Hi - You can absolutely change your bank. Regarding the flood insurance-before you buy any home -check to see the flood map to see what the elevation is - whether you are x zone-AE Zone -AE X preferred It all counts on your quote. Also check to make sure that house didn't claim twice in 10 years-if so you will basically go up 25% per year I think starting 2015 if they don't change the law that's in progress now. If you have any further questions you may have I would be more then happy to answer them. My cell is 516-749-6925. Thank you
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Yes, loans like these do exist and there are lenders like myself that can do them. Instead of looking at your tax returns, as you see done in traditional loans, no income verification loans look at other documents such as your past 12 months bank statements instead. This route can be better for certain people such as self-employed workers. If this sounds like a good option for you, I recommend that you look further into this option. The best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
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I strongly suggest looking into conventional financing with either Fannie Mae or Freddie Mac. Both offer between 3% to 5% down payment programs. Through these programs you'll also be able to enjoy far less expensive mortgage insurance premiums and or lender paid insurance premiums. These loans also have less restrictions when it comes to purchasing condominiums or planned urban developments that have associations. Now unfortunately I do not service NY but I will be more than happy to answer any other questions you may have and or offer some unbiased guidance. Best of luck with your new purchase.... more
Simply, 203 k means that the home is in need of repairs that a conventional loan will not allow for. You actually borrow extra money to cover the cost of the repairs. You will need an estimate from a contractor and inspections of work will need to be done. If I can help you find your new home, please contact me at: firstname.lastname@example.org. I am a certified buyers agent. Good luck!... more
Generally the lender will not get CO's on a property they are selling as a short sale. In addition, I have not seen any towns or villages in Nassau County issuing temporary CO';s. The big question is what type of financing you are looking for. If the only work that is needed on the house is the CO's, then you probably wouldn't want to use a 203k loan. However, if there is anything needed, either to get the CO's issued, or to do other work, you can go that route. The 203k loan is an FHA rehab loan. If the costs involved are less than $35,000, you can do it as a streamline. If more, then you have to do a regular 203k.
If you are planning to put down more than 20%, then there is a possibility that you could get a loan and give an undertaking at closing that you will get a CO within "x" period of time. It depends on what the CO is for, and what is involved. This does not mean that your attorney will allow you to close without the CO.
This brings us to another issue, what the contract says, and what doesn't have a CO. If we are talking about a finished basement with a bathroom, and the contract doesn't say something like, "the seller will not get a CO on the bathroom", then I doubt that this will be picked up. The CO says it is for a 1 family house, not a 1 family house with a bathroom in the basement. As long as there are no open permits, you should be fine.
Arlynn and I have worked together on deals where attorneys do thing slike put in the contract that the seller will remove the bathroom in the basement and the gas stove in the basement, will cap off everything but the buyer can put it back after closing. That is something that you don't want to see.... more