Home Buying in Brooklyn>Question Details

Diana Kay, Home Buyer in New York, NY

Am I being that unrealistic ?

Asked by Diana Kay, New York, NY Thu Jan 1, 2009

I would love to buy a 1 bedroom apartment in Clinton Hill while the market is slow, but I only have about $25,000 saved so far for a downpayment. Would it be premature to contact a broker ?

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I would have to agree with Luke. It sounds like you have enought for your downpayment, you just need to make sure that your credit is good and your debt to loan ratio and income will support the purchase. This is a great time to buy a home, but you want to live in the home not for it.

Good Luck and Happy New Year.

David Wakeman
RE/MAX Classic
0 votes Thank Flag Link Fri Jan 2, 2009
Considering the new FHA loan limits in New York and the very reasonable 3.5% down payment requirement, your down payment amount seems very reasonable. As long as your income and credit supported the approval of the loan amount you want to borrow, then you should be okay to move forward. You will probably need a good % of seller concessions for closing costs though as those can be quite high in New York.

If you have any questions about qualifying for a new mortgage, please feel free to call me.

Luke Allison
Flagstar Bank
0 votes Thank Flag Link Fri Jan 2, 2009
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