Author Topic: Lakewood: Awesome Mortgage program for 1st time buyers (Read 98111 times)

michael.klatsky1 · « **Reply #480 on:** June 22, 2016, 11:14:09 AM »

Has anyone utilized this in the Teaneck area ( also NJ?) I make income within the guidelines but have a DTI of about 43%/48%. Will investors issue this loan?

Does anyone have experience with this type of transaction

ayman · « **Reply #481 on:** June 22, 2016, 11:49:54 AM »

It's not up to investors to issue that discount, it's a state program, and the program has guidelines.

http://www.state.nj.us/dca/hmfa/homeownership/buyers/first/

michael.klatsky1 · « **Reply #482 on:** June 22, 2016, 01:42:08 PM »

I believe it's a portfolio loan on the banks book as required under the CRA

avrumy22 · « **Reply #483 on:** June 29, 2016, 02:18:42 PM »

any good programs avail now?

Chief Rabbi of New York · « **Reply #484 on:** June 29, 2016, 03:43:02 PM »

Quote from: avrumy22 on June 29, 2016, 02:18:42 PM

any good programs avail now?

yes, but a pain to deal with.

mgarfin · « **Reply #485 on:** July 27, 2016, 09:22:16 AM »

What is average broker fee on a 300k personal loan?

rileywiles23 · « **Reply #486 on:** September 03, 2016, 11:38:54 PM »

Is there a way to check online if one is even eligible to get one of these program for NY, or you just try and hope for the best ?

Chief Rabbi of New York · « **Reply #487 on:** September 03, 2016, 11:42:05 PM »

Quote from: rileywiles23 on September 03, 2016, 11:38:54 PM

Is there a way to check online if one is even eligible to get one of these program for NY, or you just try and hope for the best ?

In lakewood they have the LRRC
I would try to find some place in NY that can guide u

MarkS · « **Reply #488 on:** September 03, 2016, 11:43:57 PM »

Call the banks! You can find out the details form them and based on your address and income they can tell you if you seem to fit the guidelines

rileywiles23 · « **Reply #489 on:** September 03, 2016, 11:54:13 PM »

Quote from: MarkS on September 03, 2016, 11:43:57 PM

Call the banks! You can find out the details form them and based on your address and income they can tell you if you seem to fit the guidelines

Thanks. Besides the wiki any other banks that you might know of that have good first time home buyers programs ?

Chief Rabbi of New York · « **Reply #490 on:** September 03, 2016, 11:54:36 PM »

Quote from: MarkS on September 03, 2016, 11:43:57 PM

Call the banks! You can find out the details form them and based on your address and income they can tell you if you seem to fit the guidelines

I would not advise this. Lots of the banks are dishonest and will tell you that you are approved for first time homeowners but they might leave out a fact that you have to make under a certain amount.
In lakewood the LRRC knows all the requirements for each first time homeowners program.
There must be a place in ny

rs242 · « **Reply #491 on:** September 07, 2016, 08:34:19 AM »

Quote from: rileywiles23 on September 03, 2016, 11:54:13 PM

Thanks. Besides the wiki any other banks that you might know of that have good first time home buyers programs ?

6 months ago I was talking to someone from HSBC they have a very good program

rileywiles23 · « **Reply #492 on:** September 07, 2016, 08:49:41 AM »

Quote from: rs242 on September 07, 2016, 08:34:19 AM

6 months ago I was talking to someone from HSBC they have a very good program

Can you give me the contact info. ?

rs242 · « **Reply #493 on:** September 07, 2016, 11:14:59 AM »

Quote from: rileywiles23 on September 07, 2016, 08:49:41 AM

Can you give me the contact info. ?

Sorry it was a long time ago. I don't even know if they still have it. Walk in to your local branch and ask them. From what I can remember was the same rate as Investers with 6k toward closing costs

rileywiles23 · « **Reply #494 on:** September 07, 2016, 11:16:20 AM »

Quote from: rs242 on September 07, 2016, 11:14:59 AM

Sorry it was a long time ago. I don't even know if they still have it. Walk in to your local branch and ask them. From what I can remember was the same rate as Investers with 6k toward closing costs

Ok. Thanks.

Hatikvah · « **Reply #495 on:** September 07, 2016, 01:45:28 PM »

The HSBC program will match 4:1 for up to 1750 I belive for a savings account for first time home buyer. Check income requirements. You can also go to Sunny Mae class and they will connect you to people who can get you grants for closing costs and down payments.

yoohoo · « **Reply #496 on:** November 02, 2016, 02:23:24 PM »

Quote from: rs242 on March 18, 2016, 01:10:30 PM

Ppl didn't use Santander. Feel free to ask about Investers I will try to answer

Is a parents help good for income? Can one use first time homebuyers if parent is pumping in money/monthly (coborrower)?

rs242 · « **Reply #497 on:** November 02, 2016, 03:07:03 PM »

Quote from: yoohoo on November 02, 2016, 02:23:24 PM

Is a parents help good for income? Can one use first time homebuyers if parent is pumping in money/monthly (coborrower)?

Yes that's fine.

yoohoo · « **Reply #498 on:** November 02, 2016, 03:20:47 PM »

Quote from: rs242 on November 02, 2016, 03:07:03 PM

Yes that's fine.

I'm reading up thread that to be eligible, down payment max is 10%. Is that still the case? If I buy a 500k house and want to put down 120k I will not qualify (combining my $ with outside help)?

rs242 · « **Reply #499 on:** November 02, 2016, 03:41:15 PM »

Quote from: yoohoo on November 02, 2016, 03:20:47 PM

I'm reading up thread that to be eligible, down payment max is 10%. Is that still the case? If I buy a 500k house and want to put down 120k I will not qualify (combining my $ with outside help)?

Call Investers I'm not sure

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Author Topic: Lakewood: Awesome Mortgage program for 1st time buyers (Read 98111 times)