Home Buying in New York>Question Details

Mimran4052@g…, Home Buyer in

Can a new comer graduate with 20k money buy a home arround 100k in any of try state place of new york?

Asked by Mimran4052@gmail.com, Fri Jul 26, 2013

I am a graduate and currently have a offer from a company with pay arround 28k. I am having arround 20k in my hand and want to buy a home of any kind in the try state of New York area. Need a help, thanks for that.

Help the community by answering this question:


Good afternoon,

First steps:

Meet in person 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. Your Mortgage Banker will discuss the various loan programs, closing costs, and most important of all, monthly payment.

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

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1 vote Thank Flag Link Mon Jul 29, 2013
Yes you can!
Get recommendation from friends, relatives, co-workers to get a reputable mortgage broker, who will have access to different lenders and loan programs. Figure out your buying power. Remember, you have to account for down payment, closing costs and some left over. Once you know your price range, narrow down some locations and get an experienced local agent. good luck!
1 vote Thank Flag Link Sat Jul 27, 2013
I would recommend that you contact a licensed mortgage professional for clarification. I would not discourage you out of hand at all. First, your degree "counts" as employment. In other words, a lender typically wants two years employment history for mortgage qualifications. All I (and most lenders) would need is a copy of your degree/certificate, the offer letter and the first pay check stub. Depending upon your degree/specialization there is a possibility the lender will want a copy of your transcripts as well.

Beyond the employment issue of course credit and debt to income ratios must be in line. But, by no means would I discourage you from exploring your options.

Wish you the very best,

NMLS #279125
1 vote Thank Flag Link Fri Jul 26, 2013
Look for a trusted broker to work with you. It looks like this is your first time to buy a home; although there are many options out there, they can be overwhelming. A good broker on your side makes the whole buying process less stressful.

Dana Lindberg
CFS Mortgage - http://www.cfs203k.com
0 votes Thank Flag Link Sun Sep 15, 2013
Please contact me. My name is Tanuja and I can be reached at 347-882-0353. Thank you and good luck.
0 votes Thank Flag Link Mon Jul 29, 2013
There are many co-ops close to NYC that would qualify, particularly in the Yonkers - Mount Vernon area. Find a buyers broker to represent you and you should find something. They may also be able to refer a good mortgage broker who is familiar with the financials of the buildings who could also give you some good advice. You can try one of our local offices at http://www.elliman.com/offices/new-york-city/3265-johnson-avenue

Good luck!

Donald Mituzas
Licensed Associate Broker
Douglas Elliman Real Estate
0 votes Thank Flag Link Sun Jul 28, 2013
I would recommend you get pre-approved with a local lender first. Next, start a relationship with an experienced Buyers Agent. Maybe pick one from the list of agents that took the time to answer your question. Trulia offers an agent directory, find one that looks like a good fit for you that works your city and has the most recommends. Zillow.com is another site you can try as well, they only post reviews written by past clients as well.

Best of luck in your search.

0 votes Thank Flag Link Sat Jul 27, 2013
Your first step is to meet with a mortgage professional to determine if you qualify for a mortgage, there are a few areas in the Bronx where you can purchase a Coop or Condo for under $80,000 but you have to qualify for a mortgage.

I would be glad to discuss it with you further.
0 votes Thank Flag Link Fri Jul 26, 2013
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 begin by visiting with any licensed loan officer....
0 votes Thank Flag Link Fri Jul 26, 2013
The answer is no unfortunately not by your own current merit.
0 votes Thank Flag Link Fri Jul 26, 2013
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