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ever since the mortgage fiasco, most lending institutions want to see a 20% down payment and i think 10% was the lowest I have seen.
based on 10% down, you are looking at a $200k property and the rest is based on your credit.
FHA loans allow you to put down 3.5% but I've only ever seen those on new construction (condos) and I believe there are some additional rules that apply to FHA loans that do not for conventional loans. I'm sure someone on this forum knows more about the details.
So I need more money saved up to buy a house that costs 350k. Is it always 20%...
I heard about FHA and less for the downpayments. Can i go that route...
So at the minimum I would need 60k saved...Damn
yep... i think 20% is pretty much the standard these days.
especially in queens, its going to be hard to find a decent house at $300k
considering 2 bedroom condos are at $300k in unfavorable neighborhoods, $300k on a house is unlikely
there are programs that help with down payments but you make too much to qualify. I think you need to be at $50k for a family of 4?
if you need to buy now, i would lower your standards and go for a nice small 2 bedroom co-op
provided you have good credit and your income at $80k should not be a problem passing the co-op boards. I have seen co-ops in Bayside only requiring 10% down.
dale thanx for clarifying, lol. I totally misread...yeah OP you can buy a house making that much definitely. What you need to consider is do you really want a house in NYC. Make sure you want to do this. I have family who bought and now regret it and right now it is pretty hard to sell a house...
FHA loans are federal loans designed for first time buyers. They have low rates. It is a good program. There is a non-for profit called NHS that a lot of experience with FHA and helping first time buyers. It does not need to be a new construction for you to use it, it just so happens many of the new construction condos do a better job of advertising this program because they want their buildings filled up.
FHA loans are federal loans designed for first time buyers. They have low rates. It is a good program. There is a non-for profit called NHS that a lot of experience with FHA and helping first time buyers. It does not need to be a new construction for you to use it, it just so happens many of the new construction condos do a better job of advertising this program because they want their buildings filled up.
[URL="http://www.nyc.gov/html/hpd/html/buyers/downpayment.shtml"]HPD - Homebuyers - HomeFirst Down Payment Assistance Program[/URL]
Thanks NooYowkur...
And yes I am pretty sure I want a house in NYC...The best place there is. But who knows what the future holds right.
Ok so it sounds like, I can buy a house now.
And I wont look foolish for going to the banks and other places for loans.
OK...
I am a little excited now.
The reason I want a house instead of co op or condo is for space and a place to park the car. And in the near future plans on having kids.
But I have been seriously thinking of reconsidering the coop/condo thing.
You earn too little for market and too much for most "affordable deals."
That said, NOTHING is impossible.
Frankly people do it on a lot less than what OP makes and get in way more over their heads. Like I said before the better question is does the OP want to do it.
He didn't say 80k house, he said he has 20k for a down deposit and 80k a year in salary.
Given that, you aren't going to be able to get a house. You could probably get a co-op at 180k but you would need to get more money and that's a 1 bedroom probably. A house in a decent area is around 400k-1mil. Given your salary, you get about 4k after taxes or so.
This helps a bit. Gives you an idea of how much you can afford money wise. Remember to also find out the property taxes in a certain area and how much homeowners insurance would be. Those figures also don't include utilities. Phone, electric, water, cable, internet, heat, gas. All things to worry about with a house. Plus saving for the things that go wrong with a house and the upkeep of a house. It's a VERY pricey thing.
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