FAQ

Not necessarily. While 20% can help you avoid private mortgage insurance (PMI), it’s not always required. Homes allow a down payment of 3.5-5%, while co-ops and condos may have different down payment requirements.

From accepted offer to closing, it typically takes 30–60 days, sometimes 30-90 days if you’re purchasing a co-op.

No, it’s not required, but working with a buyer's broker to represent you is highly recommended to advise you through the complex NYC real estate market.

Not required to schedule a viewing, but highly recommended before, as you will have a clearer idea of your purchasing power.

Pricing is based on comparable recent sales, current demand, and property condition. Strategic pricing can generate stronger interest and better offers.

Commissions are 100% negotiable and determined by what all parties agree to.

It depends on pricing, condition, and market conditions. Some homes sell in days, others may take weeks or longer.

Most lenders look for a score of at least 620, but higher scores generally unlock better rates and terms.

The debt-to-income ratio is your monthly income divided by your monthly debt (mortgage, loans, car payments, etc.). Mortgage Lenders typically will allow a DTI% over 40%, but Co-ops require a DTI% to between 27%-30%

Common options include conventional, FHA, VA, and jumbo loans, each with different requirements and benefits.

Commission is typically a percentage of the sale price and is agreed upon in advance. It’s usually paid by the seller and split between agents, or paid by the buyer.

Commissions are 100% negotiable and determined by what all parties agree to.

Yes, when you purchase in New York, you must have an attorney for all real estate transactions. Ensure your attorney has experience with real estate transactions. Retainer fees vary per attorney.