Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Financing in Kensington & Parkville : Real Estate Advice

  • All61
  • Local Info12
  • Home Buying12
  • Home Selling3
  • Market Conditions2

Activity 7
Sat Aug 1, 2015
Malekfinancials asked:
Do you need a loan? have you been looking for how to get access to a private lender? If yes, Here is the opportunity to get a cheap loan. We offer loan at low rate of 3% and we are contacted…
0 votes 0 Answers Share Flag
Sat Jan 19, 2013
Claudia Williams answered:
Ira,

As far as mortgage brokers go, one of the best is First Merchants,Inc. in Park Slope.
0 votes 12 answers Share Flag
Tue Oct 2, 2012
Mitchell Feldman answered:
Dear Andy:

It could still be considered owner occupied, more importantly is if a bank would consider it your primary residence. If the bank considers the property to be your primary residence, then any mortgage you take on another property may be considered an investment property and that is a completely different type of loan as opposed to a loan for a primary residence. You need to clarify the question as in... why do you ask?

With regard to more than half the units not owner occupied, that in and of itself is not as much of an issue as compared to if all those apartments are owned by the same person/entity or multiple persons/entities. The problem is that if one person owns too many units, it is risky because if that individual all of a sudden stops paying their monthly maintenance, that could be extremely costly to the co-op and can raise the risk of bankruptcy. Banks do not like that when considering to loan. Hence, you have to find out who owns the half that are not owner occupied.

If I can be of further assistance, please let me know. Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
... more
0 votes 3 answers Share Flag
Tue Jun 19, 2012
answered:
Dear Halley,

I'd love to sit down and chat with you to complete a thorough Prequalification. I'm a Local Mortgage Banker and I've been helping Home Buyers for 22+years here in the NY Metro region.

In the Prequalification meeting we'll review the building blocks of a successful mortgage application: IAC or Income, Assets, and Credit. Then we can determine the loan programs we can offer you and the programs that are the best fit depending on your family's goals and financial lifestyle. I'll also guide you through the entire process of buying a home, from finding a great local Realtor, to making an offer, home inspections, contract signing, loan process and closing. My clients get a personalized "First Time Buyer's Seminar."

I'm accessible seven days a week and I make house calls, so give me a call today and we can get you on your way to homeownership!

Trevor Curran
NMLS #40140
Office: 516-829-2900
Mobile: 516-582-9181
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
http://www.phsloans.com
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528
... more
0 votes 3 answers Share Flag
Mon Feb 13, 2012
Annette Levinson answered:
Your accountant will do a Schedule E in which you deduct mortgage interest from the rent you receive besides other things. You need to speak to your accountant.
0 votes 6 answers Share Flag
Sat Mar 6, 2010
Joseph Hastings answered:
Hi Ira. The short answer is no, it is not true. The percentage will vary from building to building. Check this before you sign any contract.

Condo common charges (you referred to as maintenance) are not deductable. Unlike a Coop that includes the property tax portion in it's monthly charge, you get a separate statement for property tax when you own a Condo. Your common charges go to the upkeep of the building and many other things like liability insurance, snow and garbage removal, doorman, etc. As such, no deduction. ... more
0 votes 7 answers Share Flag
Wed Mar 3, 2010
David Rogoff and Bonnie Chernin answered:
Hi Ira,

We agree with all the preceding responses. Experience tells us that whenever with all home purchases there are nuances in the tax law and you should engage a qualified accountant to clarify the qualification rules for the homebuyer tax credit. Looking over the revised Form 5405 from the IRS, there are new general instructions and a very detailed overview of the amount of the credit, who is eligible and who is not. Here is a direct link to the form:

http://www.irs.gov/pub/irs-pdf/i5405.pdf

Hope this helps, and please call us if you have further questions or if you would like us to help you find a home.

Best regards,

Bonnie Chernin & David Rogoff
Coldwell Banker Mid Plaza Real Estate
Cell: 917-593-4068
E-mail: david@BestHomesInBrooklyn
... more
0 votes 6 answers Share Flag
Search Advice
Search

Followers

589