Rozy, Home Buyer in Brooklyn, NY

is there any way to get a low interest loan in order for me to fix over a new purchase. How does it work?

Asked by Rozy, Brooklyn, NY Sun May 26, 2013

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allan erps,A…, Agent, Pearl River, NY
Tue May 28, 2013
Answers are correct. 203 k Loan, maybe but a home equity line(HELOC) from your Bank would do the trick.
0 votes
Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Sun May 26, 2013
In that case, you might want to consider a 203(k) loan. It's a type of FHA, so you will pay mortgage insurance which as of right now it'll only be for 5 years. But if your lender doesn't get you a FHA case # by June 1st, you'll pay mortgage insurance for the LIFE OF THE LOAN. So if you have already found a property, you better find a lender ASAP.

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Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(631) 659-2011 Office
(516) 918-5383 Fax
0 votes
Rozy, Home Buyer, Brooklyn, NY
Sun May 26, 2013
i am trying to figure out my options. I didn't buy yet. but would like to know what the possibilities are before I buy..
thanks,
0 votes
Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Sun May 26, 2013
Not sure I understand exactly. Did you already close on the purchase loan? If so, how long ago? What's your loan-to-value? There's many things that we would need to know in order to know if an additional loan or a refinance of your loan is possible so that you can do the repairs or upgrades you have in mind.

You should meet face-to-face with a Loan Officer so that he/she can see what your options are. I'm always available to meet at our Brooklyn Heights office. Good luck!
If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(631) 659-2011 Office
(516) 918-5383 Fax
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