Home Buying in Pomona>Question Details

Steve, Home Buyer in Pomona, NY

I live in NY and am I first time home buyer. My debt ratio is 54%. does anyone know of a specific bank that works with that.?

Asked by Steve, Pomona, NY Thu Nov 17, 2011

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Annette Levinson’s answer
Let me see your DTI is 54% before you pay O&R and the telephone company. You still need to pay for your car-loan, gas and insurance. What about food? You did do your DTI based on gross, but did you consider your take home pay.
With this said, you need a realistic budget. Go to your local non profit housing group for help setting up a budget. I don't think you know what your expenses are. Are you aware that the county taxes are going up. Are you looking in the village, town of Ramapo or Haverstraw. Which area you want to live in will determine the real estate taxes.
I always work out a budget with buyers to make sure they buy a house that makes sense financially for them. That type of advise is what you need.
0 votes Thank Flag Link Thu Nov 17, 2011
Consider reducing your debt, before shopping for a mortgage. Lenders have their income v. debt criteria for qualifying for the amount of a mortgage—oftentimes requiring that housing costs are not in excess of one-third of gross income in addition to a stipulated income v. overall debt-ratio. What lenders don’t know are borrowers’ non-debt spending habits, present and anticipated. You, the borrower, need to consider the economic factors of your lifestyle that would impact on your individual comfort level of affordability. A mortgage outside your budgetary constraints can dramatically alter your overall living conditions. So, be sure to factor micro and macro economic concerns into your mortgage amount deliberations.
0 votes Thank Flag Link Thu Nov 17, 2011
Hi Steve: I know of a bank that works with that. Call me at my office & I'll be happy to give you his name. W-914-273-9688. Thanks. I look forward to speaking with you soon. Sincerely, Michael F. Levy, Principal Broker, Grand Lux Realty. BTW, I'm looking for more agents & offer a 70% commission split with no fees. If you know anybody who might be interested, I'll pay you up to $1,000 each for your agent recruits. Have a great day!
0 votes Thank Flag Link Thu Nov 17, 2011
Would recommend several Banks/Mortgage Brokers if you wish. However, it would make sense if you could pay down debt below 45% ASAP. Email me if you want a list. Best of Luck

Allan Erps, ABR,SFR,C.O.R.E.
Licensed Real Estate Salesperson
BHG Rand Realty
95 S Middletown Rd
Nanuet, NY 10954

VM(24 Hours) 845-624-8100 X141

Cell Phone/Text 845-304-3040

Fax# 845-624-7137

My Email: allan.erps@randrealty.com
0 votes Thank Flag Link Thu Nov 17, 2011
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