shong

I'm a:	Real Estate Professional
Location:	New York

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shong's Answers (19)

So im lookin at a place that is 1M. I have the 10% down or 100K. It is a 4 family and im going to occupy 1

Asked Tue May 13 2008, 16:17 by BreTT - New York - Home Buying - 5 answers

shong answered:

I dont think there is a single lender out there willing to lend 90% on a 4 family. If you find one, please let me know. You will need 20% down. - Yesterday, 20:21

does the bank take rental income into consideration when your purchasing a owner occupied multi-family?

Asked Mon May 12 2008, 14:41 by BreTT - New York - Financing - 7 answers

shong answered:

Yes, they consider 75% of your gross rental income sunny_hong@countrywide.com - Yesterday, 20:18

looking to buy a new condo 2br2ba @ 40 west 116th str in harlem.Its a green building with doorman , garage ,

Asked Fri May 2 2008, 22:32 by Ivan M. - New York - Home Buying - 1 answer

shong answered:

I always say its good to buy if you plan on buying for purposes of living there and you can afford it. If its for investment purposes then you have to think twice, maybe 3 times. Is it an offer you cant refuse? sunny_hong@countrywide.com - Fri May 2 2008, 23:51

Information on benefits and pitfalls of buying an HDFC co-op in Harlem?

Asked Fri Apr 25 2008, 06:06 by Phyllis Scha… - 10026 - Home Buying - 3 answers

shong answered:

HDFC is for low to moderate income buyers. I believe your income cannot exceed a certain amount to quaify. You should check the coops (2006 and 2007) financials to see their stability. sunny_hong@countrywide.com - Tue Apr 29 2008, 21:15

Is there a stamp tax the buyer g=has to pay when buying a house?

Asked Tue Apr 29 2008, 20:16 by Edward - New York - Home Buying - 3 answers

shong answered:

To clarify, I was referring to NYC purchases only. - Tue Apr 29 2008, 21:04

Not sure about stamp tax but there is mortgage tax of 1.8% up to 500k and 1.925% above 500k. If its a new development, sometimes buyers are required to pay the transfer taxes as well. And mansion tax is the purchase price is above 1M. sunny_hong@countrywide.com - Tue Apr 29 2008, 20:50

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