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Financing in Hoboken : Real Estate Advice

  • All525
  • Local Info38
  • Home Buying204
  • Home Selling21
  • Market Conditions18

Activity 19
Fri Sep 9, 2016
Mariyaluci answered:
Due to the U.S. economy and the existing home inventory in the banks portfolios over the last few years, U.S. banks were only offering purchase mortgages.

Cautiously, banks are beginning to offer occasional programs which will finally offer Foreign Nationals the possibility of building their own individual dream house on their own property.

Regarding the credit check, processing and credit models there are significant differences when it comes to each individual mortgage.

http://usaconstructionloans.com
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1 vote 9 answers Share Flag
Sun Jul 26, 2015
thinz answered:
You need a new mortgage company. You should not have to wait period!
TOm Hinz www.shortsaletosell.com
0 votes 5 answers Share Flag
Thu Aug 15, 2013
Jose Martinez answered:
The better option is lender paid pmi built into the rate. Then you can put as little as 10% down and also get the tax deduction.


Call me i can help get you closed.




Jose Martinez
201-406-6983
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0 votes 6 answers Share Flag
Thu Aug 15, 2013
Jose Martinez answered:
Call me I can get you the financing.





Jose Martinez
Sr. Mortgage Consultant
201-406-6983
NMLS 307342
0 votes 5 answers Share Flag
Thu Aug 15, 2013
Jose Martinez answered:
call me I can arrange the best rate for you.



Jose Martinez
Sr. Mortgage Consultant
201-406-6983
NMLS 307342
0 votes 10 answers Share Flag
Thu Aug 15, 2013
Jose Martinez answered:
Call me i can help get your Mortgage closed.



Jose Martinez 202-406-6983
0 votes 3 answers Share Flag
Mon Jul 29, 2013
Fritz Walter answered:
Acceptable Visa Classifications are: E‐1, G‐2, G‐3, G‐4, H‐1B, L‐1A, L‐1B and
NAFTA TN for your standard Fannie/Freddie loan. If you want to buy before Oct. then you will need a foreign national program and I do have a Foreign National Program that you could possibly qualify for. The Highlights are below:

MAX Loan to Value (LTV): 65% on a Purchase
Fico Score: min 680 middle credit score
No prepayment penalty
Max DTI: 35/45
Primary and 2nd homes only

The biggest obstacle I see is the amount of Down Payment required. You would need to put down 35%.

That being said I would personally wait till October for the H-1B Visa. I believe rates will be about the same and you will have an easier process and better terms. Give me a call or email me if you have any questions or would like a rate quote.

All the best,

Fritz Walter
VP of Retail Sales
Toll free: 800-359-1996 x551
Direct: 203-783-4551
Email: fwalter@totalmortgage.com
NMLS ID: 387922
Visit my webpage: http://www.totalmortgage.com/bankers/fritz-walter/
Company Website: http://www.totalmortgage.com
Total Mortgage Services, LLC - NMLS #2764

Total Mortgage offers a complete selection of mortgage programs including:
Conventional, FHA, FHA 580-639 FICO, FHA 203 Renovation (Streamline & Consultant), HomePath, VA, VA IRRL, USDA, Jumbo financing , and No Income or reduced income. Portfolio, jumbo, and conventional programs offered for self-employed borrowers as well.
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0 votes 4 answers Share Flag
Wed Apr 10, 2013
Denise F. Quinnette answered:
VA Loan 100 % financing;have to be 12 mo out though.Cannot rent it though;it has to be your primary residence.
If you already have a primary residence and are looking for a 2nd vA loan like a house at the beach you can do it as long as you make it your primary;your 1st loan would then become secondary.
VA borrower could be overseas or station somewhere other than where Primary Residence will be located and this is ok as long as family lives there.
No Monthly MI
Credit score 620

need DD214 form,can apply online for a Certificate of Eligibility (COE):
https://www.ebenefits.va.gov/ebenefits-portal/ebenefits.portal

More info and ways to obtain C O E HERE:
http://www.benefits.va.gov/HOMELOANS/purchasecocertificate.asp

