If you're purchasing in Manhattan, assume that your minimum down payment will be 10%. In fact, I can't recall any Manhattan building that will accept less than 10%. If you don't have the down payment, then now is the time to save as much as you can or ask your relatives for a gift or a loan to go towards your down payment. You also need to determine what you can afford on a month-to-month basis, so look at your finances and speak to a lender, first.
Also, you need to be very knowledgeable about the real estate market. Do your research, follow the current market, attend some open houses, look at the market history of the buildings you're interested in, and speak to a local mortgage broker because only they are going to have specific financial information on the buildings. i.e. - whether a co-op is solvent, insolvent or financially healthy. Remember: Real estate is local so try and work w/ local real estate professionals.
I would be happy to send you a free Buyer's Guide for Manhattan. You're not obligated to work with me, if you want it. It will give you timelines, apartment definitions, and approx. closing costs.
If you are looking on the East Side or West Side, two areas I specialize in, I would be happy to speak with you.
Best of luck on your search.
I know buying your first home can be scary and I specialize in helping your process be as stress free as possible!
Being an exclusive buyer's agent, I work for you and for you alone. In addition, the seller pays my commission, not you.
I can also help with referrals to reliable mortgage brokers, attorneys, appraisers and other services you will need during the purchase process.
Good luck in your search and please let me know if you can be of any assistance.
Luis Fernandez, ABR, CIPS, GRI, QSC, SRES, Top 1% of Westchester Brokers
The Luis Fernandez Sales Team
Keller Williams Realty Group
760 White Plains Rd
Scarsdale, NY 10583
Tel 914 902-3251
Fax 914 931-1791
Cell 914 309-9383
FHA is good for first time home buyers if the project is approved. This is 3.5% down payment and the program is very forgiving of credit issues.
Let me know if you are interested in learning more about it,
I am a mortgage broker. If I can be of service, please let me know!
877-238-6324 Ext 704