Home Buying in Allendale>Question Details

Mike Oliver, Home Buyer in Allendale, NJ

Are any lenders approving The Whitney in Allendale?

Asked by Mike Oliver, Allendale, NJ Thu May 3, 2012

I have read that new developments are hard to gain financing for. Are they approved for FHA or for lower down payment conventional (5 or 10 down)?

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New developments very often have their own financing option which can be better than any other source. The banker I work with, Emi Kalici, has told me that the FHA does not want to loan on buildings where there are common roofs and walls. This is the issue with a typical condominium because most condominium units are not stand alone structures. I've also been told that a 10% down payment, assuming you qualify on all other factors, should easily get you into a condo purchase.

Emi has been able to convert customers I've had who initially wanted to do a FHA loan into a conventional loan. By applying the higher up front FHA fees to their down payment and in some cases asking the buyer to wait just a few months to save up a little more, she has been able to turn FHA buyers into conventional buyers which has saved them thousands and enabled them to get the condo unit they wanted. Obviously those folks qualified for both loan types. Just because you're thinking of a 3.5% down payment doesn't mean another idea isn't better for you. This is why you really need to find an excellent licensed mortgage banker who will work with you, one on one, to determine what loan is best for your needs. While I love technology, you can't do that through your computer.
1 vote Thank Flag Link Mon May 14, 2012
Silex Financial Group in Hawthorne, NJ can also assist with financing at The Whitney. Contact Melissa at 973-827-9200 with any questions.
0 votes Thank Flag Link Thu Aug 13, 2015

When it comes to financing new developments it can be tricky to gain financing using a lender who has to underwrite according to Fannie Mae, Freddie Mac, or FHA. I would need to gain a better understanding of The Whitney, but from my search they are not approved with FHA. So you know, you can look up all condos of interest and run them through to see if they're FHA-approved: https://entp.hud.gov/idapp/html/condlook.cfm

I do, however, work with a handful of portfolio lenders (local banks in Bergen & Hudson County) that do offer financing for new developments since they have much more flexibility. If you'd like to run your scenario by me in greater depth I'd be more than happy to further elaborate and give my expertise. Please don't hesitate contacting me directly via phone or email.

Kindest regards,

Paul F. Marzolla
Sr. Mortgage Consultant
(201) 957-6768
Web Reference: http://www.PaulMarzolla.com
0 votes Thank Flag Link Mon Mar 10, 2014
NVE Bank lends for this property...I know this for a fact, first hand. No extra fees, higher rates, etc. They were a pleasure to work with.
0 votes Thank Flag Link Fri Mar 7, 2014
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