Tisha, Home Buyer in Washington Heights,...

Im looking to buy an apartment in Washington Heights with no more than 10% down. The price range is $250,000-350,000. Any ideas?

Asked by Tisha, Washington Heights, New York, NY Fri Feb 4, 2011

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Parish Pradhan’s answer
This is case by case... depends on the building rules. It can be coop or condo but definitely check with your lenders. Call me directly at 646-833-4338 for more info.
Thanks,
Parish
keller williams nyc
1 vote Thank Flag Link Wed Nov 16, 2011
Hi Selena,

To put no more than 10% down (e.g. get 90% or 95% financing) you'll need both approval by your bank, as well as have it allowed by the co-op / condo. Of the approximately 90 active listings I am showing in the $250K - $350K range, the bulk require at least 20% down, but just under half will allow 10% down, and a few will even allow 5% down (e.g. 95% financing).

The first step is to ensure you're appropriately qualified for 10% down. For a quick prequalification, feel free to call my resource at Manhattan Mortgage, Kira Silverman, Managing Director at 212-318-9423 or email her at ksilverman@manhattanmortgage.com. Kira has helped many of my clients, and I'm not compensated in any way for recommending/referring you to her.

Once you get that out of the way and confirm you'll qualify, then it's simply a matter of looking through the current batch of 90%+ financing listings to begin to see what grabs your eye. With your feedback on size, location, amenities, etc. your friendly broker can then help you narrow down the field to the most promising units. If you are not yet working with a broker, feel free to send me an email and I would be happy to send you the property details, floorplans and photos of the currently available listings and help start you on your way.

best regards,
Jeff Brenner, MBA
Senior Associate - CitiHabitats | CitiSales
Apartments | Townhouses | Multifamily
Rentals, Sales and Investments
By Referral Only
"Platinum Production Award - 2009" | "Top Rental Production"
"Top Overall Production (Sales + Rentals) Award - 2008"
Mobile 646-496-5333 | Efax 917-262-7129
jbrenner@citi-habitats.com
0 votes Thank Flag Link Fri Feb 4, 2011
You will be able to purchase with 10% it's a matter of finding a unit that you'll find suitable. You'll find elevator to walk up buildings, from the upper east side to Harlem, to Washington Heights & Inwood. I would suggest you speak to a mortgage broker if you haven't done so yet. May I suggest Patricia Lavigne of Manhattan Mortgage she's at plavigne@manhattanmortgage.com or 212-745-9012, please note I do not get compensated for any referrals. Best of luck if I may be of service feel free to contact me for all your real estate needs.

Tony Lara
Licensed Real Estate Salesperson
Rutenberg Realty, NY, NY
tlara@crrnyc.com
0 votes Thank Flag Link Fri Feb 4, 2011
There are plenty near where I live @ West 189 and Broadway. There are condos in this price range with %5
down brand new 1 bedrooms. Also there are co-op units 1 bedrooms and 2 bedrooms in this price which
might take %10 as well. If you interested in seeing any feel free to call me @646-645-9833
0 votes Thank Flag Link Fri Feb 4, 2011
Hi Selena, I created a 5-minute "best-practice" guide to buying a property in New York City. The video is linked below. I hope you'll find it useful in determining your next steps and the best way to get the best home at he lowest price. Best of luck in your search!
0 votes Thank Flag Link Fri Feb 4, 2011
If you haven't done so yet, consider visiting with any qualified loan officer(s), after reviewing your overall financials, a determination on qualification can be made, the type of loan, how much, how much down, etc.; 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. Thereafter consider working with an agent of your own, he/she can provide you with suitable listings, schedule showings, keep you updated as new properties emerge on the market, etc.
0 votes Thank Flag Link Fri Feb 4, 2011
Step one: Talk to a lender if you haven't already and get prequalified. Step two: Find a local Realtor who can search properties that fit your needs and budget. You'll probably get a lot of responses from agents on here willing to help you. If not, I can refer you to an agent in your area, let me know. Good luck!
0 votes Thank Flag Link Fri Feb 4, 2011
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