First time home buyer looking for advice

[Account Closed]

Hi,

I'm a pretty young individual. I'm looking to buy a single family house with a purchase price around 400-500k. My question is how much do I need to save to be able to legally buy this house? My parents are able to help me with the mortgage/down payments so that's why financial security isn't a big issue. I just need to know how much I need to "get by". What loans would i qualify for? I heard there are some very good first time home buyer programs? This is new york by the way.Thank you!

[Ceasar Rosas]

@Account Closed

Hi Kevin,

You can look into FHA and if you have been into the military, VA. Although being that you have 20k, if your parents can help you with another 20k-40k I would shoot for a 10% conventional loan. Put as much down to avoid as much PMI as possible. With 60k and no debt you should be able to qualify for about 250-300k in mortgage, so you may need to use one of your parents as a co-borrower. If you went with a 2 family they would use 75% of the potential rental income which will help you qualify for a higher amount and be able to have some rent help you pay down the mortgage. The banks are going to look at your debt to income ratio. I have a great mortgage contact in Long Island feel free to inbox me if you'd like her info.