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TD Bank:
Call 1-800-822-6761 for general details
John Kussmaul
732-241-7249
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It is all done by phone/email/internet.

> 3% down
>Interest rate 0.25% lower than the average
>No PMI
>The total monthly housing costs including Mortgage, Taxes and Insurance cant exceed 33% of your monthly GROSS income
>Total monthly payments including the above plus car payments and CC payments cant exceed 38% of your monthly GROSS income
>You need to have a credit score above 660 (no difference between a 661 and an 850)
> For first time homebuyers primary residence only (no refinance or investment houses, no cosigner)
>Basement Rental does not count as income
> You need to to take a few hours of new homebuyer counseling which LRRC offers for $30- contact them for when their next class is

You need to have impeccable paperwork in order to be able to get it, the underwriting departments are very very strict.

Investors Bank
Domenick  Luccarelli
DLuccarelli@myinvestorsbank.com
732-639-3309
> 3% down
>Interest rate lower than the average
>There is PMI unless your credit score is above 720 and then no PMI
>The total monthly housing costs including Mortgage, Taxes and Insurance cant exceed 40% of your monthly GROSS income
> For first time homebuyers primary residence only (no refinance or investment houses
>You CAN have a cosigner


Santanders Bank
Santander has a first time homeowners mortgage that you can have up to 45% DTI ratio. plus they give you $5k towards closing (to be able to get the 5k closing grant you have to make almost no money, i think its around 43k limit for a family of 2) costs plus your rate is .25 lower then the going rate

Author Topic: Lakewood: Awesome Mortgage program for 1st time buyers  (Read 97461 times)

Online bubkiz

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Re: Lakewood: Awesome Mortgage program for 1st time buyers
« Reply #120 on: June 22, 2014, 03:59:23 PM »
Anyone close a mortgage with this in Rockland County?

Offline bubble347

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Re: Lakewood: Awesome Mortgage program for 1st time buyers
« Reply #121 on: June 22, 2014, 04:11:53 PM »
Does anyone have info on whether there are any primary residence work-arounds? Or what would happen if one moves out after some time?
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Offline Deal Guy

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Re: Lakewood: Awesome Mortgage program for 1st time buyers
« Reply #122 on: June 22, 2014, 04:56:22 PM »
For those considering locking in, remember that it's only for 60 days and then you need to pay a fee (.25% of the loan) to extend it core another 30 days.

Offline churnbabychurn

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Re: Lakewood: Awesome Mortgage program for 1st time buyers
« Reply #123 on: June 22, 2014, 05:20:40 PM »
For those considering locking in, remember that it's only for 60 days and then you need to pay a fee (.25% of the loan) to extend it core another 30 days.
indefinitely?

Offline Deal Guy

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Re: Lakewood: Awesome Mortgage program for 1st time buyers
« Reply #124 on: June 22, 2014, 05:44:36 PM »
indefinitely?
I don't think so. Try calling Dennis now.

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Re: Lakewood: Awesome Mortgage program for 1st time buyers
« Reply #125 on: June 22, 2014, 06:18:00 PM »
Does anyone have info on whether there are any primary residence work-arounds? Or what would happen if one moves out after some time?

I am not familiar with this particular program, but as with all mortgage programs for a primary residence, I would assume you would have to sign a statement that you intend to live in the property, and they can (although not likely) send out an inspector to ensure that you are living in the property. As with most crimes you may very well not get caught, but do you really want to risk going to jail for mortgage fraud (and ask your LOR, but IMO it's definitely not yashrus)?

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Re: Lakewood: Awesome Mortgage program for 1st time buyers
« Reply #126 on: June 22, 2014, 07:44:30 PM »
I am not familiar with this particular program, but as with all mortgage programs for a primary residence, I would assume you would have to sign a statement that you intend to live in the property, and they can (although not likely) send out an inspector to ensure that you are living in the property. As with most crimes you may very well not get caught, but do you really want to risk going to jail for mortgage fraud (and ask your LOR, but IMO it's definitely not yashrus)?
Is it really fraud? Is it not possible that someone needs to move for work etc.?
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Re: Lakewood: Awesome Mortgage program for 1st time buyers
« Reply #127 on: June 22, 2014, 08:47:57 PM »
Is it really fraud? Is it not possible that someone needs to move for work etc.?
Signing a document you know not be true is fraud.

