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Home Buying in Brooklyn : Real Estate Advice

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  • Local Info198
  • Home Buying934
  • Home Selling89
  • Market Conditions34

Activity 1,216
Wed Apr 3, 2013
Trulia Brooklyn answered:
Hi there- Are you looking to live alone?
0 votes 3 answers Share Flag
Tue Feb 12, 2013
Madeline Padovano answered:
Hi Sunda
The first person you need to speak to is a mortgage banker if you need a name contact me
directly and i will give you someone to speak to.

There are many things involved, your credit your maximum and how much income there is current and projected for the future if the building is vacant. condition of the building is also a factor.

% can and will vary from 25% to 50%. For example I know of 2 for that are both vacant the banks
want a minimum of 50% DP.

Therefore, once you know how much money you can quality for, and as them to advise with tenants in place and/or vacant . Then we can find you a six family property depending on the locations you are interested in, as well as the condition you are willing and/or able to contend with. There is no sense looking at any building if you do not have these figures available to you, as you would be wasting your time and any agent/sellers time. If you have any further questions please feel free to contact me directly.

good luck
madelinepadovano@fillmore.com
7183328800
... more
0 votes 3 answers Share Flag
Tue Feb 12, 2013
Anna M Brocco answered:
Ask your loan officer the question, each lender is different....
0 votes 3 answers Share Flag
Mon Feb 11, 2013
The Stephen FitzMaurice Team answered:
You can refinance, short sale, or walk away and let the home foreclosure. Refinance is best if possible, and then short sale. Foreclosure is the worst.
0 votes 1 answer Share Flag
Thu Mar 7, 2013
The Stephen FitzMaurice Team answered:
USDA loans can provide 100% financing, and so can VA loans (for prior military). Also, sometimes local (smaller) banks will provide "shelf" programs that allow residents who bank with them special deals on 100% loans. ... more
0 votes 2 answers Share Flag
Tue Feb 12, 2013
Michael Denniston answered:
Stated income loans in which the applicant is not required to document his/her income were prevalent in the years preceding the financial crisis and are sometimes referred to as "liar loans" since there was significant opportunity for the applicant's income to be misrepresented. For more information, please contact me directly at 917.699.0183 or via email michaeldenniston247@gmail.com. Follow me on twitter @mdenniston247.

Michael Denniston
Senior Loan Officer
NMLS License 24076
Cliffco Mortgage Bankers
New York
... more
0 votes 2 answers Share Flag
Tue Feb 12, 2013
Tammy Benkwitt answered:
The seller needs to check with his or her lender to see if there are any penalties that must be paid if the property is sold after a certain period of time. SONYMA loans are one example as are FHA (shorter term).

Also, a few years ago, the federal government offered buyers an $8,000 credit for purchasing a home. (This is no longer in effect.) If you benefitted from that credit, you may need to pay some of that money back to the government.

Call your lender first, then check with your tax preparer to determine what penalities, if any, may apply.

Best wishes,
... more
0 votes 6 answers Share Flag
Sat Feb 9, 2013
Michael Denniston answered:
Toihoang,

Absolutely! Assuming that you meet all the other criteria, then using a higher-than-average down payment is a tried and true way to offset a less-than-average income to qualify for a mortgage. I suggest that you consult with a licensed and experienced loan officer to get pre-approved. This will take the guess work out of whether or not you will qualify. I have extensive experience working with first time buyers and obtaining mortgages for applicants that don't always fit into the underwriting straight-jacket so common with the big banks these days. The pre-approval is complimentary and provided without any obligation on your part. I can be contacted directly at 917.699.0183 or via email at michaeldenniston247@gmail.com. Follow me on twitter @mdenniston247.

Michael Denniston
Senior Loan Officer
NMLS License 24076
Cliffco Mortgage Bankers
New York
... more
0 votes 3 answers Share Flag
Thu Apr 23, 2015
Josh Barnett answered:
PMI protects the lender from the owner defaulting.

Homeowners protects the owner and the lender on the back side from acts of God, theft, etc, depending on the policy.

Hope this helps. ... more
0 votes 15 answers Share Flag
Sat May 18, 2013
Javier Meneses answered:
It'll depend on several factors. How much equity is available? What can you qualify for? And several other things. The best thing for you to do is meet with a Loan Officer and go over your options.

If you need a Loan Officer to help you, feel free to contact me. Good luck!

