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Financing in Bergen County : Real Estate Advice

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  • Local Info7
  • Home Buying58
  • Home Selling6
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Activity 37
Tue Mar 26, 2013
Deborah Madey answered:
Hard money lenders generally do not work with owner occupants. Lending laws restrict their options/ Generally you find hard money lenders working with investors.
0 votes 1 answer Share Flag
Mon Jun 10, 2013
Trisha Ocona answered:
I have a few great pieces of land available I Northern NJ, and know of an excellent mortgage banker that gives loans. Please call me right away at 646.996.6609 or email me at to@trishaocona.com so I can forward you land info.
Trisha Ocona Francis
Prominent Properties Sotheby's Realty
Licensed Real Estate Associate Broker
... more
0 votes 5 answers Share Flag
Wed Jan 30, 2013
Camille Marotta answered:
Under your Visa you are expected to return to your country of origin. You should however contact the Department of Immigration. They will be able to advise you how to convert your Visa if you would like to stay in the US.

Camille Marotta NMLS 9838
Branch Manager
Residential Home Funding
cmarotta@rhfunding.com

732-539-9300
... more
0 votes 4 answers Share Flag
Tue Jul 24, 2012
Brian Morgenweck answered:
Rob- Nice talking with you. I passed your contact info along to the person I told you about... You may be speaking with him already.
Good luck!
0 votes 4 answers Share Flag
Wed Jan 30, 2013
Tim Moore answered:
You have not included enough to know for sure, we would need to know the difference in the payment now compared to after a refi. The difference in the two is the key. I seriously doubt it would be worth it to have another 15 year mortgage, even at a lower rate. Currently you are paying more towards the principal since the loan is 8 years old and if you refi that amount going to principal is greatly reduced as you start over. A loan officer with a calculator and amortizing program can better work this out for you but my gut feeling is no. ... more
0 votes 3 answers Share Flag
Mon Jun 11, 2012
Phil Rotondo answered:
Could be either....An option to consider is applying for both and compare Good Faith Estimates for the better deal.
0 votes 9 answers Share Flag
Wed May 30, 2012
Tim Moore answered:
There are not many no money down loans. USDA has a limited program and there is the Veterans VA loan, but all others require some money down. FHA needs only 3.5%.

You need to speak to a lender to understand what is available and what you can qualify for. ... more
0 votes 9 answers Share Flag
Tue May 29, 2012
Terry McCarley answered:
It will depend on what types of loans you qualify. You need to speak with a lender.
0 votes 5 answers Share Flag
Tue May 29, 2012
Darrell D. Drouillard answered:
James,

Rates vary greatly from a 640 to a 740 FICO. But when you get to the higher 700's and into the 800's, there won't be much variation. In regards to a mortgage broker versus a bank - most rates will be competitive as they fluctuate around prime. By shopping around you may find small variances within 1/8 to maybe 1/4 percent but probably not much more than that.

Many people used to focus on banks because mortgage brokers would sell off the notes immediately. Now, many banks will also sell off some of their notes. Ask the bank or credit union if they'll shelf your note or sell it off. If they sell it off, they are theoretically similiar to a mortgage broker. This will allow you to just focus on the best interest rate, regardless of who the lender is. Good Luck!

Darrell D. Drouillard
Home Team of America
16719 Huebner Rd., Bldg #4
San Antonio, TX 78248

www.dddrealtor.com

'Serving all your Real Estate Needs'
... more
0 votes 11 answers Share Flag
Tue May 28, 2013
Camille Marotta answered:
Good Afternoon, I am the Branch Manager/Construction Lending Director for First Alliance Home Mortgage and I have 30 years of experience in 203K loans. I can answer any question that you may have regarding the program. You can check my creditials with Michael Grace who runs the 203K Connection Website. His phone number is 973-652-6405 or 908-665-0121.
You can also e-mail me at cmarotta@fahmloans.com

Thank a great day.

Camille Marotta NMLS 9838
732-539-9300
... more
0 votes 9 answers Share Flag
Fri Mar 16, 2012
Jpr60 answered:
The "D" before the street makes me think it's not a single family home.
0 votes 1 answer Share Flag
Thu Oct 20, 2011
Albert Rapoport answered:
Each lender has its own policy toward ratelock renegotiations. You are able to begin the process with another lender if you so choose. However, keep in mind that your file will not transfer and you will be starting from square one with a new lender. If you have already gotten an appraisal, then chances are a new one will be needed. You should weigh the monthly savings gained from the lower rate versus any potential penalties you may incur from your existing lender/services you have already paid for that can't transfer. Of course, if you do decide to make a move, feel free to call me and i will give you our best offer.

