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Financing in Nassau County : Real Estate Advice

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  • Home Buying83
  • Home Selling9
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Activity 58
Mon Jan 30, 2017
answered:
Hi Agmwoodworking,

You could purchase this with conventional or FHA financing, as both allow a family member to co-sign on the mortgage and be add more qualifying income. We help people out in this situation quite often. Feel free to contact me.

Shane Milne | Lending in all 50 states | NMLS #81195
shane@thebesthomeloans.com | 949-322-3616 direct
... more
0 votes 1 answer Share Flag
Thu Sep 22, 2016
Bhairdojax answered:
How would I find lease to own homes or owner financing in fernandina Beach Fl., Yulee Fl. area?
0 votes 4 answers Share Flag
Thu May 26, 2016
John.sprei asked:
What if my commitment letter mentions .75 % for points?
0 votes 0 Answers Share Flag
Thu May 19, 2016
answered:
Hi Trackhead,

Your best option is to work with a lender that will take the time to walk you through what you need to do to raise your scores. FHA for example will require a 10% down payment if your score is under a 580 so it really is in your best interest to work on your credit.

Take a look at the recommendations from some of my past clients on my Trulia profile by clicking the link below my phone number.

Please feel free to contact me for more information or help.

John Burke
Senior Mortgage Banker
Lending in ALL 50 states
Great Plains National Bank
Apply Online: https://secure.smartapp1003.com/102471/?loanofficerid=106115
(877)228-9069
NMLS# 787231
http://www.trulia.com/profile/john-burke-mortgage-broker-or-lender-austin-tx-993995/reviews
... more
0 votes 1 answer Share Flag
Thu Aug 20, 2015
John Broussard answered:
We offer a Conventional Blanket loan based on cash flow and also a Hard Money Blanket Loan, For purpose of Refi Cash Out's and Purchases. Minimum Loan amount 300K, max loan amount 50MM. This is a Nationwide program.

For more details give me a call.

John Broussard
Newbridge Investments
713-777-9996 Ext 103
Direct 832-429-4389
john@newbridghomeloans.com
... more
0 votes 4 answers Share Flag
Wed Apr 15, 2015
Anna M Brocco answered:
Visit with any licensed loan officer and discuss; perhaps the links below may be of some help.
http://www.nyshcr.org/Topics/Home/Buyers/SONYMA/DownPaymentAssistanceLoan(DPAL).htm
www.nyshcr.org/.../SONY ... more
1 vote 2 answers Share Flag
Tue Jan 20, 2015
Javier Meneses answered:
Your income and credit scores are just 2 pieces of the puzzle. It is important that you take the next step and meet face-to-face with a mortgage professional and make sure that you fully qualify for a loan, and if so, how much of a loan you qualify for. It's really difficult if not impossible to know what and how much you qualify for without being able to review all the necessary documents. Need to know how much debt you carry on your credit, what your credit score and history is like, what areas are you looking so we could get an idea of the what the property taxes could be, do you claim any unreimbursed expenses in your tax returns? etc. There is just much more that comes into play here.

Take the next step and meet with a mortgage professional. I would be happy to schedule a meeting in our Farmingdale or Bellmore office. I could tell you exactly what documents you will need and review everything connected to the mortgage process specific to your situation. It all happens face-to-face in one very informative and educational meeting. Feel free to call or email me anytime. Good luck!

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Assistant Director of Sales
ACADEMY MORTGAGE CORP
105 Conklin Street
Farmingdale, NY 11735
jmeneses@bankamc.com
(516) 606-9648 Cell
(631) 227-3258 Office
(516) 584-7138 Fax
... more
0 votes 7 answers Share Flag
Mon Jan 13, 2014
bob36961 answered:
Call People's United Bank & ask for Bob Bishop. He does residential construction loans.
0 votes 4 answers Share Flag
Tue Dec 31, 2013
Clarice Mulcahy answered:
Happy new year to you. Contact a bank or mortgage personnel on thurs and I am sure they can help you
0 votes 5 answers Share Flag
Thu Dec 19, 2013
answered:
You know the 43% DTI is primarely for non conforming (non GSE loans). Fannie/Freddie/Ginnie are not subject to this (at least for the next 7 years). That being said some lenders are implementing this accross the board.

Some of us will still be going of DU/LP findings.
... more
0 votes 3 answers Share Flag
Sun Nov 17, 2013
answered:
In this situation best way would be to have the contractor finance all the cost of remodeling or seek a stand alone construction/remodeling loan from lenders. Depending on your overall situation even FHA 203K home renovation loan may make sense. There is no lenders that I can think of that will simply give you a 100% LTV HELOC or Home Equity, most you may be able to get is 85 CLTV.
If this information was helpful please select the Best Answer option. Please get in touch with me if you need to speak to me.

