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Any Thoughts?

Postby April59 » Fri May 02, 2003 1:05 am

Hi

If someone rents a stablized apartment for 25 years, and would like to move into a soon to be built condo across the street but can't afford NYCs condo prices (though has a downpayment for something worth $100,000), is there a way to they could get in (discounted price, discounted mortgage) being that they lived in the neighborhood for so long? Any one I could get in touch with? Any suggestions? I'm asking because the way things are looking these days, I'm figuring my rent could be twice as much in 10 years, and I'll be forced to move out of NY. Bloomburg catering to the $80,000 income earnings believing this is mid income--ha! With such a narrow mind people with net income under $50,000 are being squeezed out along with the poorer/poorest income earners. Thanks and have a good day.
April59
 
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Re: Any Thoughts?

Postby eastsidah » Fri May 02, 2003 1:27 am

If you are a first time homebuyer you might qaulify for a mortgage with a low down payment. If you are implying that you have enough to put down on a home selling for 100k then you must have 15-20k saved. Some FHA loans are at less than 5% down which would get you a decent place if you qualify for the motgage.
eastsidah
 
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Location: Manhattan

Re: Any Thoughts?

Postby April59 » Fri May 02, 2003 1:53 am

Wish I were first time homebuyer. Had vacation home; had to sell it due to divorce. I can't seem to save enough to outpace the price of NYC condos or homes.
April59
 
Posts: 7
Joined: Thu May 01, 2003 1:01 am
Location: Manhattan

Re: Any Thoughts?

Postby eastsidah » Fri May 02, 2003 2:24 am

What goes up must come down. It's true for home prices in NYC as well. Foreclosures are at a record high, and home prices are bound to take a hit. If you've lived in your place for 25yrs (assuming it's rent stabilized) then you probably have a relatively low rent. If I were in your shoes I would keep saving on the down payment and when the time is right look for someting to buy. It might be sooner than you think if the economy keeps going the way it is.
eastsidah
 
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