Home Buying in 14610>Question Details

sunflowerist, Home Buyer in Rochester, NY

First time home buyers program in NY and income considerations?

Asked by sunflowerist, Rochester, NY Wed Jul 30, 2014

I am a new graduate, currently making a starting salary ~37k/yr, 10k in school loans (~100/month) and a car payment 210/month. I am going to apply for the first time home buyers program and I qualify under the single income category. My very long term boyfriend and I currently rent together, and he would probably come to live at the house, he makes ~33k/yr. Added together we wouldn't qualify for the first time home buyers program, but I worry if I just use my salary alone I will not be able to get approved for a mortgage I desire (I plan to get a house under 115k and ideally under 105k). I am completely inexperienced and this is preliminary, I plan to attend classes but what do you think is my best option?

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Javier Meneses’ answer
The first thing I'll say is that almost always, the organization who will give you the grant, uses not just your income, but the entire household income to qualify. I'm sure you'll need to check if you and your boyfriend's income would work. The second thing is that you really cannot go by calculators and other things you do independently to see how much you would qualify. You will have to sit or speak with a Loan Officer and go over all the necessary documentation so that he/she can determine what you qualify for. The income requirements for grants is one thing, but how much that income allows you to qualify for is another. Most of these grants will have an effect as to how much you'll be able to qualify for. For example, if a lender pre-approves you for a $150,000 purchase, the grants program have their own requirements which always result in you qualifying for less than what the lender is willing to. The grant program almost always have a list of lenders they work with, and sometimes you can not be eligible for a grant if you do not obtain your loan from one of those lenders. There are a bunch of things here that need to be considered. Find out more details on the grant and if you are restricted to a specific loan program or lender. This will dictate a lot. Good luck!

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Javier Meneses
Assistant Director of Sales
105 Conklin Street
Farmingdale, NY 11735
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0 votes Thank Flag Link Thu Jul 31, 2014
I totally agree with the first answer you were provided. The total income would be considered. Also, what you would qualify for also depends on the tyoe of mortgage you you get--coventional, FHA, USDA,VA. All of these have differing guidelines and that is why you need to talk to a mortgage loan officer to go over everything. They can give you a very accurate picture of your finacial situation and what you would qualify for--including qualifying on your own or with your boyfriend.

I am in the Rochester area. Give me a call. 585-633-1759. Ken
0 votes Thank Flag Link Wed Oct 22, 2014
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