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Financing in 11217 : Real Estate Advice

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  • Home Buying21
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Activity 123
Thu Jan 31, 2013
Javier Meneses answered:
It depends. There are so many things to consider when deciding if one should buy down an interest rate or not. Sometimes buyers with limited funds, prefer to hold on to the money rather than spending it on buy down points. I've seen buyers who don't even have the option to buy down rates because the very little cash they do have available needs to stay put for required reserves. For those who can, I suggest to sit with your Loan Officer and go over all the numbers involved. What will it cost you to buy down the rate? what will the new monthly payment be? how long will it take to re-gain the points you've paid in monthly savings? what's the overall savings in the life of the loan? etc.

It is important to look at all these things in order to determine of it's worth it or not...

Javier Meneses
NMLS #23130
Senior Loan Officer
Sterling National Bank
jmeneses@snb.com
... more
0 votes 2 answers Share Flag
Wed Jan 30, 2013
Luke Constantino answered:
Hello Jo,

I have dealt with this numerous times, but a Realtor is not the person to answer this question. It is possible to get a mortgage/construction loan, but they are rare.

You need to talk to a good lawyer (free consultation)
And a good mortgage broker

I have been in the business over 15 years: I have access to both.

Give me a call... I would be glad to help!

Cell: 212.300.3919

Luke Constantino
Realtor
REMAX NEW YORK
(212) 300-3919
lukeconstantino@gmail.com
261 4th Avenuue, Brooklyn NY 11215
... more
0 votes 1 answer Share Flag
Mon Jan 28, 2013
Alison Hillman answered:
Hi Chiwale,

Take a look at our listings for developers on Trulia: http://www.trulia.com/voices/directory/Brooklyn-builder_developer--7168

Best,
Ali, Community Manager
0 votes 1 answer Share Flag
Wed Jan 23, 2013
Mitchell Feldman answered:
Here are some ideas:

1) Take a higher deductible.

2) Get an alarm system.

3) Group your auto and homeowners insurance through the same company.

4) Install a check valve on your sewer line.

5) Get quotes from a bunch of different insurance companies.

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
... more
0 votes 1 answer Share Flag
Sun Nov 20, 2016
Javier Meneses answered:
The first thing you should know is that there are no "bad credit" mortgages. I guess it really depends on what your definition of bad credit. What's available these days for less than very good credit is FHA and HAPR. In either program your credit needs to be a certain way. For example, FHA will require you to have a 640 FICO or higher. In addition to the FICO, they'll also require any collection, charge-off and judgements to be satisfied.

The best thing you can do is meet face-to-face with a loan officer and allow him/her to review all the necessary paperwork to determine if you qualify. Should you not qualify, perhaps they can let you know what you must do to improve your credit so that you can get to qualify soon.

I'm always available if you need someone. Good luck!

Javier Meneses
NMLS #23130
Senior Loan Officer
Sterling National Bank
jmeneses@snb.com
... more
0 votes 7 answers Share Flag
Tue Dec 4, 2012
Rhonda Holt answered:
Most likely you will have to get another loan or try to do some of the work yourself. Better yet leave the renovations that can wait and only work on the things that may effect your living situation.

If you bring in a partner that person will most likely want their money back quickly. That means you'll have to refinance the house and if your home is already at the top of the market with all the money you put into it , then you will not have any equity.

Make smart decisions and don't let the house take over your life. Good luck.
... more
0 votes 1 answer Share Flag
Thu Nov 22, 2012
Mitchell Feldman answered:
Dear Trulia Brooklyn:

It is very difficult if the property is not your primary residence. In most cases you will have to come up with 20% down or more. If anyone out there knows of a bank that can do it for less than that, I would love to meet them!

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
... more
0 votes 3 answers Share Flag
Fri Oct 19, 2012
Shane Milne answered:
When you exceed the $417k loan amount, and are doing conforming financing, your loan is subject to High-Balance loan guidelines. The maximum LTV on a cash-out refinance under High-Balance loan guidelines is 60%. On loan amounts up to $417k (the regular conforming loan limit), the maximum LTV on cash-out refinances is 85%. $417k vs. a $600k value is 70%, so you can see why taking cash out up to $480k would not be possible using a conforming loan program, as you would hit the $417k cap before you would hit the 85% LTV limit.

