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Financing in 10003 : Real Estate Advice

  • All44
  • Local Info1
  • Home Buying17
  • Home Selling4
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Activity 191
Sat Aug 22, 2009
Laura Lazar Kearns answered:
Hi Jenn,

I know of a VERY good mortgage banker (NOT broker) who is a direct lender that may be able to help you...email me at lauranycrealtor@gmail.com and let me know where he can contact you...

Thanks!

~ Laura
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0 votes 6 answers Share Flag
Sat Oct 24, 2009
Adina Greenberg answered:
I am a bit puzzled by the answers from both banks. Wells Fargo told me months ago they don't do HDFC mortgages but told me Chase would if the financials are in good shape.
I have a listing in an HDFC building and did the neccesary paperwork with Chase and they approved the building. I then got a bit more daring and did the same with Bank of America, who also put my building on their list of approved buildings.
I would start with Chase because they have a history of financing HDFC's. You might need the help of the management or someone from the board as they need a questionaire filled out by either one of those.
If you get stuck, contact me and I'll give you both my contact persons at Chase and BOA
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0 votes 2 answers Share Flag
Tue Jul 28, 2009
Andrew Distad answered:
-THE FOLLOWING IS NOT LEGAL ADVICE; IT IS JUST OPINION-

Well, for starters you'd need a good paydex score and your fico score would be irrelevant unless there was a personal guarantee.

If the title was only held in the LLC, if someone triped and broke their neck on your property then they could not sue you and your assets, just the Limited Liability Company and THEIR assets.

An LLC taxed like a corporation but has some of the benefits that a sole proprietorship has and some it doesn't. You can also register in ANY state you wish regardless of where you're located. Some people who live in New York might register in Nevada because of the legal advantages or others might register in Oregon because of the low price to file ($50, ha ha!).

But if I were you, I'd do your own hard work to research it, hire an attorney and pay them well. And if you don't have money to pay an attorney then itemize the cost of an attorney in your business plan and submit the business plan to a lender so that you can get a loan to pay for the attorney and just pay of the loan with the profits from your business operation.

AGAIN, THIS WAS NOT LEGAL ADVICE.

Best of luck to you Peter!

Hey,... Didn't I just answer one of your questions about finding a "co investor"??? ha ha!
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0 votes 4 answers Share Flag
Mon Jul 20, 2009
Dallas Texas answered:
Contact mortgage broker it all depends on following:

a) Credit scores
b) Debt ratio
c) Employment history
d) Tax
e) Insurance
f) Closing costs
g) Amount of time for loan
h) Down payment amount

Are only a few items consideration. BEST always speak to a professional than a computer.

National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
Follow me on Twitter: http://twitter.com/Lynn911
Lynn911
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0 votes 2 answers Share Flag
Thu Jul 16, 2009
Mike B answered:
Lenders look at your down payment, and your reserves after closing. I would be happy to pre-approve you and review your current situation. It sounds like either way you would not encounter many problems.

An FHA loan requires just a 3.5% down payment, and could be your best option.

Regards,

Mike Byrne
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0 votes 3 answers Share Flag
Tue Jul 21, 2009
Daniel Gershburg answered:
I think some people will differ on this but personally I think a cosignor is only necessary to help if you have poor credit. For the most part cosignors will not allow you to purchase more (especially in this economic climate) and could actually hurt you if negative information in their own credit history comes out. You also make the cosignor wholly liable if you are unable to make payments, and it won't increase your chances of approval either. Youre basically bringing in a second person to do a job one person could do. I wouldnt do it. ... more
0 votes 4 answers Share Flag
Tue Jan 3, 2012
William Polack answered:
Uh. No. You are going to bank your retirement into a house hoping it will go up in value. You need to study the Rule of 72. That 10k or 100k investment will be doubling in value every 6 to 8 years till retirement. Your house will not. Remember that a house has no value until you sell it. Go by this: Optimal down payment - 20% down. For every $1000 you put down, you save about $6 (depending on rate). If you don't have 20%, put 5% down. If you don't have 5%, go FHA and put 3.5%. If you don't have 3.5%, put $100 down and get a hud repo. If you don't have $100, don't buy a house. ... more
0 votes 9 answers Share Flag
Mon Feb 15, 2010
Diallo J. Stevens, CRS answered:
Hi Robert,

Great question!

