I love these questions. The answer is MAYBE! Depends on what you qualify for. Lenders new to review your credit, 2011 & 2012 tax returns, recent paystubs and bank statement. With this, a Loan Officer can tell you what you qualify for and let you know more or less what the monthly payments are, how much you need out of pocket, and your overall mortgage options.
It's not necessary to put down 20%. You can do FHA with a 3.5% down payment or as low as 3-5% with a Conventional loan, which is what most home buyers do. Consider speaking with a Loan Officer and see what your options are.
I'm more than happy to meet face-to-face with you. My office is in Woodbury, Long Island. Good luck!
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Senior Loan Officer
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648 Cell
(631) 659-2011 Office
(516) 918-5383 Fax