Home Buying in 11420>Question Details

Seeta, Home Buyer in Queens, NY

Right now we rent a one bedroom apartment for $1200 and is thinking if we should consider buying a house.

Asked by Seeta, Queens, NY Sat Feb 16, 2013

Since we don't have 20% down payment but can do 3.5, is it wise to purchase with the intention of rent out part of the house?

Help the community by answering this question:


Seeta, I'm picking up on a few things. First, when it comes to down payment, if you can come up with a 3.5% down payment it's obvious to me that an FHA loan might suit you best. It's a matter of going over your financials with a Loan Officer and see what your options are. It's good to cover everything so that when you're searching for properties you know what price range fits your budget. This will also help you determine if you need to search for a multi-family so that you can count on the rental income.

So the next step you need to take is to meet face-to-face with a Loan Officer and take it from there. If you're in need of someone to help you, feel free to contact me, I'm always available to meet with in one of our Queens offices. Good luck!

Javier Meneses
NMLS #23130
Senior Loan Officer
Sterling National Bank
(516) 606-9648
3 votes Thank Flag Link Sat Feb 16, 2013

There are some lenders out there who will do a 3% downpayment.

Start with speaking with a mortgage banker so you are fully informed by those in the know.


Brian Tom
Cliffco Mortgage Bank

After you receive your pre-approval, we will be happy to assist you in finding a home.


If anyone can do it, Brian can!

0 votes Thank Flag Link Sun Feb 17, 2013
Meet with a Loan Officer and see what your options are.

Annie Torres
Licensed Associate Broker
Realty Connect USA
Hablo Espanol
35 Arkay Drive, Suite 300
Hauppauge, NY 11788
office 631-881-5673
fax 631-245-6002
0 votes Thank Flag Link Sat Feb 16, 2013
we first would have to speak with a loan officer.

Fajardo Delacruz
Licensed Real Estate Agent
Century Homes Realty Group llc
Direct Line: 347-932-0609
0 votes Thank Flag Link Sat Feb 16, 2013
Why not simply visit with any licensed loan officer to determine qualification, price range, etc., then decide. 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.
0 votes Thank Flag Link Sat Feb 16, 2013
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