No you don't qualify. At most you will qualify for about $300K. I'm a former realtor - not a lender, however, I live in the NYC suburbs and worked with lenders, You need to learn a few things:
1. In order to be pre approved (qualify for a mortgage loan), lenders will verify employment, income, savings, investments, outstanding debts, debt to income ratio and tax returns. Based on all this information lenders will determine how much you qualify for.
2. Do you have available cash or savings for the down payment + cash to pay closing costs? If you are buying a co-op or condo in NYC, you will need at least 20% down payment. For a house, it would be 10%. You can offer as little as 3% with an FHA loan BUT you will be outbid by buyers who can pay higher down payments.
3. If your gross income is $75,000. then after Federal and State income taxes, you net about $60,000. There is no way to live comfortably in NYC on a net income of $60,000. let alone pay a mortgage!.
4. For what it's worth you will do much better buying in the suburbs. Look in Nassau County - you can easily buy a co-op, get more living space, parking space, better schools AND pay a lot less money for it. Even the down payments on co-ops are 10% - not 20 or 25% like NYC! Also you have the Long Island Railroad which gets you to Penn Station in 30 minutes or so depending where you live.... more
All condos in Carroll Gardens are trading in the 800-1,000 per sq ft range, so depending on the size of the studio, ie, 400-500 sq ft, you can expect to pay anywhere from a low of $320,000 to approximately $500,000... more
A minor correction: real estate agents can, in fact, write an attorney approved contract in New York, just as buyers or sellers may operate without an attorney, if they so choose.
The offer letter that you sent out is meaningless without a signed contract, as stated, so you should have no problem correcting your mistake and proceeding with the new offer. I would, however, put all of this in writing, including the error and recission, as you will likely have a lawyer doing the paperwork in the absence of an agent willing to undergo this task.... more
Most co-ops roll heat and hot water into the maintenance charge. Also, the maintenace will always include taxes. If you are interested in seeing the breakdown, ask the co-op for the previous year's financial statements. If you are interested in learning more, you should pick up a copy of Sylvia Shapiro's New York Co-op Bible. It's a great read and very informative.