Hello, I would like some advice with my current situation. Thanks.

Asked by Henry, 11214 Thu Mar 26, 2009

I'm in the market looking for at least a 2 family home in bensonhurst, dyker heights, bath beach, gravesend area. The property has to have a private drivway taht parks 4 cars. I'm partnering with my brother and his wife. We currently have about 160-190k in down payment and a fico of 770 and 750 score for the both of us. Our salaries combine is around the 260k range.

We were told by a bank that nowadays for a 2 family home, the cap you can borrow is around 530k. If we purchase a house over 800k, this pushes off limits since our down will have to increase in order to cover the remaining price after the loan (800-160 (20% down) = 640k). Could someone recommend us the best loan and loan options available?

We are looking into the 15 yr fixed since it'll be quicker and less total payments at the end of the life of the loan. However, the 30 yr fixed provides better flexibility, any pros/cons are appreciated.

Thank you

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Henry, Home Buyer, 11214
Fri Mar 27, 2009
Thank you. I'll take a deeper look and seek a mortgage broker.
0 votes
Voices Member, , Benton County, OR
Fri Mar 27, 2009
Thank-you David, it is truely appreciated...............................................................................
0 votes
David Chambe…, , Saint Petersburg, FL
Fri Mar 27, 2009
Disclaimer: those would not be your actual payments, there are more factors than just loan amount, interest and term.
0 votes
David Chambe…, , Saint Petersburg, FL
Fri Mar 27, 2009
Dunes, I have been busy lately but you can send me an e-mail if you notice that nobody has answered someones question. I will make it a priority to help. Although I couldn't help Henry to much, I will always give it my best effort.

on the 15/30 I have posted some links on my website blog, The first compares the same loan amount with 15 vs 30 year, it doesn't take into effect the fact that your interest rate would be a little less with the 15 year. the third example is 30 with a different rate so you can see the effect of rate on the same loan: http://www.floridadreamloans.com/xSites/Mortgage/CharlesRute…

For part 2 I have posted another link on my website, I takes the same loan amount @ the same interest for 30 years and then I calculate in a pre-payment every month, so you can see the effects of that, keep in mind your loan product must be one that would accept this type of payment. I think this is a good idea in case either of you come into any financial hardship, it would be easy to lower yourself to the regular payment: http://www.floridadreamloans.com/xSites/Mortgage/CharlesRute…

I can run any scenerio for you, just let me know. If this does not make sense to you please let me know I will clarify it.
0 votes
David Chambe…, , Saint Petersburg, FL
Fri Mar 27, 2009
Henry, You contacted a bank. Banks have their own loan programs and are limited. You should contact a mortgage broker, they can search with a number of lenders to find you the right product. I would help you but I don't have any lenders in New York. Once again I am not familiar with New York but I did pull up the fha limits for the state, here is the link: https://entp.hud.gov/idapp/html/hicost1.cfm This does not mean that there you cant get a loan for more than that it is just the FHA limits.

You need to contact a mortgage broker, I would suggest getting a referal from a friend or family member, if you can't get one that way, search the question and answer section for new york and see who has given good answers, not just the spammers. Someone who gives a quality answer without pushing themselves to much,
If I can be of more assistance please let me know. david@floridadreamloans.com

PS good job trying to get approved before puting in a contract....
0 votes
Voices Member, , Benton County, OR
Thu Mar 26, 2009
We'll try again................................................................................................................
0 votes
Voices Member, , Benton County, OR
Thu Mar 26, 2009
Henry, Just a bump so maybe a mortgage person will have a better chance of seeing your question.

Good luck, Dunes
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