The 3.5% is you downpayment not your closing cost did your Loan Officer not go over this with you? If not find a different LO as he/she does not know FHA.
BUYING A HOME
Start the process right 1st by talking to a Licensed Mortgage Professional to determine who much home you can afford and whether you are credit wordy and is there an ability to repay the loan.
The Mortgage Professional will give you a conditional approval letter to take to the realtor.
Once the realtor has found your home you should get it inspected to determine if it’s structurally safe (have the realtor recommend one locally) and be sure to ask your realtor to negotiate a home warranty paid by the seller.
Now is the time to determine and negotiate you rate and terms with the Loan Officer who is responsible to order an appraisal that you will be responsible to pay for prior to the arrival of the appraiser.
You’re Mortgage Professional / Loan Officer will be responsible to guide you the rest of the process and should not take more than 30 days.
DURING THIS PERIOD DO NOT TAKE ON ANY ADDITIONAL DEBT UNTIL THE LOAN IS CLOSED AS YOU WILL BE DENIED THE LOAN.
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Bank of England is partners with every major investor on Wall Street; allowing us to provide the best rates and terms on all mortgages.
We are approved by the Better Business Bureau and Bank of England /ENG Lending is the only mortgage bank among its competitors that is owned by a FDIC insured bank and did not need government bailout to remain solvent.
Bank of England loan officers don't simply facilitate the loan process; they act as "financial advisors," helping clients assess their finances on a larger scale. Whether you're self-employed and need a low-doc mortgage loan, or you're searching for the best rates on a jumbo home loan, your loan officer is here to find your perfect solution.
Get the facts about home mortgages from the experts at ENG Lending. Learn about different types of home mortgage loans and what to expect during the mortgage application process. Plus, find information about the current mortgage market and which mortgage myths you should never believe.
Let ENG's experienced Mortgage Bankers help you find a solution for your financial needs. My name is Lowell contact me at (972) 646-2411 so we can discuss your situation in private. Benefit from my 21 years of experience answering the most common mortgage questions.
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I am a Buyers Agent in Dix Hills - I have worked with buyers in Massapequa Park. I recommend that you take a look at Listingbook. This will help you navigate the market at your convience and it will give you up to the date information on properties you are interested in. My buyers love it because they search for what they like and correspond with me through e-mail. I am able to assist you during your search by accessing your "favorite list" - it is an amazing site to help you with your search. When I schedule a showing for you to view the homes you have selected you are represented by me as a Buyers Agent - I work for you. Here is the Listingbook Site - www.tinalouise.listingbook.com - Please don't hesitate to call (516)429-3488 or e-mail email@example.com me with any questions you may have.
Tina L. Vespoli
Prudential Douglas Elliman... more
Liz: So what if someone laughs at your offer? So what?
What I might try to do is find out why the board turned down the 3 previous applicants. Then, if you're able to, make your offer as strong as possible--so that the owner will have a sense that your offer might be accepted by the board. The stronger that element is, the lower your offer to the owner can be.
I can't give you a magic number. I don't know what other units have been going for, or anything else. The hold-up at this point sounds like it's the co-op board, not the owner. If that's the case, consider making an offer for what the person owes on the unit (or what the person owes plus, say, 8% to cover real estate agent fees and other miscellaneous expenses).
Good luck.... more