Financing in 11217 : Advice

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Dan Chase, Home Buyer in Texas City, TX
Dan Chase answered:
What to do when the appraisal price is much lower than the purchase price?
You should have had both an appraisal and a financing contingency in your contract. Those mean If the property will not appraise you can not get a loan. If you can not get a loan you ca ... more
0 votes Share Flag Thu Jun 23, 2011 Financing in Brooklyn
Mitchell Fel…, Real Estate Pro in 11229
Mitchell Feldman answered:
Do you know which lenders have 203K loans in Brooklyn, New York?
Dear Ade:

Any FHA lender has access to 203K type loans. they are easy to find. If you need help, contact me and I can refer you to a good mortgage broker. Good luck!

Sincerely,
M ... more
0 votes Share Flag Sat Feb 1, 2014 Financing in Brooklyn
Jack Menashe, Real Estate Pro in Brooklyn, NY
Jack Menashe answered:
I need to get pre approved for an FHA loan in Brooklyn NY immediatedly. Want to close on the loan by June 01, 2010. Suggestions?
Call Larry 7183395700 X103 with GFI Mortgage Bankers. Aggressive & honest!
0 votes Share Flag Tue Apr 27, 2010 Financing in Brooklyn
Matt Taylor,  in North Carolina
Matt Taylor answered:
I have an accepted offer on a new construction condo and am in need of an FHA loan or other loan that allows for 5% down. The sales price is $429K
There are a lot of questions that still need answering to determine if this will qualify for an FHA loan.

Is the complex complete?
Have the owners taken over the HOA?
Are most of t ... more
0 votes Share Flag Fri Apr 23, 2010 Financing in Brooklyn
Anna Brocco, Real Estate Pro in Nassau County, NY
Anna Brocco answered:
construction costs per square foot of a building in Brooklyn NY
Contact any licensed contractor(s) for free estimates and get a true picture based on your wants/needs.
0 votes Share Flag Mon May 24, 2010 Financing in 11217
Robin Silver…, Real Estate Pro in Garden City, NY
Robin Silverberg answered:
What is the best way to find the best mortage. I initially went to a broker, who after sending in my paperwork quoted me a rate. However, on a whim,
Send me an e-mail with the details and I will gladly give you my opinion, and my rate. When you say a point, to you mean 1 percentage point lower in rate, or a rate with fewer points a ... more
0 votes Share Flag Tue Jan 3, 2012 Financing in Brooklyn
George Capel…,  in Brooklyn, NY
George Capella answered:
Can you tell seller you are putting x %downpayment and then then not do it later on?
Explain to your sales agent about the situation and he should be able to convince the seller. .....The bank may consider that you have just made a larger down payment and decrease the m ... more
0 votes Share Flag Mon Mar 22, 2010 Financing in Brooklyn
Don Tepper, Real Estate Pro in Fairfax, VA
Don Tepper answered:
How can I find an excellent mortgage broker? (Like now:)
Check with your Realtor. He/she will have some recommendations. Reason why the broker is likely to be good: Your Realtor knows that his/her commission depends on your actually being abl ... more
0 votes Share Flag Sat Jan 19, 2013 Financing in Kensington & Parkville
Don Tepper, Real Estate Pro in Fairfax, VA
Don Tepper answered:
Is it true that 50% of a coop's maintenance is tax deductible? What about Condo maintenance fees?
I'm not an accountant, so this isn't accounting advice.

And I don't know about a coop.

Regarding condos, if you're living in the condo, no the maintenance fee ... more
0 votes Share Flag Sat Mar 6, 2010 Financing in Kensington and Parkville
Gita Bantwal…, Real Estate Pro in Jamison, PA
Gita Bantwal ABR/CRS/SRES/CDPE answered:
I've heard that the 1st time buyer tax rebate is reduced for incomes over $120,000 (but under 200). How is that reduction calculated?
The best source is www.irs.gov.
If you need assistance talk to a professional accountant.
0 votes Share Flag Wed Mar 3, 2010 Financing in Kensington and Parkville
Mike B,  in Raritan, NJ
Mike B answered:
I live in a COOP apt. I am paying the mortgage to the owner.The balance is small and the interest is high.I when to the bank to get a loan and was
We lend on some co-ops. What is the name and address of your co-op?

