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Financing in 11217 : Real Estate Advice

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  • Home Buying21
  • Home Selling2
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Activity 123
Sun Jun 21, 2009
Corey Grushin answered:
Jade with any project where you are obligating yourself to make a payment routinely there is risk. This codo you are looking at may be a good deal if you already rent an apartment there. As for borrowing the lender will access your credit worthyness as well as the project itself. ... more
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Fri Jun 5, 2009
Gail Gladstone answered:
That is a question for your mortgage broker. And perhaps when the broker hears you are jumping ship and why you are doing so, the broker might become a little more helpful.

PMI requirements recently changed...my buyers got caught in the same situation...and they had to come up with more down payment money to meet the PMI requirements.

If you decide to make a switch, I will be happy to recommend the folks who were able to assist my buyer.
... more
0 votes 0 Answers Share Flag
Fri Jun 12, 2009
Daniel Castagna answered:
PMI companies have lost a lot of money over the years due to all the foreclosures; therefore, they have raised there guidelines for providing PMI to consumers. Must won't lend in declining markets, debt ratios over 40%, scores under 680, etc. The property type might be the issue in this case. your next bet is to do a second mortgage like an 80/10 (if you can find on that is) or go FHA (must be your primary residence). Hope that helps some.

Danny
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0 votes 11 answers Share Flag
Sat May 30, 2009
Everett Perry answered:
conventional is still available with such high credit, as low as 5%, only on 1 families.

2 family, 15% down.

3 families there is no PMI company that i am aware of that will do these or 4 families. ... more
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Sun Oct 16, 2011
Everett Perry answered:
I was gonna sell a house with NACA financing. The person receiving the mortgage could not get her NACA mortgage rep on the line for 3 weeks.

They appear to be great a teroorrizing CEO's of banks but horrible at providing the same service themselves.

With that said I think they offer the best product on the market but the 3 people that I am aware of decided to seek standard FHA financing and just put down the 3.5&.

Good luck to you.
... more
0 votes 2 answers Share Flag
Thu Apr 23, 2009
Everett Perry answered:
You can always sell down. As long as the contract says you are selling as 1 fam, its fine.

Also the amount of meters has no bearing on the C of O.
0 votes 4 answers Share Flag
Tue Mar 31, 2009
Lori Lewis answered:
Wed May 27, 2009
Tony Grech answered:
Hi Greg,
Sit tight. While broad guidelines have been issued by Fannie and Freddie already, the finer details have not been fully hashed out, and my gut feeling is that it may be another month or so before lenders able to actually implement the program. I think lenders right now are just taking time to acclimate themselves and make sure they look at all the angles. No doubt the almighty dollar is playing a part... ... more
0 votes 5 answers Share Flag
Sun Nov 20, 2016
Bill Eckler answered:
There are additional factors that enter into the equasion, are you employed, how long have you worked at this job, do you have a savings account, etc.

In short people with lower scores have been approved but it depends on the entire picture.

Our recommendation is to consult with several loan specialists for their input.

Good luck
... more
0 votes 34 answers Share Flag
Mon Sep 1, 2008
Gail Gladstone answered:
Comparing rates is the simple part of this...it is all the other charges that may come up that should concern you. It is difficult to weed through the add-ons and compare apples to pineapples. You don't need any surprises at the closing table.

If you contact me off line at Gail@GailGladstone.com, I will give you the name and number of someone who can break it all down for you, explain the potential charges that could come up, what termonology each mortgage broker/bank loan officer may use for the same item, and assist you in comparing mortgage rates.
... more
0 votes 6 answers Share Flag
Wed Oct 3, 2012
Corey Grushin answered:
Micheal there are too many forces acting on the markets for anyone to predict where interest rates are heading. Oil prices, inflation, financial markets unrest and foreclosure rates are all playing a part. All year long we've been playing a seesaw battle with rates so chances are they will rise and come back down within a month but don't expect to see 5% anytime soon. 30 year fixed rates at 6.5% is still very good. ... more
0 votes 9 answers Share Flag
Tue Jun 19, 2012
Simon answered:
If you contact me, I can recommend three different mortgage brokers that might be able to help you.

simon Gabay
Licensed Real Estate Agent
Cornerstone Real Estate
Office 718 421 2970
Cell 718 812 1482
www.simongabay.com
... more
0 votes 6 answers Share Flag
Tue Jun 19, 2012
Carissa answered:
Tue Jun 19, 2012
Gail Gladstone answered:
There are lots of programs for first time buyers on Federal, State and local levels. Check with your mortgage broker.

If you are not in communication with a really good mortgage person, contact me offline for a referral...Gail@GailGladstone.com. ... more
0 votes 5 answers Share Flag
Mon Feb 25, 2008
Ronpkr answered:
I WILL PREFER TO GET A MORTGAGE BROKER.
SEE YELLOW PAGES AND ASK FOR REFERENCES.
IT DOES NOT HURT TO TALK TO YOUR BANKERS ALSO. THEY MIGHT HAVE GOOD LOAN PROGRAM.
0 votes 7 answers Share Flag
Thu Mar 11, 2010
Diantha Shaffer answered:
I've lived in several states (MA, NY, VA, CA, TX) and through the tax assessor's office there is usually a way to dispute the assessed value of your home. Here is a website that I think will assist you. Good luck, hope this info helps. ... more
0 votes 9 answers Share Flag
Fri Mar 7, 2008
Gail Gladstone answered:
Need an attorney who has a track record in conversions.
0 votes 4 answers Share Flag
Sun May 9, 2010
Brian Burke answered:
Jason Lyon, 303-407-8100 jlyon@americansummitmortgage.net
0 votes 10 answers Share Flag
Tue Nov 20, 2007
Benjaminday answered:
You can likely get FHA financing in the low 600's. Obviously the better the score, the better the rate, but 720 pretty much opens up everything on a conforming product. 700 might get you want you need on a conventional. You should be in the ballgame or near it for market rates.

According to one lender I've spoken with, if you put in multiple queries for the same need, in your case, home mortgage financing, multiple credit checks for the same reason should not lower your credit score. I always encourage buyers to talk to multiple lenders to get the best bang for the buck, but also the best relationship. The last thing you want is a good rate and high costs, or worse, a good rate, low costs, but it doesn't fund or show up at closing and you lose your earnest money. I use ERA Mortgage and get all three. I'm a broker with ERA, but a lot of my past clients use them to re-finance as well because the first round of service is so strong and affordable.
... more
0 votes 5 answers Share Flag
Mon Jun 18, 2007
Sonni Woodbury answered:
There are various lenders in the New York Metropolitan area.
0 votes 3 answers Share Flag
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