Assuming you have good credit and no other debt, with an income of $70,000 a year you would probably be qualified to borrow up to about $300,000.00. You will need to put down at least 3% so your purchase price would be $310,000.00. If you can put 20% down you will qualify to borrow about $385,000.00 so with the down payment you can purchase for up to $480,000.00. This is your budget.
You need to meet with a mortgage banker and determine your exact budget based on YOUR qualifications. Once you know what you can afford, I recommend that you look at any and all the homes in your price range in the area that you like and purchase the one that seems to be the best deal!
I am sure after reading this you will have additional questions, if so, please contact me direct and I can further assist.
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
A Loan Officer would need to review your 2 most recent income tax returns, recent pay stubs, recent bank statements and credit. This assures that the Loan Officer got to review some of the most critical things that determine if you're qualified or not.
If you're interested, I'm always available to meet with you and help you become pre-approved and address all your options and questions, at no cost to you.
Senior Loan Officer
Sterling National Bank
Once you have completed that first step, please give Hebron Brokerage a call, we will gladly help you find your home and walk you through contract to closing.
First thing you should do is get pre-approved for a loan. (Ask friends, check with your bank, etc). Once you are pre-approved, you will know how much you can afford and therefore what properties to look at. Hire a local Realtor (local to the area you want to buy in) to assist you in finding your new home.