Can two middle age adults afford a 2BR co-op in Rego Park NY on a yearly salary of 45K. We are both single with no debt.

Asked by Pat, Rego Park, Queens, NY Wed Aug 15, 2012

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Anna M Brocco, Agent, Williston Park, NY
Wed Aug 15, 2012
It may be possible, however for a personalized answer, you really should visit with any licensed loan officer; 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.
1 vote
Nirmala Cara…, Agent, Bronx, NY
Wed Aug 15, 2012
Dear Pat,

Your first step in your homebuying process should be to meet with a loan officer. They can determine how much real estate you can afford based. After that, you will then have a number and that will give you a better perspective as to how much you can afford. I would urge you to then hire a real estate agent to represent you as a buyer (you do not have to pay a fee in NY unless otherwise agreed to), since the listing agent represents the best interests of the sellers. There are several Coops for sale in Rego Park. You will need to narrow your selection based on price, amenities, maitenance, etc.

Please give me a call if you would like to discuss further.

Nirmala Caraballo
Licensed Real Estate Agent
Cruse Realty / Cruz Network of Realtors
Tel.: 646-479-7873
1 vote
Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Wed Aug 15, 2012
As mortgage banker I can tell you that I would not be able to give you an answer just with the info you're providing here. You would need to meet face-toface with a loan officer and allow him/her to review your credit report, 2010 & 2011 tax returns, recent pay stubs and bank statements. This is the only way you can get a real answer, by allowing a loan officer to review all the things necessary to determine if you guys would be able to finance, and if so, how much you'd qualify for.

If you need a loan officer, I am always available to meet at one of our Queens locations.

Good luck!

Javier Meneses
Senior Loan Officer
Sterling National Bank
(516) 606-9648
1 vote
Anu Dutta, Agent, Forest Hills, NY
Wed Mar 6, 2013
If you can secure a mortgage, your best bet would be a no board unit.
0 votes
Annette Levi…, , New York, NY
Thu Aug 16, 2012
Pat, alot will depend upon the down payment. Consult with a mortgage officer that is familiar with coops for a real answer.
0 votes
Martina Ryan, Agent, Bayside, NY
Thu Aug 16, 2012
You should be able to depending on the price & your savings. Why not get pre approved first & see what yor options are.
0 votes
Joseph Hasti…, Agent, Bayside, NY
Wed Aug 15, 2012
Hi Pat. Do these two middle aged adults have savings? The easy answer is yes but your debt to income ratio has to be good as well. My question, is the $45K the total gross income of you two? Do you know your FICO number? Yes, you will need to have a face to face visit with a mortgage professional. I suggest you see the Coop loan officer in the Bank you do business with. Ask for a pre -qualification. They'll know your on hand assets. This will give you an idea of what you can afford. Keep in mind the more downpayment you can bring to bear, the lower the amount of the loan. Many Banks want borrowers who have solid credit and work history as well as a serious downpayment.

As a side note, Rego Park is priced a bit lower than the neighboring Forest Hills. You should be able to find something reasonable there. I wish you all the best.
0 votes
Nida Kabbaj, Agent, Plainview, NY
Wed Aug 15, 2012
It is possible to purchase a coop with the criteria you just mentioned. However, you would still need to sit down with a mortgage broker/ loan specialist to confirm the exact amount you will qualify for. while you are with your loan officer, you should also apply for a preapproval letter. This should strengthen your position when you are negotiating the purchase price of your coop. Further requirements you must consider is that each individual coop board will have different threshold for:
1- Debt/ income ratio
2- credit score/ credit worthiness
3- savings/ reserve fundings
0 votes
Yael Shanee, Agent, Kew Garden, NY
Wed Aug 15, 2012
Dear Potential Buyer,

Call me and I will explain to you all about the Debt to Income Racio (DTI) and How it works.
Are you intend to take a mortgage?

Yael Shanee
Exit Kingdom Realty
0 votes
Rich Homer, Agent, NAPLES, FL
Wed Aug 15, 2012
Your best bet is to contact a local Mortgage Broker
0 votes
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