The best way to approach this is to talk to a mortgage broker. This professional will look at your entire financial picture, taxes, income, debt, etc and come up with the size mortgage you would likely be approved for. There are programs out there that allow the buyer to put only 3.5% down. So if you find a home for $225,000, 3.5% of that is $7875. That would leave a bit over $5000 for closing costs. If you qualify for a mortgage of $218K or more you could purchase that home. If you need a referral to a good Mortgage Officer or a Realtor in the area you want to buy, I can help.
Good Luck in your home search.
Licensed real Estate Broker
Prudential Joyce Realty
914 588 1873
Is there any possibility of a cash gift from a relative? That happens all the time and perhaps that option is one you have. Hopefully you also have a solid and consistant work history. Your credit is good, but it might be worth your while to pull your credit report (will NOT alter your score) and see what might be incorrect and sitting on your report. Anything you can do to pull up the score will benefit you in terms of interest rates.
Lastly, you might consider saving more, not buying anything big for a while and go get yourself pre-qualified for a loan. Good luck.
Down payment and credit score are very important pieces to the puzzle, however, there are more details that would need to be known. Both figures you've listed are fine, but we would absolutely need to discuss the properties of interest to ensure qualification and an overall smooth process from start to finish. If you'd like to go over your scenario in greater depth, we can weigh-out ALL options to determine which works most effectively to meet your goals. I may be reached directly via phone or email; whichever is of greatest convenience.
Paul F. Marzolla
Sr. Mortgage Consultant
Janet Nation, CBR
Sailing Home Realty
Licensed Real Estate Salesperson
This is the only way you can know for sure if you do qualify and how much you would qualify for. I can tell you this, if you only have $13,000 you're more likely to do FHA financing, and that's something I can definitely give you tons of information on. I can also discuss what the options would be should you decide to save up some more money or use money from a retirement account or gifts from family.
I'm always available to meet in our Forest Hills offices or one of the other offices we have available in Queens. If you're interested in meeting and getting pre-approved, feel free to contact me. This is totally free. Good luck!
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Senior Loan Officer
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648 Cell
(631) 659-2011 Office
(516) 918-5383 Fax
Please give a call to Brian Tom @ Cliffco Mortgage Bank 516-448-2434 or email@example.com or;
call Dominick Sutera of Academy Mortgage corp at 516-249-4800 or firstname.lastname@example.org.
Speak with both of them and hear what it is you can do.
Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.
Get a referral to a good, local, real estate attorney. Call the attorney, retain the attorney so you have her information handy when you make an offer. Having that information at time of offer helps you demonstrate to the Seller how serious you are, and they will consider your offer with more interest.
Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.
Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.
Put together your Team of real estate professionals and shop 'til you drop!
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker â€“ NYS Dept. of Financial Services
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You should definitely speak with a good mortgage broker who could guide you. It is always a good idea to get preapproved for a mortgage before you begin they process of searching for a home to purchase.
I would be most happy to work with you and give you the reference for an excellent mortgage broker that I work closely with.
Please feel free to email me.
Senior Associate Broker
Your first step is to meet with a mortgage professional to get preapproved, they will examine your debt to income and determine how much real estate you can afford to buy. If you are a first time home buyer and purchasing within the 5 boroughs, there are a few grant programs available to you, that can assist with part of your down payment or the closing costs. You can purchase a home for as little as 3.5% down.
Please give me a call to discuss further.
Licensed Real Estate Agent
Best of Luck,