Anyone bought a house recently? (Brooklyn)

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amother

Mon, Sep 12 2011, 4:03 pm

We're looking to buy a house since we're planning on living in this neighborhood long term and we're already paying rent through the roof. But the real estate agent was under the impression that you either have to put down a huge amount (say, 50%) or have income of $90,000+ in the past 3 years to get a mortgage.

Did anyone get approved for a mortgage recently? What were the terms? Is there a way of getting one without having $$$$ income or paying most of it in cash?

ez-pass

Mon, Sep 12 2011, 4:06 pm

pm me- I just bought a house in Monsey and used an amazing mtg broker who does mortgages in the whole tri state area. I will give you her contact info. She will let you know what you can afford and will find a way to get you into your home.

Tova

Mon, Sep 12 2011, 4:52 pm

Real estate agents usually are well versed in this. I'm thinking you may have misunderstood him/her to be saying a general rule when they were really saying that FOR YOUR SITUATION you would need income of $90K in order to carry the mortgage, etc. I could be wrong though. Before you put a contract on a house or go see houses it's a good idea to meet with a mortgage broker to see what you can afford.

mirror

Mon, Sep 12 2011, 4:55 pm

amother wrote:

. But the real estate agent was under the impression that you either have to put down a huge amount (say, 50%) or have income of $90,000+ in the past 3 years to get a mortgage.

Definitely speak to a mortgage broker. I have heard estimates closer to 20% down. You have to prove to the bank that you have enough income to cover the mortgage. The income each month has to cover all your insurance premiums, car payments, tuitions, etc.

There have been a lot of people defaulting on their mortgages lately because they forgot to take certain expenses into consideration, and the banks are trying to protect themselves.

cla

Mon, Sep 12 2011, 8:49 pm

I am a NY mortgage broker. You don't have to put down more than 3.5% for an FHA insured loan. Rates are about 4%. Your tuition and car insurance payments would not be factored, only housing payments (including property tax and homeowners insurance) and car payments, installment loans and credit cards. The income amount qualified is for current pay, but you need to show employment for two years. I've helped clients finance purchases in Brooklyn with way less then $90k annual. PM me and Ill advise you. Definitely discuss with a mtg pro before signing contract.

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