perini1975

GENERALLY SPEAKING, since I do not know where you are and your specific market conditions, I can say this: The value between the lot sizes would be minimal, if any. Reason? There are probably deed restrictions on these lots (specific builders, design, etc) and an additional 30-40 ft x 100 ft strip of land would only produce more grass to cut. We call this 'surplus' land. Surplus meaning it cannot be subdivided into another usable lot so the additional land/square footage is basically more grass. So a 9,750 s.f. lot is basically worth the same as a 12,940 s.f. lot in this particular subdivision. HOW DO I CONFIRM IF THIS IS THE CASE WITH THE DEVELOPMENT I AM LOOKING AT? WHERE DO I CHECK THIS?

do you guys know about this?

Here is another thing....at this development I am looking at, some lot sizes are 13,000-15,000 sq ft and some lot sizes are 7,000-9,000 sq ft but they sell at the same prices and with taxes based on the purchase prices....does that mean someone booking 15,000 sq ft lot is getting much better value and more bang for his buck than someone buying 7,000 sq ft lot at the same price? typically do township come around after few years and assess based on lot sizes once whole development is sold off?

I am in real predicament as this would be 30 yr mortgage and what if the spouse decides to go back to part-time, we'd be real tight at that point.....but we love the place and community around it

30 days should not be an issue since as i mentioned its only 5% down for now and we'll likely close and get possession summer 2013.....what do you think? also is there way to lock in current mortgage rates for expected closing in summer 2013? it seems the rates could be lot higher by then...? My calculations of monthly mortgage pmt right now could be way off by the time we close next yr? any thoughts?

its not the same place....part-time somewhere else and quitting that place to go full time some other place....? but in the same industry for 10 yrs

the line of work is licensed profession and been doing for 10 yrs up until now it was part time due to kids being young but now going full time.....i have been at my work for 5 yrs....

Also, does the length of employment matter? my wife is currently working part-time but will start full time next month....the 170k gross annually includes her portion of expected full time salary....will the mortgage company require conditions like xx number of yrs employment etc?

What about utility bills, water and sewage bills etc??

We have two cars that are both paid for and there is no other debt. We do put all household expenses like cell phone, grocery, gas, etc. on our credit cards and pay it in full every month. is that considered credit card debt that I need to account for as monthly debt? How will new mortgage company look at this situation? will they count the rent on current condo as income? or will they dock the existing mortgage against me? Can you please explain what you meant by "if your total debt come to less than 45% of your income (monthly pmts vs monthly gross)?" I am not following you here.

I am looking for advice on few questions I have. I currently own the condo I live in which I bought in 2009 for $225k and has about $140k mortgage left on it. I pay $225 every month in HOA fees that I hate to pay every month. Here is my predicament: I am currently looking (doesn't mean I qualify for it nor can I afford it...I know I know but hear me out) at single family home $545k that will be new construction and requires 5% down and rest at the time of closing/possession which is 1 year away (basically with 5% down you book your lot and they build the home for you in 1 year at which time you close after final walk-thru). I have 17% down payment in cash on hand right now for the home I am looking at which is priced at $545k as mentioned above. Our yearly household income is $170k gross which equates to $14,166 per month gross. The taxes on current condo are roughly $4200 annually and taxes on SF I am looking at are $11000 annually. Both our (me and hubby) credit scores are 760 and 792 respectively so credit is fine. Am I crazy to think that I can rent out current condo and still can qualify for SF I am looking at? Further questions will follow as you answer the ones I have here. I appreciate your help.