Can I buy a two bedroom condo or coop with a $70,000 income in Queens?

Asked by Sally Merlo, Brooklyn, NY Thu Sep 27, 2012

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Thu Sep 27, 2012
Good evening Sally,

The sad answer to this question is: we don't know. Without a thorough review of your Income, Assets, and Credit, no Loan Officer anywhere can properly answer your question. Each individual's qualfications are unique and thus it is impossible to apply a general rule to "$70,0000 income in Queens."

If I were prequalifying you I would give you very specific information regarding programs you qualify for and the approximate monthly payments for each type of loan. You'd then be in the best position to make an informed decision.

A word of caution about purchasing a Condo or Co-Op: we are finding it nearly impossible to finance these properties in the current market. Many New York area Condos and Co-Ops are no longer qualified for mortgage financing due to dramatic and negative changes in the financials for the Condo or Co-Op. You see, with these property types, it's not enough to qualify YOU. We must also qualify the Condo or the Co-Op.

So, it's complicated. I'd love to help you as I have helped many first time buyers here in New York over my 23 year career as a mortgage professional.

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
0 votes
Caroline Qui…, Agent, Jackson Heights, NY
Tue Oct 9, 2012
Absolutely! There are many great Coops in Queens in which you qualify for. Another point the Coops look for is low debt and 25% down payment and well as some addition funds in reserve. I would be happy to help you in your search for your Queens Coop home! Please call me at 917-696-1839 so we can start. Caroline Quintana of Lewis and Murphy Realty.
0 votes
Adam Krzesni…, Agent, Jackson Heights, NY
Thu Oct 4, 2012
You should be able to purchase a COOP in Queens and fit the building requierments with that.

Find a good relator that will find you buildings that will be more then happy to take you in with 70k.

Just to let you know, income is not the only requierment that is considered when getting board approval.
0 votes
Martina Ryan, Agent, Flushing, NY
Mon Oct 1, 2012
This depends on your FICO score & ability to get a mortgage. Contact a mortgage broker & get pre approved. Then start looking.
0 votes
Pamela Morris, Agent, CORONA, NY
Mon Oct 1, 2012
Hi Sally,

I have several reasonably priced Co-op listings in the Queens area. I specialize in Co-ops and can answer questions you may have regarding the purchase of a Co-op. All Co-op Boards have different requirements such as minimum down pyment, minimum income, credit, assets, etc.

Below is my contact info. if you wish to contact me.

Best regards,

Pamela Morris
Licensed Real Estate Salesperson
Exit Realty Success
Mobile:(917) 992-7082
National Association Of Realtors
New York Association Of Realtors
Long Island Board Of Realtors
0 votes
Fajardo Dela…, Agent, Flushing, NY
Thu Sep 27, 2012
We need to get a loan officer and see how we can make it work.
0 votes
Annette Levi…, , New York, NY
Thu Sep 27, 2012
Maybe. It depends upon your debts and how much you have for a down payment.
Speak with a mortgage officer to see what is the amount of a mortgage you qualify for.
0 votes
Anu Dutta, Agent, Forest Hills, NY
Thu Sep 27, 2012
Check with your bank first, once you secure the mortgage preapproval next step would be the find a property ( try a condo because co op board rejection possibility) , otherwise look for a sponsor unit (co op where you don't need a board approval), if you have further question please contact me.
All the best :)
0 votes
Jacques Ambr…, Agent, Forest Hills, NY
Thu Sep 27, 2012
This will also depend on your down payment. You can certainly find something in Corona, or Rego Park that might fit your needs. Feel free to contact me, or use my search page to look for possible apartments.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Thu Sep 27, 2012
Be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously, therefore visit with any licensed loan officer--after reviewing your overall financials, all your questions regarding affordability can be answered....
0 votes
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