Financing in Atlantic County : Advice

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Ruth & P…, Real Estate Pro in 95030
Ruth & Perry Mistry answered:
Do all mortgages require a 20% down payment? I lost a lot of equity with the home I sold.... Not quit sure If I will be able to put down exactly 20%.
There are loans from 0% to 3.5% as minimum, depending on where you are buying and whether you are open to a FHA loan.

Good luck.
0 votes Share Flag Mon Feb 9, 2015 Financing in Northfield
Scott Mcnamee, Real Estate Pro in Brigantine, NJ
Scott Mcnamee answered:
I have been in my primary home for over 8 years. How can purchase a second home using the quity from my first home?
D,
A strategy that is used by many individuals looking to buy a second home is just what you have stated, take equity out of your primary home. Of course, the amount of equity availabl ... more
0 votes Share Flag Thu Aug 1, 2013 Financing in 08203
Chastity Ort…, Renter in Atlantic City, NJ
Chastity Ortiz answered:
I have a couple of great deals i would like to finance. Are there any stated income/no doc loan programs?
I am looking for a 2 besroom apartment or house for rent for maximum rent of $1200 a month in Atlantic City or Absecon area. I need a place that accepts TRA.
0 votes Share Flag Thu Jun 20, 2013 Financing in 08401
Annette Levi…, Real Estate Pro in New York, NY
Annette Levinson answered:
How much mortgage can we get? I would like to try to get a FHA loan and put 5% down OR IDEALLY attempt to get a traditional loan with 10% down.
Are you buying your future in laws property? Are you buying residential or commercial?
Your fiance's income cannot be use for a mortgage until their FICO is 640.
You need to speak to ... more
0 votes Share Flag Tue May 15, 2012 Financing in Atlantic City
Shane Milne, Real Estate Pro in Laguna Niguel, CA
Shane Milne answered:
what expense do you get back from doing a first time home buyers loan the closing costs or your down payment?
If you are referring to a "first time homebuyers loan program" that helps with down payment or closing costs assistance - it will depend on what the program is covering. Some ... more
0 votes Share Flag Tue Nov 1, 2011 Financing in 08234
Tina Ercole…, Real Estate Pro in Ventnor City, NJ
Tina Ercole Lobiondo answered:
How hard is it to get financing for a partnership, 3-4 investors, buying investment properties?
Hi Nicholas,
Have your investors spoken with any of the local banks? We recommend several including Sun Bank and Ocean City Home Bank. If your clients are looking for a terrific inv ... more
0 votes Share Flag Thu Nov 18, 2010 Financing in 08037
Jerry Barker, Real Estate Pro in Atlantic City, NJ
Jerry Barker answered:
can I refinance the home mortgage and still keep the equity loan with the original bank?
Only if the bank that holds the home equity loan is willing to subordinate, and if the new mortgage company will allow it. Now if you can do a second home equity loan instead and use it ... more
0 votes Share Flag Sat Aug 28, 2010 Financing in Atlantic City
Cyndi Bell, Real Estate Pro in Cedar Park, TX
Cyndi Bell answered:
Are there any advantages or disadvantages to getting an FHA loan?
Many home owners and Realtors forget that FHA is an assumable loan. A qualified buyer can purchase the home by assuming the existing mortgage of the current owner instead of taking out ... more
0 votes Share Flag Thu Aug 5, 2010 Financing in Brigantine
Jerry Barker, Real Estate Pro in Atlantic City, NJ
Jerry Barker answered:
I am looking to start a relationship with a portfolio lender that services Southern New Jersey.
To find the best interest rates on mortgages visit http://www.sjrates.com I also know a really good Mortgage Broker who can most likley assist you, feel free to contact me and I will f ... more
0 votes Share Flag Fri Feb 12, 2010 Financing in Margate City
Jerry Barker, Real Estate Pro in Atlantic City, NJ
Jerry Barker answered:
My question is how is he able to get that low when bankrate.com is showing the rates at 5.18%?
Best thing to do when you live in South Jersey is go to http://www.sjrates.com and compare mortgage rates in minutes at real banks and credit unions found only in south jersey.
0 votes Share Flag Wed Sep 9, 2009 Financing in 08205
Karen Barrett, Real Estate Pro in Steuben County, IN
Karen Barrett answered:
ONCE A BANK HAS APPROVED YOUR REFINACE HOW LONG BY LAW DO THEY HAVE TO CLOSE?
I do not believe there is a LAW. There are guidelines though.

We just had a meeting with a banker today about this very thing TODAY. There are stipulations on how long a file sits on ... more
0 votes Share Flag Wed May 27, 2009 Financing in 08234
Laura Gianno…, Real Estate Pro in New Jersey
Laura Giannotta answered:
Refinace question...
Contact Brian McCarty at Superior Mortgage. His number is 609-618-9939. he works in Atlantic County.
0 votes Share Flag Wed Mar 4, 2009 Financing in 08234
Alan May, Real Estate Pro in 60201
Alan May answered:
What is a typical sales commission on a $20,000,000 purchase? $50,000,000?
Yes, typically the sales commission is negotiated when you get into big numbers like that... it's often in a stair-stepped fashion.

One percentage for the first mil.
a lower percent ... more
0 votes Share Flag Tue Oct 7, 2008 Financing in Atlantic City
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