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Mortgage

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I am trying to do a cash out refinance on my house but have been denied because it is a legally converted 2 family being used as a 1 fam.(A couple of doors have been removed that separate the units and the 2nd kitchen has been removed)
What I am trying to find out is the easiest way to get the loan approved. From talking to the underwriter I have two options: 1- have it appraise as a 2 fam and 2- have it “re-zoned” as a 1 family.
If I want it appraised as a 2 fam, what is the minimum an appraiser would need to see as far as the 2nd kitchen in terms of appliances, sinks and cabinetry.
If I want it mortgaged as a 1 Fam. what exactly would I need to get changed. What do the banks look at to make this determination(they couldn’t give me a straight answer).
Any help would be appreciated.

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I am considering buying a condo unit in a building that is roughly 70% owner occupied. I am hearing that if owner occupancy drops below a certain percentage, Freddie Mae can’t be involved in a loan. So, if a few people move out, I could potentially find myself unable to unload the unit, even if I have a buyer because that buyer couldn’t get a loan. Is that true? What’s the percentage? Thanks so much.

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Hi,

I am contemplating purchasing a 4 family brownstone with a FHA loan and using the savings on my downpayment to renovate the property into a 3 family. I am told that the only way to get out of MIP (PMI) is to refinance in 5 years. However, I understand the limit is lower for 3 family properties and will be going down soon. My questions are this:

– Is there a way to get rid of the MIP without refinancing the property?
– Anyone know where the 3 family conforming rate is headed?
– If the purchase price is $1.1M and I put 3.5% down, where will the property need to appraise as a 3 family to get me the future conforming loan?

Thanks!

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Besides the transfer tax, what would be a fair percentage of the closing costs to ask the seller to pay? It doesn’t hurt to ask them does it?

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Hi,
I am a long time reader, and first time poster. We would love some input from anyone who has experience with an FHA 203(k) loan. We are buying a mixed use building and our mortgage broker came up with it. We don’t know much about this kind of loan and would like to hear some pros and cons, and not from the people who are trying to sell it to us.
Thank you.

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I am just getting around to posting this although I closed my refinance in December. I want to give a shoutout to Sophia Prountzos (Sophia.Prountzos@wellsfargo.com). She was quite amazing. Her office was on top of everything and most importantly there were no last minute surprises involved. They had to extend the rate lock twice for some silly reasons as we were waiting for the CEMA, but they did it at no cost to me (although rates had gone up since I locked). She also showed up at the refinance closing with a bag of goodies for me. I would definitely recommend her!

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I’ve been going back over old posts about 203K loans and the reviews are mixed, to say the least! Was wondering if anyone currently in the trenches had any new updates or advice. We’re currently applying for a standard FHA loan, but the inspection is turning up some work we weren’t expecting.

Also, does anyone have any experience with the streamline loans? Are they less complicated than a full-out 203K? Anyone recommend a bank that handles them?

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If you know of any 2-4 unit coops that have sold in the last 5 years in Park Slope or any surrounding Brooklyn neighborhoods, I would greatly appreciate if you could share this info with me. We are at the appraisal hurdle of financing a coop in a 2-unit building.
Thanks!

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Do you have to pay the whole thing at the auction or do they give you time to pay the whole thing within some time frame?

Well I got sick of trying to buy property off people who brought them in government auctions and do nothing with it and me giving them free money seems like. Thanks for all your info. I’m thinking of going to the brooklyn court house and giving a try :p.