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Minimum down payment in brooklyn?
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amother




OP
 

Post Wed, Oct 27 2021, 3:40 pm
what's the minimum down payment to buy a house in brooklyn?
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Amarante




 
 
 
 

Post Wed, Oct 27 2021, 4:07 pm
There is no minimum since the amount is generally a percentage of the purchase price.

Also there are various programs which you qualify for which would reduce the percentage needed for the down payment.
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amother




OP
 

Post Wed, Oct 27 2021, 4:30 pm
Amarante wrote:
There is no minimum since the amount is generally a percentage of the purchase price.

Also there are various programs which you qualify for which would reduce the percentage needed for the down payment.


can you elaborate? how would I qualify? I'm trying to figure out if it's possible to buy a home. how much would I need to buy a home.

someone claimed they bought a building without a down payment, but they were vague and I don't know if it's true. is it possible to buy a house without a down payment?

how much would I need to buy a home?
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amother




Whitesmoke
 

Post Wed, Oct 27 2021, 4:35 pm
Its possible to buy without a down payment if you have that amount of money at one time. Do you?
Most people don't have an extra 800k lying around.

Are you asking how much houses go for in brooklyn? You have to ask realtors or look through their websites.
And for down payments there are different percentage amounts. Depends on various factors.
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amother




OP
 

Post Wed, Oct 27 2021, 4:38 pm
amother [ Whitesmoke ] wrote:
Its possible to buy without a down payment if you have that amount of money at one time. Do you?
Most people don't have an extra 800k lying around.

Are you asking how much houses go for in brooklyn? You have to ask realtors or look through their websites.
And for down payments there are different percentage amounts. Depends on various factors.


when I said without a down payment I meant not putting any money down. they claimed to have a mortgage and no money down. I'm asking how much is the minimum I would have to put down. all of this is vague. what is the actual percentage. what are the factors.
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amother




OP
 

Post Wed, Oct 27 2021, 4:39 pm
what's the minimum percentage in brooklyn and how would I get the lowest percentage
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ez-pass




 
 
 
 

Post Wed, Oct 27 2021, 4:43 pm
You need to speak to a competent mortgage expert.
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nicole81




 
 
 
 

Post Wed, Oct 27 2021, 4:48 pm
Speak to a mortgage broker. Based on your income, the taxes, and other considerations, a bank will approve you for up to a certain monthly payment which translates into the total mortgage. The down payment will have to be whatever the difference between the purchase price and total mortgage is (if you can't get enough of a loan for the property you want), plus the minimum that particular loan requires. Conventional loans are 20% or even 10%, but the lower down payment will add on an additional fee which may or may not affect the banks approval. FHA loans are as low as 3.5% down. But it doesn't mean anything if you can't get approved for the rest.

Google NYC down payment assistance. There's a program now for first time buyers that agree to stay in the property for a certain amount of time... Depending on your income they will give up to I believe 100k in assistance.

But the banks use formulas that have so many factors, simply put, you need enough downpayment that will bring you to a mortgage amount you will get approved for. So yeah, speak to a mortgage broker.
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amother




OP
 

Post Wed, Oct 27 2021, 4:48 pm
ez-pass wrote:
You need to speak to a competent mortgage expert.


I don't have a house yet, I'm trying to figure out if it even makes sense to look for a house, if I would even have the money for it, how much would I need?

how does anyone go looking for houses without knowing what they need to put down?
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jd1212




 
 
 
 

Post Wed, Oct 27 2021, 4:49 pm
Call Joey Antar at Citizens Bank at 718-210-1171- excellent mortgage broker for Brooklyn first-time buyers with these random unknown low % down programs. I like him a lot.
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jd1212




 
 
 
 

Post Wed, Oct 27 2021, 4:53 pm
The normal amount you put down is 20% of the home value. You apply with a mortgage broker to be pre-approved so you know how much you can borrow. You could likely find a program that would allow you to put down 10%, maybe lower.