Okay depends on the type of owner financing, but I'm going to assume you mean the owner will hold the mortgage and you'll make your monthly payments to him/her. That's sometimes a great solution - especially for you as a buyer if you cover a couple of bases. This will likely be much better for you than traditional institutional financing, assuming the seller is reasonable and serious about doing it. Here's why:

1) Reduced closing costs. Since the seller is the bank in this scenario, most of the traditional junk fees and costs of financing are eliminated. For example, there's no reason you should be paying points, application fees, etc. You may save 2-3% of the loan amount that you otherwise would have to pay to the lender.

2) There's no difficult underwriting. If you can convince the seller that you're creditworthy, you can avoid jumping through all the hoops a lender might set up for you.

3) You can negotiate an attractive interest rate - or at least try to.

4) You can generally close much quicker, assuming you and the seller want to.

5) No mortgage insurance requirement if your down payment is less than 20%

6) If you have difficulties in the future, a seller may be easier to work with than a bank.


You should still, however, cover a couple of bases and expect that the seller will require some convincing of your creditworthiness. Your bases include:

1) Consider getting an appraisal to make sure you're not overpaying. There's no requirement for this, as the bank is already convinced of the value (the seller's the bank here)

2) Also, a title insurance policy protecting you (mortgagor, not lender/seller/mortgagee) is a must.

3) The title insurance policy will necessitate a title search, which you absolutely want to have done to make sure that they own the property and can sell this property free of risky title clouds.

4) A new survey to ensure there are no encroachments on your property.

5) Make sure you have representation - By your zip code it appears that you're in Queens, so a good real estate transaction attorney is a must for you to have (they are not generally too expensive).

6) A home inspection and termite/wood-destroying insect inspection are very good ideas.

7) Make sure you know what institutional rates you'd be looking at so you don't get ripped off by the seller.

8) Hopefully, there's a good agent involved. But since you're asking this question here, there may not be.


For the seller, the considerations are very different, so I won't go into those here (because you're the buyer). Feel free to contact me directly if I can help.

Sincerely,
Diallo J. Stevens

Twitter: www.twitter.com/DialloStevens
YouTube Channel: www.youtube.com/DialloStevens
Facebook: www.facebook.com/DialloStevens
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0 votes 3 answers Share Flag
Wed Jul 15, 2009
Ruth Bonapace answered:
Judith
Seasonal homes are fine (I own one with a mortgage on it upstate NY) but you need heat. I'd say it is worth it to put in something -- even electric baseboard that you will rarely use -- which would be cheap and not only enable you to refinance and take some cash out but will also help you tremendously when you sell it. Right now a buyer would have to purchase it as a primary residence and do a 203k rehab loan to put in heat etc.
Ruth Bonapace
Bank of America Home Loans
ruthbonapace@gmail.com
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0 votes 2 answers Share Flag
Wed Nov 18, 2009
Deborah Camacho answered:
Dear Subrubangal,

Sounds like we need to determine if you qualify to refinance on your own, that way your fiance's credit will not impede you from obtaning the lowest rates possible.
At the same time, we need to evaluate your full picture to coordinate the refinance and the potential purchase to your best financial advantage.
I suggest that you jump right in and get on the phone with an experienced mortgage banker and crunch some numbers.

I will be happy to do the math for you. My initial consulatation is always FREE!

Best of luck,

Deborah Endres Camacho
…For All Your Real Estate Needs
NMLS Registered Mortgage Originator
MORTGAGE ACCESS CORP.
A Top-ranking Direct Lender
National HQ in Morris Plains, NJ
Email: DCamacho@moacc.com
Phone: 914-629-5661
Efax: 973-630-4166
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0 votes 5 answers Share Flag
Mon Jul 6, 2009
Weichert Realtors House and Home answered:
Hi Rozonyc,

I actually suggest going with a reputable mortgage broker or a Non-Fannie Mae underwritten bank. They generally have all the same products as the individual banks, big and small, plus they often have independent lenders that they are working with that won't have such strict underwriting (i.e. Chase will not lend on a co-op that is not 71% owner occupied, Fannie Mae requires new construction to be 70% sold). I work with Metro-Cities Mortgage (Tara Smith) and Wells Fargo (Chad Freeman) and in general I am exceedingly happy with them. I recommend giving them a call and see what they can do. They are honest and effective. Tell them I say "Hi."

