Only 400k to spend: don't mind small but want nice

[Anonymous]

Anonymous wrote:

Anonymous wrote:People who pay over 500k are either: two lawyer families; helped by parents; extremely house poor; lucked out in pre-crash investment; or are a bit older and extremely thrifty (but will still probably end up house poor).

I really don't think this is true. You can get an FHA loan with very little down. This calculator shows that so long as you have no credit card/student loan debt you can qualify for a 500,000 loan with a HHI of around 125K. http://www.fha.com/calculator_afford.cfm

We bought over 500K in 2010-- certainly don't fall into any of your above categories.

I would consider you house poor if you bought a 500k house with a small down payment and an hhi of 125. If you have childcare costs that leaves a fairly thin margin for everything else. If you are single or childless, it is more doable.

[Anonymous]

Anonymous wrote:If you don't mind a bit more of a commute, what about Reston? With the silver line going in the options for commuting are improviing. Schools are pretty good, nice walking trails and community, and a wide range of townhomes and SFHs that are affordable.

Any guesses about what the commute would be like? I'm not at all familiar with the area.

[Anonymous]

Reston, Fairfax City, or you might stumble into a short sale in something zoned to Marshall/Madison/Woodson.

Annandale has some good ES feeders and seems to be like Einstein in MD (its reputation is worse than it deserves). The Fort Hunt area that zones to Waynewood/Stratford Landing is ok too for a commute there but not sure if you can find anything for 400k.

If you're going to go to Burke and take VRE, you may as well go down to Stafford.

[Anonymous]

Anonymous wrote:Reston, Fairfax City, or you might stumble into a short sale in something zoned to Marshall/Madison/Woodson.

Annandale has some good ES feeders and seems to be like Einstein in MD (its reputation is worse than it deserves). The Fort Hunt area that zones to Waynewood/Stratford Landing is ok too for a commute there but not sure if you can find anything for 400k.

If you're going to go to Burke and take VRE, you may as well go down to Stafford.

I'm not sure this is true. My boss takes the VRE from down south and is constantlhy complaining about delays due to all the freight traffic that shares the same track. People I know who take the VRE from Burke seem to have much less of this.

[Anonymous]

Woodmoor in Silver Spring.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Oh FFS, could people please stop with the ridiculous, "I bought a million dollar house with no help," BS and just answer the OP's question already? Seriously, no one cares what a fabulous financial planner you are. God, people on here are so insufferable.

+1

Amen.

We were approved for up to $450 in 2010. Bought a SFH in FC City for $435. DH rides his bike to the metro and takes the Orange to Pentagon. It usually takes him about an hour b/c of the bike ride.

[Anonymous]

Anonymous wrote:

Anonymous wrote:People who pay over 500k are either: two lawyer families; helped by parents; extremely house poor; lucked out in pre-crash investment; or are a bit older and extremely thrifty (but will still probably end up house poor).

I really don't think this is true. You can get an FHA loan with very little down. This calculator shows that so long as you have no credit card/student loan debt you can qualify for a 500,000 loan with a HHI of around 125K. http://www.fha.com/calculator_afford.cfm

We bought over 500K in 2010-- certainly don't fall into any of your above categories.

house poor. If one of you loses a job, you're screwed. Hope the Joneses are worth the stress

[Anonymous]

Anonymous wrote:

Anonymous wrote:If you don't mind a bit more of a commute, what about Reston? With the silver line going in the options for commuting are improviing. Schools are pretty good, nice walking trails and community, and a wide range of townhomes and SFHs that are affordable.

Any guesses about what the commute would be like? I'm not at all familiar with the area.

Reston by car can be a longish commute, at least during rush hour. I think your basic choices are Route 7 or Dulles Toll Road to the Beltway, but I'm from MD so don't quote me on that. We have relatives near Reston and looked there briefly before deciding on MoCo. I liked the community a lot, but wanted to be on the Red Line.

There is going to be a silver line metro stop right in Reston within the year; the silver line will go through Tysons and meet up with the Orange Line at East or West Falls Church.

[Anonymous]

I seriously doubt you could buy in Woodmoor for $400k. I would like to be proven wrong, though!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Oh FFS, could people please stop with the ridiculous, "I bought a million dollar house with no help," BS and just answer the OP's question already? Seriously, no one cares what a fabulous financial planner you are. God, people on here are so insufferable.

+1

Amen.

We were approved for up to $450 in 2010. Bought a SFH in FC City for $435. DH rides his bike to the metro and takes the Orange to Pentagon. It usually takes him about an hour b/c of the bike ride.

I'd love find something in Falls Church City. Can I ask what your HHI is? $435 feels borderline affordable to me; I'm curious how it's working out for you.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Oh FFS, could people please stop with the ridiculous, "I bought a million dollar house with no help," BS and just answer the OP's question already? Seriously, no one cares what a fabulous financial planner you are. God, people on here are so insufferable.

+1

Amen.

We were approved for up to $450 in 2010. Bought a SFH in FC City for $435. DH rides his bike to the metro and takes the Orange to Pentagon. It usually takes him about an hour b/c of the bike ride.

Was this a SFH or TH/condo? That price sounds very low for a SFC in Falls Church City. I'm doubtful that OP could find anything that inexpensive in today's market.

[Anonymous]

OP here. Thoughts about Manassas? I'm seeing stuff I like there, but not sure if the commute would be too much of a bitch.

In a perfect world I'd buy in Falls Church or Arlington. Not sure if that'll be possibly financially, though. My plan B is Annandale. I can afford that but don't really like the houses as much, so that'd be the compromise. Also looking in Franconia-Springfield, Fairfax, and Alexandria West.

[Anonymous]

Anonymous wrote:OP here. Thoughts about Manassas? I'm seeing stuff I like there, but not sure if the commute would be too much of a bitch.

In a perfect world I'd buy in Falls Church or Arlington. Not sure if that'll be possibly financially, though. My plan B is Annandale. I can afford that but don't really like the houses as much, so that'd be the compromise. Also looking in Franconia-Springfield, Fairfax, and Alexandria West.

I'd definitely pick Burke or Reston over Manassas.

[Anonymous]

This is in the Wooton school district.

http://www.zillow.com/homedetails/25-Marwood-Ct-Rockville-MD-20850/37108820_zpid/

You should look in rockville and Gaithersburg ( the part realtors call north Potomac).

[Anonymous]

Um, md makes little sense with a commute to Arlington. Don't do that to yourself.

I lived in Reston and commuted to Arlington for several years by public transportation. Bus to metro. Wasn't too bad, and it will be a better commute with metro coming soon.

You could find a condo or th for that price in Reston, but a SFH is going to be really difficult. I know because we looked in summer 2011.

You might look in a couple Herndon neighborhoods - Stuart ridge, fox mill and Franklin farm.