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Financing in Forest Hills : Real Estate Advice

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  • Local Info10
  • Home Buying25
  • Home Selling5
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Activity 3
Fri Apr 5, 2013
Anna M Brocco answered:
Your loan officer can better advise as to the best loan option for you after he/she has reviewed your overall financials. FHA loans cannot be used for co-op purchases, and it excludes some condos. ... more
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Sun Aug 2, 2009
Marco LaPadura answered:
You can probably only afford a co-op that costs about $150K or so. As an agent in Forest Hills, I know that the majority of the co-ops here require a 20% down payment (which pretty much caps you at $150K if you only have $30K in the bank). Also, once you close, most buildings require that you have at least 6 months of mortgage plus maintenance left in the bank as reserve funds (they do consider $401K and retirement funds).

Also, most co-op boards look for a maximum housing debt of no more than 28% of your gross monthly income. At $55,000 a year, your gross monthly income is $4,583 - 28% of that would be $1,283. Your monthly payments on a $150K apartment, assuming maintenance of about $600/month would be right around that figure.

If you have any further questions, or would like assistance in your search, I can see what's out there for you. For my contact information, see my website www.teammd.net.

Good luck.
... more
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Mon Jul 27, 2009
Gail Gladstone answered:
There are two sources of information that will help you; a mortgage broker (contact me off line for a good referral) and information from the Charter of the co-op. The Boards usually dictate how much discretionary cash you must have on reserve. ... more
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