LET ME KNOW IF YOU INTRESTED I ALSO HAVE 221 JEFFERSON AND 921 JEFFERSON
I CAN GET YOU QUALIFY FOR 921 JEFFERSON WITH 3.5 DOWN FHA LOAN
CELL: (646)470 3555
When you are buying your home, get a referral to a Local Mortgage Banker.
Mortgage Bankers in your community will provide you with a much higher quality of service and financing options than any "Big Bank." Local Mortgage Bankers have long been the source of excellent financing options for homebuyers. Further, Loan Originators who work at Mortgage Banks are LICENSED whereas Loan Originators who work for the "Big Banks" are only REGISTERED. There's a BIG difference.
Sit down face to face with your Mortgage Banker to be thoroughly prequalified. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.
Consumers have been led to believe---thanks to huge advertising budgets with the BIG BANKS---that they should go to their bank for a mortgage loan. This is the WORST place to get assistance with the BIGGEST PURCHASE of your life! These BIG BANKS are basically BIG CORPORATIONS. You're a number, at best. With a Local Mortgage Banker you will be treated like a friend and a client for life. You can't imagine the high quality of personalized service you will receive from a Mortgage Banker until you try.
As to price---rate and fees---competitive if not better than the BIG BANKS.
You can verify the License of any Licensed Mortgage Loan Originator at nmls.consumeraccess.org
Your Realtor is correct up to a point. While the FHA program allows for the use of projected rental income to qualify, recent changes in Underwriting standards have made it more difficult to allow the inclusion of rental income for qualifying purposes.
I am a Local Mortgage Banker with 22 years experience helping First Time HomeBuyers in Brookyn and the NY Metro area. Please contact me to set up a free, thorough prequalification appointment. My information is on my Trulia profile page.
I work as a Buyer Agent, please contact me if you need more assistance.
Multi-family may qualify for FHA - but this needs to be checked (including how many units are in the property) with 3 types of lenders. The large banks might have very competitive programs and lower closing costs, but they are also the most conservative. Mortgage bankers will have the widest variety of programs and can work with you on a more "human" level - unlike the large banks.
Credit unions or smaller local banks might finance something that others won't, and their fees are very low. You don't have to have your credit pulled 3 times though - this would reduce your credit score. Ask for Good Faith Estimates (GFE) from all lenders.
By the way, rental income will be included in your loan calculation, with the vacancy rate per underwriting guidelines of each lending institution. In many cases, it is 75% of gross rental income.
However, reserves might also be required, and you may want to have "unexpected repairs" fund before you purchase any multi-unit property.
Best of luck,
Beachfront Realty, Inc.
Because the listing agent is working for the seller, not for you. Any information you give that listing agent will be used against you, to get more money out of you. That is the selling agent's fiduciary responsibility to their client, by law.
So work with a mortgage broker to find the best mortgage deal (there are plenty of such people here) and find a buyer's agent to represent your interests as you view properties. Any agent ("broker") can act on your behalf, but require that agent to present a Disclosure form that shows the agent as a *Buyer's Agent*. You'll be glad to have an agent representing you when it comes time to negotiate.
Licensed Real Estate Salesperson
New York, NY
The banker may be right. There are many factors that come in to play such as how much money you have to invest in the deal yourself. Your best bet would be to go to 3 or 4 additional mortgage bankers, shop around and get yourself pre-qualified and see what they all have to say. This way you will know exactly what you can do.
If I can be of further assistance, please let me know. Good luck!
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
you need to either call back the person at chase that gave you the pre-approval or send me your direct email and i will give you a person to speak to directly.