I make 40,000 a yr and I am looking for a 2 bedrm apt for me and my elderly parents. In a nice quiet area

Asked by Linda Pacheco, New York, NY Sat Aug 3, 2013

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, ,
Tue Aug 20, 2013
Rent today; Buy tomorrow. How to convert from Tenant to Homeowner.
When I rented my first apartment in Astoria, I did not want to be a Tenant my whole life and pay my Landlord’s mortgage. I longed to become a Homeowner.
That’s why I found my way into the mortgage business in 1989 and soon afterward became a Homeowner. Here are the fundamentals any Tenant should know to prepare to become a Homeowner in the future, no matter when that might be.

• Credit: Establish 3 credit accounts, no more than 5. Pay your bills on time. Keep your balances to no more than 50% of your credit limit. Don’t pay off the accounts in full. Keep balances active for 12-24 months. All of the above will provide both a good credit score and adequate credit history to qualify for a mortgage loan.

• Assets: A basic savings budget isn’t hard to do. Pay your rent first in your budget; then set aside 10% of your income before taxes . Make it a budget priority and you’ll still have money left over for entertainment and restaurants and clothing.
How much money do you need to buy a home? Many buyers spend no more than $25,000 to buy their first homes. There are loan programs with low down payment requirements and many real estate agents negotiate for their Buyers a “Seller’s concession” to include the Buyer’s closing costs (which are HIGH here in New York!) in the price of the home.

• Income: Two years consistent income is the basic requirement for either a salaried individual or a self-employed person. Income from Bonus, Commission, and Overtime is treated differently and is best discussed with your Mortgage Banker.

• Market Survey: it doesn’t hurt to go out and get to know neighborhoods where you might like to buy a home. Visit open houses on Saturdays and Sundays. It’s okay that you’re not yet buying; tell the Realtor at the Open House you’re just beginning your “survey.” You’ll also get to know market prices for different kinds of homes. It’s okay to “window shop” homes on the weekend at Open Houses!

I hope these fundamentals will help you better understand the path to homeownership is a process that, with preparation and dedication, you can move through easily. And if you’re interested in getting Prequalified today to create an Action Plan for your future of Homeownership, call me anytime!
Trevor Curran
NMLS #40140
*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes
Mildred Vale…, Agent, Bronx, NY
Wed Aug 7, 2013

Call our office at 347-202-4965 we have rental specialist that can help you with your Search!
Are you looking for anything specific and location is very important as I see your looking for a nice quiet area.

Look at some print ads, we have a huge rental department here I'm certain one of our professionals can assist you help you too find a place you can call home!

Shop around and beware of scams, don't ever give out personal information like social and bank account information, never ever wire any funds.

Best of Luck!

Millie Valentin
Exit Realty Search
3928 E. Tremont Avenue
Bronx, NY 10465

" If you thought my answer was helpful please give me a "THUMBS UP" OR " BEST ANSWER"
Web Reference:  http://throgsneckhomes.com
1 vote
Moroti Realty…, , Bronx, NY
Fri Aug 9, 2013
Hi Linda,

Please give our office a call at 718-798-5908. We will be very happy to assist you in your search for a suitable apartment for you and your parents. Our office hours are: 10:AM to 7:PM seven days a week.
1 vote
Robert Espier, Agent, New York, NY
Sun Aug 4, 2013
$40,000/yr means that you can afford a maximum rent of $1,000/mo.

My advice to you is that you go to nyc.gov/hpd and Search Low-Moderate income lotteries.
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