Senior Loan Officer
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
My contact information is given below if you like to discuss.
Sanjeev Ahuja, NMLS #148731
Home Funding LLC
110 Jericho Turnpike Ste 214
Floral Park, NY 11001
Direct Phone 917-517-2552
NYS Registered Mortgage Broker, Dept of Financial Services, Loans arranged through third parties (NMLS # 885573)
You buy the property from your brother, and he holds a private mortgage. You make monthly payments to him and live in the house while you are repairing your credit, and at such time in future as your credit, income, and equity satisfy lender requirements you refinance getting a mortgage and pay off the private note to your brother.
some details would need to be looked at of course, but it can be done.
You and your brother inherited the house. My deepest sympathies and condolences for your loss of a loved one.
Many things are involved with this, just to name a few: probate status? Is there a mortgage or is the property free and clear? if so, then maybe not as a purchase, but you can work out an agreement with each other. something along the lines of a lease purchase, contract for deed style......it is not as much of a mystery as you might think.
Just because the circumstance isn't cookie cutter doesn't mean you can't figure out a way to structure this. Probably would not involve a realtor or a bank at this moment, but this scenario has a solution.
I'm an agent, but I'll happily take that hat off to brainstorm this with you, maybe give you some good ideas. Ultimately I think this deal gets done with you and your brother hiring an attorney (or you each get one) to do the paperwork once you have ironed out the details amongst yourselves.
Feel free to give me a call. No business agenda, no product or service expected. Just some ideas.
Real Estate Agent,
We see many credit reports with low credit scores (anything less than 620), and often many scores in the 500's. This is BAD credit. If you are one of the folks affected by this terrible economy, you have a low credit score and you have a dream of buying a home, here's some simple advice for you.
It is unlikely you could be approved for mortgage financing with that credit score at this time.
Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.
First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.
Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.
I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website.
Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE.
The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.
The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker â€“ NYS Dept. of Financial Services
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Ralph Pecorale, Esq. 631-656-6600
South Fork Funding 631-389-2250
They are both conveniently located in Hauppauge. Best of luck to you.
Listing Pro Realty
I hope this answered your question.
Wishing you the best of luck,
De Vonte Williamson, LSA
Coldwell Banker Residential
Proudly Serving Long Island
I Stand Behind Getting You Results!