Home Buying in Staten Island>Question Details

Vctr5359, Home Buyer in Staten Island, NY

i have been researching for awhile and find confusing answers..... i read 100% financing is available ........ then i read u need 5% down.......... f

Asked by Vctr5359, Staten Island, NY Sat Oct 12, 2013

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A licensed experienced and knowledgeable loan officer working with a reputable direct lender is best qualified to review your options with you and issue a free preapproval. The most popular mortgage programs are below.:

0% down with VA financing for active military, reserves and veterans
3% down with Conventional financing until November 16th this year
3.5% down with FHA
5% down with Conventional financing after November 16th

Most buyers will qualify for one of the preceding, which are all full documentation loans intended for buyers of 1-4 family residential property that will be occupied by the owner. There are stated income and no verification of income options for self-employed and/or investors purchasing or refinancing residential, mixed use or commercial property. Those loans usually require a minimum 0f 25% down.

Ask family and friends for a referral to a reputable banker or use the Find A Pro function on the menu bar here at Trulia that allows you to sort bankers by most recommendations and view client testimonials. For more information, contact me directly at 917.699.0183 or michaeldenniston247@gmail.com.

I value your opinion, please hit best answer or thumbs up if my reply was helpful. All the best.

MIchael Denniston
Licensed Mortgage Banker
NMLS# 24076
917.699.0183
The Federal Savings Bank
Direct Lender. All 50 States.
1 vote Thank Flag Link Tue Oct 15, 2013
For any necessary clarification why not simply visit with any licensed loan officer, see exactly what options you may have.....
1 vote Thank Flag Link Sun Oct 13, 2013
Have a conversation with a reputable mortgage broker who can assess your personal situation and advise you of the best financIng options for you. Most SI real estate brokers/agents work with mortgage brokers to help buyers with financing options. Good luck!
1 vote Thank Flag Link Sun Oct 13, 2013
Your best bet is to call a local mortgage broker or lender. The loan process can be confusing, and a lender will make it easier to understand. Good luck!
1 vote Thank Flag Link Sun Oct 13, 2013
You should speak with a reputable, and knowledgeable Mortgage Professional in order to analyze your specific situation.
0 votes Thank Flag Link Sun Oct 13, 2013
Vctr535,
One of the best values at this time reside in buying a HomePath home. 3% down, and that money can be gifted from someone. You must use a HomePath approved lender. These are Fannie Mae owned homes.
0 votes Thank Flag Link Sun Oct 13, 2013
Best place to start is to hire an Exclusive Buyer Agent. EBAs only work with homebuyers and there is never a conflict of interest that will jeopardize your negotiating position. Visit http://www.naeba.org for a referral to an Exclusive Buyer's Agent in your area.

I've had a book published on Amazon called Buying a Home: Don't Let Them Make a Monkey Out of You. It'll be the best $6 you've ever spent. Follow the link below.

Best of luck!

Alysse Musgrave
214-734-3863
Alysse@HelpUBuyAmerica.com
http://www.helpubuyamerica.com
0 votes Thank Flag Link Sun Oct 13, 2013
You can do 3.5% down with an FHA mortgage. You will also need money for Closing Costs or you would have to get the Seller to agree to a "Seller Concession," which gives you the ability to build the costs in to the mortgage.

You can do 5% Down on a Conventional Mortgage but you would need Very Good to Excellent credit for it to make sense.

With either option you are going to pay monthly mortgage insurance. My advice is to make an appointment with a Mortgage Professional so that he/she can analyze your specific situation.

Best regards.
Will
0 votes Thank Flag Link Sun Oct 13, 2013
Good question.

Speak with your realtor. They will have sever lenders to suggest to you. There are in different loan programs availble.

In general, the better your credit score and the more you put down the better terms on the loan.

Good luck
0 votes Thank Flag Link Sun Oct 13, 2013
The best research you can do is to call a mortgage broker.

I am going to suggest that you call Dominick Sutera of Academy Mortgage. The reason I am recommending him is that he is an adjunct Professor and actually trains loan officers and mortgage brokers in the profession.

He is able to explain all of the available mortgages and what you would need to qualify in a way that is understandable.

You can reach Dominick at (516) 249-4800 or email him DSutera@BankAMC.com.
Gail
0 votes Thank Flag Link Sat Oct 12, 2013
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