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Financing in 11217 : Real Estate Advice

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  • Home Buying21
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Activity 123
Thu Jun 23, 2011
Dan Chase answered:
You should have had both an appraisal and a financing contingency in your contract. Those mean If the property will not appraise you can not get a loan. If you can not get a loan you can not finance. If you can not finance you do not have to buy the property.

Either the seller should take a lower price or you should be able to walk away.

The seller should take a lower offer based on the appraisal however, they may not.
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Tue Jul 26, 2016
Mitchell Feldman answered:
Dear Ade:

Any FHA lender has access to 203K type loans. they are easy to find. If you need help, contact me and I can refer you to a good mortgage broker. Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665
Cellular: (917) 805-0783
Email: MitchellSFeldman@aol.com
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0 votes 9 answers Share Flag
Tue Apr 27, 2010
Jack Menashe answered:
Fri Apr 23, 2010
Matt Taylor answered:
There are a lot of questions that still need answering to determine if this will qualify for an FHA loan.

Is the complex complete?
Have the owners taken over the HOA?
Are most of the units occupied by the owners?

I would be glad to help and I have sent you an email.
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Mon May 24, 2010
Anna M Brocco answered:
Contact any licensed contractor(s) for free estimates and get a true picture based on your wants/needs.
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Tue Jan 3, 2012
answered:
Send me an e-mail with the details and I will gladly give you my opinion, and my rate. When you say a point, to you mean 1 percentage point lower in rate, or a rate with fewer points as an origination fee? The argument for using a broker is that they shop rates for you. I work for a mortgage banking company who has various banks that we sell of to, and broker to a large variety of other lenders. ... more
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Mon Mar 22, 2010
George Capella answered:
Explain to your sales agent about the situation and he should be able to convince the seller. .....The bank may consider that you have just made a larger down payment and decrease the mortgage since you need less money, they will not be coming to closing with a check for you..They will expect the seller to give you either a check or credit at closing for the amount due to you... whatever you do make sure you consult your attorney and get everything in writting...Good Luck ... more
0 votes 17 answers Share Flag
Sat Jan 19, 2013
Don Tepper answered:
Check with your Realtor. He/she will have some recommendations. Reason why the broker is likely to be good: Your Realtor knows that his/her commission depends on your actually being able to purchase the property. So it's your Realtor's best interest (financial, as well as doing the best job to represent you) to refer you to a good broker who will know the best ways to get you the loan.

Hope that helps.
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0 votes 12 answers Share Flag
Sat Mar 6, 2010
Don Tepper answered:
I'm not an accountant, so this isn't accounting advice.

And I don't know about a coop.

Regarding condos, if you're living in the condo, no the maintenance fee is not deductible. Slight exception: If you've got a home-office in your condo, then you can deduct that portion of the condo fee equivalent to the proportion of the condo being used as a home office. In that case, that portion of the condo fee would be a business expense.

If the condo is a rental--if you're renting it out and declaring your income and expenses on your taxes--then the condo fee is an expense that you can deduct.

Check with an accountant for more information.

Hope that helps.
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0 votes 6 answers Share Flag
Wed Mar 3, 2010
Gita Bantwal answered:
Fri Feb 12, 2010
Mike B answered:
We lend on some co-ops. What is the name and address of your co-op?

What is the balance and rate you are paying currently? It depends on what your actual balance and rate is to see if refinancing makes sense as well.

Thank you

Michael Byrne
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Sun May 16, 2010
Pat & Steve Pribisko answered:
If you could provide some additional information, such as what your lender told you, it would help you receive on-point answers. I can tell you that most lenders have strict guidlines for investor loans. ... more
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Tue Jan 3, 2012
Mike B answered:
Hi Latoya! Congratulations on your decision tp purchase. It can take as little as 15 minutes to be pre-approved for a mortgage. The full approval once you have an accepted offer usually takes 2-3 weeks. I would suggest finding a reputable lender who has experience in financing coop's. Here is a recent blog I wrote regarding co-op financing: http://activerain.com/blogsview/1374690/co-op-financing

I would suggest at least speaking with a lender directly rather than solely conducting the whole transaction online.