Tara Smith
Senior Loan Consultant
333 Westchester Ave
White Plains, NY 10604
914-733-7900 X 234 Direct
914-912-6759 Cell
866-596-9952 Fax
tara.smith@prospectmtg.com
http://www.tsmith.myprospectmortgage.com/

Chad Freeman
Home Mortgage Consultant
Wells Fargo Home Mortgage
M4004-012
6116 Executive Blvd
Rockville, MD 20852
(301) 945-4367 Tel
(202) 378-6413 Cell
(866) 512-1458 Fax
Chad.Freeman@wellsfargo.com
https://www.wfhm.com/wfhm/chad-freeman

Joe Greene
917-974-2600
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0 votes 4 answers Share Flag
Thu Jul 2, 2009
Mike Stanley answered:
Hello Melissa,

Speaking to your accountant about your particular situation is going to be the best soloution. Getting a general answer to a question such as yours may give you advice that doesn't exactly apply to you.

Mike Stanley
315-664-2300
mikestanley@weichert.com
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0 votes 3 answers Share Flag
Sun Jun 28, 2009
David Zybin answered:
See their licensing status with Department of Banking in the state.
At least you will know if this is a real licensed company.
0 votes 3 answers Share Flag
Tue Aug 11, 2009
Bob McClure answered:
good afternoon...i cannot make excuses for the bank......rates are up....however.if you have been paying for that long on a fifteen yr. loan and have a 6% rate......you have a fairly good deal already.rates are somewhat lower now, but you will be re-starting the amortization process all over again, plus paying the closing costs on top of it......you're already chipping away at the principle...why not consider keeping your exisiting loan, and over paying the principle, which you may already be doing, to beat the curve?...by doing that, you obviously lower the balance faster, but it creates more in each subsequent payment that goes towards the principle and less towards interest.....best regards......bob mcclure- success mortgage partners- plymouth, michigannnnn ... more
0 votes 3 answers Share Flag
Thu Jun 11, 2009
Dallas Texas answered:
Have you thought about leasing home till market turns around ? You also receive annual tax deductions confer with CPA

National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
Lynn911
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0 votes 1 answer Share Flag
Wed May 27, 2009
Scott Godzyk answered:
Being a co-borrower would be your best option in most cases. You would need to see if there is a rule in the coop that addresses this. A buyer agent who specializes in coops may have a more direct answer for you. As well ask your mortgage broker to assist you. The key is what the rule is and if there is no rule how they will interpret your situation. ... more
0 votes 2 answers Share Flag
Thu May 28, 2009
Weichert Realtors House and Home answered:
Hi Smo,

You can still do 10% down, but you have to work with a Mortgage broker/Banker who will guarantee that. Banks will not do less than 10% on a co-op. That is absolutely true. I would work with a reputable Real estate agent who can put you in touch with a Mortgage professional that they have worked with that has recently done 90% financing on a co-op. I do work with such people, but if you want to find other agents and Mortgage professionals that you are familiar with that is fine. Just make sure that they are honest and that they are not promising something that they cannot deliver on.

I would work with a larger Mortgage brokerage firm that has many banking contacts. I would also suggest Wells Fargo as one of the individual banks to talk to (make sure the Mortgage consultant that you work with at any bank understands what a Co-op is. I know that sounds silly, but I have run into many situations where they are completely clueles when it comes to co-ops). They are sufficiently solvent to be able to give you the loans you need as opposed to many of the other big banks.

The one thing to watch out for in every transaction these days, is that the underwriting requirements for all loans is changing every couple of weeks, so the amount of last minute paperwork that people are being required to do is ridiculous. To make your life easier, just expect that in the 2 weeks before you close you will be asked for a bunch of paperwork that seems unnecessry including documents that you already provided to them. This is just what happens now. you will get frustrated, but take a deep breath ad you will get through it.

Let me know if you need more help.

All the best,

Joe Greene
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0 votes 3 answers Share Flag
Tue May 5, 2009
Jamal Hadi answered:
i can point you in a direction of mortgage banker so you can get all thye answer. Guideliness change every day.
0 votes 4 answers Share Flag
Wed Aug 4, 2010
Jamal Hadi answered:
I can refer you to a mortgage banker so they can give you the rates. It all depends on credit, income, and the daily rate. It chnages every day
0 votes 5 answers Share Flag
Thu Apr 23, 2009
Gail Gladstone answered:
0 votes 1 answer Share Flag
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