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Financing in Staten Island : Real Estate Advice

  • All1K
  • Local Info73
  • Home Buying288
  • Home Selling71
  • Market Conditions30

Activity 30
Fri Mar 20, 2015
Matthew Albert answered:
Yes Doctor/ Physician loans are available in NY! Hi, my name is Matt Albert (NMLS# 658999) and I am a Doctor/ Physician Loan Specialist with Citizens/ Charter One Home Loans. I have been specifically working with physicians for over 12 years. We cover licensed medical physicians, residents, interns and fellows, which include MDs (Medical Doctors), DOs (Doctors of Osteopathy) along with DMDs and DDS (including Dental Surgeons, Orthodontists and General Dentists). We provide financing of 95% up to $850,000, 89% to $1 million (**exceptions possible**) AND 89% to $1 million for one time close construction Doctor Loan, all with NO PMI! We offer our Doctor Program in the following states:

Connecticut, Delaware, Illinois, Indiana, Kentucky, Maine, Maryland, Massachusetts, Michigan, North Carolina, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee, Virginia, Vermont, Washington, D.C., West Virginia. **Additional States are possible on an exception basis.**

If I can be of any assistance please feel free to contact me for details as we are NOT allowed to share guidelines of the program in online forums.

Matt Albert
Physician Loan Specialist
Mortgage Loan Officer
NMLSR # 658999

Citizens Charter One Home Loans
Phone - (336) 471-1825
Fax -(844) 574-2618
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Wed Oct 16, 2013
Leslie Ann Woolsey answered:
Hi linda I presume you deposit that money into your account so that should be proof of that income and your decree shows where it comes from
If you would like to give me a call we work with qualified mortgage brokers who can advise you. Thanks and good luck ... more
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Wed Oct 9, 2013
Michael Denniston answered:
Michelle, the answer is yes assuming that you meet other criteria for income, debt-to-income, assets. work history etc. But you will not qualify under the most favorable terms. FHA will insure mortgages for buyers with lower scores than yours, but almost all lenders will require 10% down instead of 3.5%, limit gift money and seller contribution toward your closing costs and charge a higher interest rate.

Generally speaking, the higher your FICO, the better your options. But 640 is the minimum mid score that most lenders require for FHA under favorable terms. You may be surprised to learn that you can see dramatic improvements in your credit scores in as little as 30-45 days in some cases. I've worked with many buyers over the last 6 years who started with low credit scores and later became successful homeowners by following my free guidance. I would welcome an opportunity to help you do the same. For more info, call me directly at 917.699.0183 or email

I value your opinion, please hit thumbs up or best answer, if my reply was helpful. All the best.

Michael Denniston
Senior Mortgage Banker
NMLS# 24076
The Federal Savings Bank
Direct Lender. All 50 States
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Sat Jun 1, 2013
Fred Herman answered:
yes. people can be unemployed and still have income. and there are very many people that fall into this category.

most people are working so they can get to the point of unemployment with a steady and sufficient income to live on: retirement.
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Fri May 24, 2013
Joseph Runfola answered:
Hello Jimmy,
A No-Doc loan (abbreviation/slang for: No Documentation Loan) refers to a finance product commonly offered by a mortgage lender to consumers who cannot qualify for normal loan products, or do not want to give up their financial privacy. No Documentation applicants require a larger deposit either through equity in security or personal savings. Income and assets aren't disclosed on the loan application and employment isn't verified. However, a credit check is typically required as lenders are counting on the fact that the borrower has a good credit history. No doc mortgages usually fall into the Alt-A classification, and tend to carry a higher interest rate and require a higher down-payment than a prime mortgage. ... more
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Wed May 15, 2013

It would be best for you to meet with a licensed loan officer and go over all the facts of an FHA loan. There are many differences between FHA and a Conventional loan and it is best to be sure you know and understand what they are.

I am a licensed laon officer in New York. If I can be of further service, feel free to contact me.

Best of luck!

Rocco Guercio
Equity Loans, LLC
Cell: 917-981-0254
NMLS#: 57101
"Direct Mortgage Lenders"
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0 votes 3 answers Share Flag
Wed Apr 24, 2013
Good afternoon geko69,

First steps:

Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.

