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Rent vs Buy in Bronx : Real Estate Advice

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  • Local Info128
  • Home Buying406
  • Home Selling42
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Activity 9
Wed Jul 25, 2012
Jacques Ambron answered:
Pros are that you can get your foot in the door to purchase in the future. Hopefully you will set a price, and the market will have gone up. In some cases some of the rent might be applied to the downpayment assisting your purchase

Cons, if the interest rates go up, you will have to pay more
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Sat Jun 23, 2012
Grethel Abadines asked:
Sat Aug 17, 2013
Bryant Mero answered:
Please call my office at 347 202 4965 we have a plenty of apartments available. Good Luck.
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Mon Apr 30, 2012
Nirmala Caraballo answered:
Dear Kathleen,

Congratulations on taking the first step! You have to take your situation into consideration when making such a big decision. There are currently many two bedroom Coops and Condos for sale in the Bronx. Before you can proceed you need to meet with a mortgage professional / loan officer to determine how much you are qualified to purchase. That amount will determine where and how much you can spend. The amount you spend with renting / buying is not a big difference depending on the amount you intent to spend. I would also recommend that you work with a local Realtor- buyers agent (the listing agent represents the seller, you do not pay a fee unless otherwise agreed to).

There are also grants for down payment assistance for first time home buyers.

If I can be of any assistance, please give me a call.
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Tue Jan 31, 2017
Lourdes Martinez answered:
Hello,

Can you explain a little to me what is FEPS. Sorry but I am not too familiar with all the different goverment assistance.
Thank you
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Thu Aug 16, 2012
Enrique Josef answered:
Hi Bervely. My name is Enrique, I'd be glad to help you out with that. Just give me a call at 917 575 4830
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Wed Dec 1, 2010
Alex answered:
yonkers. partially subsidized by malls and other commercial properties
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Fri Dec 24, 2010
Ralph Windschuh answered:
Pat, There are two ways to do this: either rent to own - where the owner allocates a portion of your rent payment towards your down payment on a rent to own or if you find an owner that is willing to hold the mortgage - basically act like the bank. I could help you in Brooklyn, Queens, Nassau or Suffolk but not the Bronx. Feel free to contact me.

Ralph Windschuh
Certified Buyer Representative
Senior Real Estate Specialist
Associate Broker
Century 21 Princeton Properties
631-467-0009
rwindschuh@c21princetonproperties.com
In The Top 2% of Century 21 Agents Nationwide!
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Mon Jan 11, 2010
answered:
The first thing that you would want to do is make sure you qualify for a mortgage. You will need to have good enough credit and income to qualify, and have a sufficient down payment. You will need at least 10% plus closing costs for the down payment. Although it might be possible to get a seller's concession for closing costs, that has become more difficult in today's market because the unit would have to appraise for the higher value. As a first time buyer, you may be elligible for a SONYMA loan that will give you a lower interest rate. Call me to discuss anything you would like to as far as mortgage qualification goes. I can be contacted at 516-972-1687.
Once you know how much you can spend, you can try various website to see what is available in your price range and see if it would be sufficient for your needs. You could then contact a few realtors. Speak to them first and get a feeling for who you might want to work with. You can then have the one you choose show you some apartments that you would like to buy.
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