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Chanti924, thanks for the info. Did Dave offer 3.0% or did you have to negotiate that rate? How long did the process take?
I was waiting to hear back from Dave, I heard he was away after the storm so I started soliciting mortgages from other banks. I have to admit, no one quoted 3%. So perhaps I should give Chase a try again.
Thanks,
BOBBY
Steve & FP10029, I'm always negotiating but honestly I don't think it matters here. I believe, I got the 3% because I make less than $68,710 a year, first time buyer, and I didn't take the DPAL (Down Payment Assistance Loan), . The rate is higher if you take it. Also, Chase gave me a LMI discount off the closing costs which for me it came out to about $1,500. It's a discount for investing in a low to moderate income area. You have to call Dave in the evenings on his cell.
Steve & FP10029, I'm always negotiating but honestly I don't think it matters here. I believe, I got the 3% because I make less than $68,710 a year, first time buyer, and I didn't take the DPAL (Down Payment Assistance Loan), . The rate is higher if you take it. Also, Chase gave me a LMI discount off the closing costs which for me it came out to about $1,500. It's a discount for investing in a low to moderate income area. You have to call Dave in the evenings on his cell.
3.0% is awesome good for you...is this for a 30 year or 15 year fixed?
I'm gonna have to write down all of these letters, LMI, DPAL to get myself a great rate too! LOL
Is there an income requirement to obtain SONYMA w/CHASE? 3% is darn good.
Steve, yes there is...go to sonyma and read the requirements. I tried to find it on the page but couldn't. However it does state there are income limits...
My lawyer has said this regarding non-preferred lenders:
"The thing is, Chase and Citi have both now cleared the building for closings, i.e., approved the building internally to make loans. If another bank can say that won't be an issue for them then you can go ahead and use them, but you need to ask that question to make sure it won't be a problem down the road"
BOBBY
That's great info Bobby...what is interesting is that Bank of America (I think) was at the info seminar but they aren't offered as an option. A friend who is Weichert says BofA is doing great work in mortgages in NYC.
Steve, yes there is...go to sonyma and read the requirements. I tried to find it on the page but couldn't. However it does state there are income limits...
Yes there is an income requirement it's $68,710 a yr. For the rates and more info go to Sonyma products in www.nyhomes.org.
That's great info Bobby...what is interesting is that Bank of America (I think) was at the info seminar but they aren't offered as an option. A friend who is Weichert says BofA is doing great work in mortgages in NYC.
Does anyone recall this and have contact info ?
Yes I remember because I got my prequalification from Nigel Hypolite in BOfA back in June. He was on La Celia's preferred lender list. In my second interview with La Celia, I brought this up and they said BOfA back down from the project. I was annoyed because BOfA ran my credit for no reason.
Steve & FP10029, I'm always negotiating but honestly I don't think it matters here. I believe, I got the 3% because I make less than $68,710 a year, first time buyer, and I didn't take the DPAL (Down Payment Assistance Loan), . The rate is higher if you take it. Also, Chase gave me a LMI discount off the closing costs which for me it came out to about $1,500. It's a discount for investing in a low to moderate income area. You have to call Dave in the evenings on his cell.
This response has prompted me to say once again, how much I and I know others appreciate how everyone, including the newcomers have been so forthcoming with information. It will/has, proven to be very very helpful. With that said, I previously looked into information about the sonyma loans, but I wasn't totally clear on what discounts applied to get the best rates, discounts. I now understand more of what I read about regarding the different assistance they have based on your information. Thanks again.
This response has prompted me to say once again, how much I and I know others appreciate how everyone, including the newcomers have been so forthcoming with information. It will/has, proven to be very very helpful. With that said, I previously looked into information about the sonyma loans, but I wasn't totally clear on what discounts applied to get the best rates, discounts. I now understand more of what I read about regarding the different assistance they have based on your information. Thanks again.
Thank YOU for starting this thread as it has been very helpful for me too. This is all new to me. As for the LMI (low to moderate income) discount applies to all of us it doesn't matter how much you make because of the property location and most banks offer them. Just ask for it every little bit helps.
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