Forum Archive

for better or for worse, my wife and I just closed on a house yesterday, in the middle of this mess. I’ve been reading so much about how hard it is to get a loan, and that banks aren’t lending, that I thought I’d share our experience to encourage any of you who might be considering taking the plunge.

My wife and I have moderate incomes, with credit in the mid-high 700′s. No debt. We were able to close with 10% down, no points, at 6.5% interest rate.

We bought a 2-family in south slope (15th street between 4th and 5th) for less than $800. It’s a bit of a fixer but totally livable. Having the income from the rental unit is key. We hope to remodel and add onto the house eventually.

SO MANY PEOPLE swore to us that 10% down was IMPOSSIBLE, that I thought I’d pass on the contact info for our mortgage broker: Nicole Crete-McCarthy at Trachtman & Bach. 646-228-7820. I have no idea how she did it but she did.

Anyway, best of luck to all of you. Who knows if we’re doing the right thing, but at least we’re doing something, ya know?