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Floria Thoms…, Home Buyer in Park Slope, Brooklyn,...

Is there a 90% financing available?

Asked by Floria Thomson, Park Slope, Brooklyn, NY Tue Mar 30, 2010

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7
Good morning Floria,

Yes, 90% Financing is available both under Conventional (FannieMae and FreddieMac) and FHA guidelines.

First steps:

1. 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.


2. 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.

3. 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.

4. 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!

Good luck!
Trevor Curran
NMLS #40140
0 votes Thank Flag Link Sat Apr 28, 2012
FHA loans will allow 90% financing. Be sure you speak with your mortgage rep and agent about this loan program. There are requirements in terms of the quality of condition of the property you are purchasing. To meet the loan requirements the home owner may have to make repairs to the property. Have these discussions in advance. You do not want to get into contract on a property and then find out the sellers are not willing to meet the requirements of your loan program.
0 votes Thank Flag Link Thu Aug 11, 2011
Yes, there is the possibility of 90% financing. It does depend on things like, is the property in an area in which prices are declining. If you speak with the right, honest mortgage broker they can help you look at creative ways to finance. I highly recommend Universal Mortgage. Depending on the market you may be able to take out a second mortgage for the additional 10% or a personal loan, etc.

Let us all know how it turns out for you. I'm definitely interested in hearing actual experiences.

Best of luck,
Jennifer Hero
Warren Lewis Realty
123A. Seventh Avenue
Park Slope, NY 11215
0 votes Thank Flag Link Thu Apr 15, 2010
What type of property are you looking for? Co-op, condo, single family, multi-family. This information will make it easier to guide you. In NY, because most of the metro-area counties are on the declining markets list, this will also affect your loan-to-value because you will not be able to do 95% on a conventional loan. Your loan size will also help determine your LTV, in addition to income and credit.
0 votes Thank Flag Link Tue Mar 30, 2010
Yes there is 90% financing. If you qualify there is 96-1/2 % financing as well FHA programs, the do depend on three things . Cash having the money in the bank, Credit ,your credit has to high enough to qualify around 620 and up . Your income on your tax returns must be enough to qualify. FOR MORE GO TO MY LINK BELOW.
0 votes Thank Flag Link Tue Mar 30, 2010
Hi Floria
Yes there is but both you and the property must qualify. Do you have a particular property
in mind. I would suggest you talk to a bank or mortgage banker first to see exactly how
much you qualify for on an FHA mortgage and then I would be very happy to help you
find what you are looking for.
madeline padovano fillmore real estate
Madelinepadovano@fillmore.com
718-332-8800
0 votes Thank Flag Link Tue Mar 30, 2010
There are several types of financing available out there, your best bet should be to meet with a local and trusted mortgage broker, they will assess your fiancnial situation and what you would like to purchase and tell you what programs are available including price range, rates and down payment amount. Try and avoid sending finacials by email and stay away from internet lenders. A local loan officer will be your best bet to get information.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Tue Mar 30, 2010
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