Buying a house | Imamother

tziviakayla

Thu, Mar 23 2006, 8:38 pm

I live in PA and we just bought our 1st home. Check to see if there are any programs for first-time homeowners...they exist it many states (although I don't specifically know about NY) We participate in a program that gave us a VERY LOW mortgage rate and one that helped with the down payment. We took a few home-ownership classes together (it was fun!) that were required to get the low rates. Feel free to PM for details on how I got the info (mostly over the internet)!

Alef Bais

Thu, Mar 23 2006, 8:46 pm

Well, New York City has some kind of program. To quote from the site:

http://nyc.gov/html/housinginf.....shtml

"HomeFirst Down Payment Assistance ... provides qualified homebuyers with the greater of 6% of a home's purchase price or $10,000 toward the down payment or closing costs on a one-four family home, a condominium, or a cooperative in any of the five boroughs of New York City."

I'm just wondering if anyone has done this?

Also, has anyone bought a home without really having a down payment?

happyone

Fri, Mar 24 2006, 6:38 am

I looked into the first time homebuyers plans and offers. The income eligibility was within a really small range of numbers that it's hard to qualify.
They make it a bit difficult. You have to earn enough to afford a house, yet not make a dollar more than that!

happy2beme

Fri, Mar 24 2006, 8:57 am

I looked into the NYC program last yr- I don't know if we're talkign about the same prgrm but sounds the same. The program I looked into required ur house to be in certain neighborhoods of the 5 boroughs- I.e., bronx. NYC is doing it cuz they are trying to build up the bad neighborhoods. So most of the required neighborhoods are not the safest & prob not the place u r looking for ur house.. sorry to disappoint

cindy324

Fri, Mar 24 2006, 9:14 am

Quote:

I am *dreaming* of buying a house in Brooklyn. Has anyone recently done this (in reality, not just dreamt about it Wink ) and can you give me any tips please?

Are you a millionaire? "cause that's what it's gonna cost you in Boro Park or Flatbush.

nicole81

Fri, Mar 24 2006, 9:36 am

you can still buy a home in my neighborhood for about $500K. I'm also dreaming of buying and have no problem affording a mortgage, but again, I can't come up with enough of a downpayment to make the mortgage manageable.

amother

Fri, Mar 24 2006, 9:53 am

ok here I start,
we just bought a house in brooklyn. so I can help out a little with tips.

DO NOT take a calculator and start checking if you can put a downpayment or even afford the mortgage because if you will do that you will never be able to offarod it.

DO NOT say oh in a few years we will be able to afford it. and you are wrong because expenses only get bigger never smaller.
example, kids going to school, camp, more kids ect....

if you think its the right house, jump into it and then hashem will help you.

obviously dont buy a house for $1 million because that is ridiculous.

but in brooklyn a house would not cost you less then $450 unless if you get really lucky.

we just bought a house for $450 and had to put 20% down and we didnt have a penny, but you start saving once you already know your getting it and we also borrowed money, which b"h we moved in already 2 months ago, and we payed everybody back besides one person we still owe $5000.

when you ask people to lend you money, dont ask for a big amount just ask a few people for $5000 that way nobody feels like they are giving you all there savings and its also easier to pay back.

good luck

nicole81

Fri, Mar 24 2006, 9:59 am

I'm really glad everything worked out for you amother, but even as low as $450, a dp of $90K is crazy. even with my own savings and borrowing, I can't see putting together such a sizeable amount. also, aren't there loans where you can put down less than 20%?

Alef Bais

Sun, Mar 26 2006, 8:42 pm

amother who just bought a house for $450 - was that a single family home or a 2-family? And what area? Thank you for sharing your experience, that is the kind of thing I wanted to hear Smile

I really need a 2 family at least so the rent income can help towards the mortgage. The area I'm looking is between Boro Park and Flatbush and prices are so much higher - more like 3/4s of a million dollars!

My husband has a friend who's a mortgage broker. He figured we should get a house in the 600s - trouble is that is really hard to find - everthing is more like 7 minimum - and that's before it's fixed up to be liveable. BUT now the mortgage rates are going up so I'm starting to lose hope that we'll ever have a house to call our own Sad

No, I am not a millionaire, not even close, I am a stay-at-home mother.

BrachaVHatzlocha

Sun, Mar 26 2006, 8:52 pm

AB, good luck...I used to dream, too (ok, I admit...still do!)
but my husband has convinced me (sorta), why do you NEED to own a house? As long as you have a roof over your head...
The truth is, try to get a downpayment and then morgage...plus maintence and taxes....it's not easy. morgage is NOT like paying rent - there's a lot more expenses involved.
but I wish you hatzlocha and hope you succeed!!

amother

Sun, Mar 26 2006, 9:13 pm

It depends where you live whether you pay more for rent or mortgage. Where we are we pay less for our mortgage than a rent! Also we purchased a house that only needed minor repairst o start..not one that was falling apart for a low price. Buying a house is also a great investment for the future.
When looking at a house, take someone with you who has gone through the process before. Realtors can be sneaky (ours was) Read every piece of paper before you sign it, no matter how long it takes. Don't be afraid to let a deal fall thorugh if you are not ready (we had to push off our closing by a month as we were securing a mortgage) Find classes to help you with the process.

amother

Sat, Apr 01 2006, 11:21 pm

BrachaVHatzlocha wrote:

1. When u want to marry off your kids iy"h, no bank will lend u $$ for being a good tenant.

2. INstead of THROWING AWAY your $$ every month, you can build EQUITY.