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.
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker â€“ NYS Dept. of Financial Services