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Financing in New York : Real Estate Advice

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Activity 271
Thu Dec 27, 2012
William McBurney Jr answered:
Meng --- I have one answer now and will keep looking for others.
One large local savings bank will do your loan, but it has to go as
a second home purchase. A few of their basic rules:
Minimum loan size - $450,000
Minimum down payment – 40%
Minimum purchase price of apartment - $750,000
A couple of commercial banks in midtown that used to be very
active with foreign buyers, may be getting more aggressive on
their terms, I will have to check further.
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0 votes 2 answers Share Flag
Mon Nov 5, 2012
Sergio Ayo answered:
Typically, it is the maximum that the bank will lend you. The loan amount is different. Check the letter and see if it says purchase price or loan amount.

Sergio Ayo
Licensed Real Estate Agent
Certified Cartus Relocation Specialist
Bond New York Properties LLC
1776 Broadway 19th Floor
New York, NY 10019
Office: 212 582 2009
Mobile: 917 678 4164
Fax: 646 666 2395

Bond New York can assist your friends and family anywhere in the World including the U.S., Canada, PR and the U.K. We are members of the largest Relocation Network in the nation. Contact your agent today to find out more.
... more
0 votes 9 answers Share Flag
Mon Nov 5, 2012
Sergio Ayo answered:
Coops do not allow FHA. Condo's do, but there might be an issue with the condo's right of first refusal.


Sergio Ayo
Licensed Real Estate Agent
Certified Cartus Relocation Specialist
Bond New York Properties LLC
1776 Broadway 19th Floor
New York, NY 10019
Office: 212 582 2009
Mobile: 917 678 4164
Fax: 646 666 2395

Bond New York can assist your friends and family anywhere in the World including the U.S., Canada, PR and the U.K. We are members of the largest Relocation Network in the nation. Contact your agent today to find out more.
... more
1 vote 6 answers Share Flag
Fri Oct 12, 2012
Elena Ravich, Esq. answered:
you have to check with banks if the building itself is financeable by conventional lenders. If the building is on their "ok to lend" list than the bank will be looking at your personal financials and credit score. I would be happy to connect you with a direct lender and he can answer all your questions in couple minutes. If conventional lenders have this building on their "do not lend" list , you would have to look for a small balance sheet lender.

Elena Ravich
Rakita Realty
646 593 7207
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0 votes 7 answers Share Flag
Thu Oct 11, 2012
Jess Kustura answered:
You may subtract attention on HELOCs properly secured by your main property. You may also subtract attention on a second house HELOC so long as you do not rent
0 votes 4 answers Share Flag
Fri Oct 5, 2012
Elena Ravich, Esq. answered:
try some small community banks that would hold mortgages on their balance rather than selling
0 votes 4 answers Share Flag
Fri Oct 5, 2012
Elena Ravich, Esq. answered:
I have a very experienced mortgage broker who works with foreign loans - let me know if you'd like to get in touch
evr206@gmail.com
Elena Ravich
Rakita Realty
0 votes 3 answers Share Flag
Thu Sep 27, 2012
Jess Kustura answered:
But while prices are good, the days of quick-and-easy financing are over, and the tightened credit market can make it tough to secure loans for investment properties. However, there is some good news: A little creativity and preparation can bring loans within reach of many real estate investors. ... more
0 votes 3 answers Share Flag
Tue Sep 25, 2012
Jakebaxter answered:
Advancial Finances non-warrantable condos and condotels.
Jake Baxter
jbaxter@advancial.org
972.201.1632
0 votes 3 answers Share Flag
Wed Sep 19, 2012
My NC Homes Team answered:
Yes if you have enough equity on each home and have a high enough credit score and income that can cover all the payments you can get a separate HELOC on each property
0 votes 5 answers Share Flag
Sun Sep 2, 2012
Elena Ravich, Esq. answered:
Appraisals are ordered and received mostly by the banks or sometimes a seller of a buyer orders an appraisal....Who do you expect to receive the answers from to your question on this website, appraisers or banks? There will be a wide range of $/PSF depending on the floor, size, level of amenities, land ownership/landlease, etc. You should look at sales comps and research carefully what things were factored in in each case to come up with the price determination....

