this, in the long run it will pay off.

same here!! i just posted something on this a few days ago.. it is soooo depressing!! it's like you have to sell a kidney to live on LI these days

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Posted by Bride 2 Be

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Posted by Jenn04

I know it is so crazy and forcing so many people our age to move away! LI/NY/NJ are just so ridiculously priced! Its not fair and I feel bad for so many people I know that are still living at home (at age 28) or renting a tiny place. I am not saying that to offend anyone...its just how it is and its totally accepted. Even on duel income its so hard to save and buy a house! ITs really just not fair.

As for your case...I think you are doing the right thing and you will be able to save alot of money that way. I know its not a dream situation...but in the long run you will get your house! Keep your spirits up!

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I agree..living with my parents for the past 26 years definately helped..it was so much easier to save..keep your head up!

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Absolutely! I'm 28 and FH turns 31 next week. We both live at home and have been able to save more money to pay for our wedding and put money away for our downpayment. It's not the ideal situation, but you won't be there long!

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Posted by chrissybean77

I know it's hard to buy a house on LI. FH and I went through this last year and it really is tough. You will though eventually figure out a way, and it looks like you and FH are being very responsible about saving by moving back home. So sending you lots of
Oh and I just noticed your wedding date is the same as my parents. Hopefully it will bring you as much luck as it brought them....33 yrs this summer of marriage and still going strong, 4 kids and a house in Suffolk (which by the way they also had to move back in with my grandparents shortly after they got married). I know its tough but I'm sure together you and FH will find a way to get the house you want.

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Oh wow! That is amazing! Thank you!! Im still reading all the responses!

I went to bed last night almost crying and woke up to everyones support and advice thanks ladies!!

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Posted by Munchkn16

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Posted by gfield101

After living together in our wonderful one bedroom apartment and 2 pups! We are leaving Queens to move back to long island... in parents basement apartment

With needing 20% down for a mortgage these days it seems impossible to save for a house! So now we are going to start our marriage living under my parents roof and im almost 29!

I just dont understand, why cant two responsible full time working adults be able to own a house on Long Island????

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Just an FYI, but you don't necessarily need 20% down, esp if your credit is good. Figure out what kind of payment (morgage and taxes) you can make monthly, and go from there. It IS possible. Good luck!

edited for spelling

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we both have good scores and were planning on paying PMI, but were told if we didnt have 20% that they were going to raise us 2 points thats a whole lot of wasted $

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Posted by FutureMrsCarrieri

at least you have the option of going home to save -- we have to do it entirely on our own

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Good point!

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Posted by lonal

I bought a house last year in Farmingville. It's not too expensive here and the taxes are reasonable. Ilove my neighborhood.

However, it took me 32 years so I feel for you. The economy is deadly. Thank goodness for your parents! Appreciate it and make the best of it and everything will work out for you! Good luck!

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I would love to live in Farmingville, but I work in Woodside, Queens (last stop before Penn)

The commute is already 3-4 hours a day from Babylon. (my parents house)

Your telling me!!! FH and I have been looking for houses since December We are never going to find a house... it so depressing