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Financing in 10007 : Real Estate Advice

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  • Local Info1
  • Home Buying2
  • Home Selling0
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Activity 191
Sat Apr 21, 2012
Ron Thomas answered:
The 0 downpayment is the biggest contributor to people losing their houses recently!
Is that what you wanted to know?
Probably not.
How about; because of that statistic, there are very few programs that allow for a ZERO down payment:
USDA has such a program, but it pertains to RURAL (read; farms) properties.
VA (Veterans) has a great program for Vets; are you one?

The only other hope I can offer is that some Cities/Counties, (such as Kansas City) offer programs to help first time buyer with the down payment: You would have to research that locally.
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0 votes 3 answers Share Flag
Fri Oct 4, 2013
Janet Nation, CBR answered:
Absolutely not. You typically need to be working for a minimum of two years at the same job or at least in the same field if there is a break in employment. In addition to income, the lender will need to look at your credit history, debt to income ratio (that is, how much debt you have in relation to your income and the property you propose to buy). Congratulations on your graduating soon. ... more
0 votes 12 answers Share Flag
Tue Apr 17, 2012
Armen Meschian answered:
If this is a scenario where it's a new development, where the sponsor is actively selling the sponsor units, then you will have a wider reach of lenders. If the sponsor is holding on to the units as rental properties and has no intention of selling them as they become vacant, then the pool of lender narrows, in which case I'd caution you about buying in such a building unless you find strong enough compensating factors to feel secure in your investment.

If you choose to go forward contact me - 917-848-6928, I will put you in touch with a few lenders you can choose from.

Regards,
Armen
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0 votes 2 answers Share Flag
Fri Jun 10, 2016
Tim Moore answered:
Independent contractors can get loans, if they could not there would be a lot of Realtors homeless. It all comes down to IRS returns, income, debt and credit. I would say you have a good chance so speak to some lenders to be sure. ... more
0 votes 18 answers Share Flag
Sat Oct 5, 2013
Mitchell Hall answered:
Hi Carly

I know several mortgage brokers, bankers and direct lenders that may be able to help you. Send me an email or call me so I can give you the names. Being self-employed may be difficult to pass a coop board. They will want documented income. I can also help you with the purchasing process. In NY state all buyers are entitled to their own (buyer's agent) representation.

Best,

Mitchell Hall, Associate Broker
The Corcoran Group
MHALL@crcoran.com
917-312-0924
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0 votes 13 answers Share Flag
Fri Feb 24, 2012
Anna M Brocco answered:
Check with your loan officer, check with the larger banks, also see links for possible helpful information....
http://www.us.hsbc.com/1/2/3/personal/home-loans/mortgage/fyi/home-buying-seminars
http://www.nyhomes.org/AboutUs/SONYMA/
https://www.naca.com/nacaWeb/index_main.aspx
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0 votes 6 answers Share Flag
Thu Apr 11, 2013
Teddy Montee answered:
Mon Feb 13, 2012
Jenet Levy answered:
I do, but I am not comfortable posting/advertising other people's services. If you want to email me at jlevy@halstead.com and refer to this Trulia post/answer, I can put you in touch. ... more
0 votes 2 answers Share Flag
Mon Feb 13, 2012
answered:
Portfolio lenders don't have to follow the same guidelines as non-portfolio lenders that sell loans on the secondary market so I'm sure there is a portfolio lender out there that would be able to help you. If you need any recommendations let me know. ... more
0 votes 6 answers Share Flag
Tue Jan 31, 2012
answered:
Hi,

I am a Licensed NY Loan Officer with Equity Loans. We are a direct mortgage lender and I would be able to assist you further. Please contact me directly to discuss your options. My direct # is 347-462-4210.

Looking forward to hearing from you.

