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Old 10-09-2014, 12:26 PM   #26
 
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I talked to a local lender and I do qualify. My only concern would be income level restriction.
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Old 10-09-2014, 12:45 PM   #27
 
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How do they determine the income level? By salary statement from employer or by tax returns?
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Old 10-11-2014, 09:08 AM   #28
 
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How do they determine the income level? By salary statement from employer or by tax returns?
Talking to a lender, it appeared to be based on income. However, the limit increases with the number of people in your household.
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Old 10-11-2014, 09:36 AM   #29
 
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They look at past pay statements. The last 2 years of w-2's and they want the most recent bank account statements. All of that is a factor
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Old 10-11-2014, 01:52 PM   #30
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Nothing at all, but the wife and I can't find what we want in our price range in the DG area. We're looking for a 4 bed, 2+ bath, 2,000+ sq. ft., 2-3 car garage home less than 20 years old that is pretty much move in ready.
And each of those 'requirements' cannot be sacrificed? Cutting your commute distance from 15-25 miles to under 5 miles is a pretty big deal.
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Old 10-11-2014, 03:07 PM   #31
 
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And each of those 'requirements' cannot be sacrificed? Cutting your commute distance from 15-25 miles to under 5 miles is a pretty big deal.
Do you have kids? A 1,500 sq ft. house really isn't much space for two adults and two kids. We want to find something where we don't have to move in a few years, i.e. settling down somewhere. Even toning my "requirements" down, there are are only two homes within 5 miles of the DG area, which are 30k more (and need work) and a handful more that are 50k-60k more than my max purchase price. Not to mention property taxes being 2k-4k higher per year. That's a huge jump in a mortgage that I don't want ($350 - $650/month).

I've had long commutes my entire life (18-50 miles one way) with the exception of my current job, which is in a small town in the the middle of nowhere and my high school job. Also, I can't say that I'll be with my current employer forever.
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Old 10-11-2014, 03:58 PM   #32
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Okay, so Downers Grove is not in your price range, even with making sacrifices, thats fine.

Have you looked at Wheaton? A cousin of mine purchased there recently and seems to be quite happy with it. He found a great American Four Square with a big yard, detached two car garage, 4 bedrooms, 2 baths, and a full basement for $265K.
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Old 10-11-2014, 04:06 PM   #33
 
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Okay, so Downers Grove is not in your price range, even with making sacrifices, thats fine.

Have you looked at Wheaton? A cousin of mine purchased there recently and seems to be quite happy with it. He found a great American Four Square with a big yard, detached two car garage, 4 bedrooms, 2 baths, and a full basement for $265K.
Sounds like your cousin got a deal, but the price range I want to be in is much lower than 265k. My wife is a stay at home mom so I am the only income, which is why I don't want to bury myself in a high mortgage.
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Old 10-11-2014, 04:30 PM   #34
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Understandable. I would probably go with some of the suggestions of the far suburban posters, Warrenville especially seems like an affordable option that would be convenient for you. Good luck.
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