I own my home in Phoenix AZ outright, I want to buy a home in the Bronx New York city. I intend to rent out my Phoenix home after moving back to NY.

Asked by Mark, 10457 Wed Jan 9, 2013

What are the mortgage requirements for the new home in new york

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Antonio Sanc…, Agent, Bronx, NY
Sun Feb 17, 2013

There are some very important necessary steps to take before considering purchasing a home. The first and most important thing to do is get pre-approved by a lender. The more extensive the pre-approval the better of a view you have on what you will qualify for thus allowing to look for properties that directly match your criteria. Take the time and find a serious professional that has been working with home Buyers and let them go over important details of your search.

All the best,
Antonio Sanchez
Exit Realty Search
3928 E. Tremont ave
Bronx, NY 10465
CELL: 347-320-0673
BUS: 347-202-4965
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Mark, Home Owner, 10457
Sun Jan 13, 2013
Thank you all for pointing me in the right direction.
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, ,
Thu Jan 10, 2013
Hi Mark,

The mortgage requirements will vary depending if you are purchasing the property as a primary residence or if you are buying it as an investment property. John Lajara is correct, if you plan on using the property as a primary residence you will have the option of putting 3.5% down or 20%. If you have excellent credit you may qualify for as low as 5% down with a conventional loan for a 1-Family residence.

As far as giving you credit for the rental income you will be receiving on your Arizona property, you will need to show a lease agreement as well as 1st months rent and security checks deposited into your account from your renter.

If you have any particular questions on Bronx properties I would recommend contacting John Lajara at (917) 848-4655. He is a top producer in his office, which is also #1 in the Bronx. He really knows how to get the job done.
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Christopher…, Agent, Tarrytown, NY
Thu Jan 10, 2013
Hi, I recommend you speak directly to a mortgage broker. You can call Christian Babcock from Mortgage Master 914.447.9691, and he will walk you through every step.

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Anna M Brocco, Agent, Williston Park, NY
Thu Jan 10, 2013
Without much information, for a personalized answer you really should be consulting with any licensed loan officer....
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John Lajara, Agent, Riverdale, NY
Thu Jan 10, 2013
Hey Mark,

Thanks for your inquiry. Since you own your home in AZ outright, that definitely makes your buying power a lot better. Depending on how you purchase that property, more than 80% of the buyers purchase homes in the Bronx through FHA financing. With as little as 3.5 down payment and 660+ credit score, you can get a 30 year fixed with a low 3 interest rate. Now if you want to avoid the private mortgage insurance, you can always go conventional which requires the 20% down so you'll have a low mortgage payment overall and better rate too! We can definitely explore your options and see which one best suits you. Not to mentioned, our office was #1 in the Bronx for 2012 in sales volume so we're confident not only to provide with a great referral for financing but also get you a great deal in a home as well. Saving our clients money is the goal!!! Please contact me for more information and visit Mark Fishers reference link below who's an approved vendor for our office and a great loan officer for more mortgage tips. Best of luck with your plans!

John Lajara
REALTOR®/Notary Public
Certified Buyer Representative (CBR)
Cell: 917-848-4655
Fax: 917-522-9638
EXIT REALTY SEARCH | 3928 E. Tremont Ave | Bronx | NY | 10465

Visit me on Trulia & Zillow
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Bruce McInty…, Agent, Bronx, NY
Thu Jan 10, 2013
First thing you need to do is contact a lender or a bank to see what you qualify for. You don not need to be approved to qualify to hold 2 mortgages because you own 1 outright meaning there is no mortgage. In those cases they only require for you to put down about 30 percent. I have done that with a few of my buyers. They went through Ed Angelino with Power Express Mortgage bankers. You may qualify to only put down 10 percent. Please give me a call if you need any additional information or help. I can be reached via telephone or email. 1 646 588 1720 or bruce.mcintyre@pantigagroup.com
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allan erps,A…, Agent, Pearl River, NY
Thu Jan 10, 2013
You certainly can qualify if your FICO scores & income can prove to carry the two homes.
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Cecilly Buma…, Agent, Bronx, NY
Thu Jan 10, 2013
Hello Mark,
Thanks for your inquiry, this is a great question. Depending on how long ago you purchased your property in Phoenix, you may qualify for FHA financing. This means you can put as little as 3.5% down when you but a home here in the Bronx. I am a Bronx expert and can definitely assist you with you home search & answer any questions you have regarding your move back to NY. I also have a great mortgage Banker on my team who can answer any financing questions you may have as well. Give me a call so we can go over things.
I look foward to hearing from you soon!

Ceasar Rosas
Exit Realty Search
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