Home Buying in 11203>Question Details

Keith, Home Buyer in Brooklyn Heights, Br...

Hello Community and specifically R.E's. I have 20k available to plunk down on a house or condo. Credit scores are in the 700's, income is $100k.

Asked by Keith, Brooklyn Heights, Brooklyn, NY Tue Dec 17, 2013

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Keith, make sure you speak with your Loan Officer. There are some huge changes to FHA coming soon. The mortgage insurance costs are going to drop significantly and it's something you're going to want to know while you shop. Currently, if you're putting the minimum down payment, you'll have the monthly mortgage insurance FOR THE LIFE OF THE LOAN.

Also, speak to the Realtor you're working with and see just how realistic it'll be for you to obtain a full seller concession. There are many parts of Brooklyn where any seller concession would really put you to a great disadvantage when it comes to competing with other buyers out there, whose offers include larger down payments and little to no seller concession. In several parts of Brooklyn you might be competing with all cash buyers. So you're going to want to know about this as well.

Any Loan Officer can pre-approve you and sell you on the idea of a full seller concession, but you need to make sure that in the places you're looking for this is a reality.

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
0 votes Thank Flag Link Tue Dec 17, 2013
Hello Keith,

The first thing you will have to do is speak to a Mortgage broker so you can find out what price range you can buy comfortably in. Then I can show you properties within that range. Feel free to call or text me anytime, I'm located in Brooklyn: Cell# 212.300.3919

Luke Constantino
Realtor
Commercial/Residential
Keller Williams Real Estate
9120 4th Avenue Brooklyn, NY 11209
Direct: (212) 300-3919
Office: (718) 954 8400
lukeconstantino@gmail.com
1 vote Thank Flag Link Tue Dec 17, 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; also choose an agent to work with, he/she will be your best guide...
1 vote Thank Flag Link Tue Dec 17, 2013
I have a good mortgage officer to rrcommond. He can help you get highest amount of mortgage.

Yanainy@gmail.com
0 votes Thank Flag Link Wed Jan 8, 2014
Hello Keith, I'm not sure exactly what is the question, but you seem to be in good shape as far as prequalifying for a condo or house. Your $20,000 can go far, but it depends on the location, purchase price of the property you qualify for and the down payment requirement for the loan program you will be using.

Your best bet is to make an appointment with a mortgage rep at a bank and tell them what you want. If you need assistance with a senior mortgage rep or would like to speak to me for more information or to assist you with finding you a property feel free to call me at 646-725-5941.
0 votes Thank Flag Link Wed Jan 8, 2014
Lots of nice properties available in Long Island City.
0 votes Thank Flag Link Tue Dec 17, 2013
Dear Keith:

There are plenty of homes out there for you to look at. Your best bet would be to look at every home within your price range in the neighborhoods that you like. Once you do that you should buy the ones that best meets your needs and/or is the best deal.

If you need assistance, feel free to contact me direct, I would be more than happy to assist.

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales/ e-Pro Realtor
Fillmore Real Estate
Office: (718) 252-2000/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Tue Dec 17, 2013
Hello all, thanks for the replies. I already met with a loan officer and she approved me up to $420k for a multi-family with FHA financing and a sellers concession for the closing costs. At the time I didn't have $20k and her approving me for that amount was based on me getting it. I'm looking at Canarise, East flatbush, Flatlands, Old mill basin in Brooklyn. Queens village, Cambria Heights, Rego Park, Forest hills, Hillside avenue area in Queens. Condo's are ok as long as there's some outdoor space and pets are allowed.
0 votes Thank Flag Link Tue Dec 17, 2013
If you are qualified for 600k, I would like to recommend one of my listings which is 2-family house in a nice neighborhood plus a great public school... Good luck.
0 votes Thank Flag Link Tue Dec 17, 2013
Where are you looking to purchase your new home?Please check out my website at MJobs@aptsandlofts.com and give me a call at 347-489-6942.
Looking forward to hearing from you.
0 votes Thank Flag Link Tue Dec 17, 2013
Hello Keith. If you're planningn to finance, and it sounds like you are, you first need to get pre-approved with a lender. It's a must that you have met with a Loan Officer and provided them with all the necessary documents so that they can determine what you qualify for and provide a pre-approval letter. No Realtor will even begin to show you available houses until you obtain a pre-approval letter.

Another reason you want to meet a Loan Officer is because you want to know all the aspects of the mortgage available to you. You want to know what the estimated payments would be, rates, closing costs, etc. You want to address ll your questions and pretty much become educated on the entire process from beginning to end and everything in between.

I'm always available to meet face-to-face if you're in need of an experienced and reliable Loan Officer. Feel free to call or email me anytime, we have offices in Brooklyn Heights, Manhattan, Queens and Long Island. Good luck!

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
0 votes Thank Flag Link Tue Dec 17, 2013
hello where are u looking to buy?
0 votes Thank Flag Link Tue Dec 17, 2013
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