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Financing in Bronx : Real Estate Advice

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  • Local Info127
  • Home Buying402
  • Home Selling41
  • Market Conditions10

Activity 52
Thu Dec 3, 2015
Amelia Robinette answered:
you should contact a loan officer/mortgage broker and apply for a mortgage. see what you can qualify for - just because you're paying $1600 for rent doesn't mean you qualify for a mortgage at the same payment.

check out the general home buying process here:
http://novahouseandhome.com/home-buying-process/
... more
0 votes 1 answer Share Flag
Thu Apr 2, 2015
navil.9267 asked:
Sun Mar 22, 2015
Brian Martucci answered:
On a co-op the only option you have is asking the listing realtor or management company who the co-op has all of their "recognition agreements' with. These are the agreements that some lenders make to lend in a certain co-op after doing all the due diligence in them. I find that there are usually 3-5 lenders that a co-op will have a recognition agreement with, and then you can call one or several of them. Hope that helps!

On FHA approved condos, any lender can help you, or you can use the link that Anna Brocco provided to check yourself.
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0 votes 11 answers Share Flag
Sun Jan 18, 2015
Sanjeev Ahuja answered:
If buying in NY you can get in touch with me. My contact information is given below.

Thanks




Sanjeev Ahuja, MLO NMLS 148731

Over Two Decades of Financial Service Industry Experience

Home Funding LLC NMLS 885573

110 Jericho Turnpike Suite 214, Room 2

Floral Park, NY 11001

Tel: 516-216-1987

Fax: 516-216-1986

Mobile: 917-517-2552

Email: sahuja@homefunding.biz
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0 votes 3 answers Share Flag
Fri Jun 27, 2014
Anna M Brocco answered:
If purchasing with a mortgage, the downpayment will depend on the type of loan you qualify for, therefore if you haven't done so yet, visit with any licensed loan officer to determine qualification, etc. Be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously. Also choose an agent to work with, he/she will be your best guide. If purchasing a co-op, be aware that boards have their own finacial reuirements that must be met in order to be approved, each is different, and very few will allow 10%. ... more
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Wed Nov 13, 2013
Brian Nguyen answered:
Yes! FHA loans can be used to buy foreclosures or short sales. There may be some problems that occur if it doesn't pass the FHA guidelines. There also may be some other hoops you'll have to jump through but either way FHA loans in the past have been used for foreclosures and short sales. Either way, I recommend that you speak with a lender like myself. I would be glad to get you started on a loan for the home you want. If you have any further questions or would like a loan, feel free to contact me!

Good Luck!

Brian Nguyen
Sr. Mortgage Banker
NMLS # 659743
Phone: 949.667.2887
brian.nguyen@nafinc.com
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0 votes 11 answers Share Flag
Tue Oct 1, 2013
Mark Weitzman answered:
HI. This was part of an email I received from Rob Fetten of DE Capital Mortgage on Sept 24. It may yield further insight, in addition to the good answers already posted below:

>>A lack of US military action in Syria caused investors to reverse last week's safety trade, while mixed economic data was roughly neutral. As a result, mortgage rates ended the week higher.

Since Fed officials have tied future policy changes to the performance of the economy, investors have reacted strongly to incoming economic data. Nearly all of the data released ahead of Friday's Employment report was strong. The ISM Manufacturing and ISM Services data rose to multi-year highs. Construction Spending posted solid gains. Jobless Claims remained close to five-year lows. The Fed's Beige Book reported that economic growth remained healthy. In short, all signs pointed to a clear path for the Fed to begin to slow the pace of its bond purchases.

The final, and biggest, piece of the puzzle broke the pattern, however. Friday's highly anticipated Employment report fell short of expectations in nearly every area. This was bad news for the economy, but it was favorable for mortgage rates. Against a consensus forecast of 175K, the economy added 169K jobs in August, but the figures from prior months were revised lower by 74K. The Unemployment Rate unexpectedly declined from 7.4% to 7.3%, the lowest level since December 2008. Digging deeper, though, the details revealed that the decline was entirely due to people dropping out of the labor force rather than job gains. The labor force participation rate (the percentage of people able to work who are working or are looking for work) dropped to the lowest level since 1978. The Employment report caused investors to question whether the Fed will begin to taper its bond purchase program at its next meeting.

