They will refere you to the agents manager within the company that the agent is licensed with.
Good Luck!
Kathryn Lilly, Broker
Realty on the Greene, LLC
718-858-7600
Well, the first thing you need to do is meet with a Loan Officer and become pre-approved. Before you begin your search for a house, it's important that you know exactly what you can afford, what the payments are like, etc. You pretty much want to have the financing all set so that when you find a property, you're ready to go.
A Loan Officer would need to review your 2 most recent income tax returns, recent pay stubs, recent bank statements and credit. This assures that the Loan Officer got to review some of the most critical things that determine if you're qualified or not.
If you're interested, I'm always available to meet with you and help you become pre-approved and address all your options and questions, at no cost to you.
Javier Meneses
NMLS #23130
Senior Loan Officer
Sterling National Bank
jmeneses@snb.com... more
Good morning gorkmonkey,
It's all about monthly payment and market rentals. Since you have a potentially large down payment, you can set your monthly payment to a level where, once you factor in the market rental for the second unit, you'll achieve your goal of breaking even.
You have mentioned several neighborhoods in your post/question.
What I'd recommend you do is determine both pricing ranges for 2FAM homes in those neighborhoods AND market rentals.
Armed with this information, when you meet with your Mortgage Banker to get Prequalified, you can do a thorough analysis to compare your total monthly mortgage expense (including Principal & Interest, Taxes, Insurance and Mortgage Insurance if required) with the potential rental in any given neighborhood.
By the way, I advise that you take the conservative approach. Qualify your mortgage payment at a rate slightly higher than market, this way you can take your time shopping, and you're prepared in case interest rates go up. Use a lower rental number than what your market research has told you.
Since your goal is to break even on your housing expense, you should use that to guide you in selecting the neighborhood. In other words, while you favor Greenpoint, when you analzye the numbers you may find that Sunset Park is more in line with achieving your goal. Don't get off track; Buyers often stray from their original intent once they've been Prequalified. Your goal is smart and an admirable one---not to mention financially prudent. Adhere to that goal with accurate information from your Mortgage Banker and an understanding of your market rentals.
Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528
If you thought my answer was helpful, please give me a "Thumbs Up." Thanks!... more
Dear Ronald:
If you subtract the monthly maintenance, monthly real estate taxes and monthly homeowner's insurance from the $1500 you mentioned, then divide the result by $4.59. This is the factor that is used on a 30 year fixed mortgage at 3.5%. As an example, if the maintenance, real estate taxes and homeowner's insurance cost $700.00 per month, $1500 - $700 = $800, $800 divided by $4.49 = $178.17, hence you would be able to borrow $178,170 and still be within your budget in this example. Keep in mind that the maintenance. real estate taxes and insurance will vary from unit to unit. Also, the interest rate of 3.5% is today's prevailing rate for a qualified buyer, you need to qualify yourself with a bank top see if the rate you can receive is the same, higher or lower than that.
When you purchase you are best off putting 20% down. In the above example 20% would be about $45,000. Hence you would be able to purchase for a total purchase price of about $220,000.
If you are not looking to buy for another year or so, you should hold off looking for now. I say this because we do not know what the market will be like a year from now, it may be very different, also we do not know where interest rates on mortgages will be in a year from now. Given this there can be a dramatic change over the course of the next year.
If you need further assistance, or want to discuss all this further, contact me direct. Good luck!!
Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com... more
It's going to depend on your financials. Everyone below is right, you should meet face-to-face with a loan officer so they can review your credit, financials & assets and pre-approve you. I can tell you kow that if you're looking for $0 down payment, this means you'll have to apply for down payment and/closing cost assistance. They are available and have their own qualification requirements. If you have questions, feel free to contact me.
Javier Meneses
NMLS #23130
Senior Loan Officer
Sterling National Bank
jmeneses@snb.com... more
Sammy, if you plan on buying a 3 family house, you might qualify for one. I don't think it'll be for $1 million though. It's very important for you to meet face-to-face with a Loan Officer and let him/her go over your financials (2 years tax returns, recent pay stubs & assets) and credit. This is the only way you'll know for sure how much you'll qualify for.
