I suspect your income level may be above the allowance for an FHA loan, but it is worth looking into as well. Another thing to consider is taking a longer term mortgage so that your monthly will be low. I am just talking from experience, but you need to talk to a mortgage expert to verify your numbers.
Accredited Buyer Representative
Licensed Associate Broker
William Raveis Legends Realty Group
Licensed Real Estate Salesperson,ABR,SFR
Better Homes & Gardens/Rand Realty
95 South Middletown Road
Nanuet, New York 10954
Voice Mail (845) 624-8100 x141
Fax (845) 624-7137
Cell/Text (845) 304-3040
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Congratulations on your decision to purchase your first home while the prices continue to be more affordable than the were years ago. Your NYC apt should not make obtaining a mortgage more difficult. If your're planning on occupying this property as you're primary residence and not as investment (renting it out). You may qualify for first time home buyers low down payment requirements. However, you may still be able to generate a rental income if you decide to purchase a multi-family home. Otherwise, the only difference would be a higher down payment requirement if this purchase is for investment.
Please feel fee to reach out to me. I specialize in real estate in both NYC and Westchester County. If you aren't already working with someone, I'd be happy to assist you in finding your new home.
Please find my link below helpful, with determining what is considered a primary residence.
License Real Estate Salesperson
Charles Rutenberg Realty, Inc.
Plainview, New York, 11803Â
If you plan on staying in NYC and using the upstate property for investment you will have to put down 20 to 25%.
Will it be hard to get a loan?? Mortgage brokers look at your debt to income ratio, credit score, bank account information, employment history along with other things. Email or give me a call at 917-272-4443 and I can put you in touch with a mortgage broker in the NYC area.
Maybe it's time to speak with a licensed and experience mortgage banker regarding your options. I have extensive experience helping New Yorkers to become successful homeowners and would welcome an opportunity to help you accomplish your goals. For more information, please contact me directly at 917.699.0183 or via email firstname.lastname@example.org.
I value your opinion, please hit thumbs up if my reply was helpful. All the best.
Senior Mortgage Banker
The Federal Savings
I know that the best thing you can do is meet with a Loan Officer and allow him/her to review all necessary documentation and go over all aspects of your scenario so that you can get better advice and correct information. There are several factors that need to be considered.
I'm always available to meet at one of our Manhattan offices if you'd like. Feel free to call or email me anytime. Good luck!
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Senior Loan Officer
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax