Real Estate is one of those adult decisions that we all have to make in life, because it is often our biggest and most valuable investment. “My job is to educate you, the client, to present valuable and feasible options, and to make your dream a reality. This is my neck of the woods. New York is arguably the most fabulous city in the world for residency and investments”.
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There are multiple loans available in today’s marketplace. However, it is important to work with a mortgage lender who is experienced and familiar with the trends and flexibility that the market of interest allows. Each borrower is different. A good mortgage lender will customize your loan to suit you so that you get the best of both worlds. Some types of loans are:
1-4 Family house
Absolutely no Investors
3.5% down payment
6 months reserve
No co-op loans
COE – Certificate of Eligibility
No PMI, but a funding fee of 1%
Loans are 100% assumable
No co-op loans
Not for Investors
3. Conforming/ Conventional Loans
5% Minimum down payment
A First Time Homebuyer is someone who has not owned/bought a home in the past three (3) years. If you have never owned a home you are also considered a first time homebuyer. There are three different parts of the lending process:
PRIMARY Market- These are the actual lenders in the marketplace. The government sells money to the mortgage Banks.
SECONDARY Market – These buy loans or insure them. They do not make or offer loans. They create liquidity in the marketplace. They include: FNMA, FHLME, GNMA
TERTIARY Market– These sell money. Real Estate agents sell houses. Mortgage Banks sell money. They buy money from the government and FANNIEMAE, etc.. and sell it back for another rate (i.e. a markup).
The borrower is the mortgagor and has to contract two documents with the lender in order for the deal to be effective:
The Promissory Note
In some situations it is possible to have more than one FHA loan. There is always a FHA# associated with each new home address/ location. It is very important to note that if you are late on a Federal or Student Loan it’s very unlikely for you to get a FHA Loan.