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Home Buying in 11050 : Real Estate Advice

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  • Local Info1
  • Home Buying9
  • Home Selling4
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Activity 9
Sun Feb 5, 2017
Di asked:
Sat Dec 31, 2016
Kathy Burgreen answered:
Maybe. The issue is if you are buying a co-op, you will need to be approved by the co-op Board. They will review your finances to verify that your income is sufficient to pay the mortgage loan + the monthly maintenance fee + utilities + transportation, food, etc. Frankly, your income of $46,000. is low or borderline. If you purchase a co-op for $100,000., you have the $10,000. for the down payment but what about closing costs. You will need an additional $4,000. for closing costs (appraisal fee, attorney fee, etc.)

You need to understand that your lender is only interested if your income is sufficient to pay the mortgage loan, They don't care about the monthly maintenance fee. So your lender could qualify you to buy a co-op. However, the co-op Board may reject you because they don't think you qualify. You will need to find a co-op building that is not strict with reviewing applicant's finances.

If you were thinking of buying a condo or a house, you will not qualify. Your income and credit are too low.
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Sun Apr 17, 2016
Kathy Burgreen answered:
No. Your income is too low and you don't have enough for a down payment. Home prices on Long Island is expensive. Even a 1 bedroom condo sells for $300,000. Property taxes are also very high.

If you're planning to buy, you need to get a 2nd job and try to increase your income to at least 75,000. You also need to save at least $40,000. for a down payment + closing costs.
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Wed Aug 26, 2015
Oleg Volfman answered:
Hi Matican.

Try contacting one of the local mortgage brokers to get more info. Enid Adinolfi, Residential Home Funding Corp. 631-946-2931.

Good Luck.
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Sat Feb 28, 2015
Karen Wu asked:
Wed Oct 29, 2014
Malgorzata Ringston answered:
If the problem is resolved that should not have any affect on the price. Sooner or later we all have to deal with that little problem.
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Tue May 6, 2014
Christian Monge answered:
Real Estate Agents do not value a home, they estimate and suggest the value by what has sold around the area and what is also currently listed. On the other hand, appraisers go more in depth and in a way lean to protect their lenders. Please contact me if you have any questions. ... more
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Mon Mar 10, 2014
Richard Brody answered:
Much depends on what you are seeking. Hard to compare private home to a condo because it serves different needs, has different maintenance, etc. Also depends on other factors, including need for convenient transportation into NYC (Great Neck is Port Washington branch of LIRR, and does nor require switching trains), and what one seeks in terms of schools, taxes, conveniences, etc. ... more
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