First Time buyer

Asked by Lou, New York, NY Fri Dec 5, 2008

I currently live in a two bedroom Co-Op, it is a Mitchell-Lama Co-Op so it can't be sold on the open market. I am the only income, have two children (another on the way) I am trying to figure out how to estimate the cost of buying a home (would like to stay in Queens) it makes me a nervous wreck when I do the math, but I need to bite the bullet and take a chance. Any programs for firstime homeowners, ideas, etc? Thanks

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Gino Silvestri’s answer
Gino Silvest…, Agent, Nyack, NY
Fri Dec 5, 2008
Lou,
The first thing you should do is go to your local bank and speak to a representative who is knowledgeable about the local market where you wish to purchase a home. They should be able to guide you through the process by first analizing your finances and telling you how much of a house you can buy. This is a great time to purchase a home and there is a credit from the government of $7500 for first time home buyers.
You can call me anytime with questions.
1 vote
Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Wed Apr 24, 2013
Good afternoon Lou,

First steps:

Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.

Get a referral to a good, local, real estate attorney. Call the attorney, retain the attorney so you have her information handy when you make an offer. Having that information at time of offer helps you demonstrate to the Seller how serious you are, and they will consider your offer with more interest.

Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.

Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.

Put together your Team of real estate professionals and shop 'til you drop!

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528

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0 votes
Rinku Uberoi, , Queens, NY
Tue Dec 4, 2012
You will need to know your credit score, your ability to get a loan. You need to have a substantial amount ready for a down payment. You also need to have a stable income that can be verified. Interest rates are good right now if you qualify for them.
0 votes
Antolin Du B…, Other Pro, New York, NY
Thu Jun 21, 2012
Mitchell-Lama is probably the steal of the century! Too bad you gotta move. But check out SONYMA loan programs, they might be ideal for you.
0 votes
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