Also some appraisers just value properties at exactly the same amount as the bank needs to give financing....appraisers get paid 300-500 for an appraisal, they spend 5 minutes int he apartment and don't really do a great job, especially if they are out of towners and do not know Manhattan market that well
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1 vote 3 answers Share Flag
Thu Aug 16, 2012
Elena Ravich, Esq. answered:
some bank that keeps loans on their balance sheet rather than sells...
I heard that Cathay bank has a liberal lending policy
0 votes 3 answers Share Flag
Fri Jul 27, 2012
Dominique Wilder answered:
If it is an investment property that you are wanting to finance we have a program that could work for you depending on the loan amount. It is a no documetation business loan that we are able to use to finance non-owner occupied properties. You are welcome to contact me anytime with questions.

Dominique Wilder
Universal Acceptance
559-375-2512
... more
0 votes 3 answers Share Flag
Thu Jul 12, 2012
Angela Nelson answered:
as often as you like. not too much
0 votes 4 answers Share Flag
Sat Jun 30, 2012
Edwards Properties answered:
The better your credit, the more doors open for you. However you also need to prove a current steady income.
0 votes 6 answers Share Flag
Fri Jun 29, 2012
Anna M Brocco answered:
Living outsides one's budgetary constraints is not a good idea, especially if looking to purchase a property in the near future; any negatives will impact your credit....
0 votes 6 answers Share Flag
Mon Jun 11, 2012
John Peitler answered:
We have some nice co-ops available. Please contact me for assistance. My name is Marinel and I can be reached at 212-714-1027 ext 15. Thank you and good luck.
0 votes 8 answers Share Flag
Mon Jun 11, 2012
John Peitler answered:
We have some nice condos available. Please contact Kevin at 212-714-1027 for assistance. Thank you and good luck.
0 votes 9 answers Share Flag
Fri Jun 8, 2012
Annette Levinson answered:
If your building is leaving HDFC program it doesn't mean it will jump up that much in value. You are talking about a cash out refinance, which means the co-op unit must be worth at least $2,000,000. ... more
0 votes 5 answers Share Flag
Mon May 14, 2012
TC answered:
thanks for answering! My broker was excellent and I knew that it was not his fault because I have the letter stating too many apts owned as investment properties according to Fannie Mae..I am learning quickly before that food stamp line!Thanks I will check out Emigrant because they were my initial bank when we went Coop.Presently I am being offered Harp and was approved in Jan 2012 but that's just for one mortgage...I can not do Chase because they have a SQ FT requirement for mortgages and I have a studio that is less by literally feet but I will ask about REFI.I'll ask again as that's my next call and I think I want to stay within NY because I am getting a feeling my broker was great,I was approved but they were out of state banks...and all this and the bills have to be paid..I am not selling yet,thank you Ella and THE only reason is they started construction outside my window that should last 2-3 years?..I haven't seen anyone for weeks..so that's the story.. I will contact Emigrant first, then WF(but I think I've tried them already)..so many banks, so little TIME!..CASH sounds great but the owners get as little info as possible ,especially from the sponsor, so I can't answer that question about lenders..they hand us the maintenance bill and what it's for...a reason why many people go on and off in one year and a reason, there is NO continuity within any boards, maybe 3 people , at most, stay on for another term..it's ALL about what they can get out of sitting at that board table and not bettering the building. always has been to my knowledge.The things that get accomplished are painting, pointing(years in the making) things like that, we got a new security system that half the tenants don't have a clue how to work…that's just a wee bit of it.
Cash I would have to ask my health insurance people, how that is done because I was told once that it can be put into like an escrow and used only for bills

Thanks so much for your help...I will keep you posted of my results
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