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Financing in New York : Real Estate Advice

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  • Home Buying1K
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Activity 191
Tue Jan 3, 2012
Eugene Kopman answered:

I recommend a mortgage banker at Bank of America.
Jan Nguyen
Sr Mortgage Loan Officer
Bank of America Home Loans | 335 Madison Ave, 4th Floor | New York, NY 10017
Office: (646) 556-0115 | Cell: (917) 701-8900 | Fax: (866) 905-4524

Tell her I sent you.

Eugene Kopman
Associate Broker
BOND New York
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Tue Mar 1, 2011
Scott Godzyk answered:
You will really need to see a local and trusted loan officer or mortgage company who cal look at your creidt report, income and expenses and let you know. They can prequailify you at no cost.

Please see my bog with tips and advice on getting a mortgage
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Wed Jan 26, 2011
SBPPnyc answered:
There are tons of potential reasons, maybe a little of each:

1. There is just too much inventory and not enough people who want to live in the area. It is kinda far out from anything relatively speaking. That usually spells price drops, and mortgages + price drops don't mix!

2. I hear there are some potential tax issues in regards to the BPC land lease from the government. It seems that there might be a surge in building taxes coming up and that could make the condos there lose value. Look at it like other areas of town, the higher the fees/maintenance/cc/tax, the lower the price of an apartment to make up for it. I am not sure what happens if enough people do not occupy a building when it has to pay the government for land leases. A building default? Could be trouble!

3.The prices of apartments there are just over priced! If the bank assesses the value of an apartment/building lower than the cost of the building's purchase price, they won't let you mortgage it!
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Tue Jan 3, 2012
Annette Levinson answered:
Are you buying in NYC? The mortgage tax seems wrong but I need to know where in NY you are buying. There should not be an attorney review when you have an attorney fee, it is usually one or the other. Your attorney will be ordering your title insurance so he can tell you the correct cost. This estimate is missing some title charges. I haven't seen a commitment chages in years in NY.
I would suggest you consult another lender before you commit yourself to a mortgage, this one seems confused.
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0 votes 12 answers Share Flag
Mon May 16, 2011
Rob answered:
There are a plenty of private lenders issuing loans for commercial real estate financing, but there is no central clearinghouse for this information - at least that I am aware of. I would look for a bank or other traditional loan issuer(s) in your home country and approach them first. They may be able to put you in touch with folks that can help on the US side - or vice-versa. ... more
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Tue Jan 3, 2012
Eisenberg Scott answered:
Please reach me in the morning after 745am on my cell 917 306 6618. - depending on the details you should have some choices.
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Sun Oct 17, 2010
Tudor asked:
0 votes 0 Answers Share Flag
Thu Oct 7, 2010
KC Horton answered:
You should be able to pull 150k or so out and that should buy you a fine fixer upper The best bet would be to try where you bank first and then explore the hard money lenders in your area. An ad on Craigs List will probably generate a lot of interest. ... more
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Fri Oct 8, 2010
Fern Hamberger answered:
It all depends which country you are from and which company you are working for.
where is your money being wired to? which bank? and how much you have in the bank? Do you have other assets abroad and / or in nYC? I sold to a few foreigners but we had to track their whole background assets, salary, referrals, bank accounts etc...

Fern Hamberger
Sr Asso Broker
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0 votes 3 answers Share Flag
Sat Mar 12, 2011
Weichert Realtors House and Home answered:
Hi Georgia,

I am going to be the first to state my ignorance. I have never heard of an unwarranted mortgage. What is it and why would somone have one?

(718) 432-5000 ext.601 (Office)
(917) 974-2600 (Cell)
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Thu Jul 23, 2015
Zaza Pasori answered:
Here is a link to HUD`s FHA approved condos.You will need a condo ID# or Condo`s name to do your search.

