My first question is, have you reviewed your financial situation and decided on the probable locations in your affordability range. Also, will your children be attending pvt or public schools? You may contact me by clicking on my picture, Ill try to answer your questions in a more private fashion... more
Inwood is a great neighborhood to invest in. I have plenty of available homes for sale. If you are still looking I would be happy to pass those listings along to you! My email is email@example.com
Hi Mel, I may be able to assist you. My bank lends up to 50% LTV on most any condo or coop, investor or owner occupied. The exceptions could be unresolved litigation against the building or habitability issues with the unit for example. Foreign nationals are eligible. Credit must be excellent, be it domestic or foreign and liquid reserves of up to 1 year of all monthly liabilities including the new mortgage and maintenance is required. Down payment must be documented but there is flexibility on the source. Income can be domestic or foreign and must be verified. It can be documented using non traditional methods but must clearly be ongoing and make sense. Minimum loan size is $300,000 for this program. Terms are 5/1 arm and up with the 5/1 arm rate starting about 1-2% over the conforming fannie Mae fixed 30. Expect to pay 2 discount points to obtain the loan. If these terms work for you, call me to discuss your eligibility.
Private Mortgage Banker
Cross River Bank
NMLSR ID # 173221
NATIONWIDE DIRECT LENDER
Residential: 1-4 Unit, Condo & Coops - Conventional, FHA & Jumbo
Commercial: Apt-Ofc Bldgs, Strips, Construction, SBA & Portfolio Loans
APPLY NOW at WWW.CRBLOANS.COM/JPISA... more
Begs the question... Why have loan limits at all? :) We may as well wrap in VA loans into the discussion. Even though in regards to timing - now would be THE time for the government to consider raising federally backed mortgage limits since they are in the process of buying 40 billion a month from FNMA and Freddie Mac - so it's safe to say US Government is now officially in Mortgage Business, and making more money available for lending purposes should theoretically help the housing market. So the question we really should be asking is - What are the reasons that they CAN't raise the limits, and not if they should. If FHA guidelines are based on average household income and average sale prices, then my guess is that they will first have to come with grips that the prices ARE rising and that people ARE making more money these days - Which may very well not be the case in most places where FHA lending is popular.... more
I moved to Inwood from Chelsea in my mid thirties....I can tell u some great Brokers who I have used.....I would live nowhere else in the city....I am selling my own 1 BR and if u are interested I can show it to you, but also answer lots of questions about the area, the market trend ( I own another in Hudson Heights) and get you in touch with great brokers.....give me a call 646 824 9550 or contact me at firstname.lastname@example.org... more
The price is acceptable for the area, my question is if you're flexible with the location it would be great to see what other listings are on the market. I like Inwood, The Heights etc...nonetheless I'd be happy to assist if you need further information, best of luck.
Licensed Real Estate Salesperson
Charles Rutenberg Realty... more
For an "A" rated borrower (FICO above 740 generally), I saw 4.38% wholesale rates for conforming 30-yr par loans (i.e., no points and 20% down and 60 day rate lock) last week in NYC metro. The retail mark up has been about 0.50% to the rate (i.e., 4.88%). The cost of a 90 day rate lock was about 0.5 pts extra upfront. If FICO was above 700 but below 740, it would have cost an extra 0.25% in wholesale rate above that for "A". If you were pushing 620 FICO, then the additional wholesale rate would have been 0.75% above that for "A".
Keep in mind that mortgage brokers do not work in your best interest (and neither do loan officers). They often try to get you to take a higher rate because the lender will pay points to "you" for taking a higher rate (called a rebate). Often times, the broker/officer does not share those rebates with you and instead pockets them himself. The rebates are often times capped at 3% of the mortgage ($12K on a $400K mortgage!!!). That's in addition to any points he may be charging you upfront for his services.
If you are working with a broker, ask him to share with you his wholesale price sheet. If he won't, he's likely trying to rip you off. As middleman, he should make some money on the transaction but he shouldn't be afraid to show you how much!... more
Your agent will get paid, its your JOB to ask him or her to get you all the facts. This is one of your most expensive investments that you will ever commit to, there is not embarrasing about asking your agent to do the work that they should. First of, have your agent to check all the Comparables in the area or building and surrounding buildings. Make sure you know everything that sold in the past three to six months with your specs, 1 Bedroom, similar building or same, square footage, condition. Have your broker check how much this Seller purchased the home for, if they can get that info, this will give you a better negotiation window. If there are 10 homes same specs that are priced at 100K less, YOU ARE OVERPAYING.
have your broker do some research before you commit to anything.... more
Recently-sold comps are best, but in a Manhattan sub-market that is moving quickly (either up or down) they're not much use. In that case, sometimes buyer comps (i.e., if I think this apartment is worth $500K, what else is listed at that price that the buyer could get for his money, and is it equivalent?) are also used.
The lender will also look at the ownership structure of the building; if all other things are equal, a bank will value a building inhabited by primary owners over a building with a lot of renters/subtenants in it.
Also, it depends on the strength of the bank. Nothing was more fun than this summer, when a troubled lender sent one of my clients into re-appraisal just because they didn't feel like making the loan. We closed (this was a Financial District co-op) but it was a white-knuckled 24 hours.
Hope that helps.
author, "Diary of a Real Estate Rookie"
Insider Real Estate Tips with a Twist of Humor: http://tinyurl.com/2ag28z... more