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Financing in Queens County : Real Estate Advice

  • All75
  • Local Info0
  • Home Buying49
  • Home Selling6
  • Market Conditions1

Activity 78
Fri Apr 5, 2013
Anna M Brocco answered:
Your loan officer can better advise as to the best loan option for you after he/she has reviewed your overall financials. FHA loans cannot be used for co-op purchases, and it excludes some condos. ... more
0 votes 4 answers Share Flag
Tue Jun 25, 2013
Gail Gladstone answered:
Lease the furnitute for a required amount of time and either own it at the end of that time or you may be given a dollar amount buyout at the end of the period.

It is very similar to leasing a car with an opportunity to buy it at the end of the lease. ... more
0 votes 3 answers Share Flag
Thu Apr 4, 2013
Keith Jean-Pierre answered:
Yes but you have to be qualified. Not very popular as an option these days.
0 votes 2 answers Share Flag
Wed Jan 3, 2018
Anna M Brocco answered:
Be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously, therefore for answers to questions visit with any licensed loan officer; keep in mind that FHA loans require 3.5% down.... ... more
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Wed Apr 3, 2013
Anna M Brocco answered:
Consult with any licensed loan officer, he/she can better advise after reviewing your overall financials.
0 votes 4 answers Share Flag
Thu Apr 4, 2013
Anna M Brocco answered:
When it comes to any tax related questions, it's best to consult with your tax professional, and or attorney....
0 votes 4 answers Share Flag
Mon Feb 25, 2013
Javier Meneses answered:
No, if you're putting less than 20% down payment, you're going to get what's called a full review. This means that ANY lender you go to will need to document the condo's current budget and it must meet Fannie Mae standards, which state that the condo must be budgeting for 10% reserves of total operating budget. There might be a couple lenders who portfolio loans where they can do unwarrantable condos, but there really are not many of them

I suggest you either look for a condo who does meet these standards (which can be difficult depending on where you're looking), or try to come up with 20% down payment, in which case your lender will be able to do what's called a limited condo review. In this limited review, such budgets would not be an issue.

Good luck!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
... more
0 votes 2 answers Share Flag
Wed Feb 4, 2015
answered:
Steve,

It isn't a requirement that you find tenants, but if you want to use rental income to help you qualify then it's a requirement that there are tenants. The rental income can be considered without a prior landlord history if you use a Fannie Mae loan program or FHA financing (if you have a 2-year landlord history, then Freddie Mac loan programs will allow the rental income too)... 75% of the rental income (if Fannie or Freddie financing) or 85% (if FHA financing) can be used. FHA financing would only be for owner occupied properties though. You would need signed lease agreements and most likely receipt of the security deposit and/or 1st months rent.

Shane Milne | Lending in all 50 states | NMLS #81195
shane@thebesthomeloans | 949-273-4161 direct
... more
0 votes 12 answers Share Flag
Wed Apr 23, 2014
Javier Meneses answered:
I think that all the best things you can do to get the best rate possible happens before you even shop for a mortgage. By saving as much as possible towards down payment and making sure your credit balances are low and all your bills paid on time, will put you in a position to obtain the best mortgage rate and terms.

i also tell people to NOT shop interest rates alone, but rather shop for the Loan Officer and/or mortgage company you feel will provide the best service along with fair rates. i've seen many people who go for a particular company simply because they offered the best rate, which almost all the time is not much different than what other banks offered, but yet have problems closing loans. You have larger banks who offer lower fees and rates, but is not willing to approve your loan because they're extrmemly conservative, then on the other side you have companies who are willing to take all the risks in the world to approve your loan but fees are through the roof. Find something in the middle, a bank whose menatlity is "every loan matters", a bank or Loan Officer who is known for working with Realtors and homebuyers, and delivers. This assures that the people you're working with see a variety of situations and have the experience necessary to deliver good service to a homebuyer. There is no way you'll get that over the internet or a phone.

Javier Meneses
NMLS #23130
Senior Loan Officer
Sterling National Bank
jmeneses@snb.com
... more
0 votes 6 answers Share Flag
Fri Jul 20, 2012
Gregorio Denny answered:
Chris Corica
Queen City Funding
2776 Eggert Road Left
Tonawanda,NY 14150
(888) 268-1346
0 votes 2 answers Share Flag
Thu Jun 28, 2012
Thomas Brady answered:
I don't think there is a simple answer. Your best bet is to consult with an attorney and an accountant. Once they had all the specifics about your situation they could best advise you. A real estate agent could advise you on the approximate market value of the house in it's current condition versus repaired condition, rental prices in the area, any other real estate specific questions you had. Good luck.
Tom Brady SFR, e-PRO, SRES GREEN BPOR
Licensed Real Estate Salesperson
Notary Public, Retired N.Y.P.D. Lt.
631-682-8660
Tom@BradyFamilyRealty.com
www.BradyFamilyRealty.com
"We treat you like family!"
Charles Rutenberg Realty, Inc.
255 Executive Drive - Suite 104
Plainview, New York 11803
... more
0 votes 9 answers Share Flag
Mon Jun 11, 2012
Scopey asked:
Thu May 24, 2012
Anna M Brocco answered:
Check with your co-op board/management to see if such loans are allowed in your building; check with any of the larger banks and go from there...
0 votes 1 answer Share Flag
Fri Jun 21, 2013
Anna M Brocco answered:
Ask people you may know for recommendations; if you are not comfortable with whoever your agent suggests, do shop around...
0 votes 11 answers Share Flag
Wed May 30, 2012
Gail Gladstone answered:
I would be happy to share my resources with you. I never refer anyone I haven't or wouldn't use personally.

Feel free to email or call for the info:

Gail 631-425-6150
gail@GladstoneGroupRealty.com ... more
0 votes 7 answers Share Flag
Sat May 12, 2012
Anna M Brocco answered:
Ask your loan officer the question, also see link below...
https://entp.hud.gov/idapp/html/condlook.cfm
0 votes 2 answers Share Flag
Mon Jul 2, 2012
Thomas Brady answered:
Contact a real estate agent, or several, and they can provide you with a free CMA which will tell you the approximate market value of your coop, and you'll be able to see what other comparable coops are selling for. You have to price things in their totality and not one aspect at a time. ... more
0 votes 5 answers Share Flag
Mon Mar 5, 2012
Javier Meneses answered:
I'm curious to see what people say. I started my career as a mortgage broker and the past 5 years I've worked with a bank as a direct lender. Huge difference between the two. Can't go wrong with a direct lender these days. Guidelines are pretty much universal these days, there is no real advantage in being a broker only. These days a bank benefits by being a direct lender and still having the ability to broker those rare loan products that are only available wholesale. ... more
0 votes 2 answers Share Flag
Wed Feb 4, 2015
Don Maclary answered:
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