Financing in Bronx : Advice

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Gail Gladsto…, Real Estate Pro in 11743
Gail Gladstone answered:
What does it mean when you no longer have "vested interest" in a property?
Typically it would mean you are no longer on the deed, but do check with an attorney and possibly your CPA.
0 votes Share Flag Wed Apr 3, 2013 Financing in Bronx
Laura Feghali, Real Estate Pro in Stamford, CT
Laura Feghali answered:
Is it possible to get a jumbo loan?
Hi Samsam,
Yes, jumbo loans are still available to buyers that qualify. I suggest that you contact a few lenders to determine if you qualify and inquire what their rates and fees a ... more
0 votes Share Flag Wed Apr 3, 2013 Financing in Bronx
Joe Greene, Real Estate Pro in 10463
Joe Greene answered:
The government has refilled lenders coffers...so why aren't they lending?????
Hi SamSam,

This is a Multifold question and although you may believe it is straightforward it is not. There are many reasons banks are putting up road blocks to lending.

1 answ ... more
0 votes Share Flag Wed Apr 3, 2013 Financing in Bronx
Mark Fisher-…, Real Estate Pro in New York, NY
Mark Fisher-Mortg Lender answered:
Which lenders are making the most loans and what do I need to do to qualify?
Hi Samsam, I am one of the top lenders in the Bronx. I would be happy to speak with you and advise you what you need to qualify. Generally speaking you need a minimum of a 640 credit sc ... more
0 votes Share Flag Wed Apr 3, 2013 Financing in Bronx
yeelynnc, Home Buyer in Bronx, NY
yeelynnc answered:
HARP program for Co-op thru Wells Fargo?
Hi!
I know its been awhile since you posted- and I'm exactly in the same boat. Bought it 2008 with Wells Fargo. I tried to refi with them in 2012 but couldn't do HARP b/c I have a co ... more
0 votes Share Flag Mon Apr 29, 2013 Financing in 10471
Trevor Curran, Real Estate Pro in Bronx, NY
Trevor Curran answered:
Must you accept any financing offer to satisfy a contingency?
Good evening Shujolnyc,

If the appraisal came in for less than the contract price then you should be negotiating with the Seller to lower the price, not considering a financing alter ... more
0 votes Share Flag Thu Jun 13, 2013 Financing in 10462
Jacques Ambr…, Real Estate Pro in 11375
Jacques Ambron, CRB CBR SFR answered:
Just purchase a Co-op in the Bronx
You can begin the process right away. Just be aware that you will need board approval.
0 votes Share Flag Tue Jun 5, 2012 Financing in 10456
Mildred Jone…, Real Estate Pro in Bronx, NY
Mildred Jones-King answered:
Seeking a private reputable mortgage lender
Hello, Sounds like you have found the property you want to buy. I have several mortgage brokers in mind. Give me a call and I can help you select the best mortgage broker for you.914-54 ... more
0 votes Share Flag Tue May 8, 2012 Financing in 10456
Trevor Curran, Real Estate Pro in Bronx, NY
Trevor Curran asked:
IS the recent trend to more conservative lending standards good for HomeBuyers, Home Sellers and the economic health of our industry overall? We have seen mortgage lending standards get tighter and tighter over the past five years. Many of us thought this an extreme over-reaction to the "Sub-Prime BOOM" mentality o...
0 votes Share Flag Wed Apr 18, 2012 Financing in Bronx
Joe Greene, Real Estate Pro in 10463
Joe Greene answered:
Search for a private mortgage lender that is reputable.
You can try:

Phil Caporusso
NYS Licensed Loan Officer
Certified Mortgage Planner
NMLS# 12673
225 Broadhollow Rd, suite 212A
Melville NY 11747
Cell: 516-458-4497
Fax: 631-918-7 ... more
0 votes Share Flag Wed Apr 18, 2012 Financing in 10456
Voices Member,  in
Voices Member answered:
we own a coop in riverdale. We are renting the unit. The coop allows for rental and would approve financing but we cannot find a lender.
Which building? You are welcome to email me the answer @ mkhalilov@halstead.com
0 votes Share Flag Mon May 7, 2012 Financing in 10471
Fred Glick, Real Estate Pro in Los Angeles, CA
Fred Glick answered:
I currently have a 578fico looking to buy a home in pennsylvania in the future. Is there help with homebuyer grants and can I also qualify for a FHA?
Sorry, no. You have to work on your credit.

Save up and make sure that you will be a responsible homeowner in the future.

Best of luck,

Fred
0 votes Share Flag Mon Apr 16, 2012 Financing in Bronx
Don Tepper, Real Estate Pro in Fairfax, VA
Don Tepper answered:
Investment Property Question
I'm not licensed in New York. And I'm not a lender. So bear that in mind. On the other hand, I've owned rental property for 30+ years. Your best bet would be to speak to ... more
0 votes Share Flag Tue Oct 18, 2011 Financing in Bronx
Fred Glick, Real Estate Pro in Los Angeles, CA
Fred Glick answered:
If I'm stuck getting an ARM because the owner-occupancy percent is too low, what are my options as the initial period of the ARM reaches
David,

Never know what the situation will be after the arm period, but right now, arms are a fantastic vehicle because the indexes are so low.

But, the best suggestion is to find ... more
0 votes Share Flag Tue Aug 30, 2011 Financing in Bronx
Shawn Wilson, Home Buyer in Tampa, FL
Shawn Wilson asked:
0 votes Share Flag Fri Aug 5, 2011 Financing in 10462
Shane Milne, Real Estate Pro in Laguna Niguel, CA
Shane Milne answered:
I received a commitment letter for a 2 Family House on a FHA Loan with a non-owner occupied borrower. Is this possible?
That is fine to have a non-occupant co-borrower on a 2-unit property with FHA financing. But it isn't going to be 15% down, it'l be 25% down.

Link in web reference says:
... more
0 votes Share Flag Thu Oct 20, 2011 Financing in Bronx
Mark Brown, Real Estate Pro in Bronx, NY
Mark Brown answered:
HOW LONG DOES A RATE LAST FOR THE MORTAGAE INDUSTRY?
It depends on the loan program and the bank. If its a conventional loan a lock is usally 60 days on an FHA loan we would lock for 90 days.
0 votes Share Flag Fri Aug 27, 2010 Financing in 10470
Pat and Steve…, Real Estate Pro in Westlake, OH
Pat and Steve Pribisko answered:
Can a loan office change the type of loan you are seeking without your approval? Example from FHA to a Conventional Loan...
Sort Answer: No

Long Answer: Talk to your loan officer. He/she may have had you sign an application for the wrong type of loan in error. Ask your loan officer how he/she can corr ... more
0 votes Share Flag Mon Aug 2, 2010 Financing in Bronx
Ron Shah, Real Estate Pro in Bronx, NY
Ron Shah answered:
hello does anyone know whats the ltv on the new beechwoodhomes located in the bronx,in shorehaven?inquiry about the new townhomes priced at 380k ...
I would say 90% ltv in shorehaven, if you like one and one free consulting you can call me @ 917 913 5879
or emai at ron.shah@century21.com
your local realtor
Ron Shah
0 votes Share Flag Sat Feb 12, 2011 Financing in Bronx
Dan Chase, Home Buyer in Texas City, TX
Dan Chase answered:
what does a co signer need to qualify in bronx ny ,want to know if i can help my friend,hes getting fha loan?
If your friend decides not to (or can't) pay the mortgage you will be legally and financially responsible to pay it. It will not matter if you can afford it at the time or not you ... more
0 votes Share Flag Wed May 5, 2010 Financing in Bronx
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