The first step is to meet with a lender and go over your situation. They will pre-qualifiy and pre-approve you and you will know exactly what your options are as you will know what a bank is willing to lend and, therefore, the price range to be looking in. Then, carefully select an experienced and knowledgeable agent to work with you and guide you through the process. A good way to find a real pro is to go to the Find a Pro tab above, put in New York and then New York, NY. The top-rated agents will show up.
Halstead Property, LLC
http://jenetlevy.halstead.com for all NYC listings
Without fully knowing your situation, however, it's difficult to give you any solid advice: Are you the breadwinner, or do you share the income earning equally? How is your credit? Are you able to secure extra cash from, say, a relative to boost your potential downpayment? Where would you prefer to live? What monthly outgoings are you comfortable with?
I have been working with several of our compatriots looking to invest here and an interesting proposition recently presented itself. It's a coop building with very, very reasonable listings (almost unbelievable!) and comparatively high monthly maintenance. This could work in you favour given your current financial status. We could get you into the building and rather than pay rent you pay maintenance, much of which is deductible!
As with many of the other brokers here, I'd agree it is best to speak with a few lenders to get a clear picture of what they are willing and able to do for you. An FHA loan may be another option.
Feel free to reach out if you have further questions.
Robert Schlederer | Lic. Real Estate Salesperson
The highest compliment my clients can give me is the referral of their friends, family and business partners.
Please see my blog fo rtips and advice on getting a mortgage
I hope you are well. FHA approved houses and condominiums can get as much as 96.5% financing. Houses and condominiums, generally can get 90% financing. If you wish to see suitable units, my number is 917 414 5093.
Peter Howard, Associate Broker
Charles Rutenberg, LLC
127 East 56th Street
New York NY, 10022
Contact a mortgage broker and see if you can get a mortgage with 10% down. If not, there's no need to go any further. I have a list of such brokers, contact me if you'd like the link.
Then, you have to be willing to move to Brooklyn or to Queens and buy a condo, not a co-op (your down payment is too low). With 4 people I don't know of any Manhattan condo options spacious enough for you. New Jersey also deserves serious consideration, and perhaps even parts of Long Island. If you use a buyer's agent, which I would recommend, you will need a separate one for NJ.
Karla Harby VP
Lic. Real Estate Salesperson
Charles Rutenberg LLC
This narrows your options if you only have the 50k for a down payment. My opinion is upper manhattan or Hoboken, nj! I am licensed in both states & can tell you that Hoboken is an amazing alternative to living in manhattan. Nevertheless the 50k might be too low, so here is what you should do:
1. Contact a mortgage lender, I have great contacts for you
2. Call me & let me know how soon you want to look at places.
I have over 12 yrs of experience & I am about building relationships, so I have your interest in mind. I want to help you buy an apartment now & whatever you decide to do in the future. I would like you to consider me part of your team. Someone you can call for any real estate questions: financing, market conditions, what is hot, investment ooportunities, taxes...etc. I own several properties, managed large properties & I am licensed in ny & nj. Use my experience to help you achieve your goals. No one knows real estate more than I do. I look forward to hearing from you.
Licensed Associate Broker
Accredited Buyer Representative
GREEN Designated Agent
William Raveis Legends Realty Group
The bank wants to make sure you have a way to pay back the loan, and so they will verify your income source and the amount of income you receive each month. Generally, banks want the amount of money you spend on housing costs (i.e., mortgage, taxes and insurance) to be less than 36 percent of your total gross income. Additionally, it is preferred that your housing costs plus your other monthly debts are equal to or less than 42 percent of your gross income, but remember that a bank looks at your overall financial picture and these percentages are usually negotiable based on other factors.
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