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Financing in Jersey City : Real Estate Advice

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  • Local Info94
  • Home Buying318
  • Home Selling25
  • Market Conditions36

Activity 44
Thu Aug 24, 2017
Shoetanbaba asked:
I lived their for 5 years. I just moved out of that apartment on July 31st. I dont know what will he return me. The 30 days will be up on Sept 1st.
0 votes 0 Answers Share Flag
Wed Jul 19, 2017
Ariel Williams answered:
In the state of Indiana you can separately own the home from your spouse meaning one can own it without having the others bad credit keep them from getting a better rate. Unlike California where they take both credit scores and use the lowest one to get the loan approved for ... more
0 votes 4 answers Share Flag
Fri Dec 9, 2016
Cherry Tree asked:
In other states I lived,I had to provide my paystubs, tax returns, W2's etc plus they looked at my credit report BEFORE handing me a pre-approval.
In Nj it seems,mortgage brokers ask for…
0 votes 0 Answers Share Flag
Fri Aug 26, 2016
Dan Tabit answered:
Steve,
Even in the height of the mortgage craziness this option didn't exist. Credit is always checked and stated income was dependent upon having decent credit. I was a licensed lender from 1998 through 2011 and saw lots of programs, but never this one. Sorry. ... more
0 votes 1 answer Share Flag
Tue Jul 26, 2016
Joe Borelli answered:
Whether you are looking do minor or minor repair work, the FHA 203K provides suitable options to provide you with the necessary financing you need. For minor repair work that doesn't exceed $35,000, the best option is to seek financing under the FHA 203k streamline programs. For extensive repairs that exceed $35,000, you need to opt for financing under the standard 203k guidelines. While any FHA lender is able to help you with the loan process, it would be best to work with lenders that have experience handling 203k rehab loans.

http://203klenders.org/
... more
0 votes 15 answers Share Flag
Fri May 6, 2016
Maria Tsabrova Buyers Rebate answered:
I tend to work with lenders tested by my numerous clients and time!
Besides I know my Buyer Rebate credit at closing would be approved by the lender I recommend and trust.
Always negotiate absolutely everything about home purchase - starting from Realtor commission cut to inspection costs to loan %. And shop around for the best deal. ... more
0 votes 11 answers Share Flag
Fri Jul 24, 2015
Arvin Sahakian answered:
Hi Tyler,

Great Question.

The following are some of the Disadvantages of FHA Loans:

Mortgage Insurance

Every FHA loan requires an upfront mortgage insurance payment equal to 1.75% of the loan amount. This can be rolled into the loan if you choose to avoid the out of pocket expense. In addition, you will have to pay for an annual mortgage insurance premium on a monthly basis.

The FHA annual mortgage insurance premium on loans with terms of 15 years or more will range from 0.80% to 1.05% of the loan amount (depending on the loan to value ratio). For loan terms of 15 years or less, the FHA annual mortgage insurance premium can range from 0.45% to 0.95% of the loan amount (depending on the loan to value ratio).

Limited Loan Amounts

The maximum mortgage amount financed with FHA will depend on the State and County the home is located. Visit the U.S. Department of Housing and Urban Development (HUD) website to search for FHA mortgage limits in your area.

Limited Occupancy Types

FHA Loans are only available for owner occupied properties used as your primary residence. This means you cannot attain an FHA loan for a second property, investment property or vacation property.

I've written an article called "What is a FHA Loan?" that I believe you will find very useful for your questions and concerns. https://www.besmartee.com/blog/what-is-a-fha-loan

I hope this helps!

Cheers
... more
0 votes 6 answers Share Flag
Sat Aug 3, 2013
x answered:
Mckeetroman,
I'm in Manhattan, but I could meet you at a local branch of Chase in Jersey City to help you put together this loan. You could certainly make this happen if your credit score and income support the loan. If you are looking for a "house" there are typically no restrictions for FHA financing, but considering the majority of the dwellings in Jersey City are condos or townhomes, you would have to check if they are on FHA's approved list. I can help you with this. You might also be able to qualify for conventional financing (non-FHA) and put 10% down as others said below. Your debt to income ratio will have to be relatively low and credit score above 700. If you are looking at condos or townhomes, you will still have to check that the building is approved with the bank you are working with. Not all banks approve all buildings, so get with a good mortgage banker before you put an offer in. It will save you aggravation later.

Call or email me if you want to talk further.

Ryan McPartland
Mortgage Banker
JPMorgan Chase
212-717-5902 office
646-522-6340 cell
Ryan.j.mcpartland@chase.com
Check out my credentials at LinkedIn
... more
0 votes 4 answers Share Flag
Tue Jun 25, 2013
Diane Maxon answered:
Hi Chandra - You should contact your attorney for information about how to deal with this.
0 votes 5 answers Share Flag
Wed Jun 19, 2013
Camille Marotta answered:
Pankit

I am in Jersey City area three times a week. I have 30 years of experience with 203K and construction lending. I would be happy to help you.

