Licensed Real Estate Salesperson
Century 21 Advisors Realty
The Largest Real Estate Company in the World
3040 Avenue U
Brooklyn, NY 11229
Alex - Cross River - 917-520-1515
Ezra - Universal - 718-210-1113
Mike - HSBC - 917-604-4320
Jack - Pan Am - 646-442-4056
I should have a few units that will work!
Let me know when your ready.
Keep in mind that most co-ops in Brooklyn require you to put down a minimum of 20% of the sales price. If you do not have that money to put down it will be extremely difficult. Also keep in mind that besides just qualifying for and getting the mortgage, when you purchase a co-op you also have to put an application into the co-op board which they have to approve. Often times the co-op approval process can be more strict than the mortgage process.
With an income of $32,000 per year, most banks would be willing to lend you about $111,000 assuming you have no other debt. If you were to borrow that much your down payment would be about $27,750 (hence a purchase price of $138,750). You will also incur closing costs aside from your down payment which would be about $6660.00. This means you would need a total of about $34,500 to do the deal.
There are some co-ops that will go with a lower down payment but they are harder to find and you would have a lot less to look at. Your best bet is to go to a mortgage banker first and get yourself pre-qualified. Then you will know exactly how much you can borrow and spend on the purchase. Then you can start looking at co-ops.
If I can be of further assistance, please let me know. Good luck!
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783