When you go to qualify for a mortgage, they will be looking at your assets, debt, credit report and income. With an income of $37,000 and $60,000 down you should be able to purchase a home for about $250,000. This is an estimate based on the info you supplied and also based on the assumption that you have good credit and no debt to speak of. You may be able to borrow more or less depending on how good or bad your credit and debt situation is. In order to know for sure you need to speak to a mortgage banker or two and get your self pre-qualified. Then you will know for sure what you can or cannot do.
By the way, if you have $150,000 in capital, you can increase your down payment and that would give you more buying power. If I can be of further assistance, please let me know. Good luck!
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Sit down face to face with your Mortgage Banker to be thoroughly prequalified. 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, and most importantly, what is a realistic mortgage amount for you in terms of monthly payment.
As to price---rate and fees---competitive if not better than the BIG BANKS.
You can verify the License of any Licensed Mortgage Loan Originator at nmls.consumeraccess.org
I have one on East 13th St & Ave R if the area is suitable that may fit your needs financially.
There are more factors to consider on the amount you can afford in a home. You need to have a LMO go over your credit with you and the income that comes from your capital (taxable non taxable). What nighborhood to you want to buy in? Are you looking for a SFR, 2-4 family, condominium or coop? I would need that information to give a realistic amount.