Asked by Dan Leers, New York, NY • Sun Jul 29, 2007
I'm a recent MA graduate/new employee @ an NYC Museum looking to possibly buy my first place in Manhattan. Being a non-profit worker means I don't have the income to put a down payment on a place. My parents do however, and could possibly put down 30-50% of a $400K plus apartment (not much more than that though!). Can I still qualify for low-income housing (my annual income is below $45K) if my parents who actually buy the place cannot? I would assume all monthly maintenance costs and mortgage payments. I'd specifically consider neighborhoods of Far West Village, Lower East Side/Chinatown, and Park Row/City Hall. Are there decent places (1br or Studio preferably more than 700sq ft.) for this price (~$400K) in these neighborhoods? Furthermore, can you recommend any specific brokers to work with? Any information helps. Thanks!
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