It sounds like you want to become a homeowner but doing so by buying into a good investment. I totally get it. If you're interested, we can talk some more an see if we set a meeting so I can help you figure out what you approve for.
Javier Meneses
NMLS #23130
Senior Loan Officer
Sterling National Bank
jmeneses@snb.com
(516) 607-9648... more
It's really about which loan program best fits you. If you are very limited with money you can use towards down payment and/or closing costs, maybe FHA is the way to go. If you have a high enough credit score, and can come up with a 5% down payment and have some additional money for at least part of your closing costs, maybe you'll be better for for a Conventional loan, which almost always results in a lower monthly payment.
The best thing to do is to allow a Loan Officer to review your credit and financial documents. This is the best way any Loan Officer can advise you of your options.
If you're in need of someone, feel free to contact me. Good luck!
Javier Meneses
NMLS #23130
Senior Loan Officer
Sterling National Bank
jmeneses@snb.com... more
Call Gerald 917-207-8404. I have many apartments available suitable for any taste so feel free to chat or just drip by my office, 1481 Flatbush Ave @ Glenwood Road!
GOOD MORNING, YOU WOULD NEED TO BE PRE-QUALIFIED SO WE CAN SEE WITH YOUR CREDIT WHAT YOU ARE ELIGIBLE FOR.
GIVE US A CALL IF INTERESTED IN US HELPING YOU FURTHER,
TATIANA DAVIS
DAVIS & ASSOCIATES REALTY
718-805-2400... more
Since rent to own properties may not be listed as such, consider working with an agent of your own. Keep in mind that rent to own can be risky and one could stand to lose a bit of money, therefore do inform yourself well, and consider consulting with an attorney who specializes in real estate beforehand. If you haven't done so yet, visit with any licensed loan officer, see if you can buy outright...... more
All the answers are great, I live close to the property that you are inquiring about. I usually ask these type of question when I visit locations that I don't know of, in those cases. I usually visit http://www.bestparking.com/ to get an overview. You might want to do that also. They also have a mobile app which comes in very handy. Gives you best rates also for Metro areas.... more
I am a Mortgage Loan Officer with PNC Mortgage. If you finance your loan with PNC Mortgage you do not have to Escrow for Insurance or Real Estate Taxes regardless of how much you put down. You need to provide the Insurance for the property. Call me if you have any questions.
Thanks and Good Luck!
Christopher Miceli
Mortgage Loan Officer
(646)-623-2492
PNC Mortgage... more
Yes. But that's something totally different from an FHA loan. If you want some info, take a look at the link here. You can also email me with any questions. There are several things that you want to look out for. SONYMA has their own income requirements and also have requirements for their grants, even for after you close.... more
Unless you're buying cash, the 1st thing you need to do is meet with a Loan Officer and see what you qualify for, then a Realtor can help you locate the right property. Good luck!
Javier Meneses
NMLS #23130
Senior Loan Officer
Sterling National Bank
jmeneses@snb.com... more
Hello I specialize in selling co-ops in Old Basin for the last 7 seven years now. The reason the co-ops sell often because Kings Village Cooperative has five buildings which is a total of 785 units, so people are always moving in, moving out, downsizing and upgrading to larger units so there's always activity.
If you need an experienced broker that knows all the ins and outs for buying and selling co-ops just give me a call.... more
Hello. Buying a home is a very important decision that must be well thought thru. When I work with my buyers and sellers my aim is to establish a genuine business relatinship. You would be surprised to know many realtors really don't mind splitting commissions and are more or less satisfied with fulfilling a job well done!
Feel free to call me directly@ 3474691272
I would be happy to assist you in your search
Roxanne Robinson
Fillmore Real estate
75 Lafayette Ave
Brooklyn, Ny 11217... more