Home Buying in East Flatbush>Question Details

Keith, Home Buyer in Brooklyn Heights, Br...

I earn six figures and have credit scores in the upper 700's. I have enough saved to do a FHA loan. Any programs for closing cost assistance?

Asked by Keith, Brooklyn Heights, Brooklyn, NY Mon Aug 20, 2012

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Javier Meneses’ answer
There are programs available. Unfortunetly, it's very unlikely that someone who earns a six figure income would qualify. Most if not all of these down payment, closing costs and/or rehabilitation assistance programs have income limit restrictions based on family size. Doesn't matter what any Realtor tells you, your beat bet is to find a lender who can handle your loan with low fees. You can always finance all or part of your closing costs via a seller's concession.

If you need a mortgage banker to help you, I'm always available to meet face-to-face at one of our Queens branches.

Javier Meneses
Senior Loan Officer
NMLS #23130
Sterling National Bank
(516) 606-9648
1 vote Thank Flag Link Mon Aug 20, 2012
Hello, unfortunately your type of income usually disqualifies you for any program assistance. Those programs are meant for low to middle income individuals and families. If necessary continue to save money until you're comfortable paying for your closing costs and down payment then move forward.
0 votes Thank Flag Link Wed Mar 6, 2013
Your income would disqualify you from most traditional closing cost assistance programs. To help minimize the cost I could do a loan for you with no points. If I negotiate the real estate sale I could request that the seller include a seller's concession to cover your closing cost fees as well. A seller's concession of $20,000 would carry a monthly cost of $111.00. If you would like to discuss a mortgage or the real estate purchase please contact me at 914-299-0420
0 votes Thank Flag Link Wed Aug 29, 2012
Hi Keith,

If there is anything I supporting your home shopping experience, call me at (347) 581 - 4453
0 votes Thank Flag Link Tue Aug 28, 2012
Keith, If you earn 6 figures,I hope you're not moving your family to East Flatbush. Anyway, closing costs differ from bank to bank/lender to lender. Shop around for a good rate and you can build your closing cost into the loan so you won't even feel it.
good luck
0 votes Thank Flag Link Sat Aug 25, 2012
Not with that income. If you can conjure up 5-10% of the down payment, you might be able to go conventional if the debt ratios work.
0 votes Thank Flag Link Thu Aug 23, 2012
Talk to me Janet. I CAN come up with that amount at $250k and my debt to income ratio is 7%.
Flag Thu Aug 23, 2012
If you need loan officer recommendations feel free to contact me directly.
0 votes Thank Flag Link Tue Aug 21, 2012
Hi Keith,

Its unlikely that you would qualify with your income level, but a better option would be to include seller paid closing costs in your contract offer. When you as the buyer bring a serious offer at a fair market rate, many sellers will entertain paying all or a portion of the buyer's closing costs.

Be sure to be preapproved for a mortgage before making an offer on a property and your Realtor will include the preapproval with the offer (demonstrating that you are serious buyer) and making it more likely that the seller will agree to the closing cost contribution.
0 votes Thank Flag Link Mon Aug 20, 2012
Keith, Most loan would be difficult to get base on
your income, But the Tax incentives would more then make up for it.

Fajardo Delacruz
Licensed Real Estate Agent
Century Homes Realty Group
Direct Line: 347-932-0609
0 votes Thank Flag Link Mon Aug 20, 2012
call me 347-903-5626

Ed Groussman
NMLS # 146696
0 votes Thank Flag Link Mon Aug 20, 2012
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