Any direct Lenders out there? I need a direct lender that will give a loan on a 3 Family in NY? My mid score is 807 and have no debt and 100k ?

Asked by Victor Zayas, Queens County, NY Fri Jan 22, 2010

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Elaine D. St…, , Brooklyn, NY
Wed Jan 27, 2010
VIctor:

I just read down a little further and noticed you need a Rehab loan. You hit the jack pot. I have been a renovation specialist for 10 years mainly 2 - 4 units. Notice that's in my title. Let's talk today if possible. I would love to help you get in that house!!

Elaine D. Stroman (Email - Estroman@cccmtg.com)
Sr. Mortgage Planner &
Renovation Loan Specialist
Continental Home Loans Inc (Company site: http://www.CHLmortgagebankers.com)
175 Pinelawn Rd. Suite 100
Melville, NY 11747

Phone: 917-873-5611
E- Fax: 917-210-3510

Member of the - CHL Dream Team
0 votes
Elaine D. St…, , Brooklyn, NY
Wed Jan 27, 2010
Hi Victor:

YES, I am with Continental Home Loans, we are mortgage Bankers direct Lenders and we can. We specialize in FHA and Conventional and we are local (underwriting/processing and all) I specialize in multi family residential.
Please feel free to contact me with your scenario. I am head quartered in Long Island but I live in brookly and I work the boroughs. Click on my profile. I look forward to making your acquaintence
You can contact me at I will be available to speak to you around 4pm today.

Elaine D. Stroman (Email - Estroman@cccmtg.com)
Sr. Mortgage Planner &
Renovation Loan Specialist
Continental Home Loans Inc (Company site: http://www.CHLmortgagebankers.com)
175 Pinelawn Rd. Suite 100
Melville, NY 11747

Phone: 917-873-5611
E- Fax: 917-210-3510

Member of the - CHL Dream Team
0 votes
First Last, , 90002
Mon Jan 25, 2010
Another approach to this is to find somebody offering, or willing to offer, seller financing. With 15-20% down and a FICO like yours, if you also have a job, you would be a good candidate for this approach.

The problem is, sellers who aren't investors per se do not always realize the benefits they can realize by offering seller financing. It takes a good lawyer to structure the deal, but it certainly can be done and is done all the time. This kind of deal is also sometimes called a "private mortgage."

I suggest you start by finding three houses in your price range that you would be happy with. Then, contact the listing brokers and ask them if the seller is open to financing the purchase.

You're going to need to be persistent. You might want to search loop.net for properties, too.

Karla Harby
Vice President
Licensed Real Estate Salesperson
Charles Rutenberg Realty, LLC
127 East 56th Street, 4th Floor
New York, NY 10022
(212) 688-1000 ext. 383
(917) 365-0876 cell and text messages
(212) 688-1919 fax
kharby@rutenbergrealtyny.com
http://www.rutenbergrealtyny.com/agent_details.aspx?agentid=51888
0 votes
Victor Zayas, Both Buyer And Seller, Queens County, NY
Sat Jan 23, 2010
I'm looking for a 3 family with a 485,000 max price... However I am considering a hope that needs a complete rehab if I can obtain a 203k loan...
0 votes
Gerard Dunn, Agent, Chevy Chase, MD
Sat Jan 23, 2010
Victor -

It will be very helpful to give us a sales price. Most multi-Family loans are very specific about the percentage of down payment.

With this information (Called LTV or Loan-to-Value in the industry) you will get much more specific answers that will generate a lot more responses.

Also let us know if you will be occupying one of the units!

Good Luck!
0 votes
Robert Green…, Agent, Cherry Hill, NJ
Sat Jan 23, 2010
Hi Victor. Try the following:
Oak Mortgage
Robert Kelley
856-988-8333

~Robert Greenblatt
Keller Williams
Cherry Hill, NJ
0 votes
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