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Financing in Albany : Real Estate Advice

  • All167
  • Local Info14
  • Home Buying68
  • Home Selling11
  • Market Conditions8

Activity 8
Mon Nov 16, 2015
Amelia Robinette answered:
I think this depends on the terms of your 401K withdrawal. If it's treated as a loan that you repay through regular contributions, maybe it's a good plan. If you have to pay penalties for the withdrawal (as Dan points out) probably cost too much. Some 401k plans offer a one time withdrawal for a home purchase.

Your first step is to call your 401k plan administrator and find out your options.

Another thing you should look at is how buying affects your cash flow, check out this mortgage interest deduction calculator - you may be able to use this extra cash flow to pay back your 401k pretty quickly.
https://www.calcxml.com/do/hom09

Always consult a tax professional for tax advice.
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Tue Nov 12, 2013
Melanie Dumers answered:
Get capital one secured credit card with as little as $200 deposit. My credit went from 540 to 636 in just 5 months time.

I'm in a similar situation credit wise..I am the better of the two of me and my partner. I have slow credit he has none.

try that and call Homestead Funding for possible financing options in Albany, NY area.
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Wed Sep 18, 2013
barbara_shafii answered:
Reverse mortgages allow senior homeowners to borrow money by using their primary residence as collateral without having to sell their home. Unlike a regular mortgage, reverse mortgages don't require monthly principal and interest payments. Instead, the loan and accrued interest are repaid when the borrower:
Sells the home.
Permanently moves from the home.
Dies.

Until then, the borrower retains the title to the home — and the responsibility for property taxes, insurance and repairs. Over time, the borrower's equity gradually falls as interest on the loan grows — unless the house appreciates faster. Even if the equity falls to zero, borrowers can keep their homes as long as they like, and lenders have no claim on any asset other than the home itself.

http://www.reversemortgagelendersdirect.com/reverse-mortgage-calculator/
http://www.reversemortgagelendersdirect.com/reverse-mortgages-how-they-work/
http://www.reversemortgagelendersdirect.com/reverse-mortgages-pros-and-cons/
http://www.reversemortgagelendersdirect.com/reverse-mortgage-rates/
http://www.reversemortgagelendersdirect.com/reverse-mortgage-information/
http://www.reversemortgagelendersdirect.com/jumbo-reverse-mortgage/
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Mon Jul 15, 2013
Chuck Dworkin answered:
There is no single down payment percentage for all mortgages. Rather, there are numerous programs. It is worth shopping all local lenders to find the program that works best for you.
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Sat Dec 29, 2012
Terry Farnsworth answered:
Hi Eve,

If you are specifically looking for the HomePath renovation financing option - you can search all eligible homes here: http://www.homepath.com/

You can also sign up for email updates as soon as new properties hit the market. Make sure they are designated "HomePath Renovation" eligible, as opposed to just "HomePath financing" eligible. I've worked with quite a few of these so please let me know if you have any additional questions.

Thanks,
Terry Farnsworth
Licensed Broker, Prospect Equities Premier
www.SelectiveBuyer.com
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Wed May 25, 2011
Archie Maker answered:
I would suggest contacting a mortgage broker who can compare various products for you. He or she will be familiar with the types of loans you may qualify for. Please call or e-mail and I will give you a few names and numbers. ... more
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Sat Sep 4, 2010
Anna M Brocco answered:
The lender is probably just making sure that they will be paid on the debt--if you need additional answers/information as it relates to your specific situation, consult with your attorney. ... more
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Sun Nov 30, 2008
Kevin Clancy answered:
I had a couple buyers going through HSBC on the wholesale side when the announcement came through. Not really a big deal, you can still go to HSBC directly or choose from a variety of other lenders still working with brokers. Locally portfolio lenders such as Berkshire Bank, Trustco, and TD Bank North still offer many advantages. Give me a call if you need advice. ... more
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