What is the balance and rate you are paying currently? It depends on what your actual balance and rate is to see ... more
0 votes Share Flag Fri Feb 12, 2010 Financing in Brooklyn Heights
Pat & Steve…, Real Estate Pro in Westlake, OH
Pat & Steve Pribisko answered:
I have excellent credit, 807 mid score, 100k to work with, looking for a 3 family in Bushwick or Ridgewood, but I cannot secure a Loan???
If you could provide some additional information, such as what your lender told you, it would help you receive on-point answers. I can tell you that most lenders have strict guidline ... more
0 votes Share Flag Sun May 16, 2010 Financing in Brooklyn
Mike B,  in Raritan, NJ
Mike B answered:
In the market for a 1bdrm coop. I wanted to know how long does it take to get approved for a mortgage and is it safe to do it online?
Hi Latoya! Congratulations on your decision tp purchase. It can take as little as 15 minutes to be pre-approved for a mortgage. The full approval once you have an accepted offer usua ... more
0 votes Share Flag Tue Jan 3, 2012 Financing in Brooklyn
Catherine (C…, Real Estate Pro in Edison, NJ
Catherine (Cathy) Chaudemanche Team | Edison Realtor, ALC + answered:
is the federal tax credit limit for single person pre tax or after tax of $75,000 earnings per year?
The following link should help:
http://www.federalhousingtaxcredit.com/
0 votes Share Flag Mon Feb 8, 2010 Financing in Brooklyn
Sean Dawes, Other/Just Looking in Philadelphia, PA
Sean Dawes answered:
Do you think buying a home, that the owner holds the note is a good idea?
As long as you have an attorney review the mortgage docs, to me it wouldnt matter who I pay my mortgage as long as the docs are structured correctly.

When it comes to seller financin ... more
0 votes Share Flag Tue Mar 8, 2011 Financing in Brooklyn
Bill Polack, Real Estate Pro in Atlanta, GA
Bill Polack answered:
In a few months my ARM will reset for the first time, so I'm (happily) following the index it's based on: "the weekly average yield
Let me look into my crystal ball with our current administration...I need some glass cleaner...it's very foggy. If you can figure this calculation out...YOU'RE HIRED! Honestl ... more
0 votes Share Flag Wed Sep 23, 2009 Financing in 11201
Ralph Windsc…, Real Estate Pro in Hauppauge, NY
Ralph Windschuh answered:
I currently own part of a family house. If I mortgage my share of the home to buy and more into a coop a mile and a half away, will I be able to
Maggie,
Before you do anything, speak to your accountant or get one if you don't already have one. As real estate professionals, we cannot give legal or tax advice. Good luck.
... more
0 votes Share Flag Thu Oct 15, 2009 Financing in 11209
Don Tepper, Real Estate Pro in Fairfax, VA
Don Tepper answered:
I own part of a family house which I will be moving out oft. If I mortgage my portion of the house to obtain cash to buy a coop, will I be able to
Check with an accountant and a lawyer. I'm not an accountant or a lawyer, so this isn't accounting or legal advice.

However, you can't do what you're planning to ... more
0 votes Share Flag Sat Sep 5, 2009 Financing in 11209
Mike B,  in Raritan, NJ
Mike B answered:
Can a management company of a building make you use their financing company and do they have the right?
It could be that financing is difficult to obtain at this point on the complex. You may want to check with other lenders.
0 votes Share Flag Sun Oct 25, 2009 Financing in 11209
Bob McClure-…, Real Estate Pro in Walled Lake, MI
Bob McClure- Real Estate Investing answered:
I inherited 1/4 of a house (It was signed over as a gift a few months before the person passed). The house
good morning.........if you already signed the mortgage four years ago, then you would have to have been on the deed as well. as a co-owner....therefore you had an ownership interest in ... more
0 votes Share Flag Sun Aug 2, 2009 Financing in Brooklyn
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