Home Buying in 14610>Question Details

sunflowerist, Home Buyer in Rochester, NY

First time home buyers program in NY and mortgage amount?

Asked by sunflowerist, Rochester, NY Thu Jul 31, 2014

I make just under the maximum income for 1 person to qualify for the first time home buyers program in my county which has a 4-1 savings program for down payment and other things. I make ~37k/yr currently, just out of college. I worry that I won't be able to get a mortgage for the amount I'd like (~105k after ~10-15k down), and have had very conflicting results using the calculators available online. I have good credit, 720 or so and my monthly debts are ~310/month. My long term boyfriend would likely move in to the home and help with expenses and such, and we hope to get married after the house. Any experience with the program? With the income requirements for 1 person I can't imagine what kind of mortgage would be approved. Thanks.

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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
ACADEMY MORTGAGE CORP
105 Conklin Street
Farmingdale, NY 11735
jmeneses@bankamc.com
(516) 606-9648 Cell
(631) 227-3258 Office
(516) 584-7138 Fax
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