NYC Homebuyer Connect
Hi Friends 👋, hope you’re doing well! This month we wanted to give you some information about the new conforming loan limits in NYC, plus we wanted to give you some quick money saving tips, and lastly, we wanted to share a 4 account personal banking system that helps with budgeting, spending, saving, etc. Take a look when you have a chance and let us know if you have any questions.
As always, if you have any questions, need any advice, or are curious how the market is right now, feel free to reach out anytime 🙂
New Conforming Loan Limits for 2022
Have you seen the new conforming loan limits for 2022? Loan limits have gone up once again, especially in high cost areas like NYC. In short, the max loan limit for a 1 family in NYC is now $970,800, max loan limit for a 2 family is now $1,243,050, max for a 3 family is now $1,502,475, and max loan limit for a 4 family in NYC is now $1,867,275. If you’re looking to buy a property this year, then this is definitely something you should keep in mind.
Ten 5-Minute Money Actions to Help your Finances
If you’re planning to buy a property, this year or 5 years from now, then this article can help you. Some really good tips here that can help you spend less, save/invest more, and ultimately grow your home buying fund. Remember, minimum down payment for a condo or residential property is 3.5% so with a little discipline, it doesn’t take long for you to get there. You can also finance your closing costs so that means that all you have to do is save for the down payment. The year is still fresh, perfect time to build new habits.
7 Reasons why you Should Have 4 Bank Accounts
Are you currently using 4 bank accounts? This is something we’ve been doing for a while, and recently we came across an article that breaks down this strategy pretty well. In short, the idea is that you should have 4 accounts, one checking account for paying bills, one checking account for all other expenses, a savings account for emergencies (i.e. Emergency Fund), and one savings/investment account where you can put your money to work for you. The article says to have a savings account for big purchases like car, house, vacation, etc. We personally prefer to invest the money into an S&P 500 index fund, that way it can grow a little faster and at least outpace inflation.
Well, that’s it for this month. Thanks for reading and for staying connected. As always, if you have any questions, need any advice, or could use some recommendations, please don’t hesitate to reach out!
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75-35 31st Ave, Ste 202, Queens, NY 11370