I earn $45,000.00 per year gross and have a good credit score (high 700's), have absolutley NO savings, but also no outstanding debt. Can I buy any property (house or condo) in Queens, N.Y. with these guidelines?
2007-05-21 12:39:05 · 3 answers · asked by Lost SoulNYC 1 in Business & Finance ➔ Renting & Real Estate
As a fellow New Yorker in the business it would be difficult to buy a house in Queens unless it was in the lower price range. However, you would have to go to Jamaica, Cambria Heights, St. Albans, Elmont, Far Rockaway in the 300k's. Your best bet would be a co-op or condo. They are more affordable in Queens such as Bayside, Forest Hills, Douglaston, Little Neck, Glen Oaks, Fresh Meadows etc. The problem you will run into is the downpayment if you decide to buy a co-op is the downpayment of 10%-20%. Some of them have income requirements. Condo's in these areas could easily run in the 300k's for a 1 bedroom.
2007-05-21 20:24:54 · answer #1 · answered by tianaramal 4 · 0⤊ 0⤋
It depends on how much you have in savings. You can probably get a one bedroom coop for about 200,000 in some parts of Queens, but you need to have at least 20% in cash for downpayment. Good luck!
2007-05-21 13:09:32 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Probably not, given the prices real estate in the Queens area is commanding. I don't think you would have enough income to make a monthly payment on such a mortgage.
2007-05-21 12:44:51 · answer #3 · answered by acermill 7 · 0⤊ 0⤋