Home Buying in Brooklyn>Question Details

disgruntledb…, Home Buyer in Brooklyn, NY

First time Buyer I would like to buy a house idk what's the process and I make about 70,000 a year.

Asked by disgruntledblack, Brooklyn, NY Mon Jan 21, 2013

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Mitchell Feldman’s answer
Dear disgruntledblack:

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.

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Tue Jan 22, 2013
Well, the first thing you need to do is meet with a Loan Officer and become pre-approved. Before you begin your search for a house, it's important that you know exactly what you can afford, what the payments are like, etc. You pretty much want to have the financing all set so that when you find a property, you're ready to go.

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.

Javier Meneses
NMLS #23130
Senior Loan Officer
Sterling National Bank
jmeneses@snb.com
2 votes Thank Flag Link Mon Jan 21, 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 visit with any licensed loan officer first; also choose an agent to work with...
0 votes Thank Flag Link Tue Jan 22, 2013
Speak with a loan officer and then look for a real estate agent. Who will help and guild you with all the paper work, search ext.
0 votes Thank Flag Link Mon Jan 21, 2013
Both responses are spot on. It's always best to start your home buying knowing how much you can afford and that the bank agrees by a pre-approval letter.

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.


Best Regards,
0 votes Thank Flag Link Mon Jan 21, 2013
Hi disgruntledblack,

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.

Good luck.

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
0 votes Thank Flag Link Mon Jan 21, 2013
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