Financing in Brooklyn>Question Details

Victor Zayas, Both Buyer and Seller in Queens County, NY

I have excellent credit, 807 mid score, 100k to work with, looking for a 3 family in Bushwick or Ridgewood, but I cannot secure a Loan???

Asked by Victor Zayas, Queens County, NY Thu Jan 21, 2010

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If you could provide some additional information, such as what your lender told you, it would help you receive on-point answers. I can tell you that most lenders have strict guidlines for investor loans.
1 vote Thank Flag Link Thu Jan 21, 2010
Yes - don't know if you ever found a place but 3 family properties usually require a larger down payment - appx 25% from my experience. At times I come across certain deals that may be of interest - please email me for more information.
0 votes Thank Flag Link Sun May 16, 2010
Hi Victor. Why can't you secure a loan? You probably know the answer better than anyone can conjecture on this site. I won't ask the same boring questions and I truly believe that you know exactly why. Oh, do know. Your taxes!
0 votes Thank Flag Link Thu May 13, 2010
Hello, my partner Mr. King below is absolutely correct. There could be many reasons why you cannot secure a loan. It could be something on your credit report that is being questioned even though your score is high, it could be your annual income even though you have a large down payment.

Since you mentioned you were unable to secure a loan you should ask the mortgage broker why. Let them give you a clear reason to why you're unable to get a loan so you can hopefully fix the problem, or buy a different type of property.

Rhonda Holt
Top Licensed Sales Agent
Weichert Realtors
Web Reference:
0 votes Thank Flag Link Tue May 11, 2010

How much is the house you're buying, and what's your income? Maybe you're out of your budget limitation. Gather all your supporting documents and have your loan officer go over them again!

Good Luck.
Web Reference:
0 votes Thank Flag Link Mon May 10, 2010
Apparently there was some issues with tax returns... What else is there outside of FHA loans and or putting down 20 to 30 percent on a 450 to 500k 3 family. The rents here in NY will hold me down in terms of mortgage especially in the area I am looking in 2beds 1500 and 3 beds 1700 and better depending on proximity to shops and train.... I make 50k annually with the city and I've been with them for more than 5 years.... What banks will allow me to put down anywhere between 5 and 8 percent... I want to keep a cushion in the event of any surprises.... I am willing to pay for closing costs out of pocket... No sellers concession necesarry...

I also have other pools of money if I need it... That are not under the mattress and are seasoned in other accounts....
Does this help you guys????
0 votes Thank Flag Link Fri Jan 22, 2010
victor, lenders want a stable job history, money to have seasoned (been in the bank 2-4 months) and a few other things. What did you not have that the lender wanted?

Did you ask other lenders or did you only have a problem with one? If only one lender you could have gotten one who is very tough and out of 14 other lenders 11 would be glad to give a loan to you.

Did you have a reason told to you why you could not get a loan?
0 votes Thank Flag Link Fri Jan 22, 2010
Do you have a reason as to why a loan can't be secured--what is your loan officer advising you do--and have you checked with more than one lender. Without additional information not an easy question to answer.

0 votes Thank Flag Link Fri Jan 22, 2010
U guys help with financing?
0 votes Thank Flag Link Fri Jan 22, 2010
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