Home Buying in Queens>Question Details

Monita, Home Buyer in Queens Village, NY

we are looking for single house but how do we know ,if we can qualify ?

Asked by Monita, Queens Village, NY Wed Dec 12, 2012

Help the community by answering this question:


Monita, the first thing you should do is meet face-to-face with a loan officer. Allow him/her review your credit, income documentation, and everything else that's necessary to determine if you qualify and what you'll qualify for. This is the only and best way to know for sure.

If your in need of a loan officer, I'm always available to meet in one of our Queens branches. Good luck!

Javier Meneses
NMLS #23130
Senior Loan Officer
Sterling National Bank
(516) 606-9648
1 vote Thank Flag Link Thu Dec 13, 2012
Good afternoon Monita,

First steps:

Meet with a Local Mortgage Banker to get prequalified for mortgage financing. 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.

Get a referral to a good, local, real estate attorney. Call the attorney, retain the attorney so you have her information handy when you make an offer. Having that information at time of offer helps you demonstrate to the Seller how serious you are, and they will consider your offer with more interest.

Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.

Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.

Put together your Team of real estate professionals and shop 'til you drop!

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes Thank Flag Link Wed Apr 24, 2013
Meet with a local loan officer & get pre approved. He will be able to confirm what type of loan you qualify for based on your income & credit.
0 votes Thank Flag Link Thu Dec 20, 2012
As stated by some of the other professional people resonding to your inquiry...you need to start by getting pre qualified or pre approved by a reputable bank or broker who has worked with first time buyers and knows what you need and will give you a true and accurate statement as to what your loan amount can be based on your income, credit, and your debt to income as well as other variables that go into getting approved for a loan.. Once you have spoken with a loan officer and know your parameters you can start looking for a new home at hopefully a great rate. Goo Luck...
0 votes Thank Flag Link Thu Dec 13, 2012
Monita, definitely speak to a bank or a loan officer you are comfortable with. Explain them your goals and plans and they will qualify you. Once you know how much you can afford you are in good shape to start the hunt!. Good Luck :)
0 votes Thank Flag Link Thu Dec 13, 2012
It is best to get pre-approved before you start looking, you don't want to find out that you cant purchase . Sit down with a mortgage professional and figure out what you would qualify for on a single family.then you can start looking .
0 votes Thank Flag Link Thu Dec 13, 2012
It is best to get pre-approved before you start looking, you dont want to fall in love with a home only to find out that you cant purchase it. Sit down with a mortgage professional and figure out what you would qualify for on a single family.
0 votes Thank Flag Link Thu Dec 13, 2012
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; a determination on qualification can only be made after he/she reviews your overall financials...
0 votes Thank Flag Link Thu Dec 13, 2012
I will be more than happy to help you I am the Regional Manager for Residential Home Funding. I have tons of programs for First Time Home Buyers.
Give me a call I will walk you through this very important step in your life!

Shaun Sproul
Residential Home Funding
0 votes Thank Flag Link Wed Dec 12, 2012
You should first get a pre-approval letter from your mortgage broker who will tell you how much you can afford based on your income and credit and then look for the houses in that price range.
0 votes Thank Flag Link Wed Dec 12, 2012
You need to contact a loan officer / banker of your choice ..once your qualified you could contact me @ 718-809-8671 and I'll be happy to help you find your home ...
0 votes Thank Flag Link Wed Dec 12, 2012
Well, you need to sit down with a local mortgage rep and have a discussion...add a Realtor to the mix , and you will be on the right track.

The mortgage rep will run your credit scores, ask about your income and debt......discuss your down payment and what types of loans are available........after compiling that information, you will then have a good idea of how the bank will view you, and how much of a loan you would qualify for.

Using that information and factoring in what property taxes are, you can come up with a reasonable price range to begin your home search.

For the names of reputable loan officers in your area, you can always ask a local Realtor...or you can even stop by an area bank that offers that service.

Best wishes........
0 votes Thank Flag Link Wed Dec 12, 2012
Get pre-approved from a lender. This is what you will need:

Lender Checklist:

■W-2 forms — or business tax return forms if you're self-employed — for the last two or three years for every person signing the loan.

â– Copies of at least one pay stub for each person signing the loan.

â– Account numbers of all your credit cards and the amounts for any outstanding balances.

â– Copies of two to four months of bank or credit union statements for both checking and savings accounts.

â– Lender, loan number, and amount owed on other installment loans, such as student loans and car loans.

■Addresses where you’ve lived for the last five to seven years, with names of landlords if appropriate.

â– Copies of brokerage account statements for two to four months, as well as a list of any other major assets of value, such as a boat, RV, or stocks or bonds not held in a brokerage account.

â– Copies of your most recent 401(k) or other retirement account statement.

â– Documentation to verify additional income, such as child support or a pension.

â– Copies of personal tax forms for the last two to three years.

Fred Yancy, Broker
Crye-Leike Realtors
(678) 799-4663
0 votes Thank Flag Link Wed Dec 12, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer