Why not speak to any qualified loan officer(s) first--hear all your options; ask him/her give you a mortgage pre-approval letter--then choose a broker and begin your search.

Anna

Unfortunately I do not know any PMI company that will insure mortgages right now at 10%. I recently did a deal for 15% down however it was a nightmare to get done. You might want to look in Brooklyn where FHA will approve the building for an FHA Loan at 5-10%. That will allow you to put less down. Unfortunately FHA does not approve Manhattan buildings as they require a wavor of first right of refusal from the boards hwich every Condo has.

Feel free to call me so we can discuss your options and plan the best way to proceed.

Sincerely,

Wesley Stanton

Your salary is strong, the student loans are not considered a negetive which is another plus. Fidning a unit that will accept two large dogs is certainly possible. It all depends on the location and if you're open to secondary locations. You're debt to inocme ratio is strong and I'm positive you'll find a good home that meets all yoru needs. My adice to save you time is to use a broker, we'll save you time and energy!! Feel free to contact me if I can be of assistance at tlara@rutenbergrealtyny.com , best of luck it's a great time to purchase with low interest rates and the sellers being more flexible then in the past!!!

You should consider buying a coop or condo in the Northeast section of Queens County, NYC especially in the communities of Bayside, Little Neck or Douglaston. You can get a two or three bedroom condo with your solid income and still put only 10 to 15 per cent down. These communities are less than 1/2 hour ride via the Long Island Railroad or 3/4 hour via express bus. These communities offer the best of suburbia yet are very close to the Big Apple. Furthermore, once you have children, they are situated in the highest performing school district in all of NYC (school district 26). I can help you find great properties if you desire to venture a short distance east of Manhattan.

Lawgirl,
Your salaries are certainly solid and I also think that you have a very good shot at getting pre approved despite your concerns regarding down payment. I have found much more success with non commercial banks, ie direct lending mortgage bankers. There are several in the NY area that can be of service to you. Also, I think you would be SHOCKED at what you could afford were you to take a look outside of Manhattan. A 5-10 minute commute into Queens or New Jersey, or Downtown Brooklyn with make your search MUCH easier. There arent as many restrictions re square footage, pets, or down payment. I've worked with several people in your position and have found them great spaces for less than they planned on spending. My brokerage specializes in working with First Time Buyers and I would love to work with you.

Much luck

Josh Smiling
Principal Broker
Smiling Realty
(917) 807 7942
(718) 443-9100

I wouldn't even think of planning on 10% down until, or if, you can find a lender that will finance 90%. You need to obtain pre-approval from a lender via the bank that holds your demand deposits, some other bank (Wells Fargo is a favorite of ours, just call them) or via a mortgage broker (I have a list of good ones). Mortgage brokers are especially skilled at unusual situations such as yours.

I actually doubt that you will be able to obtain 90% financing, but I hope I'm wrong. The lending market has changed radically in the last year and few people can obtain 90% financing.

Also, it's unlikely you will find a co-operative that will allow 10% down, the minimum required is usually 20%. So you are restricted to condos.

Dear Lawgirl,

How are you? I hope all is well!
I agree with both Cyndi and Sandra that you should contact a mortgage banker to determine your purchasing power combined with what you'd like to invest/ spend on your home. I do have to add that your 10% downpayment will probably not be enough if you are both Canadian and one of you don't have at least some type of US residency status, because although foreigners are allowed to buy in the US, their downpayment requirement is much higher 40%-50% to obtain a mortgage. I was hoping that your 10% down-payment was just an initial down-payment and the rest would have been cash at closing, but after reading that you don't have huge savings I'm afraid that this is not the case. If you do have a US residency status then the 10% procent might be enough depending on the size of the mortgage that you're looking to secure, because the higher the mortgage amount, the higher the down-payment requirement in general, unless you find a mortgage broker that can broker your loan out to a portfolio lender.

I am a Manhattan Real Estate Professional, so please contact me and I'll put you in touch with the right contacts regarding qualification etc...

As for the two big dogs, it would be my job to find you AND your dogs a suitable place here in Manhattan as you mentioned that that's where you'd like to stay!!!

Please contact me privately by phone or email and I would love to discuss your options!

Best regards,

Anoir Redouane
Professional Real Estate Consultant
Halstead Property LLC
212-381-4209
ARedouane@Halstead.com

lawgirlnyc
Even thought condos do allow 10% down banks will require about 20% maybe 15%, this will depend on the following:
credit score
debt to income ratio
income
dogs should not be a problem most condo do allow dogs.
i would first contact a lender to see what they are willing to lend then contact a broker who is familiar with new york city condo. the banks who are lending today are bank of america, tom lau212 508 3343, wells fargo and you might want to try ING. Good Luck carol friedman NestSeekers Int. 917 287 2308

Get prequalified through a mortgage person for your loan so you know the parameters you can work within. Then contact a real estate agent and hire them to represent your best interest and start looking!
I would recommend Nancy Cleary, of DE Capital (part of Wells Fargo) for the loan. She may be reached at 516-330-9285 or ncleary@decaptialmorrgage.com

As for the agent, there are several that I can recommend, based on where you are looking to purchase.

Good luck!

You have an excellent combined income and it would benefit you both to purchase a home to get all the tax write offs as a homeowner. My advice is to get pre-qualified to determine the maximum amount you can borrow from the lending institution. Next contact a Realtor in the city and provide him/her with your criteria for a home and your pre-qual info and they will beable to assist you with your search.

Start by going online to verify your creditworthiness. Check all three credit agencies for both you and your husband. Clean up any errors, make sure there are no mistakes, and bring any revolving credit accounts to a balance equal or below 33% of the total allowable limit. After you are confident that everything is as it should be: get "prequalified" by a Mortgage Broker/Banker to find out what price range you should be looking for. Then contact a REALTOR® in your area. Good luck!
El Brant, Broker/REALTOR®
CENTURY 21 Sweyer & Associates
Wilmington, NC
910.264.6515