If vet is disabled 100% or 70% disabled and 30% UI THEN property taxes waived..
VA spouse can be on loan to qualify
Surving spouse can now purchase a home thru their deceased spouse COE
VA Borrowers can buy Condo located in VA approved Condo (PUD approval is no longer needed).
http://vip.vba.va.gov/portal.VBAH/VBAHome/condopudsearch
Flexible Qualifying Ratios:Keep an eye on child care expenses and residual income for this
The only way you can rent later isif you 1st move into it as your primary and then get a 2nd VA Loan to move out and get a 2nd VA Loan to buy a new place as your new primary.
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0 votes 8 answers Share Flag
Sun Jan 27, 2013
Jose Martinez answered:
Hi Latisha

Down Payments can vary. FHA provides a mortgage for 3.5%, that is the lowest.

Everyones down payment will vary. Call me I can consult you on whats best for you.


Let Coldwell Banker bring you Home!!



Jose Martinez
201-494-1973
... more
0 votes 3 answers Share Flag
Tue Dec 27, 2011
Jose Martinez answered:
You can borrow, from anyone. I believe if you find the right program, thats what counts.

Call me i can help consult you on your transaction





Jose Martinez
Sr. Mortgage Consultant
201-406-6983
NMLS 307342
... more
0 votes 14 answers Share Flag
Thu Dec 8, 2011
Shawn Ryan Rosa answered:
consider fha203k program. money for repairs can be included in the amount you borrow to buy the condo.
0 votes 7 answers Share Flag
Thu Dec 8, 2011
Shawn Ryan Rosa answered:
Thu Dec 8, 2011
Shawn Ryan Rosa answered:
state what the fees are - perhaps they are not as high as you think.
0 votes 6 answers Share Flag
Thu Dec 8, 2011
Shawn Ryan Rosa answered:
plans change. you may not live there for 3-5 years. it could end up being more or less. stay away from ARMs - they killed millions of borrowers over the past 5 years. 30yr fixed is way to go. ... more
0 votes 7 answers Share Flag
Thu Dec 8, 2011
Shawn Ryan Rosa answered:
money is advanced after each phase of constructed is inspected by a bank appraiser/inspector.
0 votes 1 answer Share Flag
Sun Oct 4, 2009
Bc asked:
The GFE's I am receiving from lenders all have a bottom line for Funds Needed at Closing.

Let's say that number is $40,000.

Does that $40,000 include the deposit I am giving…
0 votes 0 Answers Share Flag
Fri May 22, 2009
Corey Grushin answered:
LTV/Loan Amount
Loan Purpose Units Max. LTV/CLTV Max. Loan Amount Min. Credit Score
Purchase 1 95%1 $417,000 700
Condominiums – Maximum 90% LTV/CLTV
Ineligible: Nonwarrantable condominiums, manufactured homes
1 First-time homebuyers only – A fi rst-time homebuyer is an individual who: (1) is purchasing the property;
(2) will reside in the property; and (3) had no ownership interest (sole or joint) in a residential property
during the three-year period preceding the date of the purchase of the property.

I pasted this info from the PMI companies guidelines regarding (distressed markets) . It doesn't quite read correctly but 1 after 95% under Max. LTV/CLTV refers to a footnote which you can read . It starts as 1 First-time ...
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0 votes 13 answers Share Flag
Mon Feb 23, 2009
Gaylepat answered:
The underwriter will take the two year average of total rents minus total expenses (not including depreciation or amortization). Odds are a significant amount of your expense is in depreciation and that would be helpful because you can add that back. Also, if you can prove that some of the deductions on your tax returns was a one time expense (repairs or legal fees), then you can potentially reduce the loss. 75% is only on recent conversion to rental and can only be used if there is documented equity in the property. Let me know if you have any other questions.

Please let me know if you have any additional questions: http://fhamortgageinfo.com/
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1 vote 12 answers Share Flag
Tue Dec 2, 2008
Bob McClure asked:
purchase transaction in hoboken, n.j.....40% down payment.....new build- condo....owner occpd....sfr...out of the country income from husband- wife to live in ....purchase price appox. $750,000...serious…
0 votes 0 Answers Share Flag
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