Albert "Al" Rapoport
NMLS ID# 60865
AVP - Business Development/Branch Manager
InterContinental Capital Group
A BBB Accredited Institution
70 Hudson Street, Ste. 4A
Hoboken, New Jersey 07030
Tel: 201-809-9905
Cell: 908-244-8107
Efax: 973-774-7026
Email: Arapoport@icghome.com
... more
0 votes 6 answers Share Flag
Tue May 29, 2012
Jim Simms answered:
Neither method is something I would advise a first time home buyer to do. But that is probably not what you want to hear. However, all buyers/borrowers are different, if you have substantial assets to draw from in case something goes wrong, dive in! Things can go wrong quickly when you begin ripping out walls and electrical systems. Both loans require a substantial margin of error, which itself indicates something might go wrong.

Your risk is much lower doing the full 203k based on your question. You can’t do a streamline if the proceeds from that loan will not complete the project... Do not leave out anything just to try and meet the streamline limits. Re-habs take what they take, plus $10,000 more than you expect. Just kidding, but be prepared. If you think you are going to rip out walls and then get an equity line to finish up a project underway, well, good luck with that.
... more
0 votes 4 answers Share Flag
Tue Sep 6, 2011
Albert Rapoport answered:
Hi Jeanne, Forget about a balloon. At 5.5%, you have options. You can refi into an ARM (to take advantage of the lower rate) assuming that you will not be in the home past the fixed period of that ARM. I believe a common consensus in the mortgage industry is that rates will be higher in the long term. Therefore, if you take out, say, a 5/1 ARM, you should probably expect to be out of the home before it begins to adjust. You don't want to be stuck inside an ARM once it begins to adjust in an unfavorable rate market (once the fixed period expires).

In the alternative, 30 year fixed rates are really low right now and offer the stability of a fixed rate/payment. You could easily lower your rate by more than 1%. I am available to discuss your specific scenario and go over it in more detail if you so choose. By the way, today is a really good day to be talking about rates as the 10 year bond yields ended up at 2% on Friday and this is good news for rates. :)

Albert "Al" Rapoport
NMLS ID# 60865
AVP - Business Development/Branch Manager
InterContinental Capital Group
A BBB Accredited Institution
70 Hudson Street, Ste. 4A
Hoboken, New Jersey 07030
Tel: 201-809-9905
Cell: 908-244-8107
Efax: 973-774-7026
Email: Arapoport@icghome.com
... more
0 votes 3 answers Share Flag
Sat Jul 9, 2011
Suzanne MacDowell answered:
I am an FHA 203k specialist and work with a wonderful loan officer. If you email me at suzanne@exitrealtygold.com I would be happy to give you his name and number. He is the best I have found. ... more
0 votes 6 answers Share Flag
Thu Feb 24, 2011
Jeff Belonger answered:
Krishana,

No, FHA is not your only option with a 694 credit score.. if just comparing FHA and conventional, even with 10% down, I will say that FHA is your better option. I wrote about it here : Proof that FHA is better than conventional with a 699 credit score and 10% down.

http://www.fhaloansfhamortgages.com/2011/01/15/fha-loans-vs-conventional-loans-comparing-percent-down-rumor-mill/

If you are a Veteran and can do a VA loan, that would be better. If you are buying in an area that allows for USDA loans, that would be your next best option. If not, as I explained above, then FHA would be your next best option, even with 10% down and a credit score of 694.

If you need any help or have any more questions, please don't hesitate to contact me.

Thanks,
jeff
Area Manager cell : 609-440-5133 e-mail : jbelonger@ihmci.com
... more
0 votes 15 answers Share Flag
Wed Feb 16, 2011
Dan Tabit answered:
Caromsage,
Your best answer will come from a competing local lender. I'm licensed to do loans in WA, but not NJ, so I won't comment on whether these are normal or competitive terms. But when someone approaches me with a written GFE, on a specific date and I know the borrower’s credit score, I can quickly determine how well they line up with what I could offer. If they are already well in process and the rates and fees are competitive, I congratulate them for a good quote and encourage them to contact me if a problem develops. If I can substantially improve the terms, I provide an alternative quote based on the same days rates.
Best of luck.
... more
0 votes 3 answers Share Flag
Thu Nov 18, 2010
Bob Bulcock answered:
Hey Sean

I'm in the same camp as John. 640 credit scores are getting to be the norm with a few that still allow 620. Actually USDA still allows 600+ with a substantial pricing penalty.

It's the investor who purchase the loans that are making it tough. They have been adding additional guidelines over the normal program guidelines. In defense of the underwriters, they have to make sure the submitted loan meets program, investor and MI company criteria. Underwriters in my company want to approve loans not deny them.

Even the mortgage insurance companies have added their own guides as to who they will and won't insure.
... more
0 votes 3 answers Share Flag
Sat Oct 9, 2010
John Walin answered:
Sorry to say, there is no more creative financing in multifamily units. talk to a mortgage broker.
0 votes 4 answers Share Flag
Mon Jun 11, 2012
Corey Grushin answered:
Their are programs Maria but it depends on where you are looking or have Veteran status
0 votes 12 answers Share Flag
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