Camille Marotta
Branch Manager NMLS 9838
Residential Home Funding.
732-539-9300
848-223-7962 Office
cmarotta@rhfunding.com
... more
0 votes 2 answers Share Flag
Mon Jun 3, 2013
Ronaldmtrulia answered:
Hello Jen


I can't understand what you say. I have a reverse mortgage . Its name is reverse mortgage lenders direct. They are very helpful. You can get any question by search


http://www.reversemortgagelendersdirect.com/reverse-mortgage-loan/
http://www.reversemortgagelendersdirect.com/jumbo-reverse-mortgage/
http://www.reversemortgagelendersdirect.com/reverse-mortgage-facts/
http://www.reversemortgagelendersdirect.com/reverse-mortgages-facts-no-one-wants-you-know/
http://www.reversemortgagelendersdirect.com/reverse-mortgage-heirs/
http://www.reversemortgagelendersdirect.com/reverse-mortgage-explained-in-plain-english/
... more
3 votes 14 answers Share Flag
Wed May 29, 2013
Andrew Tisellano answered:
Contact Vince

Vince Micco
2nd Vice President/Director of Sales
NMLS #674950
Kearny Federal Savings Bank
120 Passaic Avenue
Fairfield, NJ 07004
Office: 973-439-3323
Fax: 973-439-7080
Commercial & Residential Mortgages
... more
0 votes 3 answers Share Flag
Sun Feb 24, 2013
Gregorio Denny answered:
If it's an FHA loan, that's not going to work. The case number can only be assigned to one company. Even if it's not an FHA loan, you will run into issues doing this. In the time it takes you to search for 2 lenders, order and pay for 2 appraisals and worry about all of this, you could have found one completely competent and reliable lender to close your loan for you. Huge waste of your time and many others if you ask me. ... more
0 votes 8 answers Share Flag
Sat Nov 17, 2012
answered:
I offer 203K loans in MI. Contact me at 800 315 8803. My name is Bart and I have been in the mortgage business for 25 years. I am happy to answer your mortgage questions, 7 days a week and review your loan scenario.

Bart Gabe

www.bartprequalifies.com

800 315 8803

NMLS# 20743 - my licensing information

http://www.nmlsconsumeraccess.org/ - link to look up my license number
... more
0 votes 2 answers Share Flag
Fri Sep 21, 2012
answered:
I've never heard of a loan that you could not make prepayments on. There are some loans that will impose a penalty if you prepay over a certain amount within a certain time period (such as paying 20% or more of a balance within a 1 year period) which is called a prepay penalty. But prepay penalties aren't very common on mortgages anymore. So unless the fixed rate mortgage specifically has a prepay penalty then you can still prepay on that loan without any penalties. Ask your loan officer if it has a prepay penalty or not, and if it does, how long the prepay penalty would be for (rarely over 3 or 5 years) and if it's a "soft" or "hard" prepay penalty. A soft prepay penalty would allow you to sell your home without penalty, but would impose the penalty if you were to refinance or pay your principal balance down by a certain amount... a hard prepay penalty would be imposed even if you sell.

Also if you make a large principal prepayment, most lenders will allow you to "recast" the loan to make your payment based on the new principal balance based on the remaining term of the loan. Like if you start out with a $800k loan amount over 30 years, and pay $150k towards it in year number 2, then your payment would be recast to be on a $650k loan amount over 28 years. Not all lenders permit that but most of them will as long as you discuss it ahead of time.

Rates can increase pretty quickly, they usually increase at a much more rapid rate than they decrease. I remember back in the summer of 2004 they increased over 1% in a little less than 2 weeks time period. Rates can also go up & down, just like the stock market, so there may be a period of a couple months where they rise but then the following couple months they could decrease down to where they were prior to them rising. There is also the factor of denial. Denying that rates will continue to increase, just like a lot of people were in denial that home values were going to significantly decline and thought they'd make a comeback to where they previously were.

Shane Milne | Lending in all 50 states | NMLS #81195
... more
1 vote 7 answers Share Flag
Mon Sep 17, 2012
denblagoi answered:
Wed Jul 18, 2012
Liberty Realty LLC answered:
Prices vary depending on what you look for. We have a very extensive inventory on our website where you can also find listing agents numbers. We are the #1 Real Estate agency in Hudson county. Check us out and see what you think. www.libertyrealty.com ... more
0 votes 4 answers Share Flag
Tue Sep 20, 2011
Chad Barris answered:
Its scenarios like this which is why our business is so much trouble. How could you ask such a question ? What do you think ? Its a 2 family home and you are you miliking the system so you can live for free. How would think this is ok.. ? So think about this milkman...

what happen if your house cathes on fire ? How do you think the the insurance company and the buliding inspector and fire cheif would report this ? When they ask for the report and its says illeagal apprartment in the basement, they wont insure you, so now you pay a mortgage on a house thats destroyed from fire becuase you had to make a few hundred dollars and beat the system. Not to mention you are in viloation of FHA which is federally regulated code. If if FHA happen to do a quality control spot check on you you might have to have recoarse on the loan and pay it full becuase of what you doing..

Im surprised you would even put a question like this for the public to see... Im sure my other collegues in the business below would agree with with me 110%
... more
0 votes 7 answers Share Flag
Tue Sep 20, 2011
Suzanne MacDowell answered:
I work with a mortgage partner who is very, very familiar with both programs. I would be happy to introduce you if you'd like and you can discuss it with him. I do not do much work in Jersey City so I have no other agenda here, just thought perhaps I could help you out. Not to disparage anyone, your guys could be absolutely correct, but sometimes if a lender is not familiar with a particular program, like Live Where You Work or USDA they try to steer their clients into a product that they understand better. Just a thought, happy to introduce you if that helps. Just contact me here on Trulia and I will arrange it. ... more
0 votes 2 answers Share Flag
Mon Jun 13, 2011
answered:
Jersey City:
http://www.cityofjerseycity.com/hedc.aspx?id=5332 - Golden Neighborhoods Homeownership Program

Essex County:
http://www.hapec.org/buying.html

Various programs in NJ:
http://www.njhousing.gov/njhrc/consumers/assistan/county_housing_assistance.html
... more
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