Financing in 11217 : Questions & Answers

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Tony McMahon, Real Estate Pro in 20601
Tony McMahon answered:
co-op is already listed on mls. but not much traffic coming to see it & realtor said it is a very slow market.
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 ... more
0 votes Share Flag Thu Jul 21, 2011 Financing in Brooklyn
Maria Morton, Real Estate Pro in 64113
Maria Morton answered:
Can you refinance on a co-op? Is it as easy as refinancing a condo or home?
Refinancing will be done through your lender. I wouldn't call it easy but it can be done.
0 votes Share Flag Sat Jan 19, 2013 Financing in Brooklyn
Julie Thum, Real Estate Pro in 11209
Julie Thum answered:
Where can a construction loan be secured for renovating a 6 family ower occupied home in Park Slope Brooklyn. New York?
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 t ... more
0 votes Share Flag Mon Mar 28, 2011 Financing in Park Slope
First Last, Other/Just Looking in 90002
First Last answered:
How do I finance a condo given the pre-sold regulations?
What does your lender say? By now you should have a pre approval letter from a lender and somebody there to talk to. If you don't have that, then you've got the cart before th ... more
0 votes Share Flag Fri Mar 18, 2011 Financing in Brooklyn
Robbie Vaughn…, Real Estate Pro in Nassau, NY
Robbie Vaughn, Esq. answered:
Is there a loan agent that I can borrow the money needed to purchase a condo and provide payment to that loan agent later on?
Research "Hard Money" lenders. Good luck.
0 votes Share Flag Mon Mar 14, 2011 Financing in Brooklyn
Anna Brocco, Real Estate Pro in Nassau County, NY
Anna Brocco answered:
Where do I put my coop amortization tax deduction from form 1098 in my tax return?
When it comes to any tax related questions, it's in your best interest to consult with a tax professional...
0 votes Share Flag Sun Mar 6, 2011 Financing in 11218
Jack Menashe, Real Estate Pro in Brooklyn, NY
Jack Menashe answered:
I'm currently looking to buy a home. I'm trying to figure out the maximum percentage of my NET income that should cover my mortgage and
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 ... more
0 votes Share Flag Sat Feb 12, 2011 Financing in Brooklyn
Augustus Moy, Real Estate Pro in Brooklyn, NY
Augustus Moy answered:
Hi, I was just looking at a Brooklyn condo for $395, 000. The down payt. is $79k. Am I supposed to come up with this in cash?
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.
... more
0 votes Share Flag Fri Feb 11, 2011 Financing in Brooklyn
Voices Member,  in
Voices Member answered:
Is anyone lending for new construction in Brooklyn that is 30% in contract, 35%down,800 credit score? If so what % interest and how many points?
Your asking a plumber what the TV repair man charges...Your best bet is to go to your local bank and talk to the loan specialist.
0 votes Share Flag Thu Jul 21, 2011 Financing in 11226
Charles D'Al…, Real Estate Pro in 11210
Charles D'Alessandro answered:
Anyone lending to new construction in Brooklyn,NYwith 30% in contract-putting 35%down, 800 credit,with no PMI?If so,what is the estimated rate?points?
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 re ... more
0 votes Share Flag Sun Dec 26, 2010 Financing in 11230
Ian A. Wolf,…, Real Estate Pro in Morristown, NJ
Ian A. Wolf, ABR SFR answered:
is comparing APR a good way to determine which mortgage to go with ?
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 th ... more
0 votes Share Flag Thu Sep 9, 2010 Financing in 11211
Anna Brocco, Real Estate Pro in Nassau County, NY
Anna Brocco answered:
Can one borrow money to finance all Coop apartments or are there some restrictions?
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--requi ... more
0 votes Share Flag Fri Aug 27, 2010 Financing in Brooklyn
Anna Brocco, Real Estate Pro in Nassau County, NY
Anna Brocco answered:
Wanting to buy a Coop in Brooklyn. What is included in the monthly charges - taxes?
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 e ... more
0 votes Share Flag Fri Aug 27, 2010 Financing in Brooklyn
Shai Megiddo, Real Estate Pro in Queens, NY
Shai Megiddo answered:
Just graduated law school and starting work 2011. Want to buy a Brooklyn Coop now. Good credit, 20 % down OK, Can I get a loan?
you will need 2 pay stubs in the new job, as well as a proof of you attending school (diploma, school transcripts etc...).

Unfortunately, nothing can be done until you have 2 paystub ... more
0 votes Share Flag Fri Sep 3, 2010 Financing in Brooklyn
Jim McCowan…, Real Estate Pro in Arlington, VA
Jim McCowan (703) 395-0166 answered:
I'm looking to refinance my condo at 70Washington in Brooklyn. How can I determine if the bldg. is eligble. for FHA refi.
You can use the HUD website. Here's the web address:
https://entp.hud.gov/idapp/html/condlook.cfm
0 votes Share Flag Sat Aug 21, 2010 Financing in 11201
Charles D'Al…, Real Estate Pro in 11210
Charles D'Alessandro answered:
I'm looking to refinance my condo at 70Washington in Brooklyn. How can I determine if the bldg. is eligble. for FHA refi.
If you contact a Mortgage professional her or she will help you with that.
0 votes Share Flag Thu Nov 7, 2013 Financing in 11201
Jack Menashe, Real Estate Pro in Brooklyn, NY
Jack Menashe answered:
Would my mother get approved for a mortgage loan?
Talk to Larry!
laboudi@gficap.com
718-339-5700 x-103
0 votes Share Flag Sun Aug 22, 2010 Financing in Brooklyn
Anna Brocco, Real Estate Pro in Nassau County, NY
Anna Brocco answered:
Co-sign or not co-sign?
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 loa ... more
0 votes Share Flag Wed Jul 28, 2010 Financing in Brooklyn
Chris Lefebv…, Real Estate Pro in Methuen, MA
Chris Lefebvre answered:
How much money could i save if any if i use a mortgage bank instead of a mortgage broker at closing?
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 ... more
0 votes Share Flag Wed Jun 30, 2010 Financing in East Flatbush
Anna Brocco, Real Estate Pro in Nassau County, NY
Anna Brocco answered:
I want to purchase a 2 family home in Brooklyn as an investment property, the cost is 400K.
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 oft ... more
0 votes Share Flag Sun Jun 6, 2010 Financing in Brooklyn
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