Can I buy a condo in queens with 4% down and what are the maintenance fees on queens condos? Is there a specific range?

Asked by Keganlocal342, Queens, NY Wed Oct 10, 2012

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7
Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Wed Oct 10, 2012
You have 2 options for the most part. If the condo you have in mind is FHA approved, then you can get on with as little as 3.5% down payment. If it is not an FHA approved condo, you're pretty much left with a conventional loan. I'm this case you may be able to go as little as 5% down payment.

You next move should be to meet face-to-face with a loan officer and see what your options are. There are several things the loan officer needs to look into in order to determine if you qualify, and if you, what your options are.

Good luck!

Javier Meneses
NMLS #23130
Senior Loan Officer
Sterling National Bank
jmeneses@snb.com
1 vote
Annette Levi…, , New York, NY
Wed Oct 10, 2012
Remember condos cost more then coops.
0 votes
Anu Dutta, Agent, Forest Hills, NY
Wed Oct 10, 2012
It all depends, if it is FHA approved property then you can go as low as 3.5%, it is advisable to work with a local agent and find out more about any specific neighborhood or building you like and take it from there. Next step would be getting a preapproval from a bank.
Good Luck with your search :)
0 votes
Victoria Pop…, Agent, Bayside, NY
Wed Oct 10, 2012
The best way to find out is by getting pre-approved for a mortgage. That will let you know how much you can afford based on your current financial position.
If you qualify, there are options out there to help you get into a home with low down payment.
Consider working with a buyer's agent (like myself) to guide you through the buying process. Together you can explore all your available options. Good luck!!
0 votes
Yael Shanee, Agent, Kew Garden, NY
Wed Oct 10, 2012
You can if the condominium is an FHA approved condo.

As for the Common Charges (maintenance) - The HOA serves to maintain peace, cleanliness and efficiency throughout the condo complex. The board of directors is responsible for maintenance, such as lawn-mowing, trash pick-up, pool cleaning and elevator repair; as well as the enforcement of rules and regulations.
Each condo owner pays a monthly HOA fee to cover these services.

If you need further assistance please feel free to call me at 917-705-3717
0 votes
Anna M Brocco, Agent, Williston Park, NY
Wed Oct 10, 2012
If the condo is FHA approved, yes; see link https://entp.hud.gov/idapp/html/condlook.cfm Maintenance fees do vary, therefore consider working with an agent of your own who can provide any necessary information.
0 votes
Michelle Zor…, , Queens, NY
Wed Oct 10, 2012
You can if it is an FHA approved condo, meaning the government will back the loan. As for maintenance fees, they vary from building to building.
0 votes
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