Home Buying in New York>Question Details

wyeth_shamp, Home Buyer in New York, NY

Can anyone refer me to an agent who has completed a deal with VA financing in NYC?

Asked by wyeth_shamp, New York, NY Mon Oct 24, 2011

Trying to buy a condo in NYC with a VA loan. All the agents I have spoken with try to push me to FHA either because they are not familiar with it or don't want to deal with it. Can anyone recommend an agent who has done this before? Thanks in advance.

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8
Good morning Wyeth,

First of all, Thank YOU for your service to our nation!

To your question: VA Approved Condos are few and far between. I just did a search for you at the VA website and the return was 12 VA Approved Condos in Manhattan. Here's the link: https://vip.vba.va.gov/portal/VBAH/VBAHome/condopudsearch

FHA Approved Condos face a similar dilemma, although there are considerably more FHA Approved Condos than VA.

I've been helping Veterans buy homes in the NY Metro Region since 1989.

Trevor Curran NMLS #40140
1 vote Thank Flag Link Wed Oct 26, 2011
That is silly:
As an Agent, I don't give diddly who you finance through.
And being a Veteran, (both of us), I especially would want to help you.

Maybe they did you a favor.

Good luck and may God bless
1 vote Thank Flag Link Tue Oct 25, 2011
In NYC, co-ops require at least 20-25% down and condos require 10%. The co-op board or condo board makes the rules. That is why you are running into difficulty. It is not the agents, it is the reality of financing in NYC. That is why we were last in, first out of the housing crisis. The very stringent financing rules of co-op boards and condo boards is what allowed the buildings and the units in them to avoid the foreclosures of the rest of the country. FHA is generally designed for single-family homes. One suggestion would be to try the outer boroughs, and another would be to luck into condo buildings that have applied for and received FHA approval. Those buildings can accept a 3.5% downpayment.
0 votes Thank Flag Link Sat Nov 5, 2011
Wyeth, I think you need to contact a mortgage professional familiar with VA loans before you contact a broker. Once you are pre approved and have all the VA guidelines, I think any competent buyers agent/broker could assist you!
0 votes Thank Flag Link Tue Oct 25, 2011
Not sure why you are having a hard time finding an agent to work with, the financing aspect of the transaction should not stop anyone from helping you; where exactly are you interested in purchasing....
0 votes Thank Flag Link Tue Oct 25, 2011
I have done several VA loans in NY and would be more than happy to help you.

Regards,
Marco Gomez
Associate Broker
Keller Williams Landmark II
Queens, NY
Marco.gomez@gmail.com
0 votes Thank Flag Link Tue Oct 25, 2011
I'm puzzled as to why an agent would not want to deal with you because you're going with a VA loan. It's not really on them as much as the bank or mortgage broker you're dealing with. I recently closed on a deal where the buyer had a VA loan. It took a little longer but it still closed. Feel free to give me a buzz if you'd like to discuss your real estate needs.

Ralph Windschuh
Associate Broker
Certified Buyer Representative
Senior Real Estate Specialist
Century 21 Princeton Properties
631-467-0009
rwindschuh@c21princetonproperties.com
0 votes Thank Flag Link Tue Oct 25, 2011
I have done some in CT and am licensed in New York as well. I work with mortgage persons who are well versed in NY VA requirements
Barry
Barry M Salottolo
Licensed Real Estate Broker
Owner All Points Realty LLC
Manhattan, Westchester, Connecticut
5 Willow Place #2
Mount Vernon, New York 10550
Cell: 914-310-2930 FAX: 914-764-7420
"Whatever you're thinking and feeling today
is creating your future"
http://www.allpointsluxuryhomes.com/
0 votes Thank Flag Link Mon Oct 24, 2011
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