Home Buying in Crown Heights>Question Details

Nigelcorp, Renter in Queens, NY

Financing and Property question

Asked by Nigelcorp, Queens, NY Tue Jul 2, 2013

I'm a first time home buyer looking for a 2bd 1ba condo that i can live in for the next 5 - 7 years. What are my option in regards to financing?

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Dear Nigelcorp:

There are many options out there but in order to know which ones are good for you, you need to meet with a mortgage banker and get yourself pre-qualified. You would need to show the bank your last two years tax returns, proof of income and assets and allow them to run your credit report. Also, if you are going for an FHA type mortgage, you would need to make sure that the condo is on the FHA approved list.

If I can be of further assistance, please contact me direct. Either way, good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Wed Jul 3, 2013
Be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously, therefore for a personalized answer regarding financing, visit with any licensed loan officer.
0 votes Thank Flag Link Tue Jul 2, 2013
Well, as mentioned below, your 1st step is to meet with a Loan Officer and go through the pre-approval process. This is best done face-to-face, not just so that the Loan Officer gets an opportunity to fully interview you and get all the necessary information, but so that you can also ask any questions you want and speak in detail about the options you have.

In general, most condos are financed with conventional loan products. They do allow as low as 3% down payment. Now many condos' budgets do not meet financing guidelines, so it results to buyers needing a 20% downpayment.

Consider meeting with a Loan Officer, this will address all the questions you might have. I'm always available if you need someone reliable.

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(631) 659-2011 Office
(516) 918-5383 Fax
0 votes Thank Flag Link Tue Jul 2, 2013
First steps:

Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for. (The Mortgage Banker can review your credit and give you a clear estimate of where you stand on your credit today. If your credit is less then outstanding here are some steps to help fix your credit:)

Get a referral to a good, local, real estate attorney. Call the attorney, retain the attorney so you have her information handy when you make an offer. Having that information at time of offer helps you demonstrate to the Seller how serious you are, and they will consider your offer with more interest.

Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.

Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.

Put together your Team of real estate professionals and shop 'til you drop!

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes Thank Flag Link Tue Jul 2, 2013
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