You can reach me any time regarding your options at 908 531 6170 or at naitch6203@yahoo.com or michael.r.byrne@chase.com

Thank you
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Mon Feb 8, 2010
Catherine "Cathy" Chaudemanche answered:
The following link should help:
http://www.federalhousingtaxcredit.com/
0 votes 7 answers Share Flag
Tue Mar 8, 2011
Sean Dawes answered:
As long as you have an attorney review the mortgage docs, to me it wouldnt matter who I pay my mortgage as long as the docs are structured correctly.

When it comes to seller financing, both parties should be using attorneys to handle the deal. Which may or may not happen anyways in your state for a real estate transaction.



Sean Dawes
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0 votes 5 answers Share Flag
Wed Sep 23, 2009
answered:
Let me look into my crystal ball with our current administration...I need some glass cleaner...it's very foggy. If you can figure this calculation out...YOU'RE HIRED! Honestly, you're causing more stress than you need. Today's index is around .40. Add that with a common margin of 2.25% and you'll get 2.65% or 2% lower than what you're currently at (sorry to end with a preposition). FHA - you'll drop max 1%. You may also go up 2%, 5%, or 1% depending on the type of ARM you have. You said Treasury, not Libor, so, if the latter, you should be okay. I don't trust the Fed. Here, I spell it out for you: GOVERNMENT. Your next question should be "How long will I keep this house?" or At what point will I want to refinance? When the rates are higher than they are now or play the Russian Roullette (I can't spell foreign words) game? You need to think about refinancing into another ARM or fix it. Best thing about playing the game is that now is the time to really hammer at the principle of the loan while the rate is low. ... more
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Thu Oct 15, 2009
Ralph Windschuh answered:
Maggie,
Before you do anything, speak to your accountant or get one if you don't already have one. As real estate professionals, we cannot give legal or tax advice. Good luck.

Ralph Windschuh
Century 21 Princeton Properties
631-467-0009
rwindschuh@c21princetonproperties.com
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Sat Sep 5, 2009
Don Tepper answered:
Check with an accountant and a lawyer. I'm not an accountant or a lawyer, so this isn't accounting or legal advice.

However, you can't do what you're planning to do. First of all, you say you own "part of a family house." It depends on how the property is held (joint tenancy, tenants in common) as to whether you can even sell your ownership stake. And if you can, you'll receive very little for it--unless you sell it to the other owners of the house. Example: Let's say you own 50% of a house worth $100,000. Your portion (without a mortgage) theoretically is worth $50,000. But a lender won't lend on a portion of a home. And if you could find a buyer for half (assuming, for instance, that the property is held as tenants in common), the buyer would give you far less than $50,000. Maybe $10,000-$20,000.

Second--again, I'm not a lawyer or accountant--on that first home, you could deduct interest and taxes if that's your primary residence. It isn't. Or--if the ownership is held properly--you could rent out that portion of the home and claim expenses against income. Suppose you rent out half the home for $500 a month. Under the right ownership structure, you could claim your taxes, interest, and other expenses against the $500 a month.

If the coop would be your primary residence, then you could, of course, claim all legal deductions as a homeowner for the coop.

But you can't have two legal primary residences. It's either the house or the coop.

As for other alternatives, it depends on what you're trying to do. If you're trying to come up with some cash to buy the coop, then you can sell your interest in the family house to the other owner(s) of the house. You'd take the cash, and buy the coop.

Or--all the owners of the family house could take out a home equity loan (or finance/refinance the house), then lend you the money to buy the coop. You'd buy the coop, and you'd also be responsible for repaying your share of the loan on the family house.

Again, check with an accountant and a lawyer.
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Sun Oct 25, 2009
Mike B answered:
It could be that financing is difficult to obtain at this point on the complex. You may want to check with other lenders.
0 votes 6 answers Share Flag
Sun Aug 2, 2009
Bob McClure answered:
good morning.........if you already signed the mortgage four years ago, then you would have to have been on the deed as well. as a co-owner....therefore you had an ownership interest in the home at that time......if it was signed over to you as a gift recently....how exactly was that done?.........quit claim deed? probate?...but you were already an owner?......if you could explain it a bit more, i'll try to help you.....best regards....bob mcclure- success mortgage partners- plymouth, michigan......... ... more
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