I work at BAM and need something somewhat close to work, or a good train, w/laundry. $1700 max budget.

Asked by John Foster, Brooklyn, NY Sat Nov 3, 2012

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Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
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
Anu Dutta, Agent, Forest Hills, NY
Thu Mar 28, 2013
WE specialize in rentals, please check our site: http://www.WERENTNY.com for hundreds of active listings, pictures and videos.
0 votes
Jack Menashe, Agent, Brooklyn, NY
Thu Nov 22, 2012
ever find something?
have a great 2 bed no fee in gravesend...

0 votes
Wendy Hu, Agent, Brooklyn, NY
Sun Nov 4, 2012
Good morning, you can call me at 646-284-0239, we can discuss the detail, Thanks

Wendy Hu
Rapid Realty
0 votes
Luke Constan…, Agent, Brooklyn, NY
Sun Nov 4, 2012
I have a variety of apartments in Fort Greene and surrounding areas. Feel free to call, text or email me anytime.

(212) 300-3919

Luke Constantino
Prudential Douglas Elliman Real Estate
M: (212) 300-3919
D: (718) 935-6135
F: (917) 369-2690
325 Court Street, Brooklyn NY 11231
0 votes
Hakeem Shahid, Agent, Brooklyn, NY
Sat Nov 3, 2012
I'm not sure what exactly would accommodate you but if you can give me a call (347)3862288. I would gladly inform you on what exactly I have that may work for you in the heart of Fort Green literally 4 Blocks from BAM.

Licensed Real Estate Broker
Hakeem Shahid
0 votes
Phillip Benn, Agent, Brooklyn, NY
Sat Nov 3, 2012
I have a brand new one bedroom apt with an office in Bedstuy, 2 blocks from G train

Phillip Benn
Kings Realty Professionals
7219 Ave N
Brooklyn NY 11234
Cell: 347-526-3501
0 votes
Jackie Rossi…, Agent, Brooklyn, NY
Sat Nov 3, 2012
Would you consider a studio? What is your timeline?
0 votes
Anna M Brocco, Agent, Williston Park, NY
Sat Nov 3, 2012
Consider working with an agent of your own; also check local print media for by owner rentals, always verify ownership before exchanging any money; word of mouth, etc.
0 votes
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