If you are owner occupying a 2-4 family home it is pretty much like qualifying for a house, and yes you could do 10% down or less. However, if you are not owner occupying most lenders are requiring 20-25% down, and there are extra closing costs. It's not really considered commercial until it's 5 or more units.... more
First steps:
1. Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.
2. Get a referral to a good, local, real estate attorney. Call the attorney, retain the attorney so you have her information handy when you make an offer. Having that information at time of offer helps you demonstrate to the Seller how serious you are, and they will consider your offer with more interest.
3. Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.
4. Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.
Put together your Team of real estate professionals and shop 'til you drop!
Good luck!
Trevor Curran
NMLS #40140... more
First steps:
1. Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.
2. Get a referral to a good, local, real estate attorney. Call the attorney, retain the attorney so you have her information handy when you make an offer. Having that information at time of offer helps you demonstrate to the Seller how serious you are, and they will consider your offer with more interest.
3. Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.
4. Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.
Put together your Team of real estate professionals and shop 'til you drop!
Good luck!
Trevor Curran
NMLS #40140... more
Good morning Michael,
Your Realtor is correct up to a point. While the FHA program allows for the use of projected rental income to qualify, recent changes in Underwriting standards have made it more difficult to allow the inclusion of rental income for qualifying purposes.
I am a Local Mortgage Banker with 22 years experience helping First Time HomeBuyers in Brookyn and the NY Metro area. Please contact me to set up a free, thorough prequalification appointment. My information is on my Trulia profile page.
Trevor Curran
NMLS #40140... more
Well Fortune that depends on many factors. I recommend for you to visit the area & you'll notice the beautiful brownstones townhouses in the neighborhood. Feel free to contact me anytime, whether it's to get started on helping you realize your goals and dreams, or just to ask a question. I would welcome the opportunity to make a difference for you.... more
There is also the 25 Bus on the corner across the park which can take you to the A train on Nostrand in about 10 mins. Any other questions you may have please ask, I LIVE, WORK AND PLAY IN THE BK.
CHRISTINE
bizwiz210@yahoo.com... more
Im in the process, and im almost done. It takes time, but if your organized you could do it. You need architects, contractors, and expediters to help the process go well in the dept of buildings. It could get expensive.. Call an architect that could draw up plans to submit, but first ask if he could do it. One thing that could deny this is the zoning of you property might not allow it. good luck!... more
718 877 5515... I'll find you exactly what you need... I take my time and on point with what you're looking for, not like others that do it for the money.
Brooklyn Ink just wrote an interesting article pertaining to this question, check this link;
http://thebrooklynink.com/2011/12/07/38609-in-bed-stuy-loss-gives-life-to-hope/
If you have about a year or two and lots of flexibilities, then NACA is for you. I bought my home Jan 2011. It was a 2 year ordeal. I am sorry for those who have to use NACA to buy their home. Despite the pain it was well worth it. At least my husband got a lot of his financial act together and me too :-), but his was a great mess.
I work as an assistant to a previous NACA rep that now is a real estate agent. It takes our clients that use naca about a year to close. Most of them have to suffer until the closing date; but they still send us a lot of people because NACA is the only hope they have to ever buying a home. Many are always willing to give references. NACA is for those that are willing to pay the price in hard work and perseverance as well to repair their credit.
Some of our sellers don't like NACA because of the unpunctuality but they still deal with them because despite the loooooooong time they take, NACA is a sure thing for those that persists and do all the dreading things they ask for (lots of documentations and paper work.) Some seller send us people because they know that we can help them pass the NACA challenge and also willing to give references.
For us as a very small real estate office using NACA, we are unable to make a decent profit since naca has a lot of limitations. It takes a lot of work to be qualified by NACA. Most people don't want to do the work or don't have the time to get their file and all together. Anyhow, buying a home is not easy, even if you have a lot of money and can buy cash. We call most of our clients frequently, help them in every thing including cleaning their credit; we take them by the hand.
