can i buy house in nyc on 80k (apartment, co-op)

[jerksauce]

ok..
i am new and first i want to say hello all.

ok now.
my question is this,

i have almost 20k saved. And have an income of 80k gross, not quite 6 figures. Only debt is student loans @10k.

will I be able to get a loan for a house in queens by chance... I really want to move into my own home now.

I am new to the process of homebuying as I have only rented.

[dalebx28]

if you part of an union they can help u.... i have mcu

look them up they also have classes that help with first time buying. good luck

[citylove101]

You cannot get a house in Queens for 100K. I dont think you can get a house anywhere in the five boroughs for that amount-- at least not one in a neighborhood that you 'd want to live in. You can buy a studio or 1 bedroom apartment in some decent neighborhoods in Queens, the Bronx, and maybe uptown Manhattan for that. Or perhaps you can get into one of the affordable housing programs scattered throughout the city.

But a whole real house for $100,000? Unless you can travel back in time 30 years, I think not.

[SobroGuy]

You can definitely buy a 1 bedroom or co-op in areas of the Bronx for that price...however they are usually income restricted and in "transitioning neighborhoods" (in general). It is possible to get a run down trailer type home in areas like Edgewater Park MAYBE, or a shell which needs a total rehab...but that's a big MAYBE also.

[C8N]

Originally Posted by jerksauce

ok..
i am new and first i want to say hello all.

ok now.
my question is this,

i have almost 20k saved. And have an income of 80k gross, not quite 6 figures. Only debt is student loans @10k.

will I be able to get a loan for a house in queens by chance... I really want to move into my own home now.

I am new to the process of homebuying as I have only rented.

ever since the mortgage fiasco, most lending institutions want to see a 20% down payment and i think 10% was the lowest I have seen.

based on 10% down, you are looking at a $200k property and the rest is based on your credit.

[jerksauce]

Originally Posted by dalebx28

if you part of an union they can help u.... i have mcu

look them up they also have classes that help with first time buying. good luck

Not part of a union... I wish.

But what is mcu anyways.

[jerksauce]

Originally Posted by citylove101

You cannot get a house in Queens for 100K. I dont think you can get a house anywhere in the five boroughs for that amount-- at least not one in a neighborhood that you 'd want to live in. You can buy a studio or 1 bedroom apartment in some decent neighborhoods in Queens, the Bronx, and maybe uptown Manhattan for that. Or perhaps you can get into one of the affordable housing programs scattered throughout the city.

But a whole real house for $100,000? Unless you can travel back in time 30 years, I think not.

I know i can't get a 100k house in nyc... I figured it would be under 300k.

Is it realistic to get a house under 300k on 80k income is the question I guess.
And are those houses suitable.

[jerksauce]

Originally Posted by C8N

ever since the mortgage fiasco, most lending institutions want to see a 20% down payment and i think 10% was the lowest I have seen.

based on 10% down, you are looking at a $200k property and the rest is based on your credit.

ok thanks.

So I need more money saved up to buy a house that costs 350k. Is it always 20%...
I heard about FHA and less for the downpayments. Can i go that route...

So at the minimum I would need 60k saved...Damn

[dalebx28]

mcu is a credit union looked them up on line......

and with an 80 k income u should be ok for a first time buyer program that requires just 3% down.......good luck.

wow some think you want to buy a 80k property!!!!! please read guy!!!!

[jerksauce]

Thanks dalebx28...I will check it out.