Good Luck!
0 votes 7 answers Share Flag
Fri Aug 27, 2010
Chris L. Christie answered:
These loan products are for Owner Occupied Properties ...ONLY. Hence, single family property---no rent.
Multi-Family underwriting risk models are such that to purchase a 2 family, the buyer must be able to afford the property without any rental income. Many families that purchased these homes did not make their payments when the tenant did not pay the rent. These homes went into foreclosure.
Three to four family properties require larger downpayments and 75% of the verified rent must cover the mortgage payment.
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Wed Sep 15, 2010
Corey Grushin answered:
Mon Jul 26, 2010
Jason Stevens answered:
Your lender is skating on thin ice. I may tend to agree with them in theory but in reality not so. First off your lender is YOUR LENDER not your attorney. They have absolutely no right telling you that as long as seller gets paid "financing is irrelevant." Those comments can be considered a unlicensed practice of law and should anything go astray with your contract and your escrow becomes tied up or seller goes after it, then what? The lender isn't going to protect you. The lender isn't going to go to bat for you to get your escrow back. I'm surprised someone made such statements. Here's what I suggest you do. Talk to your attorney first. If in your contract you stated that you were getting 90% financing and now you are considering getting 96.5% financing this is a CHANGE in the contract and should therefor be approved and intitial on the contract or seperate addeneum by you and the seller. If you have been approved for the FHA loan with an approval letter in hand I see very little reason why the seller would not accept the change. I'd play it safe and put the seller on notice of your decision to go FHA, and I think your attorney would agree with me. Good luck.. ... more
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Thu Jul 22, 2010
you pay city and state mortgage tax on the new mortgage amount UNLESS there is a CEMA. That will transfer the tax already paid if this were a refinance transaction and you would be responsible to pay tax on any new money borrowed. Email me if you need help with this or have any more questions at

Ed Groussman
Home Savings of America
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Tue Jan 3, 2012
Anna M Brocco answered:
Not knowing your financial picture--If you haven't done so yet, do visit with any qualified loan officer(s), see if you qualify for a mortgage and exactly what your budget can handle--have your credit score checked as their scoring is often different--if your credit needs improvement, your loan officer may suggest great ways to improve it in the fastest time. Currently FHA loans do require a minimum score of 620 and 3.5% down; there may be lenders willing to work with a lesser score, however the interest rate and downpayment may be higher. As for the first time buyer credit--unfortunately it's over--you needed to be in contract by April 30, 2010 and need to close by September 30, 2010--Again, consult with a loan officer--he/she will be your best source of advice. ... more
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Fri Jul 9, 2010
Gail Gladstone answered:
If you could find such a financing (not too available these days) my guess is that the condo board would not approve you. Most of them also want from 6 months to 1-2 years in reserves in your bank account. ... more
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Fri Jul 16, 2010
Doc & Ellen Stephens answered:
Hi, A,

First stop should be for HUD's Approved condo list. It's hared to get ANY government backed loan on a condo that hasn't passed the requirements of this or VA's list. Here's why:

1. If a new condo is full of vacancies, who do you think will pay all the HOA fees? Right. The few owners who have purchased - not the developer.
2. If the condo project has ;a large percentage of Renters, what do you think the chances of a well maintained project are? Right. Nil.
3. It there are several foreclosures or pre-foreclosures in the project, what do you think will happen to property values? Right. Down.

So, check out the condo project PRIOR to buying.

good luck.

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Tue Jan 3, 2012
Stacy Carter answered:
Yes, unfortunately this has been an issue. 29 of 52 units not owner occupied is too high a percentage and presents a significant risk for the bank. In fact, this is a risk for you as the buyer as well.

I would do a lot of research before moving forward. Who is the sponsor, what are their plans to sell those 29 units, what will they do if the units do not sell, etc. Talk with a few lenders and see if anyone will take on the loan. You should ask if FHA is a possibility. If not, cash is really the only answer.

Good luck!

Stacy Carter - Associate Broker
Home Appreciators - Real Estate & Renovations
at Better Homes & Gardens Real Estate Metro Brokers
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Thu Aug 26, 2010
Lee Williams answered:
You need to find a 'Portfolio Lender'. Try Apple Bank.
Be prepared to have a downpayment of 15% or more (even if the co-op only requires 10% down) and you will need a stellar credit profile. ... more
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