I have been helping HomeBuyers in Brooklyn and throughout the NY Metro region since 1989 as a Mortgage Banker. I am a Licensed Mortgage Loan Originator. I will prequalify you and answer all of your questions from above and more.
I'll walk you through the entire process of buying your first home; it's my passion and it's what I've done for 22+ years!
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker â€“ NYS Dept. of Financial Services
I don't know which house I want to purchase yet. I have been looking, but want to get pre-approved to make sure I am not looking at homes I can't afford. I am currently looking at properties priced around $450,000. I have around $30,000 saved up for down payment and closing costs.
What everyone has said so far is really good information for you to look into.
Do you already know what house you want to purchase? What's the asking price of the house?
I specialize in the brooklyn area and I work with other agents and lawyers who have more experience in FHA programs than myself.
The #1 thing I would recommend is that when you have found a property of interest, spend the extra $500 or so and get it inspected by a licensed home inspector with the state! Knowing whatever information you get out of the property can save you lots of money and time. Depending on the property, there is room to wiggle and negotiate with the asking price depending on certain conditions: how eager the owner is willing to sell, if you have to add in extra money to fix the place up...
With getting a mortgage, you should include in your figures the price, closing costs (which can be anywhere from $10,000-$25,000 but depending on the asking price), broker (6%) and lawyer fees (varies), taxes. Just knowing these numbers will give you an actual number to work with so you know what your new home is really costing you.
I also work with someone who can help improve your credit score so you look stronger on an application if you're interested in that he's name is Joe Taglia and his number is 732-768-0066 and tell him that Heather Hope referred you.
I wish you luck and great success in acquiring your new home and if you would like to work with me since I have a good inventory in that area please feel free to contact me.
Real Estate Salesperson
The rental income can be counted towards your qualifying income but not the entire amount. I believe they credit about 75%.
You need to speak to several mortgage bankers and get yourself pre-qualified. You should also speak to a mortgage broker so as to leave no stone unturned so to speak. This process does not cost you anything other than time and effort but you will then get the correct answer to your question with no mistakes. Plus you will be making sure you are getting the best rate.
Also make sure you find out about what the closing costs are as they vary from bank to bank.
Good luck, if I can be of further assistance please let me know. Good luck!
Madison Estates & Properties