Home Buying in New York>Question Details

Newbbuyer, Home Buyer in Woodside, Queens, NY

First Time Buyer: Looking for opinion regarding 1bedroom coop and closing cost in Queens Area

Asked by Newbbuyer, Woodside, Queens, NY Sat Apr 18, 2009

I'm a single person making 65k a year with a total savings of 30k 10k in CD. I've asked my local bank for a GFE and I was given 225k tops with 4.5% interest rate. My FICO scores are around 750 overall and I have no outstanding debt(student loan are all paid for,etc).
I have been working with an agent looking at 1bedroom coops from the Woodside area all the way to Kew Gardens Hill. The price range of the coops were 150k-220k. The ones I'm interested hover around 190k-200k. Do i have a realistic shot of getting these kind of places(downpayment passing board approval)? What would be the closing cost for a 200k unit? Do i have enough or should i continue saving till i have at least 50k? I read coop boards commonly ask how much 'reserve' would-be tenant will have after closing cost(in my case, most likely zero).
Any advice would greatly be appreciated.

Thank you

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Thanks for your input. I've asked a similar question a few weeks ago in this site and received similar response. I just want to make sure I can realistically afford a 1bed-room coop all by myself. I'll ask the agent I'm working with about the coop board req to the ones I showed interest in.

thanks
0 votes Thank Flag Link Sat Apr 18, 2009
Each bldg has its own board requirements, if you are working with a broker i would ask your broker to find out what these requirements are , this is the only way you will know if you will pass the board. Regarding the prices everything is negotiable !!!!if you would be purchasing a resale from an owner it would depend on how badly the owner needs to sell . today i am negotiating about 15-25% off the asking price . In manhattan boards usually require that no more then 25% to 30% of your annual salary go towards housing cost ( maint. and mortgage)
i am not 100% sure about queens. Best to have a discussion with your real estate agent and have her give you the requirements for each building. I would think it would be a waste of your time and your agents time to take you to buildings where you could not meet the requirements. Approximate closings costs are 3% of your cost of your home. Good Luck Carol Friedman Nest Seekers 917 287 2308
0 votes Thank Flag Link Sat Apr 18, 2009
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