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I'm looking to buy a first-time home in NYC and wondering what I can afford. I have 700k in the bank, my parents are willing to loan us 300k at 3% interest, my employer is willing to loan us 500k with 3% interest. How much mortgage can I get and at what rate? I am looking at places that are in the 3-3.5mill range and wondering if that is at all realistic. I have great credit and great job security. I also realize that I probably need to look at condos rather than coops.
so you are looking to by a 3-3.5M place with 20% down.... good luck.
What is your hhi?
Is this a serious question?
How much do you earn? For how many years has this been your income? What line of work?
hhi is 1.1mill this year, 1.3 next year. i have been working for 3 yrs. i was hoping to put down more like 30%. i am a physician.
save for one more year, or two, and then buy with 50% down. prices are not really going anywhere.
ab - really? prices seem to be going up.
Why would a million-dollar-a-year physician need help from his parents buying a home?
bem9 - Do you promote your patients going to webmd for their extremely important medical issues? Then why would you go to a blog for this type of advice rather than a professional? Another post that makes no sense.
apt, actually i get a lot of good advice and information from this blog. of course i've spoken to a professional as well and also intend to speak to other professionals. but i find there are usually plenty of pros on this site who sometimes offer interesting insight. and as a physician, i have no problem with my patients researching their disease on the internet. in fact, would be surprised if they didn't.
nycmatt, because i have only been working for 3 years and therefore do not have a ton of money saved, but stand to earn it steadily and can therefore pay them back pretty easily. also, my parents like the idea of receiving monthly payments from us rather than having their money tied up in an investment for a few years.
What kind of doctor?
Ignore NYCMatt. He actually doesn't tip his building staff for Christmas. And he's a big supporter of the union inflatable rats outside of buildings.
Purchase Prices are on the rise in this price range and waiting a couple of years could cost him more. Have to guess rates are going to rise at some point.
bem9. This is a very common situation for our clients. I am a little concerned about the over leverage and borrowing so much for the down payment. But if your income covers the debt and we can rap our head around your employment security we will look at it. We just raised our pucrchase discount as well so perfect timimg.