Can anyone help guide us for a private mortgage in NY Long Island area? Want to purchase a condo for 445k. Putting down 30-35%.

Asked by np2442, Miller Place, NY Thu Sep 20, 2012

Excellent employment history. Over 24 yrs at same employer making upwards 170k. Had to short sale 2 yrs ago which lowered my credit scores.

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Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Fri Feb 22, 2013
Unfortunetly some real estate professionals will assume that you have bad credit because of your short sale 2 years ago. This is not always the case. How has all your other pieces of credit been outside of the short sale? It is very possible that you have a good credit score and history outside of the short sale.

The best thing you can do is, meet face-to-face with a Loan Officer and allow him/her to review your credit along with all other necessary documentation. This is the ONLY way you'll know for sure if you qualify today for a mortgage, or if you do not qualify, what needs to happen in order for you to be in a position to qualify. Once you know what type of loans are available to you, what rates would apply to you, etc, then you can determine if waiting or not is best for you and your family.

Trevor and the other real estate professionals below are correct. Private financing will cost you an arm and a leg, and I promise you, it will be extremely difficult to find someone who is thorough enough to trust and actually follow through with funding.

Javier Meneses
Senior Loan Officer
NMLS #23130
310 Crossways Park Drive
Woodbury, NY 11797
(516) 740-4478
4 votes
Shane Milne, Mortgage Broker Or Lender, South Jordan, UT
Fri Sep 21, 2012
2 years after a short sale (whether you were late on the mortgage or not), you can obtain traditional Fannie Mae conventional financing if you have a 20% down payment (only 10% down if it was due to extenuating circumstances), so a private mortgage wouldn't be needed unless there is something else about your situation that would require it. Fannie Mae just requires 620 credit scores as well, and I've found a lot of people who had a short sale 2 years ago already are at a 620 score as long as their payments have been on time since the short sale. A lot of people think you have to wait 3 years after a short sale to get financing, but that is an FHA guideline.

Fannie Mae's guideline on short sale waiting period requirements:…

Shane Milne | Lending in all 50 states | NMLS #81195
1 vote
Michael Nade…, Home Seller, Miller Place, NY
Fri Mar 29, 2013
Start calling banks and take notes. You'll get plenty of help.
0 votes
Michael Denn…, Agent, Queens, NY
Sat Feb 23, 2013
Going from 600 to 620 or higher credit scores may not be difficult depending on the quantity, category and balances on your tradelines. I concur with my colleagues regarding private financing, it's just too expensive and unnecessary in your case. A Conventional mortgage sounds like the prudent course. But your situaton really requires an in-person consultation with an experienced loan officer to review all your options. And a second opinion may be in order to ensure that you cover all the bases. For more information or for assistance, I can be contacted directly at 917.699.0183 or email Follow me on twitter @mdenniston247.

Michael Denniston l Cell: (917) 699-0183
Residential Home Funding, Corp.
Licensed Mortgage Loan Originator l Sales Manager
6901 Jericho Turnpike Ste. 219 | Syosset, NY 11791
Main: (516) 605-1733 | Fax: (888) 881-2557
NMLS # 24076 | Company NMLS # 34973
0 votes
Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Thu Sep 27, 2012
Good afternoon np2442,

Please take my advice based on my 23 years as a mortgage professional here on Long Island: wait to buy your next home.

Put your financial house in order, work on improving your credit history and go about the process of buying a home the right way. If you had to short sale then you have already experienced the bad side of owning a home and paying a mortgage. Don't go there again. Private financing is not what you may think it is and the terms---if you can even find such a loan---won't be favorable.

Take your time and buy your next home the right way: with a good credit history.

Trevor Curran
NMLS #40140
0 votes
Annette Levi…, , New York, NY
Fri Sep 21, 2012
A private mortgage will cost over 12% plus has penalties for prepayment in the first few years. Go to CDC in Lake Grove for credit counseling. The credit counselor can tell you if there is anything you can do to get your FICO higher sooner. You can also email to me your credit report and I can see if there is something you can do to speed up the process.
0 votes
np2442, Home Buyer, Miller Place, NY
Fri Sep 21, 2012
thank you for your answers but the problem is our credit scores are lower than 600 and because we missed payments to get the short sale we were told we could not get a FHA mortgage until 3 yrs. Our credit scores need another 6 months to get up to the 640 mark for a conventional loan that is why we are considering a private loan for 12 months in order to buy the condo.
0 votes
Annette Levi…, , New York, NY
Fri Sep 21, 2012
Shane is right, a short sale only requires a 2 year wait if you are putting 30-35% down for a conventional mortgage. The biggest hurdle you will find is making sure the condo is FannieMae approved. Some condos are not warrantable (meaning no conventional mortgage).
You should be consulting a mortgage officer to make sure there are no other reasons you would not qualify for the mortgage you are looking for.
0 votes
De Vonte Wil…, Agent, East Point, GA
Fri Sep 21, 2012
Hello! Consider consulting a Mortgage Advisor. They can help you with funding sources.

I hope this answered your question! If you have any further questions, please feel free to contact me by the ways below.

Wishing you the best of luck,

De Vonte Williamson
Licensed Real Estate Salesperson
Proudly Serving Long Island
Coldwell Banker Residential
Mobile: (631)384-3695
"I Stand Behind Getting You Results!
0 votes
Irene Renna, Agent, Hauppauge, NY
Fri Sep 21, 2012
Hello np2442!!!

Purchasing a home is a huge undertaking. Choosing the right people to help you is critical from the real estate agent to the mortgage broker to the attorney handling the closing. Every transaction I have had with RICH MURPHY FROM WELLS FARGO ( 631 786 2908 ) has gone smoothly. as a real estate agent it's important to have someone who is on the ball. Perhaps you can call him and see if he is a fit for you.
Good luck in your search. Should you need a realtor please feel free to contact me.

Irene M Renna

Keller Willams Realty

office 631 352 3210

Cell 631 291 2180
0 votes
Anna M Brocco, Agent, Williston Park, NY
Fri Sep 21, 2012
If you haven't done so yet, visit with any licensed loan officer; depending on your circumstances that led to your short sale, you may qualify for a mortgage. If you need recommendations feel free to contact me directly.
0 votes
R Wright, Other Pro, NY,
Fri Sep 21, 2012
Hello NP. The short sale is not a problem. A shortsale even as a result of a foreclosure is no problem as long as it was more than 2 years ago. The credit score needs to be at least 600. Your downpayment is great, but if you are able to securing financing with a lower downpayment you should also consider this option if making such a large deposit will deplete your savings.

To discuss this matter further please call me at 914-299-0420.
0 votes
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