You also need to be able to afford the mortgage payment, which will be higher if you put down less money. If you give us a little info here, maybe we can help. How much do you have saved?
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amother




Gold
 

Post Wed, Oct 27 2021, 4:53 pm
nicole81 wrote:
Speak to a mortgage broker. Based on your income, the taxes, and other considerations, a bank will approve you for up to a certain monthly payment which translates into the total mortgage. The down payment will have to be whatever the difference between the purchase price and total mortgage is (if you can't get enough of a loan for the property you want), plus the minimum that particular loan requires. Conventional loans are 20% or even 10%, but the lower down payment will add on an additional fee which may or may not affect the banks approval. FHA loans are as low as 3.5% down. But it doesn't mean anything if you can't get approved for the rest.

Google NYC down payment assistance. There's a program now for first time buyers that agree to stay in the property for a certain amount of time... Depending on your income they will give up to I believe 100k in assistance.

But the banks use formulas that have so many factors, simply put, you need enough downpayment that will bring you to a mortgage amount you will get approved for. So yeah, speak to a mortgage broker.


If you are eligible and do the down payment plan Nicole's is referring to, then you can technically out down 30k on a 1 million dollar house.
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ez-pass




 
 
 
 

Post Wed, Oct 27 2021, 4:57 pm
amother [ OP ] wrote:
I don't have a house yet, I'm trying to figure out if it even makes sense to look for a house, if I would even have the money for it, how much would I need?

how does anyone go looking for houses without knowing what they need to put down?


You can private message me for a name of a great mortgage person. The first step in buying a house is actually going to the mortgage professional not looking at houses. You first need to know what you can afford, and how much you have to put down. After you speak to a mortgage professional to see if it can work to buy a house and have a pre-approval letter then you can go out to look for houses.
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amother




Tuberose
 

Post Wed, Oct 27 2021, 5:03 pm
I would say you need at least $100,000 available. I'm basing this on putting 10% down on an $800,000 house plus closing expenses. Your mortgage payments will be about $3500 a month.
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amother




DarkMagenta
 

Post Wed, Oct 27 2021, 5:12 pm
Go onto Zillow and put in the zip code where you're interested in buying. Select a house and scroll down, there is usually a mortgage calculator where it gives you estimates of how much you'll need to pay
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amother




Dodgerblue
 

Post Wed, Oct 27 2021, 5:24 pm
Op, you should consult a mortgage broker. It depends which part of Brooklyn. Where I live ( BP) I was told houses are 1.5 million or more, and I would need to put down 20 percent, which would be about 300k. The broker didn’t mention any of the options of putting down less which people here are referring to, I’m not sure why not .
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amother




Oldlace
 

Post Thu, Oct 28 2021, 11:28 am
amother [ Tuberose ] wrote:
I would say you need at least $100,000 available. I'm basing this on putting 10% down on an $800,000 house plus closing expenses. Your mortgage payments will be about $3500 a month.


I would up that. Closing costs in NYC are tremendous. I would say at least $150K.

Talk to a mortgage broker to see what you can afford.
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amother




Garnet
 

Post Thu, Oct 28 2021, 12:02 pm
I just bought a house in Brooklyn for about 700. My mortgage is around 3,000 a month. I had to put down 20% if I didn’t want extra fees. With closing costs I put down about 170
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nicole81




 
 
 
 

Post Thu, Oct 28 2021, 12:36 pm
amother [ Oldlace ] wrote:
I would up that. Closing costs in NYC are tremendous. I would say at least $150K.

Talk to a mortgage broker to see what you can afford.


What's making the closing costs so high? My closing costs, with the attorney's fee were only 9k iirc 10 years ago.
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amother




Oldlace
 

Post Thu, Oct 28 2021, 1:01 pm
nicole81 wrote:
What's making the closing costs so high? My closing costs, with the attorney's fee were only 9k iirc 10 years ago.


I am not very familiar.

Recording fee
Transfer Tax (condo)
Title fee
Property tax for escrow
Homeowners insurance

Just checked some records Condo in NYC was $50k, upstate NY $31k
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