What is more appropriate in this case: a house, condo or co-op ? Any recommendations on how to get a low interest/low income loan?
Any affordable but livable places you can recommend in NYC or lower westchester county?
2006-06-18 02:54:07 · 4 answers · asked by Angel 1 in Business & Finance ➔ Renting & Real Estate
You need at least to visit a local realtor and 5% down. However rates are much higher at 5% down. The best rates are at 20% down. There is a mortgage calculator at http://www.bankrate.com/brm/mortgage-calculator.asp
You can have around 34% of your gross income as mortgage debt.
2006-06-18 03:08:25 · answer #1 · answered by OPM 7 · 4⤊ 0⤋
There are many ways to go about it. First contact a loan rep, such as myself. But there are all sorts of programs available. First time home buyers programs, stated income/asset loans, an arm will provide a low payment for 3/5/or 7 years. There is a lot that will determine what kind of loan you will get other then credit and income. Do you have 2 years employment & residence history, your credit score, and your debt to income ratio. If you split your loan into an 80/20 you can avoid paying Private Mortage Insurance. And when deciding on your property and it's payments consider the following: taxes, assesments, and if the property is in a flood zone (flood insurance is 3 times more expesive then just having hazard insurance.) Please contact me with any other questions.
2006-06-18 03:13:52 · answer #2 · answered by ? 4 · 0⤊ 0⤋
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2006-06-18 13:07:45 · answer #3 · answered by Keller Williams Realtor 2 · 0⤊ 0⤋
Contact a real estate agent in your areas he will be better equipped to answer your question
2006-06-18 02:59:03 · answer #4 · answered by Anonymous · 0⤊ 0⤋