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Financing in 07302 : Real Estate Advice

  • All143
  • Local Info15
  • Home Buying75
  • Home Selling12
  • Market Conditions6

Activity 32
Sat Nov 17, 2012
De Vonte Williamson answered:
Hello. You should consider getting in contact with a local Mortgage Broker/Loan Officer who could assist you. They will listen to your needs, and explain your financing options.

I hope this answered your question! If you have any further questions, please feel free to contact me by the ways below.

Wishing you all the best,

De Vonte Williamson , LSA
Proudly Serving Long Island
Coldwell Banker Residential
"I Stand Behind Getting You Results!
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0 votes 2 answers Share Flag
Fri Sep 21, 2012
Amos Elroy answered:
Not a mortgage guy, but this is something that landed so many people in trouble.

Personal thought, bad idea!


Amos Elroy
CDPE (Certified Distressed Property Expert),
SFR (Short-Sale Specialist Certified)
NAEA Member (National Association of Expert Advisers)

Residential Real Estate Investment Consultant
Lic. Realtor Associate
EXIT On The Hudson Realty
(888) 462-6573 / (888) HOB-NJRE
FAX (888) 462-6573
Office 201-437-0411

Twitter & Facebook: HobNJRE
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0 votes 7 answers Share Flag
Wed Jul 18, 2012
Fred Glick answered:
All over the map depending on what you are looking for.
0 votes 4 answers Share Flag
Mon Sep 17, 2012
Price0909 answered:
were you ever able to find this out? I am trying to see if the HARP covered Co-cops?
I have Wells Fargo and they are trying to figure out Why it comes up that we dont qualify .. She made a comment that the building is on the approved list.. which is weird.. ... more
0 votes 2 answers Share Flag
Tue Sep 20, 2011
Chad Barris answered:
I do a ton of business in your area... to be honest, I need to see the whole picture to tell you what would work best for you. What type of rates did these people give you for an FHA? Do youhave an idea what your credit score is ? What kind of rate are you getting with the Live Where you work program ? I could give you pro and cons, but kind of need a bit more info ... more
0 votes 3 answers Share Flag
Mon Jun 13, 2011
Shane Milne answered:
Jersey City: - Golden Neighborhoods Homeownership Program

Essex County:

Various programs in NJ:
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0 votes 1 answer Share Flag
Mon Jun 3, 2013
Jeff Belonger answered:

Bad.... it means that they are charging close to 2 pts. In regards to the required services... I am not sure what those costs are for. I would need to see your whole itemized fee worksheet. Title service charges? That's a lot for just title. Who is the lender?

If you want to talk and or go over these charges, please don't hesitate to call me tonight or e-mail me. I can be reached up until 10 pm on my cell phone. 609-440-5133 and e-mail :

Area Manager
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0 votes 15 answers Share Flag
Tue Jan 25, 2011
Njseeker asked:
0 votes 0 Answers Share Flag
Wed Jun 16, 2010
Andres Garcia answered:

This is a question for your account but in general Property Taxes are deductible. If you are subject to the Alternative Minimum Tax, or have an exceptionally high income, you may not be able to deduct your taxes, or all them, but in general property taxes are deductible from your federal income taxes.

If you have any additional questions please do not hesitate to contact me.

Andres Garcia
Sales Associate, CDPE
RE/MAX Gold Coast Realty
56 Newark Street
Hoboken, NJ 07030
Direct: 201 795-5200 x340
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0 votes 4 answers Share Flag
Fri Jun 11, 2010
Dp2 answered:
Whether or not a conventional lender will do this, you might also consider seller financing.
0 votes 2 answers Share Flag
Tue Jul 26, 2016
Mike B answered:

Yes there are. I would suggest contacting Ken Lazowski at First Interstate Financial at 800-999-2489 x7976 or . He is my old boss and is great work 203k's and Streamline K's.

Tell him Michael Byrne recommended him.

Good luck!
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0 votes 15 answers Share Flag
Tue Jan 3, 2012
David Pry answered:
Currently fixed rate mortgages are at their lowest levels since the early 70s. You have to read the fine print on adjustable rates as sometimes that low rate is "introductory" and will escalate very quickly. You may want to discuss it with a mortgage broker. I work at Weichert and we have Gold Service Managers that can answer your questions with no obligation. Call Toby Robinson at 201-891-6900. Good Luck ... more
0 votes 6 answers Share Flag
Mon Sep 28, 2009
Don Tepper answered:
Check with a good mortgage broker.

