Home Buying in 07042>Question Details

Melissa, Home Buyer in New York County, NY

I'm a first time home buyer searching for a mortgage lender in the essex/union county area specializing in fha 203k/EEM combo loans. Any?

Asked by Melissa, New York County, NY Fri May 27, 2011


Help the community by answering this question:


Hi Ms. Lang:

I only use one of 2 people to process loans for my buyers. The right mortgage person can make a world of difference in your home buying experience. Having said that I use Al Perez from Jersey Mortgage Company. He's very professional and knows his stuff. Please tell him that Ibrahim Hughes sent you.

If I can be of any further assistance please don't hesitate to call (908-578-1981) or email me (ihughes1970@yahoo.com). Good luck with everything.

Ibrahim Hughes
EXIT Queen's Realty (Bloomfield, NJ)
Realtor Associate
0 votes Thank Flag Link Fri May 27, 2011
It depends, in Montclair there is an organization called HOMECORP they are a non profit that will provide counseling for first time homebuyers. There are many sources of funding for 203k loans but I recommend that you learn how the process works. HOMECORP is great because they are not affiliated with a particular bank so you get unbiased information prior to applying for the funds.
I would be happy to provide Real Estate information so that you can become more informed about home prices and market trends. You can reach me by emailing diane.mack@cbmoves.com
1 vote Thank Flag Link Fri May 27, 2011
I actually did one of these 203k construction loans myself about 10 years ago when restoring an older home. They are a lot of work, but can really make things possible. It's a great idea if you have vision and nerve. I'd love to advise you on properties that may be especially good for this model.
0 votes Thank Flag Link Fri Dec 21, 2012
I work for Bank of America and i am a certified 203k specialist, having completed dozens if these. We have the lowest rates on the market for these loans and we have relationships with Home Depot and Lowes. You can contact me for more information. My team is great.
Ruth Bonapace
201 741-5269 or ruthbonapace@bankofamerica.com
0 votes Thank Flag Link Mon May 30, 2011
Step one, find the house. House plus repairs will equal loan amount.
Step 1a- get pre-approval from 203k specialist like Mike Galant- Prospect Mrg. Avoid BofA.
Step 2- in the sales contract offer, specify going for 203K EEM (rarely done)
Step 3- if you get it, seek advice from Paul Hutt HomePro- home inspector and FHA approved estimator. Repairs to get FHA approval plus your upgrades become the loan total.
Step 4 find a contractor willing to wait for payment who has done 230k before. Must be reliable and FHA ready. Best if has experience. Ask for references. Check references.
Step 5 Close on house and proceed with repairs. Estimator/inspector will follow up on required stages of inspections OKing payment to contractor.
Step 6 Approved work is billed and check issued thru FHA lender, to both you and contractor. You endorse to contractor.
Step 7 You start paying off loan.

More info on inquiry.
Carl - 973 632 8593
0 votes Thank Flag Link Sat May 28, 2011
I handle 203K/eem in NJ. Here are 2 articles explaining the 203K streamline (no structural changes) and the regular 203K
0 votes Thank Flag Link Sat May 28, 2011
Dear Melissa,
Your best bet is to speak to a mortgage broker who is versed in all of your options because this part of the business is always changing. I highly recommend Dave Long at (973) 207-9667. He has never let me down and ive been in the business for about 8 years. He is so good at what he does that he gives our office weekly updates. Our office is also the market leader in the Montclair area. Hope this helps. Sincerely, Luisa Esposito, Realtor, Coldwell Banker, cover GSMLS, NJMLS, HCMLS
Web Reference: http://whereismontclair.com
0 votes Thank Flag Link Sat May 28, 2011

Bank of America, Wells Fargo and Jersey Mortgage all have 203K programs. Wells also has a relationship with Home Depot. From what I can see, my clients have had a better experience with doing a 203k using Jersey Mortgage.

If I can be of further assistance, feel free to contact me.
0 votes Thank Flag Link Sat May 28, 2011
For the Best in 203k and I do mean the best call Richard Colangelo at 732-264-7639 at Intercounty Mortgage He is By Far The Best I have ever had seen in the business in over 22 years Call him tell him Tim Robbins told you to call
0 votes Thank Flag Link Fri May 27, 2011
Residential home funding, definitely. I work wth Jeremy Knapp. Happy to provide his number if you'd like.
0 votes Thank Flag Link Fri May 27, 2011
Please contact Corey Philips of Residential Home Funding at 2019558335. This mortgage company has teamed up with Lowe's for their 203k loans. If you call let Corey know that Gilbert Ross referred you. Good luck to you.
0 votes Thank Flag Link Fri May 27, 2011
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