Robert E. Fetten
Private Mortgage Banker
NMLSR ID 772564
DE Capital Mortgage, LLC | 1995 Broadway 4th Fl | New York, NY 10023
MAC M6651-061
Phone (212)769-6524| Cell (917)991-0056| Fax (877)302-2833
An Affiliate Of Wells Fargo Home Mortgage
robert.e.fetten@decapitalmortgage.com
https://www.decapitalmortgage.com/robert-fetten
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0 votes 4 answers Share Flag
Mon Aug 26, 2013
Mildred Valentin answered:
Saikat,

Is best that you speak to your loan officer about this.

I have quite a few condos For Sale in Parkchester!

Best of luck!

Millie Valentin
Certified Buyers Representative, CBR
Exit Realty Search
3928 E. Tremont
Bronx, NY 10465
www.ExitRealtySearch.com
... more
0 votes 5 answers Share Flag
Fri Jul 19, 2013
Anna M Brocco answered:
Be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously, therefore for personalized answers visit with any licensed loan officer. The downpayment will depend on the type of loan that you qualify for; FHA loans require a minimum of 3.5 down... ... more
0 votes 3 answers Share Flag
Thu Jun 13, 2013
Mark Fisher answered:
Steven Colon is a very knowledgeable attorney in the area. He has provided you with some great information. I wish you the best of luck!
0 votes 5 answers Share Flag
Sun May 26, 2013
Javier Meneses answered:
Vincia, yes you need to do your #s in order to determine if refinancing is worth it or not. But it's difficult to say if it's most beneficial to refinance to another FHA, Conventional or how much the PMI is or if you would even need any PMI at all. There's so many factors to consider and that come into play before figuring out what your best options are.

I strongly suggest you meet with a Loan Officer, bring all the necessary documents (see below) and allow him/her to review it all and then you'll know what your options are. Once a Loan Officer gives you #s of what the new refinance will be, then you can do your own #s and see if it's worth it to refinance or not. This way you can know exactly what the new payment, rate and term of the new loan before you spend a dime on anything.

I'm always available to meet in our NYC offices, if you need a reliable Loan Officer to help you. I promise you that after our appointment you'll be clear as to all options and #s involved.

Documents Needed:
1. 2011 & 2012 tax returns with W-2s
2. 4 most recent paystubs
3. 2 most recent bank statements
4. Most recent mortgage statement
5. Proof of homeowners insurance
6. 2 forms of ID

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(631) 659-2011 Office
(516) 918-5383 Fax
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1 vote 2 answers Share Flag
Tue May 14, 2013
Mildred Valentin answered:
Please consult with your loan officer to see what the bank will require. Basements shouldn't be used as an apartment but me and you know we make it a family room, recreation room or even a guest room? Please make sure that there is no stove in the basement. If there was a gas line for the stove it will also need to be capped off.

Best of Luck!

Millie Valentin
EXIT REALTY SEARCH
3928 E. Tremont Avenue
Bronx, NY 10465
... more
0 votes 5 answers Share Flag
Tue Apr 30, 2013
Gregorio Denny answered:
Many lenders offer terms that meet this need. I don't lend in NY but I'm sure some other brokers offer 8 - 30 year terms that can be tailored to your needs. I hate to refer you to Quicken, but they offer this with a silly name called a "YOURgage." If you can't find a good broker in NY, they would be an option. By using this program you can refinance and not "start over", assuming you have at least 8 years left on your current note. ... more
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Tue Apr 30, 2013
Javier Meneses answered:
Samsam, the best way to really do it is to meet face-to-face with a Loan Officer and see what your options are. Wehn refinancing, it really has to be worth it for you. You can try to price loans online all you want, but it really is not what you would consider a reliable way to do so.

Let a Loan Officer review your credit along with all necessary documentation and let them run #s for you. There is more to it than just the rate. Yes the rate is important, but can the lender do a CEMA for you which will be significant to the total new loan amount, more so if you're in the Bronx, can the lender deliver in a timely manner or deliver all together? What are all the other expenses involved? etc, These are important things you need to know before you spend money on an appraisal and tie yourself up with a refinance, and things you simply can't get answers to from any website.

If you're interested in meeting face-to-face with a reliable Loan Officer, I am always available to meet in our NYC offices (Manhattan, Queens & Brooklyn). Good luck to you.

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648
... more
1 vote 3 answers Share Flag
Tue Apr 30, 2013
Samsam answered:
Thanks for asking this, found it really helpful!
0 votes 3 answers Share Flag
Mon Apr 29, 2013
Javier Meneses answered:
There are several different expenses associated with financing a purchase of a home. The costs are mainly divided into two major part, lender expenses & title related expenses. Lender expenses include bank fees, which are discount points or origination points, appraisal fees, credit report fees, etc. Title related expenses include title insurance and other title fees. Closing costs also include mortgage tax which vary by county, and settlement fees.

To get a more detailed breakdown of all these costs, it's always best to obtain a Goof Faith Estimate (GFE) from the lender involved.

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648
... more
0 votes 4 answers Share Flag
Mon Apr 29, 2013
yeelynnc answered:
Hi!
I know its been awhile since you posted- and I'm exactly in the same boat. Bought it 2008 with Wells Fargo. I tried to refi with them in 2012 but couldn't do HARP b/c I have a co-op. You have to look for other lenders that do Co-op HARP. I'm trying to work with Emirates Bank right now, hopefully it'll go through with HARP. ... more
0 votes 1 answer Share Flag
Mon Apr 22, 2013
Mildred Valentin answered:
I believe they meant Lower Insurance Costs!

Lol:)

Millie Valentin
Exit Realty Search
3928 E. Tremont Avenue
Bronx, NY 10465










.
1 vote 2 answers Share Flag
Wed Apr 3, 2013
Tony Grech answered:
Hi Samsam,

That's a pretty generic question, but the short answer is YES, jumbo financing is still available. We are both a direct lender and broker, so I have access to many different jumbo programs.

We also do a lot of loans in NY.

Please feel free to give me a call or email me to discuss your particular circumstances.

Tony

Tony Grech

Loan Officer -NMLS #966417



WCS Lending, LLC

Tony.Grech@WCSLending.com

Toll Free: 866.936.5363 ext. 278
... more
0 votes 2 answers Share Flag
Wed Apr 3, 2013
Weichert Realtors House and Home answered:
Hi SamSam,

This is a Multifold question and although you may believe it is straightforward it is not. There are many reasons banks are putting up road blocks to lending.

1 answer is, it is not the fault of individual banks, but the fault of the underwriters that are only willing to lend under requirements that are getting more and more stringent. Most banks are reliant upon these underwriters in order to make loans in the first place because the underwriter alleviates the risk of the bank by purchasing the loan after it is made. This allows the bank to make another loan after the underwriter purchases the first one.

A 2nd answer is that the banks do not want to make loans to anyone at the current rates, but since that is a socially untenable position, they are making the process as difficult as possible so that they can stall until rates are more favorable to them.

A 3rd reason is that after the crash, banks gutted their lending departments. This means that every there are fewer people paid to handle an ever growing number of mortgages. Because of this many lenders are denying "marginal" borrowers so that they can focus on the "slam dunk" borrowers. Also, because of this, the process for getting a mortgage, or even a refinance, has slowed down precipitously. To get a loan of any kind these days, you really need intestinal fortitude.

These are only a few of the reasons. I am sure my colleagues will come up with more.

You have to remember that banks (Especially publicly traded banks) are not people. They do not care about their fellow man/woman. Their only incentive is to make money. And not just a little money. They are designed to make as much money in as short a period of time as possible no matter what the consequences. This does not make them evil. It just makes them inhuman. If giving loans to the public does not make them enough money they will stop doing it. If That is not a good public position to take, they will put roadblocks in their own way to make it look like they are trying but just not "able" to accomplish the task. This is a problem that needs to be dealt with at the federal level. Hopefully it will be one day soon.

Please feel free to contact me with any more questions.

​Joe Greene
Broker/Owner
WEICHERT, REALTORS - House & Home
joegreene@weichert.com
www.WeichertWorks4U.com
(718) 432-5000 (Office)
(917) 974-2600 (Cell)
609 Kappock Street Suite 1A Bronx, NY 10463
... more
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