Financing in New Hyde Park>Question Details

Mark, Home Buyer in Bronx, NY

Wife and I are ready to buy but don't have much in the way of a down payment. Wondering if we qualify for an FHA loan and what we could even

Asked by Mark, Bronx, NY Fri Mar 2, 2012

expect to afford in Nassau. Currently renting. 3 kids so we need at least 3-4 BR. Combined gross income of about 230k.

Help the community by answering this question:


Best thing you can do is to speak to mortgage expert about getting pre-approved for a mortgage. When you speak to your loan expert, please be sure to ask him/her about the possibilities of getting Sellers Concession to pay part or sometimes all of your closing cost, leaving you with the worries of just gathering the amount needed as down payment only.

Good luck. Hope you get your ideal home. Nassau County has a lot of home with 3-4 bedrooms starting as low as $250,000. After you get your pre-approval letter speak to a market expert to better guide you through your home buying process.

Good luck.
1 vote Thank Flag Link Sat Mar 17, 2012
For a personalized answer do visit with any licensed loan officer; if you need recommendations feel free to contact me directly. Be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.
1 vote Thank Flag Link Fri Mar 2, 2012
Good afternoon Mark,

First steps:

Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.

Get a referral to a good, local, real estate attorney. Call the attorney, retain the attorney so you have her information handy when you make an offer. Having that information at time of offer helps you demonstrate to the Seller how serious you are, and they will consider your offer with more interest.

Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.

Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.

Put together your Team of real estate professionals and shop 'til you drop!

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes Thank Flag Link Thu Apr 25, 2013
Hello Mark,

I would suggest you to get pre approved with a lender. I live and work in new hyde park, let me know if I interested seeing properties at 718-343-5200
0 votes Thank Flag Link Sun Mar 25, 2012
My suggestion is that you get preapproved and know what you qualify for. When you both find the home you love pay (or close to ) the asking price and ask the closing costs (as much as is allowable by FHA). Also if this is your first home (or atleast the first one you have bought in 3 years) you can check with your lender about down payment assistance.

Good luck.
0 votes Thank Flag Link Sat Mar 17, 2012
Take the time to meet with a mortgage broker who can write an FHA mortgage. They have a nice program but it comes with requirements. Talk to your mortgage broker about the details. Great program!
0 votes Thank Flag Link Sat Mar 17, 2012
You need to speak to a mortgage officer. FHA only requires 3.5% down but your FICO score counts besides debt to income.
0 votes Thank Flag Link Fri Mar 2, 2012
there are some great deals in the Bahamas... I would need more information from you in order to proceed to answer your question. Are you in New Hyde Park?? I might be able to get your developer financing in the Bahamas.
I am actually in Florida, but i deal with a few developers on projects in the bahamas.

Call me when you have some free time.

Melissa Iaria
Galleia International Realty
0 votes Thank Flag Link Fri Mar 2, 2012
Hi Mark,

You would need to speak with a mortgage broker to review your finances to see you if qualify.

Good luck to you.
Web Reference:
0 votes Thank Flag Link Fri Mar 2, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer