All Forum Posts by: Luis Rodriguez

Yeah, I just spoke to Wells Fargo. It was going well until I mentioned the price of the home. =(

I'm not sure. I think its the up front insurance premium when you're dealing with an FHA loan. It's 1.75% of the loan so at $600k which is what we are looking to spend, its $10.5k. Sorry, I misspoke earlier, I forgot to mention why we would like to refinance. Once we get to 20% equity and we dont want to pay MIP, we would have to refinance which will cost another $10K. You can't just tell them to remove it like with a conventional loan.

It's not that we're afraid. You have to pay $10K to take out the loan. We plan on paying it down as fast as we could and refinancing in 5-7 years which is going to cost another $10k. I feel like its a lot of money to throw away just for taking out a loan.

So my wife & I were looking to move to Long Island because we thought anything in NYC where we wanted to live was too expensive for us. We ended up finding a 2 family property where the numbers work. We have great credit,good income, no debt, but a low down payment. I know an FHA loan is a great loan to get you in the door, but the bank told us there would be an extra $10K to use the FHA loan and then refinancing down the road would cost another $10K. The bank also told us we need 10% down for a conventional loan for a 2 family. The most we can do is 5%.

Is it true you have to put 10% down on a conventional loan for a 2 family property ?

Any advice to avoid an FHA loan ?

My fiancé and I are looking to move to LI from NYC. We've been looking at Lindenhurst,All of the babylon's, and Deer Park. We really like a home in North Babylon. We got really serious two years ago about cleaning up our credit,saving money, and now we have no debt. My credit scores range from 755-786 and my fiancé scores are in the neighborhood of 740.

Would we qualify for the best rates ?

What should I be looking for when selecting a real estate agent ? Any info on these areas would be awesome.

@Andriy Boychuk, Awesome! Thanks for the info. Do you mind if I send you a private message to pick your brain on investing out of state ?

@Andriy Boychuk, Someone mentioned Albany & Schenectady in another thread. Albany reminds me of an old NYC neighborhood. There seems to be good cash flow opportunities there. I might make a weekend trip up there in the summer.

A lot of great info in this thread. NYC has become so expensive. I'm about to start the process of looking for a single family home on LI for my fiancé and I. Once I'm settled, I'll be looking to invest in other areas.

I can't tell you how much your loan will be, but just make sure you always pay your bills on time. Late payments will stay on your report for 7 years. Payment history is the biggest factor when it comes to your credit score. Your first credit card shouldn't have an annual fee so you never have to think about cancelling it. Your credit history makes up for 15% of your credit score. Your credit card will report your statement balance every month. You want it to be <10% of the limit for the best possible score. It actually hurts your score when your credit card(s) report zero balances. Trust me, I'm speaking from experience. Amounts owed is the second biggest factor in your score. You're off to a good start, having different types of credit is also good.

Love reading all types of success stories. I wish you the best of luck!