Rocco Guercio
Sr. Mortgage Consultant
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0 votes 6 answers Share Flag
Tue Jan 31, 2012
Jolie Muss answered:
Mickey,
I'm not sure about how your situation would pan out, as it is unusual to be able to rent out a co-op for such a long time (condos usually no problem) but I can definitely refer you to some lenders experienced in financing NYC coops. Please give me a call
Jolie Muss
Licensed Real Estate Broker & Brokerage
"The Upper West Side's Buyer Broker"
331 Columbus Avenue, New York, NY 10023
Office: 212 721-3301
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0 votes 3 answers Share Flag
Wed Dec 14, 2011
answered:
It depends on the lender primarily but you could potentially start a refinance the day after you close. Your current servicer may not do it immediately but someone else will.

Why are you trying to refinance so soon? Did you lock many months ago when rates were higher? ... more
0 votes 8 answers Share Flag
Wed Dec 14, 2011
Terry McCarley answered:
Quit claim to who? Is the property in your name or his? If it is in your name a quit claim to him would put the property in his name. Do you have a written mortgage agreement? Your question is not very clear but it sounds like you may need to seek the advice or a real estate attorney. ... more
0 votes 9 answers Share Flag
Mon Dec 12, 2011
Jennifer Chiongbian- 917-250-2284 answered:
Your FICO scores, the mid-Fico in particular will be used to determine your risk factor, and which tier rate you will granted if you have the ability to secure financing.

You can learn more here about lending and what you need to improve and break down your FICO scores.

http://www.buyandsellmanhattan.com/how-to-manhattan-apts/how-to-buy-an-apartment-in-manhattan-and-get-the-best-interest-rate/

Jennifer Chiongbian
SVP/ Associate Broker
Rutenberg Realty NYC
9172502284
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0 votes 9 answers Share Flag
Fri Nov 11, 2011
Shanna Rogers answered:
Hi Lexafur,

Since the bank's appraisal is higher than the approved price, this is a positive for you. As long as YOU qualify for the loan (i.e. credit scored, income, etc.), you should get approval for the loan (since the property qualifies).

Shanna Rogers
SR Realty
www.RealtyBySR.com
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0 votes 12 answers Share Flag
Fri Nov 11, 2011
Anna M Brocco answered:
If you are currently not working with an agent, consider the idea; each co-op building/board is different when it comes to financial requirements, credit is just one aspect of qualification... ... more
0 votes 6 answers Share Flag
Thu Jun 25, 2015
Ron Thomas answered:
Understand, there was a time, not very long ago, when there was no such thing as a VA Loan.
Even now, a lot of lenders do not do VA.
VA has the No-Down feature which is really important to us, but they also have restrictions on Closing Costs and extra paperwork to protect the Buyer.
Some Sellers have been "poisoned" into believing that they don't want to sell to a Veteran.
Try to work through it. We have a lot to overcome when I got out after Nam.

Good luck and may God bless
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0 votes 16 answers Share Flag
Thu Sep 27, 2012
answered:
I'm sure there are many lenders who could help finance investment properties, including me. Is there anything particularly tricky about the situation?
0 votes 3 answers Share Flag
Tue Oct 18, 2011
Jenet Levy answered:
Rahul,
Yes, I do have a mortgage broker who does fund foreign real estate transactions. A colleague has used them multiple times on their sales and they have come through where HSBS has failed (HSBC) pulled out at the last minute. You can email me for contact information on the mortgage broker, as I generally do not do endorsements on public sites. I also have terrific real estate attorneys to recommend
Equally important is finding the right real estate agent to work with. You need someone skilled and experienced to take you through the steps. The sellers have agents, and you should have an agent representing you and your interests as well.

Best,
Jenet Levy
Halstead Property, LLC
jlevy@halstead.com
212 381-4258
http://jenetlevy.halstead.com
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0 votes 4 answers Share Flag
Tue Oct 11, 2011
Elena Ravich, Esq. answered:
In general, a qualified Veteran can get a 15% assessed value reduction on Coop & Condo apartments with a maximum of 24,300. If served in a combat zone - it is additional 10% reduction on assessed value. If a veteran is disabled - even further reduction. For details see :
http://www.nyc.gov/html/dof/html/property/property_tax_reduc…
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0 votes 3 answers Share Flag
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