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Financing in 10003 : Real Estate Advice

  • All44
  • Local Info1
  • Home Buying17
  • Home Selling4
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Activity 191
Wed Feb 4, 2015
Joseph Hastings answered:
Hello Benny. You need help. If you are looking to purchase investment property, you will certainly need the help of a licensed Real Estate professional. Do you plan to visit and look at property personally or is there someone in New York who will work for your interests?

There are many things to discuss and you will ultimately need to establish an account in Manhattan from which money can be drawn. You will also need to secure the services of an Attorney. I can recommend many Attorneys that I have worked with before. I can also help you establish a relationship with a Bank that would be of help to you in your goal. Please feel free to contact me through Trulia for now.

Regards,

Joseph Hastings
joseph.hastings@elliman.com
Cell: 1-917-579-1502
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0 votes 36 answers Share Flag
Mon Jun 6, 2011
Shane Milne answered:
Mortgage Match is a d/b/a of Cornerstone Mortgage Company, see:
https://www.mortgagematch.com/company/disclosures.aspx

It appears they do not lend in NY, but instead they make the loan through Home Savings of America, so if you are financing in NY you would not be working with them. Cornerstone does lend in Montana however.

When you search for lenders, you could be getting a mixed bag of good, bad, great, any ugly... you could be assigned to a rookie loan officer learning the ropes with your loan, or you could be working with a savvy veteran who knows their lending process inside and out. Same as when you call any company up - is that person just there to earn their paycheck or are they making a career out of what you are looking to get help with? Some company's train their employees better than others, however if you seek out an individual loan officer (referral, or researching on your own) you know exactly what you are getting - someone trustworthy enough that the person who you got their information from is willing to put their reputation on the line.
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Tue Nov 8, 2011
Ruth Bonapace answered:
The first step is to assemble a reliable team to help you. I know a lawyer who works almost exclusively with nonAmericans buying property in NYC. She can give you valuable advice before you start.

While the internet is ok for an overview, you need a reliable real estate agent.

Finally, unless you are paying cash, you will need to assess bank financing options. I can help answer those questions since I work for Bank of America, a major lender in NYC.

So, if you would like contact information for the attorney and realtor please email me privately and I will email their contact info to you.

Ruth Bonapace
Ruth.Bonapace@bankofamerica.com
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0 votes 14 answers Share Flag
Sat Jun 4, 2011
Shane Milne answered:
The handling of mortgage insurance coverage for purchase transactions with a property address in the state of New York are handled differently than the rest of the country. For New York properties, when determining the loan-to-value (LTV) for the purposes of mortgage insurance coverage, the LTV is based upon loan amount divided by appraised value -- regardless if the sales price is less than the appraised value.

Will the home appraise for considerably more than the purchase price?

Example:
Loan amount of $729,000 (it could be $729,750 but 10% down is needed for the Fannie Mae conforming jumbo loan program)
Sales price of $810,000
Appraised value of $911,250

For the state of New York, the MI coverage LTV is determined by the loan amount divided by the appraised value only, not the sales price. In this case, the MI LTV would be 80% and thus not require MI. Fannie Mae and Freddie Mac, however, follow the standard formula for product and guideline compliance and would consider this loan an 90% LTV (in terms of product eligibility), but know to comply with New York law and disallow MI.

But back to reality where homes normally appraise for the sales price... if your scores & DTI are excellent, and you have 10% down, then I'd recommend you go with a straight 1 loan at 90% LTV where you'd have some form of mortgage insurance. I am not aware of any 2nd mortgages going above 80% CLTV in NYC, but there very well could be and if there are you'll get some local NYC bankers responding with the information soon. With the 1 loan at 90% LTV you have different MI options - two most common will be the traditional type you pay on a monthly basis until your LTV reaches 78/80% (can be removed prior but not required to be removed until 78%/80% LTV) and the other is a lump sum you can pay at closing and then you never pay the monthly mortgage insurance. The second option is better if you plan on having the mortgage (and being above 78/80% LTV) for at least 3 years, as the lump sum amount is the equivalent to roughly 3 years of monthly mortgage insurance payments. If you think you'll be rapidly paying it off, down to 78/80% LTV within 2 years, then the traditional monthly amount would be better since the total amount of mortgage insurance would be less than the lump sum you'd pay for the other option.

At 90% LTV with FHA you have the 1% upfront mortgage insurance premium, and 1.10% annual amount (divided over 12 months), and it's required for at least 5 years. If your debt ratio is high, or your scores are just so-so and aren't good or excellent, then FHA may be the better option. FHA requires the condominium project to be FHA appoved, and Fannie Mae conforming jumbo program requires the condo to be warrantable. If you were looking for a co-op, then FHA wouldn't be an option.
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0 votes 5 answers Share Flag
Mon May 30, 2011
Therese L Korahais answered:
Hi Jaz, why not try an equity line of credit? no closing costs minimal fees.. Where you do your banking- talk to them. Rates are a little higher than a mortgage but your not going to pay closing fees or mortgage tax!! It's worth a try. Terry K 718-614-3167 cell or email me therese.korahais@elliman.com ... more
0 votes 8 answers Share Flag
Wed Jun 1, 2011
Anna M Brocco answered:
As for down payment, much will depend on the price of the property and type of loan; therefore visit with any qualified loan officer, regarding mortgage qualification; 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. ... more
0 votes 6 answers Share Flag
Tue Jun 7, 2011
Shane Milne answered:
You can always make more than the minimum required payment (the 30-year amortized payment on a 30-year term is just the minimum required payment) - so you can turn your 30-year mortgage into a 15-year one by just making higher payments. Hardly any mortgages these days have penalties if you want to prepay, so there is little worry of that.

