Home Buying in Williambridge>Question Details

Melvin, Home Buyer in Van Nest, Bronx, NY

ok im a first time homebuyer i have very good creadit but no money to put down and im looking to buy a multi family home in the bronx hopefully inthe

Asked by Melvin, Van Nest, Bronx, NY Tue Jul 6, 2010

ok im a first time homebuyer i have very good creadit but no money to put down and im looking to buy a multi family home in the bronx hopefully in the williamsbridge section of the bronx. I would love to move in the unit with my wife and baby but i also want to rent out some of the units. Im on trulia looking for units and i found one on e213th st.
My question now is how do i go about purchasing my new home?
what are the steps i should take?
how do i know im getting a good home ?
how doi know im not getting ripped off and how can i protect my self when i purchase this home??
I NEEDS THE HELP THANKS IM LOOKING TO BUY A HOME EITHER BY THE END OF THE YEAR OR EARLY 2011

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Melvin,

That is really great that you are a First Time Home Buyer and that you have good credit because you need at least a credit score of 620. First of all you need to contact a mortgage professional so you can get qualified, you might be able to get a FHA loan with at least 3.5% down. Do your homework and get yourself a Realtor in the Bronx area, they will get you comparibles and also do a property search on the house your interested get all the facts in black and white. Anytime you are looking at a house go to the Department of Buildings (DOB) http://www.nyc.gov/html/dob/html/home/home.shtml.

There are many bank products out there, shop around and get a quote. Look at your finances but your going to need some money down..... If you have a 401K with your employer look at your options you might be able to get a loan upto 50% of what you have. Also maybe you might want to take your 2010 Tax Return, when you file in 2011 and use it for your down payment? Once you speak to a mortgage consultant you will have a better idea. Here is a contact : please call Mark Brown at Bank of America Home Loans he has some great products for First Time Home Buyers his contact number is 718-629-8893 or http://mortgage.bankofamerica.com/markabrown


Good Luck!

Mildred Valentin, Realtor
Exit Realty Van Zandt
1314 Blondell Avenue
Bronx, NY 10461
646-957-4648
917-747-2367
email: valentin333@optonline.net
0 votes Thank Flag Link Wed Jul 7, 2010
Hi There, If you are looking in NYC you can apply for the First Time Home Buyers program. I am currently enrolled and they offer government grants and savings programs with banks to help you. It's great! Check it out!
Web Reference: http://www.nhsnyc.org/
0 votes Thank Flag Link Tue Feb 8, 2011
Hi There, If you are looking in NYC you can apply for the First Time Home Buyers program. I am currently enrolled and they offer government grants and savings programs with banks to help you. It's great! Check it out!
Web Reference: http://www.nhsnyc.org/
0 votes Thank Flag Link Tue Feb 8, 2011
You might consider buying this with seller financing too.

You'll know that you're not getting ripped off if you know how to run the numbers on this kind of deal.
0 votes Thank Flag Link Wed Jul 7, 2010
You can begin by visiting with any qualified loan officer(s) first, see if you qualify for a mortgage and see exactly what your budget can handle--your loan officer can best advise as to the mortgage product that will most suit your needs. Currently FHA loans, do require a minimum credit score of 620 and 3.5% down. Once your budget has been established and are pre-quilified/approved for your loan, interview a few agents and choose the one you like best--then go from there.
0 votes Thank Flag Link Wed Jul 7, 2010
You can still get an FHA approved loan that will assist you purchase a home with as little as 3.5% down payment and finance your closing costs. There are many other issues involved in the purchase and simply not enough room to explain everything here. Basically, you need to consider hiring a buyer's agent (an agent that works for you). Commissions are usually built into the sales price so you probably won't have any additional expenses utilizing a buyer's agent. If I can be of any assistance, please feel free to contact me.

Ralph Windschuh
Certified Buyer Representative
Associate Broker
Century 21 Princeton Properties
631-467-0009
0 votes Thank Flag Link Wed Jul 7, 2010
Melvin: You need an experienced buyers agent. Begin by asking people you trust who their Real Estate Broker is. Interview several Real Estate Brokers who specialize in Multi Family units. Then begin getting updates for multi family listings from the agent so that you can begin knowing what prices are yourself. By the time you are ready to buy you will be familiar with the current market and you will feel secure in your decision.
Web Reference: http://www.soreal.biz
0 votes Thank Flag Link Tue Jul 6, 2010
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