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

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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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Exactly! I feel like my dad is talking to me

Its true though, I feel if we went 2 months ago we would have been fine!

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Posted by cmjd

I do mortgages for a living. And i have to tell you, although the market has definitely changed lending guidelines, there are absolutely loans still available with less than 20% down. FHA is definitely a viable option and depending on your credit and income, you can do as little as 3% down. This is a government backed loan and not a scary subprime loan( which thankfully no longer exist). There are also loans that allow for a lesser downpayment depending on your income or the area in which you buy. My advice would be to speak to an educated professional and dont lose hope! It will work out.

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oooh THANK YOU! Is that like a Fanny Mae Loan? I dont think we were eligible because our income was not low enough..?

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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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unfortunately now you do! the banks don't want to lend money..so you need 20% and great credit or its a no go

I hear you Celia! Try looking in Brooklyn (kidding!) Its insane! We rent in park slope, and our rent is high, but reasonable for the area, but to buy, almost everything is close to a million! Studios here start at 400K!!!! Its insane!
We don't want to rent forever, but we don't know where to look to buy. Its sooo hard! You are definitely not alone! We plan on looking when we get back from our honeymoon in August.

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Posted by MsPotterhead

I hear you Celia! Try looking in Brooklyn (kidding!) Its insane! We rent in park slope, and our rent is high, but reasonable for the area, but to buy, almost everything is close to a million! Studios here start at 400K!!!! Its insane!
We don't want to rent forever, but we don't know where to look to buy. Its sooo hard! You are definitely not alone! We plan on looking when we get back from our honeymoon in August.

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Shari! We are getting married the same weekend, will be in Hawaii the same week and then house hunting the same month

Ok, so FH and I were on our way to Parents house today when I quickly told him to get off at the Throgs Neck Br exit!

we ended up spontaneously driving up to Norwalk, CT and driving around looking at homes for sale lol

OK so maybe saving at parents wont be so bad afterall. the milage from Queens was actually 4 miles more than to my parents in Babylon.

Totally understand ladies.

DH and I are in contract on an apartment in Queens. I don't think we will ever get a house unless we start now with an apt and hopefully sell it and move up in 5 - 7 years.

Just so depressing how much even an apartment is going to be. We will make it but it is going to take a LOT of money to pay the mortgage and maintenence fee.

Just depressing, we are both college educated, pretty succesful in jobs in the city, 26 and 27 years old and excellent savers with good credit. Would think we would be able to afford more than a 2 bedroom