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Financing in Albany County : Real Estate Advice

  • All33
  • Local Info0
  • Home Buying18
  • Home Selling0
  • Market Conditions1

Activity 15
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.

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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Sat Sep 21, 2013
Caroltrulia answered:
Hi Matt

Its an important think .You need a reliable reverse mortgage company. I have a reverse mortgage which name is reverse mortgage lenders direct. They are very helpful. You can get right answer from their .
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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.

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.
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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:

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.

Terry Farnsworth
Licensed Broker, Prospect Equities Premier
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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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Wed Aug 11, 2010
Janet Nation, CBR answered:
Carl, yes you can. The sellers concession is added to the purchase price. The house has to appraise with the concession included. The buyer is from Albany NY, I'm from Long Island, NY I can't imagine there is too much if any of a difference. I'm a buyers agent (the biggest portion of my income) and I understand how a sellers concession works very well. It may work differently in your area/state. ... more
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Thu Apr 15, 2010
Matt Taylor answered:
My company offers financing with some of the lowest credit scores available.

Feel free to call or email.
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Wed Mar 24, 2010
Jason Bustelos answered:
I agree with everything that has been said already. It may be best to get in touch with a mortgage broker that may have many options available for buyers with differing credit and employment history. If you need any help doing this, feel free to contact me and I can point you in the right direction. Once you got the go ahead from the lender, we could find you that home, hopefully in time to take advantage of the tax credit.
Jason Bustelos, LREB
(518) 330-2230
New York Realtor Group, LLC
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Wed Dec 30, 2009
Robert Chomentowski answered:
I would agree with Carl, 20% down for a 2nd home in Florida.

Maybe you could search for seller financing? Many times older sellers who own a house free & clear would rather carry back a mortgage with a low down payment vs. putting the proceeds from the sale in a low yield CD or money market. ... more
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Tue Nov 3, 2009
Anna M Brocco answered:
Definately check with any qualified loan officer and an attorney specializing in Real Estate will be helful as well.

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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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