Mortgage Lending/Borrowing broken down for my brehs

[Family Man]

I'm looking to purchase office space for my business. We've been renting for two years. What do you know about "owner occupied" purchases?

 

[88m3]

NY is a brick and mortar state - you have to be located in NY to lend their.

You're right, NY is a different animal, but RE appraiser have a program that pulls data from MLS that determines values in the subject area. These variables are based on recent sales, homes comparable to the subject, location of the recent sales and size/amenities.

high rise condos are priced different than low rises, IE more expensive.

There are certain qualification that pertain just to condos, but Manhattan is obviously well established, so most of the obstacles you won't find there like in other areas. For ex, no more than 10% of the units can be late on HOA dues. If you're purchasing 850k that shouldn't be an issue though.

As far as the owners of the overall building who vets their finances, the underwriters of the loan/me? That's one thing I find unsettling.

 

[Young_and_Reckless]

I'm looking to purchase office space for my business. We've been renting for two years. What do you know about "owner occupied" purchases?

You're talking commercial, I only lend residential.

 

[Young_and_Reckless]

As far as the owners of the overall building who vets their finances, the underwriters of the loan/me? That's one thing I find unsettling.

The lender doesn't look into finances of the current owners of the building. They do look into delinquencies of hoa dues which will be determined via a condo certificate provided by the hoa, or hoa management company.

 

[Young_and_Reckless]

Professional recommendations on purchasing a $300K SFR in the midwest. Ideal downpayment, rate, etc.

If you're looking for a lender PM me. I can also provide a realtor contact depending on the location of the purchase. If you need general info, I'll gladly help.

 

[88m3]

The lender doesn't look into finances of the current owners of the building. They do look into delinquencies of hoa dues which will be determined via a condo certificate provided by the hoa, or hoa management company.

If there's an upheaval of the company that owns the building any idea on what happens? It's unlikely in some of them but was wondering for peace of mind.

 

[TLR Is Mental Poison]

@88m3 if you buy a condo def do a broker. My coworker just bought a co-op w/o one and went through it. One day she would have the place the next day it wouldn't be going through. There were days she would be on the phone all day and leave like

 

[88m3]

@88m3 if you buy a condo def do a broker. My coworker just bought a co-op w/o one and went through it. One day she would have the place the next day it wouldn't be going through. There were days she would be on the phone all day and leave like

Thanks

Yeah, I wouldn't even think of it. I've got enough stress and work on my plate right now. Things are finally all starting to fall into place though. I'm pretty excited.

 

[Young_and_Reckless]

If there's an upheaval of the company that owns the building any idea on what happens? It's unlikely in some of them but was wondering for peace of mind.

If the there's litigation going on, a lender is going to have a hard time lending on the property till its all said and done. Feel free to elaborate.

 

[Rawtid]

You don't do manual underwriting?

 

[Rawtid]

Professional recommendations on purchasing a $300K SFR in the midwest. Ideal downpayment, rate, etc.

Not a professional but a solid rule of thumb is your payment including taxes and insurance shouldn't be more than 30% of your gross monthly income with a 15 year mortgage.

Also if you put down at least 20% you won't have to get private mortgage insurance.

 

[Sue Woo]

Subs

 

[Midwest]

This is the grown ass thread I have been waiting for. +rep, subs, daps

 

[franknitty711]

So if you do an FHA loan going forward you pay the PMI throughout the term of the loan? How can it go from 4 years (used to be the term length), to a lifetime?



This is why I am refinancing and getting out of the FHA business. I figure 3 years is enough and I have definitely gained equity during the housing rebound here in the bay area.

 

[Donald J Trump]

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