Home Buying in 10019>Question Details

Chad Wilson, Home Buyer in New York, NY

I'd like to buy a home (my first) in upstate NY, but also keep my NYC apt I'm renting. Will this make it more difficult to get a loan?

Asked by Chad Wilson, New York, NY Fri Sep 13, 2013

Help the community by answering this question:


Hi Chad, It all depends on your loan to debt ratio. In other words it might not affect your ability to get a loan if you have liquidity and can make a substantial deposit towards the house if your income does not support both the mortgage and rent.

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.
Good luck.
1 vote Thank Flag Link Sat Sep 14, 2013
Hi, It depends on your debt to income ratio and if the rent covers what your monthly payments are on the rental. I recommend Christian Babcock from Mortgage Master Inc. (located in Tarrytown) 914.447.9691. He is very thorough and will guide you accordingly.

Christopher Pagli
Accredited Buyer Representative
Licensed Associate Broker
William Raveis Legends Realty Group
1 vote Thank Flag Link Sat Sep 14, 2013
Hello, Do not know how far from NYC you are talking about but I do cover Rockland/Orange/Sullivan & Ulster Counties. I am currently in Contract with a client from Brooklyn who is in Contract in Sullivan County as well as a Listing Agent on 2 others. I know these areas very well & would be glad to send you all listings that fit your criteria(automatically) if given the opportunity. Your criteria is most important(wants & needs.. Bedrooms/Bathrooms/Style/Budget. etc.). You can easily reach me anytime(information below) & look forward to your reply. Allan

Allan Erps
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
Email: allan.erps@randrealty.com
Website: allan.erps.randrealty.com
1 vote Thank Flag Link Sat Sep 14, 2013
Good Day Chad,

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.

Best Wishes,

Seiba Cooper
License Real Estate Salesperson
Charles Rutenberg Realty, Inc.
Plainview, New York, 11803 
Cel 914-396-6046
Office 516-575-7500
Fax 516-575-7501
1 vote Thank Flag Link Sat Sep 14, 2013
Well a lot would be determined on your income and your affordability and how much debt you have outstanding versus your income which is known as your DTI I would go to a bank or mortgage banker and see and get pre qualified

Thakns Felix
1 vote Thank Flag Link Fri Sep 13, 2013
Will you be relocating? If so it should not be a problem subletting your current apartment. If you are relocating you will have to put down 3.5%

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.
1 vote Thank Flag Link Fri Sep 13, 2013
Hi Chad, the answer is maybe. If you're moving upstate then you may qualify with as little as 3.5% down. If you plan to rent out the upstate property, then you may have to put down 20%. Either way, is relatively simple as long as you meet the necessary and common-sense credit, income, and asset requirements for a mortgage.

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 michaeldenniston247@gmail.com.

I value your opinion, please hit thumbs up if my reply was helpful. All the best.

Michael Denniston
Senior Mortgage Banker
NMLS #24076
The Federal Savings
Nationwide Lender
New York
0 votes Thank Flag Link Thu Sep 19, 2013
Please call me for assistance. My name is Priyta and I can be reached at 917-499-6500. Thank you and good luck.
0 votes Thank Flag Link Mon Sep 16, 2013
Maybe. Depending on the details of your situation. if you intent in occupying this new house in Upstate NY as your primary residence than it'll be as easy as it gets. So is the Upstate NY house within a reasonable commuet to your work?

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!

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
0 votes Thank Flag Link Fri Sep 13, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer