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Home Ownership in Bronx : Real Estate Advice

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  • Local Info127
  • Home Buying403
  • Home Selling41
  • Market Conditions10

Activity 8
Mon Mar 3, 2014
Trevor Curran answered:
Good morning Tanyadunham13,

We see many credit reports with low credit scores (anything less than 620), and often many scores in the 500's. This is BAD credit. If you are one of the folks affected by this terrible economy, you have a low credit score and you have a dream of buying a home, here's some simple advice for you.

It is unlikely you could be approved for mortgage financing with that credit score at this time.

Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.

First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website. http://www.consumer-action.org/

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE. http://www.consumer.ftc.gov/articles/0058-credit-repair-how-help-yourself

The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
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Sun Nov 17, 2013
Sanjeev Ahuja answered:
Every loan is unique and there is no way to give a definite answer unless all factors like credit, income, assets, d own payment etc are considered. Certain lenders can approve your loan with manual underwriting whereas others will only approve if you are found eligible through their automated underwriting engine. Best recommendation is you work with a mortgage professional that has several lender channels to go through, typically a registered & licensed mortgage broker. Please call me if you like to discuss.

Thanks

Sanjeev Ahuja NMLS # 148731
Mortgage Broker
Home Funding LLC
110 Jericho Turnpike Ste 214
Floral Park, NY 11001
Direct Ph 917-517-2552
NYS Registered Broker, Department of Financial Services, Loans Arranged through third parties NMLS # 885573
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Sun Aug 25, 2013
Mark Fisher answered:
You would have to do a cash out refinance to buy him out.
1 vote 3 answers Share Flag
Fri Jun 28, 2013
Trevor Curran answered:
Only a tax professional or CPA can answer this question. Mortgage professionals are prohibited from giving tax advice.

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
... more
0 votes 2 answers Share Flag
Wed May 22, 2013
David Rodriguez answered:
Hi Samsam,

This is a great question! A home's value is determined by the market. In other words, look at the last nine months worth of sales of similar homes within a half mile radius of the home in question. Add or subtract based on condition and any other features that may bring up or down the value. That will give you an approximate value. Remember, the home's value is what someone is willing to pay for it.

Keep in mind that appraisers will determine a home's value using the same method described above. As a seller, it is in your best interest to know those numbers and price your home accordingly in order to ensure a quick, smooth sale. Please feel free to call me if you have any questions!

David Rodriguez
david.rodriguez@pantigagroup.com
718.451.6859
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Thu Mar 7, 2013
Nelson Fuentes answered:
We do Section 8 rental everyday at my office, but I do recomend to be specific on the type of section 8 program you are looking for.
Could be section 8 tenants, tenants that works, others are from Public Assistance and special program from disabled tenants.
When you have a chance pass by the office and I will connect you with my best agent that do a lot of section 8 rentals every day.
On regards the purchase of the house, you can set up an appoitment and I will be more than glad to assist you in all of your needs on Residential Properties, giving you my advise on the Mortgage Process,
and to explain everything to the beginning to the end.

Call me at 347-219-9389
Nelson Fuentes
Mi Casa Realty
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