First-time Home Buyer

Categories: Mortgage

Hi everyone,

Recently married, my wife and I are investigating the possibility of buying a condo in Brooklyn (Cobble Hill, Carroll Gardens, Park Slope, Brooklyn Heights). Here are our financials:

Annual HHI: $162K
Monthly debt: $0
Liquid assets: $40K
Non-liquid investments: $60K

We’d like to spend somewhere between $350K – $450K with $20-25K down, which equates to an approximate down payment of 5%. Does anyone have any insight as to whether this is feasible considering the current economic climate? We’ve crunched the numbers and we can comfortably afford the monthly mortgage/maintenance/taxes, etc. I suppose it’s a matter of getting mortgage approval with only 5% down.

Much appreciated.

By MrMisto | 09/17/2009 4:02 PM