Home Buying in 07302>Question Details

 Veer, Real Estate Pro in ,

I'm looking to buy a condo in 700 Grove and am able to put only 10% down. I've heard that most banks will not finance more than 80%, is

Asked by Veer, , Tue May 14, 2013

that true?

Help the community by answering this question:


Many different answers below. We offer 3% down on Condos no PMI, no appraisal required and the Condo HOA doesn't have to Fannie Mae approved. How is this? FNMA Homepath REOs is the answer. This is a great way to purchase a Condo as FNMA has a two week period of time that they only accept owner-occupied buyers instead of Investors. This program is called "First Look". This program also allows Investors to purchase with as little as 10% down. As far as other options, as mentioned below, FHA offers a 96.5% LTV loan if the HOA is HUD Approved. If the HOA is not approved, we can actually help you submit the proper documents in order to get the Condo Project approved. Hope this has been helpful. We are licensed in NJ, let me know if you need further guidance. Please click on the link below to see if this or others are FHA Approved.


Best of Luck!
Web Reference: http://www.AFN-Loans.com
1 vote Thank Flag Link Sat Jun 1, 2013
I'm selling my condo in 700 grove directly as for sale by owner. Contact me on g mail if u r interested. samhoboken
0 votes Thank Flag Link Sat Aug 23, 2014
The best bet for any building in the area is to find out what lenders have recently closed in the building. If they haven't closed, don't use them. Money has been freed up and banks are giving loans with lower LTV ratios. 20% down is great but most people don't have that.

The broker or lender you talk to should be able to get you in a program that works.

Make sure the bank does not have the building on a do not fund list.
0 votes Thank Flag Link Thu Jul 11, 2013
Altho you will get a better rate with 25% down, most first time buyers would never become homeowners if that were a requirement. Ditto for 20%. Actually, a large percentage of buyers start with 10% down. You will have to pay private mortgage insurance, but that will go away once you have 20% equity, achievable either through additional principal payments or through price appreciation. -Art
0 votes Thank Flag Link Sun Jun 2, 2013
Hi Veer,

The best course of action is to get in contact with a good mortgage lender who is familiar with the local market to answer that question.

I can work with you and help guide you through this process. I can recommend a mortgage lender to help with gaining the answer to this question. Please give me a call at 973.868.4034 or e-mail me at EmilVeltre@aol.com.

I look forward to helping you with this very important transaction.

Have a GREAT day!

Best regards,

Emil Veltre, RPh, MS, CDPE
Realtor Associate
Liberty Realty

Mobile: 973.868.4034
Email: EmilVeltre@aol.com
Website: http://www.EmilVeltre.com
0 votes Thank Flag Link Sat Jun 1, 2013
When purchasing a condo, you may actually not be able to put only 3.5% down if the project isnt FHA approved or if your bank doesnt allow for delinquencies and other items that'll show up on the condo questionnaire (condo questionnaire is a series of questions that your bank will ask the condo association). If the bank doesnt like the responses of condo association, they may deny financing altogether regardless of how much you're putting down.
0 votes Thank Flag Link Fri May 24, 2013
Actually, most realtors will tell you that you can obtain financing with 10%, or even 3.5% financing (FHA), and technically they will be correct.

But let's do the math. Say, you are shopping for something that is going to sell for $550K. You have several choices:

1. Put 3.5% down, get FHA. Well, that means borrowing $531 K and paying 1 - 1.25 % ABOVE the best rate. Your expected monthly principal plus interest, roughly $2,450, at about 4.5 - 4.625%.

2. Put 20% down, get conventional. Well, that means borrowing $440K and paying somewhere between 0.375% - 0.5% ABOVE the best rate. Your expected monthly principal plus interest payment, roughly $2,100, at about 4.00 - 4.125%.

3. Put 25%, get true conventional, reduce your borrowed amount below $417K. Note that Fanny best rate for Condos is 25%, for under $417K. In this case, your payment (principal plus interest) will be $1,890.

So in case 3, you will pay roughly $1,890 vs case 1, in which you will pay $2,450, or a $560 a month difference. It is true, that in case 3, you will need $137K down vs case 3, only $20K.

Do note that unless specifically FHA, MOST banks will not even offer 2!!

But if you ask me, than (1) saving $560 a Month, or $6,700 a year is worth it for $115K in additional downpayment, (2) in a high cost area such as Northern Jersey commuter areas of Manhattan you need more money to play real estate.

I would HIGHLY recommend, that despite what the realtors and mortgagage broker say, not going for 3.5% FHA. It is a mistake that can cost you dearly down the road.
0 votes Thank Flag Link Fri May 24, 2013
Most lenders will do a conventional loan with 3-10% down as long as PMI can be obtained. FHA would be the alternative (3.5% down) and I believe it has been stated, this property is approved for FHA financing.

Hope this helps!
0 votes Thank Flag Link Wed May 22, 2013
Hi Veer,

You can qualify for conventional financing with as little as 5% down as long as you have a solid credit score. Feel free to reach me if you'd like to discuss in greater detail.

Good luck!
0 votes Thank Flag Link Wed May 15, 2013
Hi Veer, that is actually not true. Conventional financing is available to qualified buyer's with as little as 5% down. Furthermore, 700 Grove is one of the few buildings that are FHA approved, so if you wanted to put even less down, as little as 3.5% down, you could be eligible for FHA financing.

I currently have several buyer's in contract and they all range from 10% down to up to 40% down. There is no reason why you wouldn't be able to seek financing for that reason solely outside of determining personal qualifying factors such as your credit history.

If you'd like a recommendation I'm happy to give you the names of the mortgage officers that my buyer's are using.

I hope this helps!
0 votes Thank Flag Link Wed May 15, 2013
Hi I have clients under contract at 700 grove now with 10 % down , you welcome to call me and I can help you 9179163399
0 votes Thank Flag Link Tue May 14, 2013
That is true in some cases. Email me for more details.

0 votes Thank Flag Link Tue May 14, 2013
10% loan is possible, but it depends on many factors. Let me know if you'd like some help both with finding a lender and an apartment at 700 Grove.
0 votes Thank Flag Link Tue May 14, 2013
Hi - I'm a local lender. I need more info on you. Your FICO, inc etc

Please email me at suepaerels@gmail.com

Susan Paerels
Mortgage Associates
Nmls 340466
0 votes Thank Flag Link Tue May 14, 2013
Hi Veer,

I know a few Lenders that will do 10% down at 700 Grove. Call me to discuss.

Darren Giordano
Keller Williams Realty
0 votes Thank Flag Link Tue May 14, 2013
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