When I rented my first apartment in Astoria, I did not want to be a Tenant my whole life and pay my Landlordâ€™s mortgage. I longed to become a Homeowner.
Thatâ€™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.
â€¢ 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. Donâ€™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.
â€¢ Assets: A basic savings budget isnâ€™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 youâ€™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 â€œSellerâ€™s concessionâ€ to include the Buyerâ€™s closing costs (which are HIGH here in New York!) in the price of the home.
â€¢ 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.
â€¢ Market Survey: it doesnâ€™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. Itâ€™s okay that youâ€™re not yet buying; tell the Realtor at the Open House youâ€™re just beginning your â€œsurvey.â€ Youâ€™ll also get to know market prices for different kinds of homes. Itâ€™s okay to â€œwindow shopâ€ 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 youâ€™re interested in getting Prequalified today to create an Action Plan for your future of Homeownership, call me anytime!
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How are you? I hope you're doing well. Since I see that you were looking for a rental in 2013, I thought perhaps you might be ready to consider purchasing your own home at this time. If that's something you're interested in, please feel free to contact me because there are several great payment options available now to help moderate income households into home ownership.
I currently have a beautiful 1 bedroom/conv 2 bedroom HDFC Co-op listed for sale at 132 W 169th Street in the Highbridge section of the Bronx. The maintenance does not include utilities but it's only $650 per month.
Please feel free to browse the photos I have here on Trulia or check out the videos at my website link below. If you have further questions or would like to schedule an appointment, just let me know.
All the best to you :-)
Licensed Real Estate Broker
Gorick Realty, Inc.
Cell: 917.881.2924 / Fax: 347.328.9352
View listings at http://www.gorickrealty.com
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Thanks for getting in contact with me, when can we meet? Please give me a call. Our office has an extensive rental department. We have a variety of price ranges all over the Bronx. I can set up an appointment for us to meet, one of my rentals specialists will be able to get you out viewing apartments in your criteria. We are open 7 days a week and have flexible hours and late nights hours.
Best of Luck,
EXIT REALTY SEARCH
3928 E. Tremont Avenue
Bronx, NY 10465
Thanks for your inquiry. Our office has a rental division and specializes in exclusive rental listings in the Bronx. Call the office at 347-202-4965 and explain to the receptionist what you're looking for so she can assign you to the proper agent. Best of luck with your search!
John Lajara REALTORÂ®/Notary Public Certified Buyer Representative (CBR) Cell: 917-848-4655 Fax: 917-522-9638 http://www.JohnsRealtySuccess.com email@example.com EXIT REALTY SEARCH | 3928 E. Tremont Ave | Bronx | NY | 10465
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