Rentals in Park Slope>Question Details

Unspecified, Renter in Washington, DC

Young professional seeking 1BR, 1BA appartment in the Park Slope area of Brooklyn. MAX: $1500

Asked by Unspecified, Washington, DC Mon Feb 11, 2013

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Rent today; Buy tomorrow. How to convert from Tenant to Homeowner.

When I rented my first apartment in Astoria, I did not want to be a Tenant my whole life and pay my Landlord’s mortgage. I longed to become a Homeowner.

That’s why I found my way into the mortgage business in 1989 and soon afterward became a Homeowner. Here are the fundamentals any Tenant should know to prepare to become a Homeowner in the future, no matter when that might be.

• Credit: Establish 3 credit accounts, no more than 5. Pay your bills on time. Keep your balances to no more than 50% of your credit limit. Don’t pay off the accounts in full. Keep balances active for 12-24 months. All of the above will provide both a good credit score and adequate credit history to qualify for a mortgage loan.

• Assets: A basic savings budget isn’t hard to do. Pay your rent first in your budget; then set aside 10% of your income before taxes . Make it a budget priority and you’ll still have money left over for entertainment and restaurants and clothing.

How much money do you need to buy a home? Many buyers spend no more than $25,000 to buy their first homes. There are loan programs with low down payment requirements and many real estate agents negotiate for their Buyers a “Seller’s concession” to include the Buyer’s closing costs (which are HIGH here in New York!) in the price of the home.

• Income: Two years consistent income is the basic requirement for either a salaried individual or a self-employed person. Income from Bonus, Commission, and Overtime is treated differently and is best discussed with your Mortgage Banker.

• Market Survey: it doesn’t hurt to go out and get to know neighborhoods where you might like to buy a home. Visit open houses on Saturdays and Sundays. It’s okay that you’re not yet buying; tell the Realtor at the Open House you’re just beginning your “survey.” You’ll also get to know market prices for different kinds of homes. It’s okay to “window shop” homes on the weekend at Open Houses!

I hope these fundamentals will help you better understand the path to homeownership is a process that, with preparation and dedication, you can move through easily. And if you’re interested in getting Prequalified today to create an Action Plan for your future of Homeownership, call me anytime!

Trevor Curran
NMLS #40140
tcurranmortgage.com

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0 votes Thank Flag Link Tue Aug 20, 2013
Hi
I have apartment in this area of Park Slope, but I would check for that price range. I have many apartment in Bayridge, Dyker Heights as well
you can call me 718-300-3449
email: jigrealty@yahoo.com
Jose Garcia RE Borker
0 votes Thank Flag Link Fri Aug 9, 2013
Hi there-

You have some great options to choose from, take a look: http://www.trulia.com/for_rent/NY/Brooklyn,5202,Park_Slope/#…

Hope this helps!

Ali, Community Manager
0 votes Thank Flag Link Thu Feb 14, 2013
Hello,

Park slope is an area that is very much in demand and will most likely be more expensive. I have apartments in your price range that are close by. Give me a call anytime.

Luke Constantino
Realtor
REMAX NEW YORK
(212) 300-3919
lukeconstantino@gmail.com
261 4th Avenuue, Brooklyn NY 11215
0 votes Thank Flag Link Tue Feb 12, 2013
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0 votes Thank Flag Link Mon Feb 11, 2013
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