Many investors I know will use hard money to buy a property, then refinance it. That can be done pretty quickly.

Also, look into a 203(k) loan. Those are FHA loans that include rehab money in the loan. So, instead of going through two steps (hard money or private money to purchase, then a refinance), it's all done at once, based on the ARV (after repair value) of your property.

Hope that helps.
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0 votes 3 answers Share Flag
Mon Sep 28, 2009
Chris Richter answered:
There are a few questions in your note, I'll try and hit them in order:

Comparing Rates: It's actually easier these days. No lender should be accepting your application fee before preparing a Good Faith Estimate and Truth-in-Lending. If a bank wants an application fee before that, run.

How Realistic: Good Faith Estimates are as accurate as the information given to the banker. If he/she provides a GFE without asking for credit, income and asset documentation, it's not a real GFE. It's a Guesstimate.

Fannie: They are strict, but consistent. Loans take 30 days.

Fees: These shouldn't vary if the GFE was given after running a preliminary approval. For an average loan, the total of all appraisal/application/credit/processing/underwriting (Section 800 of a HUD) should not exceed $1000. If there are origination fees or points, run. Title varies significantly by region, state and even county. I can pull up some of our closed NJ deals if you'd like.

I hope that helps.
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0 votes 9 answers Share Flag
Thu Jul 30, 2009
Eileen Lobel answered:
Hi i am a realtor in NJ and have helped buyers. If you'd like to give me a call at cell #856-776-3264, I'd be more then happy to help you & answer any question you may have. I work closely with a couple different mortgage reps. and usually yes, it's the credit score but also the whole overall picture. When they run your credit they get a couple of the credit bereaus (top 3) and you may have the highest, mid & lowest score. When they say median they are referring to the mid score. They currently have a program that doesn't need as high of a score but can't have any judgements & all outstanding debt on credit have to all be paid. This program is 100% financing which includes 4% for money down at 0% interest no repay after 5 years. I'm currently helping several clients to utilize this government program. As I said above I'd be more then happy to help you & theres never any obligation.. It helps to have an experienced realtor working for you. I hope this answered your questions & Have a good day!

Eileen Lobel
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0 votes 2 answers Share Flag
Thu Jul 30, 2009
Dallas Texas answered:

I would determine who would provide you better deal. Most lenders don't provide a reduction preference if you have more than one loan. Keep in mind lenders will shy away from investmet properties due to current economy.

If you know your credit scores - or + talk general terms with mortgage brokers compare their interest rates, moment you release your SSN your scores will be pulled .

National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
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0 votes 11 answers Share Flag
Mon Jul 20, 2009
Bill Eckler answered:

This is a matter to take up with your CPA that would have access to complete details of your situation and best advise you relative to the law.
0 votes 3 answers Share Flag
Mon Jul 20, 2009
Jeff Belonger answered:

There are a few ways to look at this. But it all comes down to how you want to buy each home. Meaning, you both can't be married, living with each other, and buy to separate primary homes. You could buy 1 home as a primary and the other home as an investment property. You could also buy your second home as a 'second home'. But this scenario has to make sense in regards to buying a second home.

If you are trying to buy two homes separately, and call both homes as your primary home, this is illegal. It would not make sense to say that you are married, yet not living together. Not unless you both worked 1,000 of miles apart and had to live some where else. And this scenario would not be cut and dry then.

Overall, if you have any more questions, or getting an answer different than what I just mentioned above, please don't hesitate to call me. It can be considered fraud and there is jail time involved. I can always be reached on my cell phone or by e-mail.


Jeffrey J. Belonger
Area Manager/Branch Manager

Infinity Home Mortgage Company, Inc
Processing : 800-587-2762
Cell : 609-440-5133
Fax : 775-361-6619

First Time Homebuyers $8,000 Tax Credit -

Good Faith Estmates - All you need to know -

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Profile :

"The referral of my service to your friends and family is the highest compliment I can receive."
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Sun May 31, 2009
Dana Schuster answered:
The minimum score required in this market is 620 for an FHA with 3.5% down and 720 for everything else/
0 votes 3 answers Share Flag
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