Home Buying in Huntington>Question Details

Gale7662, Home Buyer in Huntington, NY

How much money do we need in our savings for the bank to lend us a house loan??? ( for lets say a 340,000 home)

Asked by Gale7662, Huntington, NY Sun Dec 22, 2013

We are looking to buy a house, we have for the mortgage taxes if anything goes wrong with the house etc... But we want to know if we put down $30.000 we would get declined do we need more?? To ask for a mortgage loan

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Answers

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Online answers to such questions are speculative; therefore for a personalized answer it's really in your best interest to visit/consult with any licensed loan officer; 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.
1 vote Thank Flag Link Sun Dec 22, 2013
Contact a trusted local lender for advice on what programs they have available with different down payment amounts. You can then make a decision from there which way to go.
0 votes Thank Flag Link Mon Dec 23, 2013
If you use an FHA loan, $30,000 should be enough to cover your down payment and closing costs on a 340,000 home. However, everyone's situation is different and you should spend a little time with a mortgage professional to find out exactly what you may qualify for.

Tom Moser
Keystone Realty USA
East Northport, NY

Long Island's Commission Rebate Realtor
http://RefundAtClosing.com
0 votes Thank Flag Link Mon Dec 23, 2013
Depending upon the loan program you could potentially have $0 in your bank account and still get the mortgage to buy primary home. It will be best to meet with a mortgage professional to have the scenario evaluated in totality. There are lenders who may have their own stringent overlays so if you deal with a mortgage broker who has several lenders to chose from you will have a smoother sailing.
If you need to speak with me my number is 917-517-2552

Thanks

Sanjeev Ahuja, NMLS #148731
Mortgage Broker
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)
0 votes Thank Flag Link Mon Dec 23, 2013
I would contact Javier (he posted below) he will be able to advise you specifically on your situation and not in generalities. This forum is great for general questions but you need an exact answer based on your circumstances, which Javier can provide. Good luck!
Tom Brady SFR, e-PRO, SRES, GREEN, BPOR
Lic. R. E. Associate Broker
Notary Public, Retired N.Y.P.D. Lt.
631-682-8660
Tom@BradyFamilyRealty.com
http://www.BradyFamilyRealty.com
http://www.SuffolkFreeCMA.com
http://www.NassauFreeCMA.com
http://www.QueensFreeCMA.com
#1 Listing & Selling Office on Long Island
Charles Rutenberg Realty, Inc.
255 Executive Drive - Suite 104
Plainview, New York 11803
0 votes Thank Flag Link Sun Dec 22, 2013
Gale,

The best of the most common scenarios is to put 20% down. You should then be prepared with 4-5% of the sale price for your closing costs.

Before you start looking at purchasing a home, please see either a bank, mortgage broker or mortgage banker and become FULLY PRE-APPROVED. This entails presenting your tax returns for the past three years, pay stubs, bank account info, credit history, etc.

A FULL PRE-APPROVAL is almost like a cash purchase...it is contingent only upon a contract and an appraisal of the property. During this time, do not make any large purchases or open up or close any credit cards.

Once you are fully PRE-APPROVED, that is the time to start looking (and we would be delighted to assist you).

There are a lot of different types of mortgages available with different requirements. If you would like the contact information for a mortgage broker, mortgage banker, etc., I would be happy to provide that information for you.

Feel free to contact us at 631-425-6150 gail@GladstoneGroupRealty.com.

Whatever you decide...We hope you find the home you've dreamed of!
0 votes Thank Flag Link Sun Dec 22, 2013
Let's discuss your loan scenario in more detail. I would appreciate the opportunity to earn your business, contact me at 800 315 8803. My name is Bart and I have been in the mortgage business since 1987. I am happy to answer your mortgage questions, 7 days a week and review your loan scenario. I lend nationwide.


Until then, I look forward to hearing from you.





Bart Gabe

http://www.bartprequalifies.com

bart@bartprequalifes.com

800 315 8803



NMLS# 20743 - my licensing information

http://www.nmlsconsumeraccess.org/ - link to look up my license number
0 votes Thank Flag Link Sun Dec 22, 2013
Hi
Well that depends on your income , all mortgages require 20% of the asking price down , however there are companies that make up the difference between what you have and that 20%. These companies are known as private mortgage insurance companies or PMI. This is just a simple explanation to get a better understanding you should talk to a mortgage adviser who can help you prepare your finances in order to purchase a home. I have a few I can reccomend , good luck , your about to begin a great adventure .

Tony Vitale
Director of Real Estate Operations
Better Homes and Gardens Real Estate - Atlantic Shores
631-427-0010. Ext 101
0 votes Thank Flag Link Sun Dec 22, 2013
Call a mortgage broker, like Mick Stack of Consumer One cell 516-474-8897 or Fabien Jimenez of Bethpage Credit Union cell 917-558-0660, they can discuss your options. You have enough to buy something. If anything goes wrong you will be required to have homeowner's insurance. On top of that their of "Home Warranties' that can cover appliances, etc. I can help you look at houses first, my cell is 516-375-2757. You're a buyer========
0 votes Thank Flag Link Sun Dec 22, 2013
So it's pretty much impossible to answer. The way EVERY lender works is that they review your tax returns for 2011 & 2012, recent paystubs, recent bank statements, rental history and credit report. With this, a Loan Officer can calculate your monthly bills and what your monthly income is. This is the only way to really know how much money you'll need, how much you qualify for, what mortgage options you have available, what the closing costs are, estimated monthly payments, 5% down payment or 10% or 20%, etc. pretty much every aspect about the financing.

If you want answers to the questions, your next move should be to meet with a Loan Officer and go through the pre-approval process. My bank is located in Woodbury, just minutes away from Huntington. I am always available to meet face-to-face with you and help you with this process. Feel free to call or email me anytime. Gods luck!
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
(516) 740-4478 Office
(516) 918-5383 Fax
0 votes Thank Flag Link Sun Dec 22, 2013
I agree tough question to answer I suggest you speak to a professional in the Mortgage business. Elysie Demers from Wells Fargo at 1-516-903-1550 give her call let her know I bragged about het😎😎
0 votes Thank Flag Link Sun Dec 22, 2013
So it's pretty much impossible to answer. The way EVERY lender works is that they review your tax returns for 2011 & 2012, recent paystubs, recent bank statements, rental history and credit report. With this, a Loan Officer can calculate your monthly bills and what your monthly income is. This is the only way to really know how much money you'll need, how much you qualify for, what mortgage options you have available, what the closing costs are, estimated monthly payments, 5% down payment or 10% or 20%, etc. pretty much every aspect about the financing.

If you want answers to the questions, your next move should be to meet with a Loan Officer and go through the pre-approval process. My bank is located in Woodbury, just minutes away from Huntington. I am always available to meet face-to-face with you and help you with this process. Feel free to call or email me anytime. Gods luck!
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
(516) 740-4478 Office
(516) 918-5383 Fax
0 votes Thank Flag Link Sun Dec 22, 2013
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