Financing in New York>Question Details

Roisinohare, Home Buyer in Brooklyn, NY

How much of a deposit is needed to buy a $650,000 3 family home as in New York? As an investment property, is it true that the bank wont give a loan..

Asked by Roisinohare, Brooklyn, NY Tue Mar 5, 2013

Is it correct that a bank will not give a loan unless the apartments are already have tenants in them?

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Answers

8
Correction, you need a minimum 20% down payment, not 30%. If you are looking to also occupy one of these units and rent the rest, you have FHA as an option as well. Though FHA might result in a higher monthly payment compared to a conventional loan (20% down payment), FHA allows as low as a 3.5% down payment. So depending on your intention to live in the house or not, you have different options.

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648
3 votes Thank Flag Link Wed Mar 6, 2013
The minimum downpayment on Manhattan is 20%, with the exception of FHA approved loans. I'd speak to one of the mortgage brokers below and get a quote before hiring a broker. It's always a good idea to figure out your financing first.
0 votes Thank Flag Link Thu Mar 14, 2013
When buying an investment property you can get in with 25% down unless your loan amount would reach high balance numbers. This would not affect you at the current property and the house would not need to be tenant occupied in order to recevie the loan. you can actually still qualify using the propesed market rent of the units that are currently vacated.
0 votes Thank Flag Link Wed Mar 6, 2013
If you are going to live in the house is not going to be treated like a investment property. In that case is residential, owner occupied and you need only 20% down and the mortgage rate is much lower than for an investment property.
Veronika Kian realty Nyc
Vbaba@kianrealtyNYC.com
0 votes Thank Flag Link Wed Mar 6, 2013
The tenants, or lack thereof, shouldnt be a problem. You would likely need at least a 25% down payment and 6 months worth of reserves.

I can assist you with things. Feel free to contact me

Tony Grech

Loan Officer -NMLS #977416



WCS Lending, LLC

Tony.Grech@WCSLending.com

Phone: 866.936.5363 ext. 278
0 votes Thank Flag Link Wed Mar 6, 2013
For a personalized answer visit with any licensed loan officer, be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously; generally 30% deposit, tenants not required...
0 votes Thank Flag Link Wed Mar 6, 2013
Banks do lend for this type of purchases. The units do not have to be rented. You'll need a 30% down payment and show at least 6 months reserves. I would suggest you meet face-to-face with a Loan Officer and get pre-approved. It's important that you allow him/her to review your credit and all other necessary documentation, before you begin searching for properties.

I'm always available to meet in our Brooklyn offices if you're in need of a Loan Officer. Good luck!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648
0 votes Thank Flag Link Wed Mar 6, 2013
I recommend Christian Babcock from Mortgage Master Inc 914.447.9691, he will guide you accordingly.

Christopher Pagli
Accredited Buyer Representative
Licensed Associate Broker
William Raveis Legends Realty Group
914.406.9023
0 votes Thank Flag Link Wed Mar 6, 2013
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