If the property is listed and you are not getting showings, it may have something to do with the market, but more likely price and condition. If the property condition is up to par and you have it priced competitively based upon recently sold properties and postioning yourself in the front of the active listings you are competing with you, will increase your showings and get offers... more
Call Frank Tamayo of Metlife Home Loans-Appel, Evans Tamayo & Bach Mortgage Consultants@ 212-413-4548. I've been doing business with him for 10 years & he's the best there is. He also has a Park Slope office.... more
Best bet is to work it backwards.... Have 20% as down payment and then figure your monthly payment that you can afford. Use the # 6 as a guide for interest payments... So if you have a house for $100,000 you'll need 20,000 down. Your payment on a loan of $80,000 will be approximately $480 per month. Speak to a mortgage specialist and get pre-approved. Other FHA loans may available to you depending on the property you specify. Hope that helps.
The short answer: yes. However, if you're buying a new construction condo that is FHA approved, you could possibly pay as little as 3.5% of the purchase price as a downpayment.
But if you're going to go ahead and put 20% down, you could source it from cash funds (bank accounts) stock accounts, or even retirement accounts (although that's not the idea thing to do) Speak to a finance professional or a mortgage banker.
If you're looking at different options check out www.59hawthorne.com. You could get a 1bedroom+ for less than 400k and for 3.5% down, you'd be straining less to come out of pocket with funds.... more
If you question is are there limits on new construction on a residential property the answer is no. I you wold like a rate quote contact me anytime and I will put you in touch with a reputable Mortgage Banker without obligation!... more
Not necessarily. A loan has many components to it. APR only tells you the affective rate after accounting for all fees and points associated with a loan. It doesn't tell you how they break down. You can have two loans with different rates, MI amounts, and fee structures and they could have the same APR. It is best to compare GFEs or Good Faith Estimates as that gives you the full make up of the loan. This will enable you to better compare apples to apples. If done in conjunction with a good lender and/or real estate professional you could get something really great depending on your needs, goals, tax deduction requirements, etc. If you would like some recommendations, just let me know and I'll provide you with a list of the best I know.... more
You can buy a co-op with a mortgage--however, do keep in mind--just because you may qualify for a mortgage does not necessarily mean you will qualify Board financial requirements--requirements do vary from complex to complex--look into required downpayment for the unit, debt to income ration, salary, etc. Your agent can best guide you as to Board requirements by complex.... more
If purchasing a co-op, do utilize an agent of your own--the seller pays commission unless you have an agreement with your agent stating otherwise--each complex is different as to what exactly is included in your maintenance monthly bill and financial requirements as well--most do include heating, not all include gas/electric, etc., don't rely solely on internet information.... more
Consider visiting with any qualified loan officer(s) first--see what he/she recommends--much will depend on your overall finances--can you make the purchase without her income--your loan officer will best advise.... more
A mortgage broker represents a portfolio of lenders while a single bank only represents their individual loan programs. The better deal depends on the terms of the bank's mortgage program versus the best terms that the mortgage broker has available. Usually you can find a better deal through a mortgage broker just because they represent an entire portfolio of lenders, but the only way to tell for sure is to compare the terms of both of their offerings and see which program is the better deal.... more
You can start by visiting with any qualified loan officer(s) first; see if you qualify, see exactly what your budget can handle, and have your credit score checked--their scoring is often different--your loan officer can best advise as to the mortgage product that will most suit your needs. Currently FHA loans do require a minimum credit score of 620 and 3.5% down.... more