Home Buying in 11226>Question Details

prakritee02, Home Buyer in Brooklyn, NY

loan question?/

Asked by prakritee02, Brooklyn, NY Sat Aug 18, 2012

i am looking to buy an apartment,and i can afford the down payment and mortgage.but i will not be approved for loan,because of my low income,so how do i proceed.

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Answers

11
How do you know? did you try?
Call me @ 718-339-8800
1 vote Thank Flag Link Mon Aug 20, 2012
If you already met with a Loan Officer, or a couple of them, and you have been told that your income isn't enough to qualify for anything, then you need a co-borrower. This way there is more income on the application to qualify with.

Javier Meneses
Senior Loan Officer
Sterling National Bank
jmeneses@snb.com
1 vote Thank Flag Link Sun Aug 19, 2012
Hi,
i'm the Chairman of Approved Funding, a Mortgage Banker. Give me a call. 718-339-8800 -ext 242
0 votes Thank Flag Link Thu Aug 23, 2012
Give Jacob a call - He can confirm your needs.
Always ask a professional, especially if the advice comes at no cost!
0 votes Thank Flag Link Wed Aug 22, 2012
There are a number of bankers who can help you.
I would recommend-
Frank 516-446-8309
He helped me.
Thx Izzy
0 votes Thank Flag Link Sun Aug 19, 2012
Check with several local lenders. Some may have some special programs for low income buyers.
0 votes Thank Flag Link Sun Aug 19, 2012
Dear prakritee02:

If you have a substantial down payment you can look into hard money lenders. Even with a low income you can usually qualify for something, unless you also have a lot of debt. If you want, give me a call. I know many bankers and I can see if one of them can help you. Either way, good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Sun Aug 19, 2012
If your income is not high enough to get a loan and a
low interst rate. Then a co-borrower might be the best idea.

Fajardo Delacruz
Licensed Real Estate Agent
Century Homes Realty Group
Direct Line: 347-932-0609
0 votes Thank Flag Link Sun Aug 19, 2012
Prakri,
If you have been seeking a loan through Bank of America, Chase, Citi or Wells Fargo, a rejection most certainly could be expected. You need to work with lenders who are actually lending to support the local economy. These local lenders DO provide loans to small business and citizens through mortgage loans.

Check with a local credit union. They are liberal with membership eligibility, have super low closing costs and have more flexible standards. If this does not appeal to you, then you can select a "A" or "B" graded local lender who has a history of investing in the community. Simply enter your zip code or city name:
http://www.BankingGrades.com

Now, if income still remains the issue, you need to determine home much income you need then set the stage to increase your income. As Javier suggested, you may also seek a co-borrower.

Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group, Palm Harbor, FL
727.420. 4041
http://RealEstateMadeEZ.us
0 votes Thank Flag Link Sun Aug 19, 2012
Hi, All you need to do is contact a reputable mortgage broker an be honest with them about your current situation. They will assess you needs and financial situation then guide you accordingly. You can go directly to a bank but keep in mind you will only get what that bank has to offfer. A broker will shop for the best rate and loan product for you.

Chris
0 votes Thank Flag Link Sun Aug 19, 2012
If you haven't visited with any licensed loan officer yet, begin by doing so.....
0 votes Thank Flag Link Sun Aug 19, 2012
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