Home Buying in Flushing>Question Details

Betty Chan, Home Buyer in New York, NY

If my income were 90,000.00 per year, How much is the CONDO i should look for?

Asked by Betty Chan, New York, NY Sun Jul 7, 2013

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Betty, it depends. Any Loan Officer would need to know what liabilities appear on your credit, where you're looking to buy so we can get an idea of the taxes and monthly dues, and most of all your downpayment.

I suggest you consider meeting face-to-face with a Loan Officer and allow him/her to review your documentation and credit so that they can determine exactly what you qualify for. If you need an honest and condo financing experienced Loan Officer, I'm always available to meet at one of our Manhattan, Brooklyn or Queens branches. Good luck!

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
2 votes Thank Flag Link Sun Jul 7, 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 visit with any licensed loan officer.
1 vote Thank Flag Link Mon Jul 8, 2013
You should generally try to keep your housing expense to between 35-40% of your gross income. If you wanted to be conservative you could purchase a 500K condo for 500K and 100K down payment and only pay $2,500/MO of PITI (Prinicipal, Interest, Taxes and insurance) assuming $200/mo of common charges and $100/Mo of homeowners insurance.
1 vote Thank Flag Link Mon Jul 8, 2013
Many factors such as your debt to income ratio, bank statement, W-2 and credit score amongst other things play a significant role in you receiving a definite answer as to how much you can afford. A mortgage specialist can assist. I have many I can recommend if you need further assistance. Thanks.
1 vote Thank Flag Link Sun Jul 7, 2013
Yes please, my contact # 917 692 2998 or betychan38@gmail.com
Flag Sun Jul 7, 2013
I see this question a lot. The only correlation between your income and how much you should buy is that your income is one of the limiting factors. If you can get a home to meet your needs for a $150,000 why spend $300,00? Look at your other needs like size, location, and appointments. Use what you qualify for as a limiting factor not as a goal.
0 votes Thank Flag Link Sat Jan 18, 2014
Hi Janine :
This is a very good and very common question that concern many home buyers today.
with your income you would be able to purchase a condo that is well suited and updated . There are many condos available for good prices. you can get a condo in good area that is close to transportation, elevator, parking garage and many more. to answer your question i would say you would be able to buy a nice condo for 500-600k
if you have any questions please feel free to contact me
at 516-849-2401
best wishes
Shlomoh
0 votes Thank Flag Link Tue Dec 10, 2013
Why not get a pre approval from a loan officer so you know what you qualify for. It's hard to answer this question without having any information about your credit & job history.
0 votes Thank Flag Link Sun Jul 7, 2013
That would likely depend on how much you had to put down on a property.
0 votes Thank Flag Link Sun Jul 7, 2013
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