The Pros And Cons Of Where You Live

[username]

My point is that they cant just raise the tuition across the board 5k.
many families just give the vouchers, and the school cannot charge them more. Sure, they can raise everyone else, but i doubt they would do that.

[aygart]

My point is that they cant just raise the tuition across the board 5k.
many families just give the vouchers, and the school cannot charge them more. Sure, they can raise everyone else, but i doubt they would do that.

If they have a discount/scholarship from the full tuition can that be changed?

[username]

If they have a discount/scholarship from the full tuition can that be changed?

Income eligible families, which many large families are, get the vouchers, and the school cannot charge more than the face value of the voucher. Sure there may be workarounds, but those are the the rules

[aygart]

They are not charging more by them being no longer eligilbe for a scholarship.

[username]

I edited my post now.

[AJK]

If so, the school has a real incentive to raise tuition on those who are not capped by the second type of voucher...

[Dan]

If so, the school has a real incentive to raise tuition on those who are not capped by the second type of voucher...

Not that simple.
There's heavy competition between the schools and most students aren't getting any vouchers.

[jj1000]

Not that simple.
There's heavy competition between the schools and most students aren't getting any vouchers.

As far as HAC's track record goes the federation once gave a stipend for every student in the school and HAC asked parents to pay full tuition on top of it... Maybe they will be nicer this time around but don't get too excited.

[MosheD]

I heard that HAC's policy with the voucher will be as follows;
If a student is paying full, the voucher counts dollar for dollar against that amount. (I. E. Tuition would come down 5k)
If a student is not paying full, then the voucher is split st to the effect of 75 to HAC 25 to parent

[Zevi16]

Is it done often that people buy houses in lakewood and rent out the upstairs? I'm thinking of doing that. What costs do I have to bear in mind? (Please revert me to the right thread if it's wrong)

[cholent]

Is it done often that people buy houses in lakewood and rent out the upstairs? I'm thinking of doing that. What costs do I have to bear in mind? (Please revert me to the right thread if it's wrong)

Done very often. Costs are no different than renting out without living downstairs, though I'm not sure I understood your question completely.

[Zevi16]

 Say I plan on moving to lakewood in 2 years. Would it be feasible for me to buy now and rent out both parts and then just take downstairs for another year or two. Is there a gain or would it not be worth it as there are taxes that I don't know about if one doesn't love there?

[cholent]

Say I plan on moving to lakewood in 2 years. Would it be feasible for me to buy now and rent out both parts and then just take downstairs for another year or two. Is there a gain or would it not be worth it as there are taxes that I don't know about if one doesn't love there?

Taxes are high in Lakewood but no different if you are a resident or not. Before you buy you obviously need to make sure that both upstairs + downstairs rent = mortgage + taxes + maintenance costs + association fees if applicable + maintenance costs, which should hopefully be low in a new house

The gain would be that you are beginning to pay down principal immediately even before you move to Lakewood. You are risking that the market may go down - I know people say that's impossible, but it may be equally impossible for the market to sustain current prices. Nobody really knows, it could go either way. Also, do you have a plan for collecting rent and taking care of issues before you move to Lakewood?

Additionally, make sure you can afford some months with one or both part of the houses unoccupied...

[Zevi16]

Taxes are high in Lakewood but no different if you are a resident or not. Before you buy you obviously need to make sure that both upstairs + downstairs rent = mortgage + taxes + maintenance costs + association fees if applicable + maintenance costs, which should hopefully be low in a new house

The gain would be that you are beginning to pay down principal immediately even before you move to Lakewood. You are risking that the market may go down - I know people say that's impossible, but it may be equally impossible for the market to sustain current prices. Nobody really knows, it could go either way. Also, do you have a plan for collecting rent and taking care of issues before you move to Lakewood?

Additionally, make sure you can afford some months with one or both part of the houses unoccupied...

Thanx. There is a program that you only need 5% down payment. Can I go on that if I'm only planning on living there in the future?

[churnbabychurn]

Thanx. There is a program that you only need 5% down payment. Can I go on that if I'm only planning on living there in the future?

Yes. Virtually all of the programs are for first time buyers who will live in the house. Not investments.

[Zevi16]

Yes. Virtually all of the programs are for first time buyers who will live in the house. Not investments.

Are there any cons with these programs?

[cholent]

Yes. Virtually all of the programs are for first time buyers who will live in the house. Not investments.

Most of these programs need you to occupy the house for the first 3, 5, or 10 years of ownership. So you wouldn't be able to buy 2 years before moving in

As for cons, the interest rate on the loan is probably much higher than a standard loan, significantly increasing the real cost of the house to you over time. But if that's the only way you can afford to get a house, it might be worthwhile for you anyway.

[Zevi16]

Most of these programs need you to occupy the house for the first 3, 5, or 10 years of ownership. So you wouldn't be able to buy 2 years before moving in

As for cons, the interest rate on the loan is probably much higher than a standard loan, significantly increasing the real cost of the house to you over time. But if that's the only way you can afford to get a house, it might be worthwhile for you anyway.

Say I don't use the programs. Would they give me the mortgage easily even tho I'm not being there?

[cholent]

Say I don't use the programs. Would they give me the mortgage easily even tho I'm not being there?

Might be very minimally increased rate but otherwise shouldn't be a problem. As long as you qualify, obviously. If you are able to put down a 20% down payment that is probably to your benefit in a major way over time

[ayman]

Say I don't use the programs. Would they give me the mortgage easily even tho I'm not being there?

If you won't be living there you can qualify for a mortgage. You do not need to have 20% for a down payment. However you will need to show the bank that you can afford the mortgage on top of your current living expenses. Including Any current mortgages Or rent payments.