Home Buying in Park Slope>Question Details

Jon, Home Buyer in New York, NY

Aussie in NY - where do I go to get mortgage advice, lawyer, credit history etc for the purposes of buying?

Asked by Jon, New York, NY Wed Mar 18, 2009

I am an Aussie who has lived in NYC for close to 2 years. We have been renting in Manhattan at around $6kp/month. We are looking at moving to Park Slope and have approx. $250K as a down payment on a house. I could accommodate up to $7k monthly mortgage repayments. Problem is: I have no idea about property lawyers, securing a mortgage in USA etc. Also, my credit rating is impeccable in Australia, but I am not sure if my two years here has got me enough of a credit history to qualify for the inevitable jumbo loan I would be looking at.

Based on my calcs, we could afford a place up to $1.2M or so. Could I get a $900K loan??

Also, is it a smart move to get a multi-family townhouse and have one floor contribute towards the mortgage via the tenant's rental?

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You should meet with a mortgage banker. Bring your last two years tax returns, bank statements showing your assets and your credit rating report from Australia. Do this in person, not over the phone, this way there will be less margin for error. The mortgage banker will also pull up your credit report here in America and then be able to make a determination as to your qualifications, how much you can borrow and the mortgage rate and program options avialable to you.

Once you do this, you can then get a pre-qualification letter from the banker and start sopping for your home. With regard to an attorney, you will need one once you negotiate a deal (usually through a real estate agent like myself) and upon getting your offer accepted, you would put your attorney in touch with the seller's attorney so they could prepare a contract of sale. You do not really need an attorney prior to that and you are not legally obligated in anyway until after you sign that contract with your attorney protecting your best interests. So you have nothing to fear.

Your best bet would be to put 20% down so as to avoid having to pay Private Mortgage Insurance. If you have $250,000 to put down, you would want your purchase price to be no more than $1,250.000.00. On this type of purchase your monthly mortageg payments would be about $6,320.00 per month on a 30 year fixed mortgage assuming you are qualified. You also have to pay real estate taxes and homeowners insurance which would add $750.00 per month bringing your monthly living expense to $7,070.00. In order to qualify for this type of mortgage you would have to show an income of about $300,000.00 per year (this amount can vary from bank to bank).

Given the price range that you are in, you could find a 2 family home and get a rental income to help qualify for the loan if need be and of course help with the monthly payments as you had mentioned.

If I can be of further assistance, please contact me. I can help you find houses in Park Slope to view and also put you in touch with a mortgage banker if you need a recommendation. Good luck!

Mitchell S. Feldman
Madison Estates & Properties, Inc.
Office: (718) 645-1665
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Wed Mar 18, 2009
The market is confusing,owever, from what you are saying you should be ok. Sit down with a mortgage broker and discuss.

I am a mortgage broker. If I can be of service, please let me know!

Martin Smith

Precision Funding
877-238-6324 Ext 704
877-238-6324 FAX
0 votes Thank Flag Link Wed Mar 18, 2009
If you don't have a ss# then it will be difficult but NOT impossible to obtain a mortgage. I have a bank that will allow non citizens without established credit to obtain mortgages.

I am a registered mortgage broker and a licensed realtor. I can speak to you about all aspects of your transaction.
Web Reference: http://www.uvpinc.net
0 votes Thank Flag Link Wed Mar 18, 2009
Jon, my best advice is to interview a few agents - minimum of three - make sure they are used to selling the type of home you might consider, and that they are working both buyers and sellers in that market; and make sure they have YOUR BEST INTERESTS at heart, above their own. That is hard to tell in an intitial interview - but there are agents out there that are savvy and really understand the buyer agency relationship. Once you found the agent you like, have them direct you to a mortgage professional they do business with regularly so that you are in good hands. I doubt you'll have a problem. If I can refer you to an agent in your area, please feel free to email me... vchrisner@kw.com
0 votes Thank Flag Link Wed Mar 18, 2009
I can help you from the start to the end of homeownership,
Also, I help get the right poeple to work for us.
if you have additional questions you can direct them to me.
My Direct # 347-813-1290.
Here is my website http://fajardodelacruz.realtors.officelive.com
or my e-mail delacruz.fajardo3@gmail.com
Hope to hear from you soon.
0 votes Thank Flag Link Wed Mar 18, 2009
Jon, contact me at Gail@GailGladstone.com or go directly to Lloyd Streisand of Sterling National Mortgage (Bank) lloyd.streisand@sterlingnational.com or (516) 487-0018 ext 118.

Lloyd will provide you with answers to all of these questions and perhaps be able to do the loan for you.
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Wed Mar 18, 2009
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