Ch"v if someone defaults on their mortgage, the bank will investigate.
״וזה כלל גדול: שישנא אדם כל דבר שקר. וכל מה שיוסיף שנאה לדרכי השקר – יוסיף אהבה לתורה.״ - אורחות צדיקים

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Re: Lakewood: Awesome Mortgage program for 1st time buyers
« Reply #128 on: June 22, 2014, 09:46:30 PM »
Signing a document you know not be true is fraud.

Ch"v if someone defaults on their mortgage, the bank will investigate.
I'm not disagreeing with the notion that this may be in essence a form of fraud, however I am suggesting that they might no be able to prove that when signing the document the one signing was never planning on living there since circumstances tend to change.
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Re: Lakewood: Awesome Mortgage program for 1st time buyers
« Reply #129 on: June 22, 2014, 09:53:24 PM »
The question is legitimate.
What happens if the mortgagor needs to move after a couple of years?

Offline bubble347

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Re: Lakewood: Awesome Mortgage program for 1st time buyers
« Reply #130 on: June 22, 2014, 09:59:39 PM »
The question is legitimate.
What happens if the mortgagor needs to move after a couple of years?
Thank you, at least someone understands my point :)
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Offline 12HRS

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Re: Lakewood: Awesome Mortgage program for 1st time buyers
« Reply #131 on: June 22, 2014, 10:22:52 PM »
this work in NYC?

Offline bubble347

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Re: Lakewood: Awesome Mortgage program for 1st time buyers
« Reply #132 on: June 22, 2014, 10:25:22 PM »
this work in NYC?
If you can find anything in the price range mentioned in the WIKI it should work.
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Offline MarkS

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Re: Lakewood: Awesome Mortgage program for 1st time buyers
« Reply #133 on: June 22, 2014, 10:25:27 PM »
You need to sign that you'll be living there for a certain amount of time. I don't remeber what it is but I believe there is a specific time you need to agree to.

Bubble347 - your question seemed to be:
Does anyone have info on whether there are any primary residence work-arounds? Or what would happen if one moves out after some time?
fishing for ideas or shtick how to use this mortgage for a non-primary residence and not get caught... thus the responses advising you to stay away from mortgage fraud...
« Last Edit: June 22, 2014, 11:13:47 PM by MarkS »

Offline bubble347

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Re: Lakewood: Awesome Mortgage program for 1st time buyers
« Reply #134 on: June 22, 2014, 10:27:26 PM »
Got it, thanks for clarifying.
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Re: Lakewood: Awesome Mortgage program for 1st time buyers
« Reply #135 on: June 22, 2014, 11:10:29 PM »
The question is legitimate.
What happens if the mortgagor needs to move after a couple of years?

For most primary residence mortgages, you need to sign that you will be living in the house for 12 months. I would assume banks understand that there are certain circumstances which necessitate an earlier move, but to move in with the intent of never living in the house would constitute fraud. To move after a couple of years, even after a year (with most mortgages) would probably be ok, but double check with the bank.

Offline Deal Guy

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Re: Lakewood: Awesome Mortgage program for 1st time buyers
« Reply #136 on: June 23, 2014, 01:09:39 PM »
The rate is still there today.

Offline bubble347

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Re: Lakewood: Awesome Mortgage program for 1st time buyers
« Reply #137 on: June 23, 2014, 01:48:24 PM »
The rate is still there today.
did you speak to Dennis? Is there any other information you can provide?
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Re: Lakewood: Awesome Mortgage program for 1st time buyers
« Reply #138 on: June 24, 2014, 12:33:43 PM »
Where can I see the updated rates online?

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Re: Lakewood: Awesome Mortgage program for 1st time buyers
« Reply #139 on: June 24, 2014, 08:14:19 PM »
Rates have stayed at 2.625 today.

As for the 10 year treasury note bonds, it closed lower at 2.57-2.58, thus giving mortgage rates a reason to stay lower.