FHA Pre Approval

[Eliazer Berkovitz]

Hey fellow BP.

I found a duplex in Brooklyn NY, I will go see the property tomorrow with the broker. however , they all keep asking me for a pre approval status.

The house is listed for $420k, I plan to put down $150k . i am left with $270k loan.

How much money do i need to have in my bank account in order to receive the full $270k ?

How much income to I need to earn in order to qualify for this kind of money?

Is there anyone here on BP that is from NYC and is able to fully explain the ins &outs of the finance process?