Does this exist (more of a mortgage question)

How about SONYMA, State of NY Mortgage Association? Is for first timers but your purchase price has to be below some limit. You can ask a mortgage broker or your local bank.

sonyma will be your only choice. you should check out their website at nyhomes.org and most banks do sonyma although some take longer than others. You have to fit under their income and purchase price guidelines. or we would require 10% down up to 417k loan amount.

thanks for the ans

shong, you say'we would require', whats your connection here please?

I can put 10% down if need be.

sonny hong is a mortgage broker.

Thanks Doc. I work for Countrywide Bank.

wanderer,
Keep in mind that in declining market, banks take 5% off of loan value. So your 5% down, may end up being 10%, your 10% down - 15% and so on.

elena
(broker)

Do you really want to use that much leverage in a declining market in a marginal neighborhood?

Perhaps there is a reason the building requires that little equity to buy in. Maybe its poorly managed. Maybe most of its tenants sublet and so have no incentive to weed out over-extended buyers?

I can help with that loan only if the sellers will create a mortgage that we will buy. at closing or soon after.

fakeestate,

declining market is a buyer's market - which means time to negotiate
you would be amaized how many nice areas qualify under those rules (Including Manhattan)

elena
(broker)

Of course it's a buyer's market. Still doesn't answer the question of why you would want to use that much leverage in a marginal neighborhood.

"why you would want to use that much leverage in a marginal neighborhood".

Because you buying shelter, comfort and quality of life with bank's money. Your primary residence is your savings account, not investment portfolio.

This program covering low and moderate income neighborhoods. I wouldn't call neighborhoods with moderate income level - marginal. For example parts of 10025 zip code (Central Park and 110 str).

PlAlso program assists with closing costs and many other things. For some FIRST time buyers it's a good opportunity to owe a home that they can use only as a primary residence. Really.
One just needs to know what he is doing and where to search.

elena
(broker)

345 West 145th - ia a moderate income neighborhood too

Isn't what caused this housing mess to begin with. If you are prepared to buy, put down 20%. If you don't have the requisite 20%, then you should probably be renting. You are taking way too much risk in a declining market, especially for a One bedroom that you will likely grow out of.