Archive for August, 2007
San Diego Home Finance
August 31st, 2007
Question: FHA vs Conventional Loan Question?
I am weighing out a FHA vs conventional loan. The reason I am even considering a conventional loan is because I cant seem to get any offer accepted in San Diego (I am offering 110 - 110% of list price). I keep missing out to ALL CASH offers and conventional loans...
If I went conventional with 10% down, and I pay PMI. How long before I can have my home appraised and if I have 20% equity can I stop paying PMI?
If I went FHA, how long after could I do an appraisal and if I have 20% equity and if the rates are still low could I possibly re-finance and then drop off the PMI?
The negative to FHA that I see is that I pay up-front PMI (1.75%) and that I have to pay PMI for 5 years even if I have 20% equity in my house.
The negative to conventional is that I have to come up with 10% to put down (minimum). If I put less, my PMI is crazy high and I can't do that.
Otherwise both loans are the same rate...
Any thoughts?
Answer: Are you working with a REALTOR? If not, then I strongly suggest you find a good buyer's agent and let him or her help you find what you want. If you are only looking at foreclosures then you are competing against investors who have cash and you will lose every time.
Look at homes that are not in short sale or foreclosure and be willing to pay more. I know of a Florida agent who represents investors. He makes offers on multiple properties on behalf of his clients. If more than one offer is accepted then the buyer will withdraw his offer or even buy two properties!
You need professional help and you should not be dealing with the listing agent.
Can You Fight A Foreclosure Part 1 of 3
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Finance Nyc.gov
August 28th, 2007
Question: How to find out who owns a Coop Apartment - have the address?
I'ld like to find out who owns a particular coop apartment. I have the address and would like to do a reverse look up of the owner. The property is in Brooklyn, NY. I did a search on nyc.gov/finance for the property but it shows that the whole building is owned by a company, and there are no individual owners for each apartment. Where else can I look?
Answer: A coop apartment does not have an individual owner.
A coop is set up as a corporation who owns the entire building. All of the apartments. An apartment "owner" actually does not buy thier apartment but only buys shares of the coop, and in return for this coop ownership recieves an apartment.
There are many negitives issues that have hurt coops and that is why individucal ownership of individual apartments instead of a coop style.
So the corporation owns it, so you would be buying shares in the coop to take over an apartment there
NYC free financial advice, how about 24/7 community ctr in mega dorms?