Get a referral to a good, local, real estate attorney. Call the attorney, retain the attorney so you have her information handy when you make an offer. Having that information at time of offer helps you demonstrate to the Seller how serious you are, and they will consider your offer with more interest.

Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.

Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.

Put together your Team of real estate professionals and shop 'til you drop!

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
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Tue Apr 23, 2013
Joseph Runfola answered:
Your application is reviewed by a home mortgage consultant, who will verify your employment, income and financial information and order a credit report. An appraisal will be conducted, title insurance purchased, and there will be flood certification. An underwriter reviews your complete loan package to make a final decision on your application. Upon approval, you will be sent a list of conditions that you must meet before you can close your loan. ... more
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Sat Mar 23, 2013
Michael Denniston answered:
I can only speak as a banker for a direct lender. Under our exclusive Mortgage for Champions Program, we waive all banker fees thereby saving you 1000s on your closing cost. This program is compatible with FHA and conventional loans. I have extensive experience helping first time buyers become successful homeowners. For more info or assistance, please call me directly at 917.699.0183. Follow me on twitter @mdenniston247.

I value your feedback. Please hit the thumbs up if my reply was helpful. All the best.

Michael Denniston l Cell: (917) 699-0183
Residential Home Funding, Corp.
Licensed Mortgage Loan Originator l Sales Manager
6901 Jericho Turnpike Ste. 219 | Syosset, NY 11791
Main: (516) 605-1733 | Fax: (888) 881-2557
NMLS # 24076 | Company NMLS # 34973
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Sat Aug 11, 2012
David Rivera answered:
This of course is for a New York City property.

First the question is are the others willing to sell? if they are the steps given by the other agents would be a good way to go.

If they are not willing to sell.
. The only way that I am aware of , to sell the house is by going to court and asking for a partition action. The courts will order the property to be sold at auction .
There is no minimum bid and anyone bidding must have the funds.
I have experience these types of sales, so before you take this route please try to come to an agreement with your siblings.

I have seen a home sold for as little as $1000.00 and another sold for as much $125,000.00

This is not to be construed as legal advice, please consult an attorney for legal advice.
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Sat Aug 11, 2012
Andrew Tisellano answered:
another option if you are not ready to buy
Try Curbing your spending and make it a goal to pay off some of your other debt.
Once you accomplish your goal you will feel a lot better about buying.
Best wishes
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Wed May 16, 2012
Real Estate SINY answered:

Homeowners Insurance range from $800 - $1,600 depending on proximity to water, size, deductible and sometimes your credit score, this does not include flood insurance. If your mortgage company will escrow for taxes, they will escrow for the insurance premium as well.

Hope this information is what you were looking for.
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Mon Dec 7, 2009
Hi Kszemiako-
If you could share with me (us) who your lender is that may shed some insight on what your refinance options would be. This would be important to know as some lenders offer an inside finance which is similar to a modification that does not involve state doc stamps, etc.
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Tue Nov 24, 2009
Nirmala Caraballo answered:
Debra thanks for the great information.
0 votes 7 answers Share Flag
Wed Aug 19, 2009
Thomas McGiveron answered:
go through the bank mortgage consultant - they need to file a letter -
0 votes 8 answers Share Flag
Tue Jul 21, 2009
John B answered:
You need to ask your loan officer.
A loan process will normaly take 30 days, but in this market who knows

Look at this blog it will help you to learn more about your situation.
I've got most of my answers there as well.

Good Luck.
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Tue Jul 21, 2009
John B answered:
3 days after you will sign loan docs, the appraisal can be one of the first things to do or in the middle of the process.

Look at this blog it will help you to learn more about your situation.
I've got most of my answers there as well.

Good Luck.
... more
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Sun Jun 21, 2009
Robert Fine answered:
Yes you can get a mortgage. Having a high credit score and cash on hand is great. Contact one of the mortgage bankers here on Staten Island and ask for a pre-approval. The mortgage person will be able to work the numbers for you. Some key questions they will ask are how much do you owe on your credit cards and other recurring long term loans. So get all your papers together and contact a mortgage broker right away.
Contact me, Robert at VIP Real Estate, 718-967-2600 x312, and I will recommend some excellent folks for you.
Good Luck
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