@@justinmartineznyc no, I mean how much do I need to put down for this house? I often here 20 percent, but what if the household income is twice what you stated? Can I put down 10 percent and qualify? Is it uncommon to achieve homeownership in NYC without putting down a minimum of 20 percent? Thanks.
@@krysie_rose For townhouses and condos, you can put as little as 10% or even lower down 3.5%. I bought my first property for 3.5% down with an FHA loan. Banks mainly look at your debt-to-income ratio, followed by credit. The banks want to see that you have below a 50% debt-to-income ratio. EX: if you make $10,000 per month, they don't want to see your debt more than $5000 per month with the new mortgage, taxes, property insurance, and monthly HOAs. Please let me know if that makes sense :)
@@justinmartineznyc yes, I was considering FHA but it seems like everyone in this area is putting down 20 percent, maybe due to competitive market, so I thought I may need to go to the outskirts/suburbs to see more FHA options versus conventional loans. It’s encouraging to hear that you started with an FHA loan. I’m aiming to put down 10 percent to try to avoid PMI, but have to consider all the expenses you mentioned, such as closing costs, etc. Thanks so much! Your video was helpful and informative!
Is it possible to attain this home value with 10 percent down and double the income?
Hi, Do you mean equity?
@@justinmartineznyc no, I mean how much do I need to put down for this house? I often here 20 percent, but what if the household income is twice what you stated? Can I put down 10 percent and qualify? Is it uncommon to achieve homeownership in NYC without putting down a minimum of 20 percent? Thanks.
@@krysie_rose For townhouses and condos, you can put as little as 10% or even lower down 3.5%. I bought my first property for 3.5% down with an FHA loan. Banks mainly look at your debt-to-income ratio, followed by credit. The banks want to see that you have below a 50% debt-to-income ratio. EX: if you make $10,000 per month, they don't want to see your debt more than $5000 per month with the new mortgage, taxes, property insurance, and monthly HOAs. Please let me know if that makes sense :)
@@justinmartineznyc yes, I was considering FHA but it seems like everyone in this area is putting down 20 percent, maybe due to competitive market, so I thought I may need to go to the outskirts/suburbs to see more FHA options versus conventional loans. It’s encouraging to hear that you started with an FHA loan. I’m aiming to put down 10 percent to try to avoid PMI, but have to consider all the expenses you mentioned, such as closing costs, etc. Thanks so much! Your video was helpful and informative!
@@krysie_rose My pleasure! Feel free to email me at martinezteam@compass.com if you have any other questions :)
hell no I won't. its so small. for 900k? hahahahahahahahaahhaha
Thanks for watching