Best bet would be to find a bank/credit union and make an appointment to sit down with a mortgage consultant. They can look into and explain if you qualify or not as well as what your options are and if need be, what you can do over time to put your credit/debt to income ratio in a good position that looks good to lenders which will also get you a better rate. I'm also trying to buy my first home and one perk I've seen at a couple financial institutions in Syracuse, NY is that they offer First Time Home Buyer programs where they will give you X amount of dollars to put towards your house. Each program is different though and you obviously have to finance through that financial institution. Hope this helps and good luck to you!... more
Neighborhoods are all about personal preferences, budgets, wants, needs, lifestyle; therefore consider researching areas of interest on your own, and take the time to visit more than once, then determine where your comfort level can best be reached; don't simply just entertain what other people think or say, another's opinion may not be anywhere near the best thing for you...... more
We are thinking of buying in East Rochester and would be interested to know if you did ever purchase a property. If yes, how do you find it and would you recommend it? If you decided not to buy would appreciate if you share your reasons for not doing so. Thanks P... more
Really a good question and the answers you received are accurate, however if the village of East Rochester abolished their police department and consolidated their school district they would fall in line with the rest of the county. There would not be an significant offsetting charge from the Sheriff's department, they already maintain a substation close by and the adjoining towns without police departments who rely on the Sheriff don't pay anywhere near what E. Rochester pays for their police department.
The fact about high taxes = lower property prices does have an advantage of sorts, however. There is an after tax benefit. Mortgage interest and real property taxes are deductible if you itemize on your tax return. As you pay down your mortgage however, the amount of interest you are paying declines as the portion of your paymetn goes increasingly to paying back principal on the loan. Thus your tax deduction decreases over time. With a higher percentage of your monthly payment going to property taxes you maintain a higher tax deduction. Not smoke and mirrors, this is real. You can decide if this is a factor for you as you search for homes.
The problem for BUYERS is when they look at a $120,000 home in East Rochester the taxes are so much more than a $120,000 home elsewhere, i t messes up their mortgage qualifying and the anticipated monthly payment. . However a $120K home in E Rochester is probably a $140K home elsewhere in the Eastern Suburbs. When looking in E Rochester take the purchase price down $10 - 15K. This will give you an equivalent home and the lower price will offset the higher taxes.
In this area the Villages offer a unique living environment - a kind of small town closeness not apparent in the typical suburban setting. The fact is East Rochester offers the village ambiance at a price far below Fairport, Pittsford, Spencerport or Scottsville. Think out of the box and look for opportunities like this. It sometimes pays off to be a contrarian thinker.... more