Financing in Brooklyn : Advice

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James Gordon…, Real Estate Pro in Cincinnati, OH
James Gordon ABR PBD SFR SRS answered:
For sale= $533000 including closing cost. Its a six family an the monthly income is $5000. Expense$1500. 25% saved is all i hav. Should go for this?
Troy 3500.00 monthly net on a 533K purchase? you need to run away from this one. Even of the net is 5000.00 it would be scary thin and you would need to plan on feeding this property mo ... more
0 votes Share Flag Thu Jan 28, 2010 Financing in Brooklyn
Brittany Sim…, Real Estate Pro in Columbus, OH
Brittany Simonelli answered:
What are the mortgage options for a 2-family home purchase? Can both families get a seperate mortgage?
FHA offers multi family loans-IF they are owner occupied.

If you go into an 80/10/10 loan which is 10% down, 10% home equity line and 80% first mortgage, make sure the home equity ... more
0 votes Share Flag Wed Jan 28, 2009 Financing in Brooklyn
David Chambe…, Other/Just Looking in Saint Petersburg, FL
David Chamberlain answered:
Can someone explain how the loan/deed process works when you do a conversion (Coop or condo)?
Coop is a product where the buyer gets a share of the corporation with the right to use the space. Condo is buying a space and deeded as such.
0 votes Share Flag Tue Dec 23, 2008 Financing in Brooklyn
Cheryl Hutch…, Home Owner in 30501
Cheryl Hutchinson answered:
With a 10/1 ARM, can you refinance before your time is up?
Yes. You may have a pre-payment penalty within the first two years. Check your mortgage documents to see. After the penalty time is up, look at what your rate is versus what current r ... more
0 votes Share Flag Wed Apr 23, 2008 Financing in Brooklyn
Sal, Both Buyer and Seller in Brooklyn, OH
Sal asked:
anybody interested in development investment? 25 years experience contrctor/builder looking for investors interested in realizing a condo development in at
0 votes Share Flag Wed Mar 26, 2008 Financing in Brooklyn
Mary Starkey, Real Estate Pro in Dayton, OH
Mary Starkey answered:
RE: FHA limits: if the house we want is higher
If you can pay $10,000 down then you may want to talk to a mortgage consultant about doing a conventional loan. They typically will have a lower interest rate than an FHA.
1 vote Share Flag Thu Mar 13, 2008 Financing in Brooklyn
The Ober Team, Real Estate Pro in 43078
The Ober Team answered:
Hi, I am a female professional with poor credit stemming from mistakes from over 6 years ago.
Hello Dee, As long as you have had no late payments in the past 12 months, and your debt to income ration is not too high, you may still qualify for a low interest, fixed rate, FHA mort ... more
0 votes Share Flag Mon Mar 3, 2008 Financing in Brooklyn
Don Bush Team, Real Estate Pro in Columbus, OH
Don Bush Team answered:
Im looking to invest in 2 unit or 2 family property. However, I do not qualify for a traditional mortgage
Enlist your own: Realtor and Mortgage expert now.
0 votes Share Flag Sat Dec 22, 2007 Financing in Brooklyn
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