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13090 : Real Estate Advice

  • All8
  • Local Info1
  • Home Buying5
  • Home Selling0
  • Market Conditions0

Activity 6
Wed Dec 14, 2016
Marie Holloway asked:
You have homes on your site in 'FORECLOSURE' that are not and never were! Please correct your site for accuracy. ie: 119 Woodspath, Liverpool NY. It's embarrassing to contact…
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Wed Nov 23, 2016
Kathy Burgreen answered:
Yes it's true. You need to understand that lenders treat investment properties differently than residential properties. For all residential mortgage loans, there is a clause in the documents that states the buyer will move into the home within 60 days after closing. If the buyer fails to do this, the lender will take legal action. Because of this clause, lenders provide low down payment options and low interest rates and fees.
For all investment mortgage loans, lenders know that if anything happens to you in the future (job loss, divorce, death, medical situation, etc.) that you have the ability to default on paying the loan or make payments late. Since this is not your primary residence, you could also walk away. Because of this, lenders want more cash upfront - just in case. Therefore, down payment requirements are higher (20% or more, interest rates are higher and fees are higher.

If you only have 5% for a down payment, you cannot buy an investment property.
... more
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Wed Oct 28, 2015
Ha Tran asked:
I want to join IPINGLOBAL listed on the website:
http://www.nysunsky.com to list my property on that link, do you want to join, click that link.
0 votes 0 Answers Share Flag
Mon Apr 7, 2014
Lynn Cifonelli answered:
Happy to help you out. Please give me call
0 votes 8 answers Share Flag
Mon Apr 1, 2013
Davidbaron answered:
First talk to a lender to find out if you will qualify for a loan.If you can put the home in your name you should look into a 203k loan that will allow repairs to be included in the loan. If you cannot qualify then I would ask your father to re-finance the home and make the improvements in his name. Feel free to contact me with any further questions. ... more
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Wed Jul 22, 2009
Robert F. Krazmien answered:
Talk with your lender about a possible refinance in you and your wife's name. The lender, should also be able to give you suggestions on how to clean up your credit.
0 votes 1 answer Share Flag
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