How much money should I have to finance a one family home in New York?

Public Comments

1. It depends on where. Upstate houses go for 90,000 to 225,000. Downstate you could spend anywhere from 300,000 to over 1,000,000. 100% financing is now a thing of the past. I am a loan officer, and the programs don't exist anymore due to the current default rate in the sub-prime market. You will need at least 3% to 5% down, and can either incorporate closing costs if the house will appraise at 6% more than the purchase price, or pay them out of pocket, which will cost you roughly 6% of your purchase price.
2. Yes it really depends where you live. Are you talking a nice townhouse in NYC? That could be in the millions.. or are you talking a small house in rural upstate new york. Those could sell for 150k. It really just depends where you live and how nice of place you are looking at.
3. I am a mortgage consultant in NY. This is a great time to purchase a home in NY . The market is picking up. Home values range across the state as stated in the previous answer.. Although I do disagree that 100% financing is no longer available. The Sub-prime( riskier credit, high debt, low credit scores,) 100% financing is hard to come by and the borrower is paying for it with higher rates and more restrictions, but it is still out there. Prices in NY range anywhere from 90k- 1million it really depends on the county. There are great programs out there for most borrowers. A good mortgage consultant can run the numbers for you and see what you can afford. Another good thing about working with a broker is that they pull your credit once ( which really does little to negatively affect your credit, unless it is done to an excess)and is able to submit your information to multiple lenders and find the program and rates that fit you best. I would love to help you with just a few questions. You can even be prequalified on-line. www.emortgagellc.com Darcy Mortgage Consultant www.emortgagellc.com drockwell@emortgagellc.com 518-786-0900 ext.19 1-800-340-1227 drockwell@emortgagellc.com www.