Property Q&A in Fort Lee>Question Details

Agapitocedano, Home Buyer in Fort Lee, NJ

I have a good credit and I want to buy a small apartment but I earn a base salary, can I qualify for this apartment?

Asked by Agapitocedano, Fort Lee, NJ Fri Feb 8, 2013

How much money I have to earn in the year to qualify for this apartment?

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This question was asked from this property: http://www.trulia.com/property/3089562467-Coop-Fort-Lee-NJ-0…

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Answers

2
Co-op get annoying for resale/rental/ and purchase. Plus they have higher monthly maintenance. Look to put more money down and get yourself into a new condo.

If you need more information call me directly 201 848 2068


Continued success,

Michael
0 votes Thank Flag Link Thu Feb 14, 2013
Good Morning Agapitocedano,

The asking price is 70,000.00 for the unit at Anderson Ave in Fort Lee.
Board approval is required there is a 3:1 ratio and a 20% down.

20% down payment of 70,000 is 14,000.

Monthly maintenance is 625.00 which includes taxes, heat, hot water, common area maintenance
.
A 19.85 monthly is added till 2018 for window repairs from the board.

Electricity gas and cable bill is the owners responsibility.

Also closing costs which include attorney fees.

Move in fee of 400.00.

Application fee to the board for approval.


Your monthly including mortgage will approximately be 1000.00 a month
Since the board requires a 3:1 ratio the base pay should reflect a 3000 monthly
which is calculated after any payment out you have for example Auto lease payment
student loans etc.

Also a pre approval is required if we decide to put an offer.

Please call me with any questions.

Your Trusted Trulia real estate professional.


Regards
Priti Shah
Remax Select Properties
895 Palisade Ave Fort Lee NJ
off- 201-886-8888
cell 201-838-5189
0 votes Thank Flag Link Sat Feb 9, 2013
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