we have 30k for down payment and we are getting 40k yearly. we need a home in range 200k to 300k. if we get house loan.

Asked by Johnney V Philipose, Valley Stream, NY Sat Jan 14, 2012

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Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Thu Apr 25, 2013
Good afternoon Johnney,

First steps:

Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.

Get a referral to a good, local, real estate attorney. Call the attorney, retain the attorney so you have her information handy when you make an offer. Having that information at time of offer helps you demonstrate to the Seller how serious you are, and they will consider your offer with more interest.

Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.

Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.

Put together your Team of real estate professionals and shop 'til you drop!

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes
Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Mon Jan 23, 2012
Johnney, as a mortgage banker, I can tell you that there are several determining factors aside from your income and available down payment, that are factored in to determine if and how much you would be qualified for. The best thing to do is meet with a mortgage banker or broker and go through the pre-approval process. This initial meeting is also important so that you can become educated on the entire lending process and get answers to your questions. Feel free to contact me should you have any questions.

Javier Meneses
Sterling National Bank
0 votes
Martina Ryan, Agent, Bayside, NY
Sat Jan 14, 2012
Get pre-qualified with a mortgage broker & you will be amazed at what is available out there. Good luck.
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Anna M Brocco, Agent, Williston Park, NY
Sat Jan 14, 2012
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, therefore if you haven't done so yet, do visit with any licensed loan officer to determine qualification, the type of loan, how much down, etc. If you need loan officer recommendations, please feel free to contact me directly.

0 votes
Diana S, Agent, New York, NY
Sat Jan 14, 2012
Hi Johnney

Depending on what kind of a loan you get and the bank you choose to go with, your required down payment amount can vary greatly. Your ability to get a loan also depends on your credit history, income, and many other factors. I highly recommend speaking to a mortage broker in your area to see what your options are.
Best of luck!
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Kevin Leathe…, Agent, Rockville Centre, NY
Sat Jan 14, 2012

Best to speak with a Mortgage Banker and learn your home financing options.

Please visit my website for a link to my designated representative at PNC Mortgage.

The next step would be to select an Agent to represent you; not the seller.

You may learn more about my background on my website.

Thank you for your consideration.
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Gail Gladsto…, Agent, 11743, NY
Sat Jan 14, 2012
Johnney, for the answer you are looking for, you need to speak with a mortgage broker. I am happy to recommend several; no fees are involved.

To assist you in your search once you know what price range you can handle, I will be happy to provide you with a free account on Listing Book.

Listing Book works off of the Multiple Listing Service. You enter your requirements and locations and it provides you with everything on the market, new options as they come on the market and any homes that are reduced into your price range.

This service does not bind you to me in any way....it is just a free service.

let me know if you are interested. Gail@GailGladstone.com 631-425-6150
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