Not really. I work with mostly first time home-buyers. Today it's all Conventional & FHA loans. For the most part, you can get into a house with as little as 3.5% down payment with an FHA loan, or 5% with a Conventional loan. If you are looking to purchase a co-op, for example, you are subject to the co-op board's minimum down payment requirements, which can be 20%. If you're looking to buy a single family property in East Islip, or somewhere else in Suffolk or Nassau, you'd have the option of putting as little as 3.5% (this doesn't mean it's your best option).
The right and most efficient way to approach this is to meet face-to-face with a licensed & experienced Loan Officer. You guys can talk about what and where it is you're looking to buy, and go over your credit, 2010 & 2011 tax returns, recent pay stubs & bank statements. This will allow him/her to not only give you a full explanation on the loan programs that are available to you, but which one fits you best and why. This is the only way you will find out what you qualify for, and if there is something that prevents you from qualifying, you'll learn what you can do about it, if anything.
If you do not know a Loan Officer, I would be happy to set a time we can meet at my office in Woodbury. Good luck!
Senior Loan Officer
Sterling National Bank
(516) 606-9648... more
Please discuss with your atty. However the seller can stay in the house after the closing and pay the rent (agreed by both parties) to the buyer (new owner), atty will hold the money in the escrow account until the final walkthru and possesion is comes out ok. Good Luck..... more
If you can get owners title insurance that covers this issue, than i would close. if the owners title insurance wont cover it, then you need to seek the advise of a real estate attorney who can explain to you the spoecific law for NY that may or may not affect the title and future ability to sell. good luck with working things out... more
Are you working with a buyer's agent? If so, that agent should be able to point you in the right direction about recent area sales and trends. If you're working with an agent that's working for the seller, you may want to consider getting a buyer's agent. I would be happy to assist you or just answer any questions you may have. I work in the area.
Certified Buyer Representative
Century 21 Princeton Properties
I'm not going to comment on this particular lot, but as a general comment, I think you'll find that you need to leave at least one wall of the original house standing for any future permit application to qualify as a renovation, otherwise it's treated as new construction, which is more costly and involved. Second, the cost of removing debris from the demolition may outweigh the benefits of reduced taxes. Third, if only 40% of houses in the immediate area are approved, the odds are that you are likely to be in the 60% who are not approved. Nice try, but does it make sense?... more
Jim...are you going to live there? Which one is more convenient for work...which one has the neighborhood you feel more comfortable in? Which one has the school district you prefer?
No one can make these decisions for you... I have a feeling you are asking which is a better community and that is something that Realtors cannot comment upon by law.
I can refer you to www.GailGladstone.com where you can click on school or community information and make some comparisons and a decision. REmember, this is of course an investment, but you are purchasing a home...you need to be happy.... more