The New York City, real estate market, is extremely competitive. The most desirable and affordable properties can go to contract in a matter of days. The most important factors in getting a deal to closing include the following:

Annual Income – Generally you can borrow up to about 2xs gross annual income. Monthly mortgage and maintenance payments should not exceed 1 weeks gross salary. If you have significant liquid assets you may be able to borrow more.

Financial Statements – should be prepared by an accountant. It should list net worth including assets, liabilities, salary, bonus, etc. NV Properties submits offers with financial validation. The most qualified buyers are usually the ones whose offers are accepted. Having a complete financial statement is very important when there is an apartment or property with multiple bids.

Asset Valuation – A down payment alone does not qualify a buyer for a co-op or a condo in Manhattan. Usually, a co-op board or condo association wants guarantees for mandatory maintenance fees. They want assurances against unexpected loss of income. Many coops require liquid assets totaling 1 year’s worth of maintenance and mortgage payments after closing. Also, some buildings require liquidity up to three years of combined costs. Ask your NV Properties to assist you with specific requirements.

Prequalified, also called pre-approved, is when a prospective buyer tells a lender income level, debt and credit information, so the lender can provide an estimated loan amount, based on these criteria. Being a pre-qualified buyer will reassure a seller that any offers made are bona fide and that a buyer can actually make the purchase.

In fact, most offers submitted by NV Properties, Inc are often accompanied by a buyer’s pre-qualification letter; this letter notifies sellers that financing is an option. Ask your NV Properties, Inc broker to provide you with information about financing, estimated monthly mortgage payments, and any other necessary qualifications. Pre-approval letters make for strong offers because the lender has already pulled a credit report, checked debt/to/income ratio and done an analysis of your finances. Also, it is preferable to be pre-approved so that there will be no surprises when the credit report is received.

A credit check is generally performed by a mortgage broker and pertains to your credit history. Resolve disputed claims and have them removed immediately from your credit report. Keep all pertinent documentation that illustrates that the issue is resolved.

Also, we recommend buyers choose a mortgage broker because mortgage brokers can save time and money. We work with various brokers throughout the New York Area; if you are interested ask your NV Properties broker for more information.