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Financing in Ulster County : Real Estate Advice

  • All11
  • Local Info1
  • Home Buying6
  • Home Selling1
  • Market Conditions1

Activity 6
Mon Oct 31, 2011
Daniel Winn answered:
Now is an especially difficult time to get financing on an approved subdivision from a bank.

Seller financing is always good if you are purchasing the property and not developing it yourself.

If not, try local banks or credit unions, especially one you might have a business relationship with.
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Thu Jan 27, 2011
Anna M Brocco answered:
Consider consulting with your attorney and or tax professional to see what options are best for you--you can refinance if you qualify, and you could consider buying your ex out if needed, if your finances allow --rather than walking away, is a short sale an option for you--if so, protect yourself and any other assets you may have by consulting with an attorney who specializes in real estate beforehand. ... more
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Thu Dec 9, 2010
Matthew Howe answered:
Yes. It all depends on how much you can put down. Typically the bank will lend up to 80% of the value on a conventional loan. If you can come up with the difference you should be all set. For example:

Sales price = $100,000
Appraised Price = $80,000
Loan Approved = $64,000
Down payment = $36,000
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Tue Jan 3, 2012
Robin Silverberg answered:
If I understand your explanation of the property correctly, it is a 3 unit property, but consists of one 2 unit and one single unit. That is where you have the problem. Fannie Mae guidelines require there to be exact comps if it is a property like that which is a-typical. From your comment about not finding comps, that is probably the issue. I have no idea why a credit union, who typically don't even do FHA loans, told you that you cannot have a non-occupant co-borrower. Clearly someone who is your father is a relative, so obviously that is not the issue. The other issue is ownership interest in a property that is only 15 miles away. No matter what you try to say about your reasoning, anyone will give you a problem with that one unless you show from tax returns that you are currently renting out that property.
How much do you have for a down payment? You may be able to get a loan from someplace like Ulster County Savings Bank, if you have enough to put down for their guidelines, and you can get over the hurdle of the other property. Because they generally don't sell to Fannie Mae, they would be more likely to go with an odd property.
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Tue Dec 8, 2009
Ron answered:
Contact the department of State. Sounds like something "fishy" is going on.
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Tue Jul 28, 2009
Kyle answered:
Not unless its a multi unit property or he would have to be on the loan with you to use his income (and debt).

But you cannot count rental income on a one unit single family home or condo. ... more
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