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Financing in Bergen County : Real Estate Advice

  • All120
  • Local Info9
  • Home Buying64
  • Home Selling6
  • Market Conditions5

Activity 51
Fri Dec 15, 2017
Aaron Knutson answered:
We can finance properties with loans in litigation and rates are still good. Starting Jan. 1, 2018 it will require 20% down. Interest rates are decent though.
0 votes 12 answers Share Flag
Thu Nov 10, 2016
Goldenluck asked:
We've moved to US on December 2015 and my husband's annual income is about $45000 and his score is 661. Can we get approve on mortgage?
0 votes 0 Answers Share Flag
Fri Apr 29, 2016
Yvonne Hannon asked:
I am looking for a reputable mortgage broker/lender in the Bergen county area to review my credit report and help assemble a plan to repair my credit so that I can eventually finance a home.…
0 votes 0 Answers Share Flag
Thu Apr 28, 2016
Radrose asked:
What type of loan will I need when converting a one-family to a two-family home?
0 votes 0 Answers Share Flag
Fri Sep 25, 2015
Ldavila answered:
Tue Sep 22, 2015
Amelia Robinette answered:
you should contact an attorney for legal help - most of the contributors here are real estate agents and home buyers/sellers, so not qualified to answer a legal question
0 votes 1 answer Share Flag
Wed Apr 15, 2015
Brian Martucci answered:
If you are looking to buy a new house, and want to keep your current home as a rental property, on a Conventional loan you need to show the lender who is making the loan on your new home some things that you would not if you were selling your current home instead of renting it. You need to show 6 months "cash reserves" after the down payment and closing costs on the new house, and you need a 70% loan-to-value (LTV) on your current home, as evidenced by an appraisal.

If you meet both of these requirements and have a lot of equity and cash reserves, you can count the rental income on your current house to offset the mortgage, which will help you qualify for the new mortgage. Otherwise, you will have to qualify for the new mortgage carrying "all" the debt on the current mortgage and using no rental income to offset the debt, and usually most people cannot qualify for two mortgages at the same time.

And if you do meet the cash reserves and the 70% LTV requirements outlined above, the banking industry will only count 75% of the gross rent on your current home (as evidenced by a lease) to offset the mortgage. They take away 25% to account for vacancies, expenses and maintenance. So if you have a $3,400 a month mortgage, and can show a $4,000 a month lease, they will only count 75% of that $4,000 a month lease (or $3,000) against the old mortgage. In this case, $4,000 gross rent, with $3,000 net rent (after a 25% deduction on the $4000 gross rent) would leave a $400 a month shortfall and would be counted against you as a debt in your debt ratios.

When people learn of the above, they end up realizing that in many cases they need to sell their current property, because they do not have sufficient equity to meet the requirement and they cannot qualify carrying two mortgages at the same time without counting rent to help cover the old mortgage.

If you are taking out an FHA loan for your new purchase, the rules are the same except you only need a 75% Loan-To-Value on the current home, as evidenced by a recent appraisal. Either way, buying a new home without selling yours, and trying to rent your current home, has become much more difficult.

Maybe you can move out of the house, rent your unit, start to collect the rent from your mother on the books, and show a 1 year history of collecting the rents. Then if you can show a tax return that shows that you have a one-year history of collecting rents, the equity requirement goes away. Then you could use the rental history to offset the mortgage, and buy what you want. Of course, that means you're going to have to go be a renter somewhere else for a year. Good luck.
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1 vote 1 answer Share Flag
Sat Sep 13, 2014
v sheth answered:
it is a good idea but you may get killed by mortgage and insurance they will be as an investment not as owner occupied let me know if you are in new jersey bergen county area thank you 862 221 6098 ... more
0 votes 2 answers Share Flag
Thu Aug 15, 2013
Jose Martinez answered:
Call me, I Have funded Millions in 203K mortgages over the last 16yrs.

I can help get you home!!

Jose Martinez
Sr. Mortgage Consultant
0 votes 11 answers Share Flag
Mon Jun 10, 2013
Frank answered:
For construction loans in New Jersey call Francisco Mayol at Clifton Savings Bank 1-917-547-9298 He offers construction loans for People who Own the Land & want to build a house.
Construction Loans good for 1 year, no limit draws, Current rate 3.75%, Term 30 yr loan, 1 closing ... more
0 votes 5 answers Share Flag
Tue May 28, 2013
Camille Marotta answered:
Jspellen, I have 30 years of lending experience especially with 203K's. I would be happy to spend time to answer all of your questions.

Camille Marotta
Residential Home Funding

NMLS 9838

30 years of experience is the key to successful financing.
... more
0 votes 8 answers Share Flag
Tue Mar 26, 2013
Deborah Madey answered:
Hard money lenders generally do not work with owner occupants. Lending laws restrict their options/ Generally you find hard money lenders working with investors.
0 votes 1 answer Share Flag
Wed Jan 30, 2013
Jose Martinez answered:
Hi Robert

The better deal would be the 90 percent. Call me I can help, and get you 3.5 percent.

I can also finance the pmi into your loan.

Let Coldwell Banker bring you home.

Jose Martinez
... more
0 votes 3 answers Share Flag
Wed Jan 30, 2013
Camille Marotta answered:
Gregory, If you stay here and are working here the answer is that you can purchase a house with a 30% down payment. If you cannot stay here and don't work here then you can purchase a house with a 50% down payment.

The kicker here is that the minimum loan amount is $300,000

You may reach me at 732-539-9300 or

Camille Marotta, Branch Manager NMLS 9838
Residential Home Funding
7 Pelican Drive, Suite 3
Bayville, NJ 08721
... more
0 votes 4 answers Share Flag
Wed Jan 30, 2013
Keep in mind that rate is what matters, not term (assuming there are no prepayment penalties of course). A 100 year mortgage at 4% is better than a 30 year mortgage at 5% because you can pay on any amortization you want.

Using your scenario as an example:

Let's say your loan had been 400K when you started. Your monthly principal and interest would be $3,111.33. After 8 years your remaining balance would be $194,589. Add 1500 in costs and you're at $196,089, which makes the monthly payment on a 15 year $1,342.40. However, if you add $1300 to that payment, making is $2,642.40 (roughly $500 less than your current payment), you'd pay the loan in 6 years and 9 months.
... more
0 votes 3 answers Share Flag
Mon Oct 15, 2012
Jose Martinez answered:
Coldwell Banker Home Loans. Call me I can help! Let Coldwell Banker bring you Home!

Jose Martinez
Coldwell Banker Home Loans Fort Lee
0 votes 3 answers Share Flag
Tue Jul 24, 2012
Gregorio Denny answered:
I am assuming that your mortgage is owned by Freddie Mac and not Fannie Mae because it would not make a difference if it was a Fannie Mae owned HARP refinance. If indeed this is Freddie Mac, you may find it difficult to find a lender regardless of whomever says they can help you. ... more
0 votes 4 answers Share Flag
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