Javier Meneses
NMLS #23130
Senior Loan Officer
Sterling National Bank
jmeneses@snb.com
(516) 606-9648
... more
0 votes 5 answers Share Flag
Wed Feb 6, 2013
answered:
Hi Paul,

Did you sign a Contract of Sale to purchase the home at that price? Because, if you did not, I don't see you have much, if any, recourse. Offers are not binding in New York State for real property transactions; only a fully-executed contract of sale is binding on all parties.

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528

If you thought my answer was helpful, please give me a "Thumbs Up." Thanks!
... more
0 votes 5 answers Share Flag
Mon Feb 11, 2013
Lucille Gallo answered:
http://www.eracaputo.com/homepage.htm..here's my office website..there are many links that should be helpful to you...including a mortgage info link..hope this helps. all the best to you, and if I can be of any assistance to you, feel free to contact me. ... more
0 votes 14 answers Share Flag
Tue Feb 5, 2013
Colleen M. Murphy, P.A. Realtor answered:
Hi Sarah, today's market can be very challenging for buyers who are using FHA financing, especially in median price points. Cash is King but I just represented a buyer in a multiple offer situation who won their bid against a cash offer although they were using Conventional financing. Out of 3 offers, 1 was a lower cash offer while the other was a full price FHA and my buyer's was a full price Conventional financiing offer. The listing agent expressed to me that the sellers were most comfortable with my buyer's financing choice. I would recommend asking your mortgage professional if you are able to qualify for conventional financing vs. FHA; there are 5% down programs available for conventional financing. Contract terms can also be important to a seller when deciding on an offer in an aggressive market, specifically the amount of your earnest money deposit (escrow deposit), your loan commitment deadline and the number of days in your inspection period. Your pre-approval letter should show strength from a reputable mortgage professional and should give the seller confidence in your ability to be approved for the loan - see if your mortgage professional will provide a DU (desktop underwriting) report that you can offer to the seller. All of these items may increase your chances of your offer being chosen in a competitive situation. Good luck! ... more
0 votes 3 answers Share Flag
Tue Feb 5, 2013
answered:
Yes. Parents can Co sign for a loan and we count the combined income and expense. We can use non occupying Co signers for either FHA or conventional loans.

If you would like to discuss this in more details, fell free to call me.

Isaac Weiser
347-632-0607
... more
0 votes 12 answers Share Flag
Sun Apr 21, 2013
Anna M Brocco answered:
0 votes 4 answers Share Flag
Mon Feb 4, 2013
Anna M Brocco answered:
Are you looking to drive or utilizing public trasportation...If you are interested in the Queens area, or Western Nassau County, check www.mlsli.com
0 votes 2 answers Share Flag
Tue Mar 10, 2015
Nicolas Puygrenier answered:
Hello Kelly,

If you are looking to buy a home in Brooklyn give me a call or email me.

Best,

--
Nicolas Puygrenier ǀ Licensed Real Estate Broker
Mona Lisa Real Estate Group LLC
419 Lafayette Street, New York, NY 10003
Telephone: 917 499 1917
Email: nicolas.puygrenier@monalisanyc.com
... more
0 votes 4 answers Share Flag
Thu Jan 31, 2013
Javier Meneses answered:
It is VERY realistic to obtain a FHA loan for a 3-5 family, in fact it happens all the time. How much you can borrow depends on your financials and credit. The way you can know for sure is to meet with a Loan Officer and allow him/her to review your paperwork. This is the only way for sure that you can know how much you'll qualify for on a multi family house.

Once you're pre-approved you can search for a property in any area. A Realtor can best guide you to the neighborhoods where you'll find the property that best fits what you're looking for.

If you need someone to help you, I'm always available to meet in out Brooklyn offices. Good luck!

Javier Meneses
NMLS #23130
Senior Loan Officer
Sterling National Bank
jmeneses@snb.com
(516) 606-9648
... more
0 votes 3 answers Share Flag
Thu Oct 31, 2013
Tammy Benkwitt answered:
No it certainly is not. We could all write a diatribe on this matter, but it sounds as if you were confronted by this situation. Talk to the agents manager and find out why the price changed. ... more
0 votes 11 answers Share Flag
Thu Jan 31, 2013
Maria Cipollone answered:
As soon as you have an excecuted sales contract, you can contact your mortgage broker or loan officer and lock in at that low interest rate for 30 days. That is normally what we need to close a finance deal with HOA.

Best of Luck,

Maria Cipollone

Century 21 Tenace

www.Flahomespecialist.com
... more
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