However with FHA financing you can take cash out up to 85% LTV, as long as the loan amount is within the FHA loan limit. In the NYC area that loan limit is $729,750. So on a $600k value, using FHA financing, you could take cash out to $510k. FHA financing has lower interest rates than conforming financing, but it currently requires you to pay an upfront mortgage insurance premium (UFMIP) of 1.75% of the loan amount, as well as an annual mortgage insurance premium (MIP) amount up to 1.500% per year. On a $600k loan amount at 85% LTV, with a loan term longer than 15 years, the annual MIP on an FHA loan would currently be 1.200% per year. The annual MIP needs to be paid for at least 5 years and until your LTV reaches 78% based on the value of your home when you received the mortgage. Lower annual MIP is possible with a term of 15-years or less, and if you just go to 78% LTV or less along with a 15-year term or less, there is no annual MIP on FHA loans.

Shane Milne | Lending in all 50 states | NMLS #81195
... more
0 votes 1 answer Share Flag
Mon Oct 15, 2012
Alison Hillman answered:
Hi Herzon,

I am sorry to hear about your situation. Have you investigated temporary housing situations? Maybe a month-to-month rental of a room on CraigsList or on AirBnB?

Hope things work out for you!

Ali, Community Manager
... more
0 votes 1 answer Share Flag
Fri Oct 12, 2012
Mitchell Feldman answered:
Dear yhy85:

It depends on your status. Do you have a visa or are you a foreign national? We need more information to give you a correct answer. If you want contact me direct, I work with several lenders who may be able to help you depending on your status. It also depends on your qualifications such as what types of assets you can show and what type of income you can prove.

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
... more
0 votes 1 answer Share Flag
Thu Dec 19, 2013
Robbie Vaughn answered:
Change banks....order of protection...file a police report...require auth. for all new credit...talk to an attorney...just a few things that time to mind. Good luck!
0 votes 7 answers Share Flag
Tue Oct 2, 2012
Anna M Brocco answered:
Sun Sep 9, 2012
Mitchell Feldman answered:
Dear Amanda:

There are a couple of banks out there who still do those types of mortgages. It basically depends on the rest of your qualifications such as credit history and amount of your down payment. Most of the times the bank giving this type of loan will want a minimum down payment of 30% or more. In addition top that, the interest rate is usually higher than a conventional mortgage.

If you want, call me and I can try to connect you with a banker that can help you. Good luck!

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
... more
0 votes 1 answer Share Flag
Thu Aug 2, 2012
Ron Thomas answered:
Let's get this straight:

You have an Attorney for your LEGAL questions:
And yet, you are asking Realtors, your legal questions.

Is that pretty much what is happening here?
0 votes 11 answers Share Flag
Fri Jun 29, 2012
Charles D'Alessandro Sr answered:
0 votes 4 answers Share Flag
Tue Jun 26, 2012
Anna M Brocco answered:
You really should be asking your loan officer this question...
0 votes 1 answer Share Flag
Wed Jun 20, 2012
Ed Groussman answered:
Sat Apr 19, 2014
Jack Menashe answered:
Try Alex Narod 917-520-1515
Good Luck!

Jack Menashe
917.797.0215
Jack@SHEREstates.com
0 votes 6 answers Share Flag
Sat May 11, 2013
Ron Thomas answered:
It's looking like 2 years,
and the good Lenders sound like they're going to stick to it.
0 votes 7 answers Share Flag
Wed Jun 20, 2012
Rocco Guercio answered:
Hi Yana,

I am a Brooklyn loan offiicer and we do offer FHA loans. Feel free to contact directly a 347-462-4210.

Looking forward to hearing from you.

Rocco Guercio
347-462-4210 ... more
0 votes 5 answers Share Flag
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