Home Buying in Bronx>Question Details

Claribel, Home Buyer in North End, Bridgeport,...

Hi..I am a first time buyer and my fiance and I are going to buy together.

Asked by Claribel, North End, Bridgeport, CT Mon Jan 5, 2009

Mi fiance and I are 27 yr old. His credit is excellent but mine is okay..I started to rebuild it and right now its in good standing because in 2005 i had a Bankruptcy Chap. 7 discharge...However, now my credit is building up and its better than I thought...

We want to buy a co-op in Fordham HIll Oval 2 bedroom because we have a 1 year old.

Anyone knows the chances we might have on getting one of those apartments.? any broker recomendations? any other areas in the bronx close to manhattan you reccomend?

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8
Good Day Claribel,

Congratulations on cleaning up your credit and deciding to invest in real estate. Now may be the most opportune time for you since interest rates and prices are lower than they have been in years. There are several apartments avail in Fordham Hill Oval that you may like. However, the first step you should be taking is getting qualified from a lender. This will give you an idea of the price range you should look in. Another area in the Bronx you may want to look into is Parkchester. Parkchester has condos primarily. However, in some cases, you may find it easier to obtain financing on a condo instead of a co-op. Should you have further questions, I'd be more than happy to help.

Happy co-op/condo hunting!!

Seiba Cooper
Harlem Homes Realty Inc.
212-961-1313 ext 61
http://www.HarlemHomes.com
1 vote Thank Flag Link Tue Jan 6, 2009
Your fiance should be on the loan. There are several complexes in the bronx that are similar...email me if you would like or take a look at my site.

Luis Fernandez, ABR, CIPS, GRI, QSC, SRES, Top 1% of Westchester Brokers
The Luis Fernandez Sales Team
Keller Williams Realty Group
760 White Plains Rd
Scarsdale, NY 10583
luis@lowerwestchesterny.com
Tel 914 902-3251
Fax 914 931-1791
Cell 914 309-9383
0 votes Thank Flag Link Fri Feb 13, 2009
HDFCs are great if you have good credit and fulfill the limited-income qualifications by HDFCs. They are limited-equity coops, and while they're not the cash cow of many investments, in the Bronx they're probably as good a real estate deal as anything else, and you have a great chance to save up while you're in one, in case you have dreams of Westchester living down the pike.

Check out http://www.uhab.coop for more on buying in an HDFC and private listings.
0 votes Thank Flag Link Wed Feb 11, 2009
Hi Claribel,

A word of caution...let your fiance apply for any loan. Once you apply as a couple, your banruptcy will become part of his credit report., pulling down his scores, and reducing your buying potential. I've personaly experienced this, and no one spelled out what we did, until it was too late, and it took 10 yrs. to overcome the negative affects on both credit reports.

Warmest regards and good fortune to you in the New Year!
0 votes Thank Flag Link Tue Jan 6, 2009
Hi Claribel- You may be able to qualify for an FHA loan with your credit history. If you need a qualified agent please let me know My company, Carolina One Real Estate in Charleston South Carolina, has a great nationwide referral program through our affiliation with the Leading Real Estate Companies of the World. I am able to find qualified agents for friends, families and co-workers anywhere in the US. Please let me know if I can be of any help,

Thanks, Randall
rsandin@carolinaone.com
843-209-9667
0 votes Thank Flag Link Tue Jan 6, 2009
Claribel, First of all, Happy New Year to you and yours and congratulations on your engagement. The bankruptcy will show up on your credit report for probably another 4 years. However, if your fiancee's credit is great and your's is getting better, your chances increase as time goes by. Alot is going to depend on the coop board's restrictions and guidelines for acceptance. Some boards require 20% down and amazing credit and others are not as stringent. I would recommend hiring a buyer's agent that can work FOR you rather than merely WITH you. If I can help you in some way, please don't hesitate to contact me. Good luck!

Ralph Windschuh
Century 21 Princeton Properties
631-467-0009
rwindschuh@c21princetonproperties.com
0 votes Thank Flag Link Tue Jan 6, 2009
I have a Bronx based real estate agency, and would be happy to show you apartments anywhere in our great borough. Please call at your convenience. Ken Brown, 718-BRONX-LAND or 718-597-7070!
Web Reference: http://www.bronxagent.com
0 votes Thank Flag Link Mon Jan 5, 2009
Hi Claribel,
I will be happy to refer an agent who specializes in your area. Email me @ Lori.Rossi@Nemoves.com and I will have someone call you asap. Good luck!
0 votes Thank Flag Link Mon Jan 5, 2009
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