You think renting is wasting money? How so? You get a roof over your head, right?
Do you think you would be wasting less money if you brought a place? Don't forget mortgage interest, insurance, maintenance, RE taxes, etc
If you have not taken the plunge yet be advised there are many co-ops in your price range.
Many coops will require 20% down payment so we suggest gifts or joint accounts with relatives to make up the remaining 10%. Steer clear of coops with Flip Taxes as lenders will make you add the flip tax to the downpayment. If you default they are covered for the 80% lent plus the flip tax when they sell your property.
Call us anytime to discuss.
Bonnie Chernin and David Rogoff
Fillmore Real Estate Branch #19
2926 Avenue J
Brooklyn NY 11210
917-593-4068 â€“ David mobile
646-318-5031 â€“ Bonnie mobile
firstname.lastname@example.org â€“ E-mail
The short answer to whether or not its hard to qualify a loan right now is this: Yes its harder but still possible. It all depends on several characteristics including credit history, income verification, debt/income ratio, how long you've had credit, if you own other homes, if you have student loans, etc.
Last piece of advice: Make sure you shop around. This is a much more time consuming process than some people make it out to be. But trust me, youll be better off in the end.
I would be glad to qualify you if you'd like. I work for a national mortgage bank that offers the co-op program.
Second question: the mortgage broker will be able to tell you what you can afford and a really good Realtor will put in the time to find it for you (I can recommend someone in your area as well).
Real Estate always appreciates. It is made for long term investing and provides a home in the interim. Not only should you purchase, when you are ready to move up, keep it and lease it out for passive income. It will be the first step to owning many pieces.