Home Buying in Laurelton>Question Details

george, Home Buyer in Queens, NY

2BR coop in queens 165K, under 10% down, is mortgage possible?

Asked by george, Queens, NY Mon Sep 10, 2012

i'm planning to buy a 2BR coop in Queens around Bellrose, i make 40K annually and could probably afford a 10% down with enough money to cover couple of months of maintenance & mortgage. I dont have any loan and only pays for car insurance. i could say my credit is pretty good, i'm not sure if age is a factor but i'm 30 - and my job is secure - do i have a chance on this? the coop i was looking at was around 165K

Help the community by answering this question:


i have co-ops in Bayside 10% down pymnt OK that you could buy in that range.
i have one unit in really good, updated condition w a lrg terrace
really nice kitchen and ceramic bath, hardwood flrs and attic
call me
0 votes Thank Flag Link Thu Sep 27, 2012
Start by getting pre approved with a mortgage broker. Find out the requirements of the Board as regards down payment, them make your decision.
0 votes Thank Flag Link Sat Sep 22, 2012

There are 2 questions:

- Will your bank give you a co-op loan with only 10% down?
- Will that co-op board accept 10% down? Each co-op has different requirements, most require 20%, but there are a few that are flexible.

Good Luck,

David Callaghan
Keller Williams Realty
0 votes Thank Flag Link Thu Sep 13, 2012
A mortgage bank will do a credit and income check to establish what kind of mortgage you can afford and will give you the pre-approval letter Anna mentioned you need for any offers to be taken seriously.
Consider getting an real estate agent of your own to guide and help you with the buying process.
0 votes Thank Flag Link Mon Sep 10, 2012
Most, if not all the co-ops are going to want a minimum of 20% down in Bellerose. Your best bet is to get a buyer's agent that works co-ops in Bellrose and see if they can help you. Good luck.
Licensed Real Estate Salesperson
Notary Public, Retired N.Y.P.D. Lt.
"We treat you like family!"
Charles Rutenberg Realty, Inc.
255 Executive Drive - Suite 104
Plainview, New York 11803
0 votes Thank Flag Link Mon Sep 10, 2012
If purchasing with a mortgage, 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, therefore visit with any licensed loan officer; also choose an agent to work with. Keep in mind that co-op boards do have their own financial requirements that must be met in order to be approved; most require 20% down or more....
0 votes Thank Flag Link Mon Sep 10, 2012
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