Home Buying in Bensonhurst>Question Details

Christopher…, Home Buyer in Brooklyn, NY

Possible home buyer

Asked by Christopher Vega, Brooklyn, NY Sun Feb 16, 2014

I would like to purchase a home in bensonhurst brooklyn. I can pay up to $1400 a month in mortgage. Looking for a starter home 2 bedrooms. 749 credit score with great credit history.i don't know what price range I should be looking for that will give me a $1400 mortgage ?

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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 officer first, rather than relying on guess work....
1 vote Thank Flag Link Mon Feb 17, 2014
What dictates the price point mostly is the cash available for down payments + closing costs + reserves. As well as the monthly maintenance (co-op charges) or common charges & real estate taxes (Condo monthly charges)
$1,400.00 per month at todays rates will pay approximately $250,000 in financing. IE: $250,000 @ 4.5% for 30 year amortizing will be $1,266.71 per month + the monthly co-op / condo + Real Estate tax bill.
If the building requires 20% down 10% down, will make a big difference in price. Closing costs for buying a co-op are typically less than 3% of purchase price, closing costs for a condo are typically twice that price + if you need PMI (Private mortgage insurance) FHA loans or any mortgage with less than 20% down payment.
Remember when speaking to a mortgage Banker that some buildings require more down payment than others, some may have flip taxes.
It is best to work with a Buyers agent that works in the neighborhood that you want to buy in, so that they can help you get to all the real information and requirements of each property quickly. And have you looking in the price range that you can qualify for.

All the Best,
Kathryn Lilly, Broker
Realty on the Greene, LLC
1 vote Thank Flag Link Mon Feb 17, 2014
Please call me at 347-732-7408 as Fillmore Realty is number one in Brooklyn and I have one for you with in that criteria you are looking for. 347-732-7408
0 votes Thank Flag Link Mon Feb 17, 2014
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