Home Buying in New York>Question Details

Christian Xa…, Home Buyer in Glendale, Queens, NY

I have 13,000 down payment and a credit score of 700 would that be good to get a loan for a home

Asked by Christian Xavier Ramirez, Glendale, Queens, NY Mon May 20, 2013

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Hi Christian,

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.

Maureen McEnroe
Licensed real Estate Broker
Prudential Joyce Realty
914 588 1873
1 vote Thank Flag Link Tue May 21, 2013
Hi Christian. I did like Ms. McEnroe's answer as the numbers are easy to understand. The question is where in New York or the Boroughs can you find a house to fit the math. I would suggest there are other things to look at. If you have a retiremtent account, that is considered an asset although, you may not want to draw cash out from it.

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.
0 votes Thank Flag Link Sun May 26, 2013

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.

Kindest regards,

Paul F. Marzolla
Sr. Mortgage Consultant
(201) 957-6768
0 votes Thank Flag Link Wed May 22, 2013
Christian, thats also going to depend on the condition of the home and I'm sorry but with only 13K it's slim to nil to be perfectly honest. You might want see if you are eligble to obtain a grant from a first time homebuyer program to supplement your current savings. I don't know of any for Queens but in Long Island, there's the Long Island Housing Partnership you can look into; this year's grant is $20K.

Janet Nation, CBR
Sailing Home Realty
Direct: 646-321-9649
Office: 516-377-4760
Licensed Real Estate Salesperson
0 votes Thank Flag Link Tue May 21, 2013
Christian, there is more to it than just down payment and credit scores that determines if you'll qualify for a mortgage. You need to meet with a loan Officer in person. You will have to bring your 2011 & 2012 tax returns with the W-2s, you'll also need the 4 most recent pay stubs, 2 most recent bank statements and ID. With this, we would be able to know exactly how much you qualify for, what your best mortgage options are and we can also go over estimated monthly payments, rate, etc., along with any other questions you may have.

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!

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
(631) 659-2011 Office
(516) 918-5383 Fax
0 votes Thank Flag Link Tue May 21, 2013

Please give a call to Brian Tom @ Cliffco Mortgage Bank 516-448-2434 or btom@cliffcomortgage.com or;

call Dominick Sutera of Academy Mortgage corp at 516-249-4800 or dsutera@bankamc.com.

Speak with both of them and hear what it is you can do.
0 votes Thank Flag Link Tue May 21, 2013
Please call me for assistance. My name is John and I can be reached at 212-714-1027 ext 16. Thank you and good luck.
0 votes Thank Flag Link Tue May 21, 2013
Good afternoon,

First steps:

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!

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes Thank Flag Link Tue May 21, 2013
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.
Michele Portnof
Senior Associate Broker
Rutenberg realty
0 votes Thank Flag Link Tue May 21, 2013

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.

Good luck.

Nirmala Caraballo
Licensed Real Estate Agent
Cruse Realty
Tel.: 646-479-7873
Email: nhcaraballo@yahoo.com
0 votes Thank Flag Link Tue May 21, 2013
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 for a personalized answer visit with any licensed loan officer....
0 votes Thank Flag Link Tue May 21, 2013
Based on your information is possible that you can get a approved to buy a house. Your best option will be contacting a mortgage broker that can explore all your financial options and give you a pre approval letter. Mortgage brokers have access to many banks, private lenders and many programs.

Best of Luck,

Maria Cipollone
0 votes Thank Flag Link Tue May 21, 2013
I think you maybe quilfiy for a first time home buyer loan. If you like me a call so we can discuss in more detail.

Ryan OConnor
Point NYC
0 votes Thank Flag Link Tue May 21, 2013
Email me at patick@earnyc.com I will put you with the right people to give you the information needed to better position yourself to begin the process of searching for a house.
0 votes Thank Flag Link Tue May 21, 2013
Unfortunately, that's insufficient information to determine whether you qualify for a loan. You should discuss with a loan officer to see what you'd qualify for.
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Tue May 21, 2013
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