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Home Buying in 11355 : Real Estate Advice

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  • Local Info0
  • Home Buying13
  • Home Selling1
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Activity 11
Thu Apr 17, 2014
Jermaine Hydol answered:
Hi Miles Robert i'm a Realtor in New York city metro area, i was once introduced to a program called NACA it provides no down payment / no closing cost and below market interest rates. i think you should visit there website for more info and also to find a NACA agent. i'm not a NACA expert nor have i ever done a NACA deal but i heard about it from another source. ... more
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Sun May 12, 2013
Aryeh answered:
Kew Gardens Hills has a VERY strong rental market for apartments and small houses!
0 votes 5 answers Share Flag
Thu Jan 31, 2013
Ron Thomas answered:
It is possibly possible to buy some of the services, and not others:
Title Insurance covers the errors and mistakes that could possibly be made; a missed Lien, eyc.
Title Search looks for a clear Title for you.
GFE is the Good Faith Estimate; which deliniates the fees and charges which the Buyer and Seller will have to pay.
Why didn't you ask this question of your TITLE COMPANY?
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Sun Jun 24, 2012
Fauzzie answered:

Flushing, NY is just a few minutes drive away from Westbury, NY.

Do have a look at what I have to offer:

For the price at $288,000, the unit is a steal. It just across the LIRR. 24 hrs security and 24hrs concierge. Many interesting places around the area. Residents and tenants in that building are mostly professionals or retiree. Very pleasant.

Do email me at should you have any questions.

... more
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Tue Jun 19, 2012
John Olivero answered:
Hum? Did you ask them straight up... Do you have available loan programs that offer low down payments, such as 3-5%?

While I recommend looking around to find best loan you for you you'll need to know that you are comparing apples to apples. So come right out and ask. If you ask and still do not get an answer maybe that is a sign of how that relation will be. There are many options for you and you should be sure you feel comfortable and informed.

So you know, even in the current market conditions there are loan programs offering low down payments such as 3-5 % down.

In regard to what the loan officer said about knowing your credit in order to quote a program and rate. This is true as loans programs are mostly credit and income driven. This being said you should expect to find a loan officer willing to explain to you in advance the different options they have access to once they tell you that what they can offer you in the end will be determined mostly by your income and credit scores.

Best for luck to you.
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Wed Jun 29, 2011
I agree with Ron, if $150k is your total amount of funds to take care of an investment property with, don't put all of your money into the property as a down payment initially. You can always make additional prepayments along the way.

So you have the down payment, but the other parts of qualifying is if your debt-to-income ratio qualifies, which is the ratio of your total monthly payments (existing mortgage, credit card debt) vs. your gross monthly income. For investment properties you'll want to keep that ratio to 45% or below for your best chances of approval. Your credit score doesn't need to be perfect, but as investment properties are higher risk you'll also want to make sure your credit is in as good of shape as possible, I am sure after you pay off half of your credit card debt you should see an increase in your scores (depending on how much debt, and your current utilization % on each card, it could be a big increase or small increase) but you may be OK qualifying without paying half/any of it down (OK debt ratio wise, and OK credit wise).

My recommendation is that the condos you should be looking at should be warrantable, meaning meeting Fannie Mae & Freddie Mac's financing guidelines, as it'll be a LOT easier to get mortgage financing than if they do not meet the guidelines. Examples of condo developments that would not meet guidelines are if they:

1. Have more than 15% of their dues at least one month delinquent
2. Are in a situation where the HOA/developer is part of litigation (minor matters can be acceptable)
3. Were a hotel/motel conversion
4. Have 20% or more of the total space is used for nonresidential purposes
5. Have one "entity" (person, company, developer, etc.) who owns more than 10% of the units in the project
6. Have timeshare or condo-tel/vacation ownership

I'd be happy to help if you still need it.
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Tue May 31, 2011
Ray Aguilar answered:
We specialize in helping foreign investors to buy and sell properties in NYC. We can also help you to find a real estate lawyer possibly that can speak your language so that you'll be comfortable to discuss a safe way of investing.

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Wed May 11, 2011 answered:
Sun Aug 29, 2010
Aaron Schreiner answered:
Check with privately owned banks and credit unions. Sometimes they have more flexibility.
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Sun Jun 21, 2009
Anna M Brocco answered:
Visit any qualified loan officer first, see what mortgages are available for whatever type of property you are looking for and take it from there.

917-576-5376 ... more
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