Well it depends. You need to be pre-approved. Any lender needs to know what your income is, credit, liabilities, rental history, I mean there is so many things that come into play. What I will say is that it's tough to be able to qualify for a purchase in NY with just $12,000.
Typically you need your 3.5% downpayment ($3,500 for every $100k) AND some money for closing costs. With FHA you're allowed to use gift funds from relatives and money from retirement accounts.
If you'd like, I have offices in Queens where we can meet face to face and go over the entire pre-approval process and your options. I can let you know exactly what documents you will need. Feel free to call or email me anytime. Good luck!
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Senior Loan Officer
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax