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Financing in New York : Real Estate Advice

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  • Home Buying1K
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Activity 269
Fri Oct 20, 2017
Jameshaken21 asked:
Sat Oct 7, 2017
Schul47 answered:
I am going through the same thing. But I live in Michigan. I have never experienced anything like this in my life. We are going on 3 months went from a 15 yr to a 30 yr interest rates went from 3.875% to 4.875% They have copies of 4 of my paycheck stubs and ask me to write out a letter explaining my bank deposits. This is not normal. I am sure I am not the only one that has been or is going through something like this. I have seen many complaints similar to mine on the net. How can a consumer protect themselves from banks that conduct business this way ? I could write on and on but this space is only so big. Any help would be greatly apprciated. ... more
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Fri Oct 6, 2017
dovedowns asked:
monthly payments? I plan to make one annual payment towards each (tax and insurance) per year? I'm thinking in doing so, I can lower my monthly mortgage payment, increase my down payment…
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Fri Jun 16, 2017
Brian Martucci answered:
At 4.375% you have $2,116.97 monthly payments x 120 payments = $254,036 paid out over 10 years - $6,500 credit = $247,536 total cost over 10 years.

At 4.00% you have $2,024.24 monthly payments x 120 payments = $242,908 paid out over 10 years + $1,500 cost = $244,408 total cost over 10 years.

If you're sure you're going to be there for 10 years take a lower interest-rate.

However, these are numbers that your lender should have already gone over with you. And quite frankly these rates don't sound like they are the most competitive. If you want to check and see if I can get you lower terms, and if you want to work with a lender that is more thorough and transparent and educational, contact me for more.
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Wed Apr 12, 2017
Ran Chen asked:
Thu Apr 6, 2017
Kathy Burgreen answered:
The Property Management company for your building is required to give every shareholder (homeowner) a letter or 1099 itemizing the amount you paid for property taxes for your unit only and the amount paid for maintenance. The letter / 1099 also states how much is your share for the building's property taxes and maintenance. If you did not receive your statement, contact the management company for a copy. Perhaps you received it and misplaced it? Hoping you did not throw it out.

The property taxes paid for your unit only and your portion of the building's property taxes is added together and this is the amount you itemize on Schedule A. Since tax deadline is coming up quickly, get your copy asap. In the event of a delay, next best thing is to ring the doorbell of your downstairs or upstairs neighbor on the same line and ask for their copy. They should have the same number of shares as you do.

As for the number of share you own - that is on your closing documents. You can also contact the management company and they will tell you.
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Tue Feb 21, 2017
Alo.bolton answered:
kiva is an international nonprofit,
founded in 2005 and based globally, with a mission to connect people through lending to alleviate poverty. loans rate is 5.5% interest rate.


Mail communication at (kivacorp @ web. de)

Bless up..
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Fri Dec 23, 2016
Taino75 answered:
Everyonehas a an opinon but no definite answer here. Why are you chiming in if you have no clue.
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Sat Oct 29, 2016
Caryn Dinetz answered:
I desperately need a loan for $8000 I need to pay my apartment by Monday or I will be evicted from my apartment. I have a goo job and make good money but won't get paid for 3,weeks my credit is bad due to identity theft which I'm trying to clear up with legal help. Please I need a loan short term I can pay it back in 3 Months. Who can help me? ... more
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Fri Oct 21, 2016
Nubia Ashley asked:
Has anyone from the NYC area ever worked with the Naca program? If so what was your experience? And how does it take to get approved?
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Thu Oct 20, 2016
Emma asked:
Though life insurance plays a vital role in terms of personal finance, many of us either fail to buy enough of it to cover up all requirement or land up purchasing the wrong term for the…
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Thu Sep 1, 2016
Kathy Burgreen answered:
Unfortunately you will need more like 20% down in New York City. Outside of the NYC area, buyers can put 10% down and purchase a condo. However, within the NYC area, realtors and sellers know it's a strong market and sellers will wait for a buyer with a higher down payment.

In the NYC area buyers need to sacrifice and end up buying something much cheaper so they have the required down payment. You will need to buy a condo for $900K instead of $1M. Another option is to buy a condo in the suburbs. You can easily buy a beautiful condo for $700,000. and only put 10% down.
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Thu Aug 25, 2016
Hbrittain answered:
I rented my current apt thought Rentberry. I submitted my personal info, background check and credit report, I even signed a rental agreement via it's service. So I did't need to meet my landlord until he gave me the keys. ... more
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Thu Jul 28, 2016
Kathy Burgreen answered:
Co-op units are not real estate and don't qualify for FHA loans or refinancing. When buying a co-op you're buying shares of a limited housing stock that gives you an owners lease to occupy your unit. In theory it's between a rental & a condo. Interest rates are a little higher than for condos & houses because the loan you're getting is not to purchase real estate directly. Lenders are taking a risk and to reduce their risk, they will charge you a higher interest rate.

Just curious, how high was your rate? Perhaps a major reason was your credit score.
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Sat Jun 25, 2016
Missteisha120 asked:
Looking for a loan for Down payment for a home
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Fri Jun 10, 2016
Kristin Fehr answered:
So I am a W-2 IT contractor and there's a pretty bi distinction if you are a 1099 or a W-2. If you are a 1099 there's not way around it, you are going to need 2--3 years of earnings information and they are going to base your ability to pay off the least lucrative year in those last 2-3 (i.e. when you took your sabbatical.)

However, if you are on a W-2 just say that it's a W-2, never mention the word contract because to everyone else in this country that means 1099 and just make sure that your contract does not end before you close! (If it's a contract for an indefinite period of time, you are golden.) I would probably recommend saying something to the effect of "I work for X company, but I work on location for our client, Y company" and leave it at that.
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Fri Jun 10, 2016
Jennifer asked:
The sponsor selling the co-op apartment already owns 49% of the apartments in that building so I am having trouble finding a bank that will finance it. Can anyone give me advice on what…
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Fri Jun 10, 2016
Mitchell Hall answered:
No coop HDFC or ordinary coop is FHA approved. FHA loans have regulations that coops do not meet. Coops (cooperative housing corporations) have restrictive covenants, such as board approval, flip taxes, and minimum down payment requirements therefore they are not eligible for FHA loans.

Citibank, Chase, BofA, Sterling National Bank and Lower East Side People's Credit Union will provide financing for HDFC coops.
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