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Financing in Monroe County : Real Estate Advice

  • All4
  • Local Info1
  • Home Buying3
  • Home Selling0
  • Market Conditions0

Activity 16
Thu Apr 27, 2017
Mark Howe answered:
Hi Cabria,

The ability to approve you for a mortgage is going to depend on your overall debt to income ratio, not just that one loan. The only way to get you the answer is to contact a lender and have us go over your income and expenses, as well as the other qualification criteria.

I would be happy to help you review your situation, so feel free to contact me. With one phone call I will be able to tell you whether you need to pay off debt or not to qualify.
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Fri Mar 31, 2017
answered:
Hello, I'm a mortgage professional.

You can get a VA loan with no money down and even roll closing costs into the loan using a sellers concession.

If you have any other questions or would like help with this you are welcome to get in touch with me. ... more
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Thu Oct 23, 2014
answered:
HI Sherill--depending on where you are looking, you may be eligible for USDA financing--I see you are in the Batavia area. That has a zero down payment and low rates. You do need to talk to a Mortgage professional to really find out what you would qualify for. I would be happy to talk to you about your situation.
Please give me a call. 585-472-4014. Ken
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Sun Feb 2, 2014
Greg Stefl answered:
Elizabeth,

Please contact the wonderful folks at NeighborWorks Rochester. They are there to help folks just like you in exactly the same types of situations.

And no, NeighborWorks Rochester is not just for purchasing city homes. They help folks throughout Monroe County and can work with you and other lenders to make it happen.

http://www.nwrochester.org/contact-us/

585-325-4170

PLEASE give them a call!!
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Sun Feb 2, 2014
Sandy Wimett answered:
I teach first time buyer programs at PathStone and I also work closely with Nancy Miersch at M and T bank 585-455-2443. She handles many city grants and first time home buyer programs. Some of the local employers also work with the city on grant monies for first time home buyers. ... more
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Tue Sep 24, 2013
Mark Updegraff answered:
Typical banks don't want to lend on properties under 50K. Some will though. I think 75% LTV would be about the best you could hope for with no personal guarantee and that may be a stretch. ... more
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Sat Dec 1, 2012
Bradley Newton answered:
Jonathan, Thanks for the question. As a first time home buyer there can be several grants you may be able to obtain. Most are income qualifying and require you to purchase either in certain areas and certain homes. Everything depends on your financial circumstances and past borrowing history. If you are a veteran, there may also be other forms of assistance and some with no down payments needed. You would need to talk to a trusted loan professional and give him/her your information. Some areas may have USDA assistance where you come to the closing table with less money. Lastly if you do not have 20% to put down then you would being using an FHA loan which allows you to only put down 3.5% of the purchase price plus be able to ask the seller to pay seller concessions up to 6% of the purchase price. Without knowing your specifics that is all the information I can give you.
I would be glad to recommend local loan professionals to get you pre-approved, which will give you a better idea financially where you stand, or speak to you further about the home buying process.
Feel free to contact me today and I will be glad to answer any questions you may have. Call/txt me at 585-236-7780 or email me at BradNewton@remax.net or www.Brad-Newton.com

Have a Great Day,

Brad Newton
Certified Buyers Representative®
Seniors Real Estate Specialist®
RE/MAX Custom
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Mon Nov 12, 2012
Christopher Pagli answered:
Hi, Speak to a loan officer and inquire about an FHA loan, they allow you to put a minimum of 3.5% down and roll you closing costs (up to 6% of purchase price) into your loan. Another option if you are a first time home buyer and meet the requirements, is a SONYMA loan. SONYMA allows for a minimum down payment of 3% that can be gifted, along with financing of the closing costs.

Christopher Pagli
Licensed Associate Broker
Accredited Buyer Representative
william Raveis Legends Realty Group
914.406.9023
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0 votes 12 answers Share Flag
Mon Nov 12, 2012
Cathy Barton answered:
If you are not technically married you will have no problem getting a morgage by yourself unless you are on any of his credit accounts. You should consult a good mortgage broker.
0 votes 8 answers Share Flag
Wed Apr 25, 2012
Aaron Lazenby answered:
David-
You will likely have a difficult time qualifying for a mortgage right now. Most lenders will require a 620 middle credit score, some lenders now require a middle score of 640. There are some that "say" they will go as low as a 580 score, but there needs to be extenuating circumstances for the score being where it is to qualify and most likely a lender would require good compensating factors (i.e. substantial down payment, cash reserves, etc) My recommendation would be to work with a mortgage professional that can properly assess your credit situation now and assist you with putting yourself in the position in the hopefully near future. Best of luck! ... more
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Wed Jul 7, 2010
Michael Walker answered:
Wed May 6, 2009
Raymond E. Camp answered:
Good morning, Looking at the web site I would suggest contacting the bank you have the account set up with. good luck and happy house hunting. Thank you, Ray
0 votes 1 answer Share Flag
Mon Mar 9, 2009
Marty S answered:
Yes.

I am a mortgage broker. If I can be of service, please let me know!

Martin Smith

Precision Funding
877-238-6324 Ext 704
513-536-7184
877-238-6324 FAX
MSmith@PrecisionFundingUSA.com
http://www.PrecisionFundingUSA.com
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Fri Oct 24, 2008
Karen Wingender answered:
Here are some tips to help you raise credit score:

1. Pay everything on time! Even if it’s only the minimum payment.
2. Pull a copy of your credit reports from all three reporting bureaus. You can obtain free copies from www.AnnualCreditReport.com (I believe they allow you to pull a report annually for no charge).
3. Check for errors on your credit report. You can file a dispute to correct inaccuracies.
4. It’s better to have several credit cards open with low balances versus one card with a high balance. Frequently opening and closing accounts in a short time span can result in a lower score.
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Sun Nov 18, 2007
Ruthless answered:
Prices will vary by State, County and city. My attorney is in La Grange, Illinois in Cook County. Someone in downtown Chicago recently gave flat rate transaction attorney rates and they were double what I pay. But I also recently purchased property in Michigan and the attorney rates were by the minute and I paid twice as much as a downtown Chicago transaction would cost.

I would suggest that you repost your question and specify the Rochester area by city and state or zip code. Many agents receive emails if someone posts a question for their location. Your question is posted in all locations and only upon reading the question do you find out the area.

I hope this helps. The referenced thread talks about rates.
Good luck,
Ruth
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