If you want to pay extra towards your principal, it used to be that most lenders will want you to either pay the additional amount in a separate transaction after the minimum payment has been made OR pay an amount over the minimum payment amount and specify that it is to be applied towards principal. These days most lenders allow you to pay the mortgage online and have a breakdown where you increase your payment (increasing the amount being paid towards principal).

You can always refinance into a 15-year fixed in a couple years, but depending on where interest rates are it may not be in your interest, so I wouldn't count on that being an option.
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0 votes 9 answers Share Flag
Mon May 30, 2011
Tony Lara answered:
You best source is to contact a mortgage broker, Patricia Lavigne of Manhattan Mortgage,she's at plavigne@manhattanmortgage.com or 212-745-9012, I hope you've been paying U.S taxes. Please note I do not receive compensation for any referrals, best of luck and if you're looking to purchase in or around NYC feel free to contact me when you're ready.

TONY LARA
Licensed Real Estate Salesperson
CHARLES RUTENBERG REALTY
212-688-1000 EXT-435 (O)
212-688-1919 (F)
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0 votes 10 answers Share Flag
Tue Nov 1, 2011
David Burnham answered:
In New York, you can write the deed so that he will not get part of the apartment. Consult a title attorney for more details.

This is not true in all states. A few states have community property laws which will give your spouse rights to the property. ... more
0 votes 10 answers Share Flag
Fri Oct 12, 2012
Mitchell Hall answered:
An investment coop? most coops are not investor friendly. They usually require the shareholder to be a primary resident or they may allow pied-a-terre. They usually have sublet policies that don't allow unlimited leasing unless it is a condop.

I'm sure there are lenders that will refinance but a refinance in a coop is contingent on board approval.
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0 votes 7 answers Share Flag
Thu May 12, 2011
Gail Gladstone answered:
No, your name does not come off the deed just because you are not on the mortgage. You can confirm this with your attorney and/or your mortgage broker/banker.
0 votes 6 answers Share Flag
Tue May 17, 2011
Anna M Brocco answered:
Have you visited/consulted with any qualified loan officer, local bank, etc....
0 votes 3 answers Share Flag
Wed May 11, 2011
Scott Godzyk answered:
MArtin the first problme to overcome is that alont of banks have seasoning, that means they require a certain amount of time to go by form when you close to when they will refinance your property, that should be a top question. My advice is to meet with a local (NY) and trusted mortgage broker, they can prequailify you at no cost, they will look at your credit plus your financials and let you know if there are any programs that you may quailify for. They can assist you with seasoning and let you know the LTV available based on your credit and financials.

http://www.trulia.com/blog/scott_godzyk/2010/10/where_do_i_is_start_if_i_want_to_get_a_mortgage

For tips and advice on getting a mortgage in the USA please click on my blog, Good luck
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0 votes 5 answers Share Flag
Fri May 13, 2011
Anna M Brocco answered:
Unclear, are you looking to purchase or do you already own...consult with any qualified loan officer....
0 votes 3 answers Share Flag
Tue May 10, 2011
Ruth Bonapace answered:
I have been doing FHA for many years, even before it became popular. Let me know what your scenario is and I'll give you an idea of your options.
Ruth Bonapace
Bank of America Home Loans
ruth.bonapace@bankofamerica.com
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0 votes 7 answers Share Flag
Thu Apr 21, 2011
Christopher Pagli answered:
Hi, Typically if a buyer is working with a loan officer the confidentiality is between the buyer and the loan officer. I'm not sure I understand your question "the seller tries to obtain a loan for the buyer due to the mortgage contingency"? Typically a mortgage contingency is in place to protect a buyer in case they can't get a mortgage. I'm wondering if you mean the seller is going to hold the financing and the buyer will pay the seller, but not sure. Feel free to clarify.

Christopher Pagli
Licensed Associate Broker
Accredited Buyer Representative
GREEN Designated Agent
William Raveis Legends Realty Group
914.406.9023
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0 votes 6 answers Share Flag
Wed Mar 30, 2011
Aaavini answered:
That is absolutely not true, you will get approved for a loan. Your income is good and your down payment is a good amount as well. Lenders look at your Debt -to-Income ratio, and according to your annual salary you should be fine. If you need help, feel free to call me at 917-361-6854. I can also put you in touch with my mortgage guy who recently did my own loan. You can also email me at aavini@townrealestate.com. ... more
0 votes 22 answers Share Flag
Mon Mar 21, 2011
Jeri Creson answered:
You can pay cash...on certain types of special GSE (government sponsored enterprise) REO's, however, there are special rules in place that give bidding priority to first time homebuyers, government entities, and consumers using NSP funds for a certain number of days at the beginning of the listing. If you are purchasing for yourself, as owner-occupant, but using all cash, you still should qualify to be in this first batch of bidders. If you are buying as an investor with cash, you may have to wait a certain number of days before your offer can be considered. ... more
0 votes 2 answers Share Flag
Tue Mar 29, 2011
Dan Tabit answered:
Michelle,
You can start by checking with the bank you currently use. They will have much of the information necessary making it a bit easier on you in gathering documentation. If the quote they offer doesn't look attractive compared to what you may see advertised, ask your agent for a referral to a good mortgage broker. ... more
0 votes 10 answers Share Flag
Sat Mar 12, 2011
Christopher Pagli answered:
Hi, You can go to the www.hud.gov website and they have a section to search for condos on the FHA approved list. If you have any problems finding it let me know.

Christopher Pagli
Licensed Associate Broker
Accredited Buyer Representative
William Raves Legends Realty Group
914 406 9023
... more
0 votes 5 answers Share Flag
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