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Financing in Upper West Side : Real Estate Advice

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Activity 1
Wed Sep 16, 2009
answered:
The problems with this transaction that others have pointed out are definitely problems, but the biggest one is that she will have a problem getting PMI coverage on a co-op at 90%. As far as condos go, if your daughter doesn't have additional funds for closing costs, your $50,000 will not buy you a $450,000 apartment because the closing costs plus 10% down would add up to more than the $50,000. The mortgage tax alone will be $7200 on the loan amount she would need. If the building is a new construction, which many of them in Battery Park City are, and there is not a high enough owner-occupancy rate, she will have a problem getting a mortgage as well. I know it is tempting to buy something when you feel that the market is at a low point, but she might want to rent first anyway to see which neighborhood appeals to her the most. ... more
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