Financing in Forest Hills>Question Details

Martin, Home Buyer in New York, NY

Can I afford a co-op in Forest Hills?

Asked by Martin, New York, NY Wed Mar 12, 2008

I'm interested in buying a 1BR co-op in Forest Hills. I will have about $65K in the bank by the time I'd be wanting to close in June/July. I would expect my budget to be around $250K with 20% down and assuming maintenance around $700. I'd like a place of at least 700 s.f. that's in decent condition, allows cats, and is within walking distance of the LIRR, but not so close that I hear every train that goes by. I make about $90K in a job I started 7 months ago. Do I have a prayer?

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There are two sources of information that will help you; a mortgage broker (contact me off line for a good referral) and information from the Charter of the co-op. The Boards usually dictate how much discretionary cash you must have on reserve.
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1 vote Thank Flag Link Wed Mar 12, 2008
Assuming no outstanding debt, your financial numbers are fine for just about any building (except Kennedy House, The Continental and any building that requires more than 30% down or more). The number you left out is your FICO score but we'll take a leap of faith that it's 740 or higher. You should be done with this about now. How did it all work out?
0 votes Thank Flag Link Mon Jul 27, 2009
Mr. Martin I don't think that u would have a problem whith that. One more thing that would like to let you know I work with many mortgage brokers and bankers and they'll be happy to help to get what you need.
the first thing that we need to do is set an apoitment. please reach me at 917-683-2927 Rene Hernandez Exit Realty Success 106-12 Corona avenue Corona NY. 11368
0 votes Thank Flag Link Tue Mar 25, 2008
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