If you need help in determining how much home you can afford the best approach is to seek pre-qualification of a mortgage. Basically you can sit down with your real estate professional and state your income and expenses. It's a good idea to know how much home you potentially qualify for and are comfortable with. The next step in the mortgage process is providing all of the supporting documentation of your income and expenses in order to become pre approved. I can't stress how important the last step is because by law once you sit down with a loan officer they are under compulsion to provide documentation to you within three business days. Now about how much you need to put down depends on if you will apply for a FHA or conventional loan. With an FHA government backed loan you put down a small amount of money but you still need to have a similar amount of money for closing costs. There are no one size fits all scenarios for everyone. You can contact me for more assistance.
Please give our office a call and we will be happy to connect you with a financing expert, who will give you all the options available to you as a first time buyer. Each situation is unique. Please call us at 845 497 8380
Accredited Buyer Representative
Licensed Associate Broker
914 406 9023