Home Buying in Brooklyn>Question Details

Matt Mullings, Real Estate Pro in Brooklyn, NY

I'd like to get a co-op. Ive got decent credit and make 32k. what price range should i shoot for? is it possible for me to get a loan w/ that?

Asked by Matt Mullings, Brooklyn, NY Sat May 26, 2012

income?

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5
Anna Brocco’s answer
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. Keep in mind that when purchasing co-ops, boards do have their own financial requirements that must be met, and each building is different.
0 votes Thank Flag Link Mon May 28, 2012
Are you pre-qualified and what is your budget?Call me at your convenience, if you need help to find your property or mortgage.

Nataliya Krechmar
Licensed Real Estate Salesperson
Century 21 Advisors Realty
The Largest Real Estate Company in the World
3040 Avenue U
Brooklyn, NY 11229
718-732-3899 Office
917-941-4447 Cell
718-676-2753 Fax
0 votes Thank Flag Link Sun Jun 10, 2012
Speak to a mortgage specialist;

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.

Jack Menashe
jack@sherestates.com
http://www.sherestates.com
917.797.0215
0 votes Thank Flag Link Tue May 29, 2012
Dear Matt:

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!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Sat May 26, 2012
Credit score has a great impact, you should be able to get a decent coop, where are you lookin? Give me a call or shoot me an email, thanks.

Mark May
Pecoaro Realty
Facilitate Realty
917-682-5133
Mayifacilitate@gmail.com
0 votes Thank Flag Link Sat May 26, 2012
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