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Home Buying in North Bergen : Real Estate Advice

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  • Local Info9
  • Home Buying36
  • Home Selling5
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Activity 48
Mon May 8, 2017
Kathy Burgreen answered:
As a former realtor in the New York City area, you need to understand that most realtors refuse to work with foreclosures. Realtors are independent contractors and foreclosures take more time and more work involved and the commission is not worth it. It takes much less effort and less time to sell a regular priced home and the commission fee is much higher than a foreclosed home.

You also need to learn that most foreclosures in the NYC area require renovations which you need to pay for. Do you have cash available to pay for renovations + closing costs? There may also be additional expenses with foreclosures that you need to pay for. Examples: any liens, etc.
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Thu Apr 14, 2016
thinz answered:
That should not be a problem. The lender won't care whose account the down payment is coming out of whether joint or individual...just as long as it is one of the seller's accounts. Verify though with your loan originator based on the type loan you are getting.
Tom Hinz www.shortsaletosell.com
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Sun Mar 1, 2015
Yaw Anku answered:
For an updated list of FHA approved condos in Jersey City, NJ see http://homebuyerwise.com/FHA-Approved-Condos/city/Jersey-City-NJ_17347 . This link is available nights and weekends unlike the HUD site. You can also search for nearby cities ... more
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Sun Oct 12, 2014
Tim Moore answered:
I assume you own it. So you find someone to rent it and they pay you rent each month and you continue to make the mortgage payments, utilities (unless you get the renter to pay them) and the taxes and insurance if there is any or HOA or condo fees. What is it you don't understand? ... more
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Sun Oct 12, 2014
Barbara Reagan answered:
Hello, kperezstl,

This is a great question and one that I get from many of my buyers! A 203K loan is great for fixing up a home, but the interest rate is variable, you need to use licensed contractors, closing costs can be higher, etc. So there is no right or wrong answer to this question-it really will depend on the house, the condition that it is in and whether or not you can live with the house in it's current condition, or if you need to fix and update it now.

Keep in mind that not all lenders offer FHA 203K loans, and qualifying for a loan is a little different than if it were just a straight FHA loan. So talk to a lender who does 203K loans to know how much of a loan you can afford and to find out about the process and the costs before going out to look at houses! This way, if the house you do fall in love with needs immediate repairs and updates you will be ready to make the decision that works best for you!

Good luck!

Barbara Reagan
Long & Foster Realtors
3428 Pump Rd.
Henrico VA 23233
http://www.YourRichmondHome.com
http://www.RichmondRealEstateTalk.com
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Sun Oct 12, 2014
HomeBuyer answered:
yes - just like 95% of the buildings in west new york and north bergen.
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Sat Sep 20, 2014
Alexander Moldoff answered:
If you buy with a friend make sure there are agreements in place. Talk with a lawyer. It may be good to purchase a property by creating an LLC first.
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Sat Sep 20, 2014
Alexander Moldoff answered:
It would be affordable housing program, there is a condo in Fairview that is brand new and has income ceilings (which means you can't make more than a certain amount.)
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Sun May 25, 2014
Kdmfitness answered:
The average is more like 800 to
1300 per month.This doe NOT include property taxes
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Sat May 24, 2014
Keith Jean-Pierre answered:
Very rare and if so, will require a complete renovation most likely. Also at that price, most purchasers will be cash investors.
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Thu Apr 10, 2014
tania themlaoui asked:
Fri Mar 7, 2014
javespana1 answered:
I can help you with this matter and i would like to get in touch with you. Let me what is the better way to communicate.
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Mon Feb 3, 2014
answered:
Jessica, yes you will be able to qualify. It is a matter of monthly debt to income ratios. Underwriters will take into consideration the monthly payment on those students loans. As long as that payment, your other monthly debt, & the new mortgage payment are under a certain threshold, you will be able to qualify. obviously, income and credit history will be taken into consideration as well.

Each type of loan, fnma, Freddie mac, fha, va, jumbo will allow for different levels of debt to income ratios. Then you must make sure you loan follows qualified mortgage guidelines set forth on January 10th this year.

Bottom line, it has never been more important to be fully pre-approved before you start your home search than now. Licensed mortgage professionals like myself can give you the correct game plan to ensure a smooth home buying transaction. Best of luck! Feel free to reach out to me to discuss further.

Joseph S. Cordova
Trusted Mortgage Advisor
Partner
NMLS 146855
Evesham Mortgage, LLC
65 East Route 70, Plaza 70
Marlton, NJ 08053
856-985-9944 ext. 103 Tel
856-304-2381 Cell
206-333-0946 Fax
jcordova@eveshammortgage.com
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Sat Dec 21, 2013
Sneh answered:
i currently have a 2bd room apt with a garage/central heating and air/laundry for $1375 + Utilities in North Bergen
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Tue Aug 27, 2013
Barbara Perez answered:
2012 last recorded taxes were approximately $11,000.00
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Mon Aug 26, 2013
Nickie Sherwood answered:
Mon Aug 12, 2013
Maria Gilda Racelis answered:
If you are using an FHA or conventional financing to buy the property, chances are you can not get a loan without running water prior to closing.

First of all, utilities should be up and running for the home inspection and appraisal.

However, there are instances when you can close even if the water is turned off on a 203k loan.

I can't answer the question regarding the realtor's action for lack of details or information.

I hope this answer helps.

Best of Luck.
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Mon Jun 24, 2013
Andrew Tisellano answered:
Driveway or no Driveway will make for a big difference in price as well.
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Tue Oct 23, 2012
Marsha Bowen Washington answered:
If you don't have the $30K, you can check with the seller to see if they can offer seller financing, but you could be restricted if you're doing a FHA loan.
0 votes 6 answers Share Flag
Mon Sep 10, 2012
Andrew Tisellano answered:
The town needs money.
There is slightly more work involved for the town.
I have a deal like that right now in Elmwood Park.
0 votes 1 answer Share Flag
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