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Financing in 11208 : Real Estate Advice

  • All35
  • Local Info3
  • Home Buying13
  • Home Selling1
  • Market Conditions0

Activity 123
Tue Apr 16, 2013
Mitchell Feldman answered:
Dear Angela:

First off, you should speak to a mortgage banker or broker to get the specific answers to these questions based on your current credit situation and your personal qualifications. In my experience as a real estate agent, I would dare to say that the forbearance would have a more detrimental effect to your credit. Either way it will be hard for you to get a mortgage within a years time. With a forbearance you may have to wait as long as 7 years and with a modification you will have to wait 2 at least 2 years.

If I can be of further assistance, please contact me direct. Also, if the property you currently own is in Brooklyn and you do want to sell it, please contact me, I can prepare a comparative market analysis for you and help you to figure out how much your home is worth and how to go about selling it for top dollar. I have been selling homes in Brooklyn since 1993 and I would love the opportunity to help you.

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
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Wed May 8, 2013
Kevin and Julie McLaughlin answered:
Best way to know is to visit with a reputable mortgage lender and have them pre-qualify you. Bring income and asset info with you. On the surface, it looks like you could qualify, but your debt-to-income ratio will need to be considered. They will compare everything from your credit report to see if it will work -

Good luck!
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Wed Mar 27, 2013
Alison Hillman answered:
You should really ask a local attorney/RE agent, but generally HOA and RE taxes are attached to the property. If the trustee sale is by the mortgage bank, then it is likely that at closing they will require you to pay the prorated portion of the HOA fees and the taxes.

I bought a foreclosed home once directly from a bank, not through a trustee auction sale, and all the taxes and HOA dues were prorated at closing, they're not part of the bid.

Ali, Community Manager
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Wed Jul 22, 2015
Rich Homer answered:
Engage a local Licensed Mortgage Broker by clicking "Find a Pro" in the header of this website. www.naplesrealestateguys.com
0 votes 7 answers Share Flag
Sun Mar 24, 2013
Rhonda Holt answered:
Hello, most buyers have debt when applying for an FHA loan or any loan. It just depends on they type of debt you have, how much it effected your credit score and how much it effects your monthly income.

If you have alot of judgments, many late payments, you're a co-signer on another property or you own another property with a substantial mortgage still owed, IRS debt, hefty student loans that you're currently paying or due to pay soon and big car payments then you may have qualification issues.

Now all of the things above can effect your credit and qualification for a loan, but before you try to decide on your own whether you qualify or not, simply speak to a professional mortgage lender or two. They will go over your entire financial profile, help you pay off debts and boost your score quickly if possible in order to see if you can meet the loan requirements.
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Sun Mar 24, 2013
R Wright answered:
There are several fees associated with the loan process. Your single most significant fee is often the loan origination fee also referred to as points on the loan. It is best to work with a lender that will lend with minimal or no points. If you have any additional questions please contact me directly at 914-299-0420 ... more
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Mon Mar 11, 2013
Javier Meneses answered:
With any home loan in general, you'll have two main types of closing costs. One is lender related and the other is title related closing costs. These cover bank fees, appraisal, title insurance, recording charges, etc.

With an FHA mortgage, you also have what's called an Upfront Mortgage Insurance Premium, which equals 1.75% of the loan amount. This is typically included in the total financed amount.

I strongly suggest you meet face-to-face with a Loan Officer and get pre-approved. Your Loan Officer can also provide a Good Faith Estimate which will breakdown all the estimated closing costs involved in your purchase. I'm always available to meet in our Brooklyn offices. Good luck!

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648
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Sun Mar 24, 2013
Javier Meneses answered:
A good Loan Officer (in my opinion) will be able to look at your credit and tell you exactly what you can do in order to improve it. In fact, sometimes we can even let you know how much of a credit score increase you can expect by doing certain things with your credit. This shouldn't cost you anything, you might have to pay a small fee so that the credit company can expedite what's called a rapid rescore, which is when they can make corrections at the credit bureau level in a matter of a couple days. If you need help, I'm always available. Good luck!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648
... more
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Sun Mar 24, 2013
Coldwell Banker Shayovitz Realty answered:
Negotiate with the owner and then get a Attorney to complete it. Good luck.
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Sun Mar 24, 2013
Jacques Ambron answered:
Actually you may be talking about FHA which allows for more financing at good rates.
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Thu May 2, 2013
Anna M Brocco answered:
See link for helpful information...
http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/hecm/rmtopten
0 votes 3 answers Share Flag
Mon Feb 25, 2013
Madeline Padovano answered:
Hi Rhayward: definitely a good idea, if you have the cash. If not you have to apply for an FHA mortgage. You should discuss this with a mortgage banker.

80/20 - is a normal conventional mortgage. which means you need a 20% down payment and the
bank lends you 80% of the appraised value of the property. Keep in mind depending upon the property you are trying to purchase, it may or may not qualify for an FHA mortgage.
if you have any other questions please feel free to contact me.
madelinepadovano@fillmore.com
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Sun Jun 9, 2013
Mitchell Feldman answered:
It is like very difficult.
0 votes 5 answers Share Flag
Tue Feb 12, 2013
Jacques Ambron answered:
typically it should be about 3-4 weeks if you have supplied the mortgage broker with an application and all requested documentation. Also depends on the type of property, and type of loan, i.e. conventional/FHA ... more
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Mon Feb 11, 2013
Jacques Ambron answered:
the main risk is that the rate may increase a bit. Other than that I don't think there is any greater risk. Talk to your mortgage professional about this.
0 votes 2 answers Share Flag
Mon Feb 11, 2013
The Stephen FitzMaurice Team answered:
Your best bet is to visit makinghomeaffordable.gov. There are a lot of scams out there, so you want to be careful. That website will provide you with the right resources.
0 votes 2 answers Share Flag
Mon Feb 11, 2013
The Stephen FitzMaurice Team answered:
There are none if interest rates are going down, but if interest rates are rising, this will "lock" you in so you can enjoy the lower rate being offered right now.
0 votes 4 answers Share Flag
Mon Feb 11, 2013
The Stephen FitzMaurice Team answered:
Generally you also have to pay Mortgage Insurance Premiums when you have a second loan, this will significantly increase the price (usually by 100's of dollars a month) of your overall mortgage payment. ... more
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Thu May 2, 2013
answered:
Your question doesn't make a lot of sense.

Are you asking if someone can qualify for a FHA HECM reverse mortgage? If so, then the answer is "Yes", people can qualify.

You don't need to "qualify" for a reverse mortgage (although some lenders are now requiring to verify that there is income), you just need to be "eligible".

http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/hecm/rmtopten says:

To be eligible for a FHA HECM, the FHA requires that you be a homeowner 62 years of age or older, own your home outright, or have a low mortgage balance that can be paid off at closing with proceeds from the reverse loan, and you must live in the home. You are also required to receive consumer information free or at very low cost from a HECM counselor prior to obtaining the loan. You can find a HECM counselor online or by phoning (800) 569-4287.

Shane Milne | Lending in all 50 states | NMLS #81195
shane@thebesthomeloans | 949-273-4161 direct
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Mon Feb 4, 2013
Luke Constantino answered:
I shouldn't be answering this, but here goes:

NYC is one of the most pro renter cities in the country. At times, it seems like the renter has more rights than the owner. If a tenant goes to tenant/landlord court and says they cannot afford to move at this time, the court will take whatever rent they have to pay each month for 6-8 months or more, put it in an escrow account and give it back to the tenant to help them move while all this time they can live for free where they currently are. ... more
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