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Jennazoid, Home Buyer in Forest Hills, Queens,...

I'm 22 years old and interested in buying a 1BR Co-op in Forest Hills. I make about 55K a year and have about

Asked by Jennazoid, Forest Hills, Queens, NY Fri Jul 31, 2009

I'm 22 years old and interested in buying a 1BR Co-op in Forest Hills. I make about 55K a year and have about 30k in the bank. Can I afford a co-op in Forest Hills? Im looking for a place that is at least 700 s.f with a dining room. Also, my median FICO score is 770. I'm really wondering what amount of loan I can afford along with the maintenance fees.

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You can probably only afford a co-op that costs about $150K or so. As an agent in Forest Hills, I know that the majority of the co-ops here require a 20% down payment (which pretty much caps you at $150K if you only have $30K in the bank). Also, once you close, most buildings require that you have at least 6 months of mortgage plus maintenance left in the bank as reserve funds (they do consider $401K and retirement funds).

Also, most co-op boards look for a maximum housing debt of no more than 28% of your gross monthly income. At $55,000 a year, your gross monthly income is $4,583 - 28% of that would be $1,283. Your monthly payments on a $150K apartment, assuming maintenance of about $600/month would be right around that figure.

If you have any further questions, or would like assistance in your search, I can see what's out there for you. For my contact information, see my website http://www.teammd.net.

Good luck.
0 votes Thank Flag Link Sun Aug 2, 2009
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