As for now we are restructuring in order to be able to help people and make some profit. But we will offer more alternatives to NACA for our clients. Also, most people that use naca is because of imperfect credit or they want no down, no closing cost and a very low interest rate. That is the very good part of the deal. Most people are very skeptical until they move into their new home or see their friends into one. They often say, if they can, I can. If you ask around you will find someone who bought with naca no far from you.
I do think that NACA does not take care of its employees. They are overworked and sacrifice their family time. They have a high turnover. The paid may be average considering the large hours they give.
Good luck in buying a home. If I could be of any help contact me at lorenvisaez@yahoo.com... more
Dear cyntcere:
The bottom line is that neither party (the buyer or seller) is legally obligated to the deal until there are fully executed contracts. In my office when an offer gets accepted, 99.9% of the time it is contingent on the property being sold "as-is" plus the buyer is expected to move forward expeditiously. If the buyer moves too slow, or does an inspection and wants to re-negotiate the price... or if a higher offer comes on the table before you go to contract... you can lose the deal. If that does happen, there is really nothing that you can do as a buyer because you were not actually in contract and legally bound by said contract.
Your situation is not so much the norm. As a matter of fact, in my 18 years in the real estate business, the vast majority of the time when a deals falters, it is due to the buyer changing their mind and not the seller. In that situation, the seller feels kind of like you do but they have no legal recourse so they just have to accept it. Once in a while, it goes the other way and the seller changes their mind. It could be due to a higher offer, or just the seller simply changing their mind and deciding not to sell.
Moving forward, you have to learn from this experience. Next time you make a deal, make sure you move forward as quickly as possible to get into contract. Only then will you be 100% certain that you have the deal (I am not trying to suggest that you didn't move forward expeditiously, I wouldn't know because I was not involved in the deal).
If I can be of further assistance, please let me know. good luck!
Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com... more
According to the listing agent's site, the property has an accepted offer; for additional information, you can either directly contact the agent, or any local agent/realty office can also help, they all have access to the same information....... more
Dear Earlfamous:
Cash is KIng in the low priced distressed marketplace.
The demand is high from investors with contracting companies who can fix at wholesale costs and turn around at a profit. They have ready cash and can close in less than 30 days many times sooner.
You may want to look for cash investors to pool your assets with. Proceed with caution and always consult with your attorney.
Bonnie Chernin and David Rogoff
Fillmore Real Estate Branch #19
2926 Avenue J
Brooklyn NY 11210
917-593-4068 โ David mobile
646-318-5031 โ Bonnie mobile
davidrogoff@fillmore.com โ E-mail... more
Hi Cecolle,
Like the others who have answered this, I have never heard this term either. I can imagine (most likely incorrectly) what it might refer to - If you look at Bed-Stuy on a Google map, you will see a large area in the center that has no nearby subway service. Largely because of this, that area has not gentrified the same way as neighborhoods like Williamsburg and Bushwick. There are lovely buildings in that area (some of nicest in NYC!), but they are not desirable because it takes a long walk to get to a subway into Manhattan.
Just a guess...
patrick... more
Bedford Stuyvesant or ( Bed-Stuy) one of Brooklyn's most historic neighborhoods, well known for its rows of brownstone homes with detailed archetectures. Bed-Stuy is up and coming one of Brooklyn's most
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Hi Monique, I found the listing agent on this property. The property has an accepted offer on it . If you are looking to buy in Bedstuy. email and I will show you what I have in the area.When you email I will give you the details about 555 Monroe st.
Henderson Jones
Lic. Real Estate Broker
HAJONESREALTYANDMANAGEMENT
347-995-8341
hajonesrealtyandmanagement@yahoo.com... more
We had briefly spoken about your project and I offered several possibilities and then you stopped responding. Do you now have a new budget to work with in 2011 and want to pursue this projecty again or have you moved on to something different? Call me to discuss 917.374.4295 or vincentagri@verizon.net... more