Home Buying in Brooklyn>Question Details

S, Home Buyer in Brooklyn, NY

First time home buyer. I want to buy a Multi-Family home.

Asked by S, Brooklyn, NY Tue Jan 15, 2013

I am looking for multi-family home in crown heights or lefferts gardens, kensington area. My credit score is 780 and I have about $20,000 available for a downpayment, and make 70K. Can I afford a building listed for $1million if there are 3 rental units in it? I was planning to occupy 1 of the units and rent out the other 2 to help cover the mortgage. Would it be possible to get a loan for this?

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Sammy, if you plan on buying a 3 family house, you might qualify for one. I don't think it'll be for $1 million though. It's very important for you to meet face-to-face with a Loan Officer and let him/her go over your financials (2 years tax returns, recent pay stubs & assets) and credit. This is the only way you'll know for sure how much you'll qualify for.

It sounds like you want to become a homeowner but doing so by buying into a good investment. I totally get it. If you're interested, we can talk some more an see if we set a meeting so I can help you figure out what you approve for.

Javier Meneses
NMLS #23130
Senior Loan Officer
Sterling National Bank
(516) 607-9648
1 vote Thank Flag Link Tue Jan 15, 2013
Yes, you can and also enjoy the benefit concessions of first buyer program. Emmy Davis first buyer expert edusfh@aol.com
0 votes Thank Flag Link Sat Jan 19, 2013

I have extensive experience with multi-family purchases and assisting first time home buyers. It sounds as if you can qualify for a multi-family mortgage, but not on a 1 million dollar property. The first step is really to consult with a licensed experienced mortgage originator to review the pertinent financial, credit and employment data needed to preapprove you for a mortgage. Please contact me for a complimentary preapproval that will be required by most professional realtors before making an offer on a home. I can be reached at 917.699.0183.

Michael Denniston
Senior Mortgage Loan Originator
NMLS License #24076
Cliffco Mortgage Bankers
0 votes Thank Flag Link Thu Jan 17, 2013
Yes, I think that we can locate the ideal residency for you. My name is Sara Woods, I am a Real Estate Consultant. I can be reached at 914-403-3294. Please call me when you get the chance so that we can discuss in details, a time frame that you are looking to own. I look forward to hear from you.

D. Cherry Real Estate
0 votes Thank Flag Link Tue Jan 15, 2013
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; therefore for a personalized answer regarding affordability visit with any licensed loan officer....
0 votes Thank Flag Link Tue Jan 15, 2013
Sorry, afraid not.
The closing costs alone will be approximatly $50,000 + when a Bank sees that you are reying on rental income to pay the mortgage they want to see more equity in the deal and reserves.
You are trying to jump the high bar instead of getting over a hurdle. Buy a co-op in the right building, improve it, sell it put your tax free profit into a 2 family, again improve it. Refinance it, use that equity for the down payment on your dream house.
I say it takes 3 moves to your dream house. And buying and improving your residence is the best tax free, legal way of building the capital it takes to buy a house.
Like anything else in life it takes dissapline and hard work. But it can be done.
kathryn Lilly, Broker
Realty on the Greene, LLC
0 votes Thank Flag Link Tue Jan 15, 2013
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