Thanks

Sanjeev Ahuja NMLS # 148731
Mortgage Broker
Home Funding LLC
110 Jericho Turnpike Ste 214
Floral Park, NY 11001
Direct Ph 917-517-2552
NYS Registered Broker, Department of Financial Services, Loans Arranged through third parties NMLS # 885573
... more
0 votes 1 answer Share Flag
Mon Sep 16, 2013
Joe answered:
Good Afternoon,
I am a licensed lender in Melville and also lives in Port Washington. My bank, New Penn Financial is a national direct lender. We offer many products, all with no points and very minimal closing costs. I encourage you to look us up. I am sure you will be ver satisfied with what you read. We were mentioned in the magazine Inc 500 as a leading lender. If you have any questions feel free to call me at 516-962-5205 or email me directly at jtraub@newpennfinancial.com ... more
0 votes 7 answers Share Flag
Thu Sep 5, 2013
Anna M Brocco answered:
Be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously, therefore for a personalized answer visit with any licensed loan officer; there other factors involved that will determine mortgage qualification. ... more
1 vote 2 answers Share Flag
Fri Jul 19, 2013
Cristina Callegari answered:
The answer to this question can honestly go either way and will depend greatly on your income, credit score, and debt to income ratio. It will be best for you to speak to a licensed mortgage professional to answer this specifically to your situation. ... more
0 votes 5 answers Share Flag
Thu Jul 18, 2013
Cristina Callegari answered:
Hi Sonia, without much information the short answer is yes. However, you really should sit down with a licensed mortgage professional and have a pre-approval done. Typically, if you have negative things on your credit, but your debt to income ratios are good and your overall credit score is above 620 you can still get a mortgage. A mortgage professional will be able to advise you about those blemishes on your credit. Some of them might be easier to have removed than you think, and a mortgage professional can also advise you on the banks criteria for lending which will help you get on track for the future if you are unable to qualify for a loan at the moment. I wish you the very best of luck in your home search, and if you need help finding the right home I will be happy to do so. ... more
0 votes 7 answers Share Flag
Tue Jul 16, 2013
Bill Bodouva answered:
Cyclist,
I've referred many clients to Rich with great success.
Richard Pisnoy
Principal
Silver Fin Capital Group LLC
Direct: 516.304.5007
Cell: 917.439.7024
Fax: 516.708.4111
Richard Pisnoy

Good luck,
William Bodouva, Jr., ABR*, SFR, E-PRO
One Consolidated Source of Accurate Real Estate Information
... more
0 votes 6 answers Share Flag
Thu Jul 4, 2013
Hezrell Vasquez answered:
Good day Dhaval Gandhi,


I hope you found someone that was able to assist you.
0 votes 5 answers Share Flag
Fri Jun 14, 2013
JTSW answered:
One consideration I don't see identified below: I have owned three houses, including the one I am getting ready to sell now. I owned my first house for just seven years out of the 30-year amortization period, so my EFFECTIVE interest rate was MUCH, MUCH higher than the nominal 5.75% rate it WOULD have been IF I had owned the house for thirty years -- and this will almost always be the case because mortgage lenders "front-load" interest payments in their amortization / interest payment schedules, and they do so precisely because mortgagors [like me] almost never hold the mortgage for its entire term, resulting in a MUCH, MUCH higher rate-of-return for the mortgage lender. The same thing happened with my second house, and the same thing is about to happen with my third house -- in fact, on this 15-year fixed rate loan, I have paid almost all of the interest due on the entire note in just three years! Three great loans for the banks; three crummy deals for me. So, for everyone who does not realistically expect to own their home for the entire term of the loan -- and how many of us realistically expect to stay in that house for thirty years? -- their EFFECTIVE interest rate is NOT simply the lender's offered APR minus the (currently available, but for how much longer?) mortgage interest tax deduction.

Rather, their EFFECTIVE interest rate would be: (1) the SUM of (a) the total amount of interest they will pay under the proposed mortgage -- ask for the amortization / interest payment schedule -- over the number of years they realistically expect to stay in the house, PLUS (b) any finance charges ["points"] and other closing costs, if they are significant, MINUS (c) the total value of the (currently available, but for how much longer?) mortgage interest tax deduction over the number of years that they realistically expect to stay in the house; DIVIDED BY (2) the number of years that they realistically expect to stay in the house. It is this, EFFECTIVE interest rate, that should be compared with alternative investments and their expected rates of return, as well as the psychological "sleep at night" factors discussed elsewhere, when deciding whether to pay cash for a house, or to finance it.
... more
0 votes 18 answers Share Flag
Wed Jun 12, 2013
Maria Cipollone answered:
Most of this closing fees are deductible when you file next year. So, they are giving you a great deal on this investment property at 3.25%.

Best of Luck,

Maria Cipollone

www.Flahomespecialist.com ... more
0 votes 11 answers Share Flag
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