Friday, October 17, 2014
Tuesday, July 8, 2014
Wednesday, March 26, 2014
Just Listed 7 Tecumseh Court Commack (in Country Estates)
Just Listed 7 Tecumseh Court Commack (in Country Estates)
"Country Estates" Post Modern 4 Bedroom 2.5 Bath Home In A Cul De Sac with a Dramatic Open Floor Plan offers an Updated Custom Eat in Kitchen with Granite and Stainless Appliances, Formal Living Room, Formal Dining Room, Wood Floors throughout, Gas Cooking CAC, Gas Heat, Full Finished Basement with plenty of storage and more…… Commack Schools #10
TAXES W/STAR: $15,626.92
Friday, March 7, 2014
Saturday, February 12, 2011
Why Should My Condo Complex Become HUD-Approved?
"Solutions Not Just Answers"
With dramatic changes within the mortgage sector over the past 4 years, Government insured FHA loans have become a common denominator in many purchase and refinance transactions occurring in today’s market place.
Many buyers today often meet the requirements needed to obtain a mortgage, however their lack of down payment funds exists. By utilizing an FHA loan versus conventional financing, only 3.5% of the borrowers own funds are necessary in order to obtain a FHA traditional forward mortgage, utilized commonly today by First time home buyers. In addition seller’s concessions and gift funds are acceptable in most cases. On the other side of the spectrum we have the senior buyer/refinance market. FHA insures several Reverse mortgage products in which only age and property value are the main qualifying factors necessary to obtain this type of mortgage. Minimum age requirement necessary to obtain an FHA insured Reverse mortgage is 62. In early 2009 FHA introduced the Reverse mortgage for purchase product. With the use of this government insured FHA mortgage product an individual 62 or over is able to purchase a 1 to 4 family home, HUD approved Condominium, some manufactured homes as well as some PUD’s (Planned Urban Developments). For example a 62 year old borrower purchasing a $400,000.00 home needs approximately $170,000.00, which includes all closing costs to complete the cash portion of the transaction. The additional funds necessary come from the funds provided by the Reverse mortgage. The only financial responsibility of the borrower is to maintain real estate taxes, Home owners insurance and HOA dues if applicable as well as maintaining the property under the terms of the mortgage. When utilizing a Reverse mortgage for purchase or traditionally as a refinance the property must be considered the borrowers primary residence. With the use of the Reverse mortgage for purchase product the senior buyer is now able to preserve any additional cash available, eliminate monthly mortgage payments associated with a traditional mortgage as well as eliminate the need to purchase for 100% cash. Many Retirement age buyers choose to purchase in 55 and 62 or over communities if they exist in the part of the country they choose for retirement. In New York over the past 10 years communities of this type have become extremely prevalent many times falling under the classification of a Condominium. Prior to November of 2009 if an individual choose to use an FHA mortgage product, the mortgage company was able to get a spot approval on the particular unit, however HUD rules have since changed and now in order to obtain FHA insured financing the entire project must be HUD approved. Borrowers intending on using a VA loan in a Condominium transaction are limited to HUD approved Condominiums as well. Now that spot approvals are no longer allowed, complexes that are not HUD-approved rule out many first-time buyers, Retirement age buyers, Seniors 62 and over or anyone looking to use FHA or VA financing. This leaves only conventional loan products and niche-lender financing products. Conventional loans (loans that are ultimately purchased by Fannie Mae or Freddie Mac) require a minimum of a 10% down payment. However as previously mentioned many buyers today have limited down payment funds to put down on the home they would like to purchase.
By not being HUD-approved, the complex is ruling out a majority of these buyers. This could lead to increased marketing times for sellers as buyers are tougher to come by. This could also lead to a decrease in the prices of the units within the complex simply do to the laws of supply and demand.
Many individuals today reaching retirement age status are planing to sell their existing homes downsizing to a condominium for more carefree social living, where they don't have to maintain the property's exterior and grounds. In selling their homes, they may have enough money to purchase in the complex with large down payments or without having to obtain any financing at all, however HUD found that many retirement age buyers purchasing for little or no financing shortly after the purchase transaction occurred, they were seeking an FHA insured Reverse mortgage. By introducing the Reverse mortgage for purchase, the expense of a 2nd closing is eliminated.
Additionally any Condominium owner 62 or older seeking a traditional Reverse mortgage refinance commonly referred to as a HECM (Home Equity Conversion Mortgage) the entire complex must be HUD approved.
There are literally dozens of condo complexes in the Metro New York area that are not FHA-HUD approved but can be. Because FHA allowed "spot approvals" there was no reason previously to become FHA-approved. Now it is imperative as FHA loans are in such a high demand.
Many complexes in New York are already HUD-approved. However, if the complex was approved prior to October 1, 2008, they needed to get recertified on or before December 7, 2010. As the year of 2010 progressed, and more and more complexes become aware of the need to get recertified, the processing centers were bogged down with requests and delays resulted.
We can help complexes to become HUD-approved and to maintain their approvals. We can assist in coordinating with the management companies and/or the homeowner's associations to compile the paperwork that HUD needs and oversee the approval process. In addition, we maintain a database of approved complexes and monitor when their approvals expire. This way we can guarantee that their HUD-approvals will not lapse.
If you are a unit owner, seller or are looking to buy in a complex with an FHA loan, please contact me to make sure that the complex is approved. If it is not, we can assist in the complex's approval and to maintain its approval.
For more information please contact:
Steven Thall
Advanced Funding Inc
Licensed Broker NYS Banking Dept.
loans arranged with 3rd party providers
NMLS (Company 16567) (Individual 54232)
Cell: 631-926-4500 Tel: 631-539-7517 Fax: 631-623-1350
E: sthall@ourcustomersfirst.com
Thursday, July 1, 2010
IMAGINE THIS: “Home Prices Could Drop 50% As the Great Recession Resumes”
Home Equity Conversion Mortgages for Individuals 62 and over are worth taking a look at…….
Think of your home as a financial tool, the scenario is as follows: A 62 year old borrower owns his home outright and has a $625,500.00 value. Today he decides to obtain a Home Equity Conversion Mortgage that offers a FIXED Rate of 5.56% giving him a LUMP SUM of TAX FREE CASH in the amount of $336,807.04. In the event the value of the home declines rather than appreciates, neither he nor his successors are responsible to repay the loan. At the time the loan was taken out the Federal Government collected 2% of the appraised value or of the Maximum Claim amount of $625,500.00 in the form of Mortgage Insurance which guarantees the bank repayment if when the home is sold there is not enough equity to repay the loan. In addition .05% per year of Mortgage Insurance is calculated in the loan. The home drops 50% in value within 24 months from the time the mortgage was obtained. The new value is $312,750.00 less than the amount of cash that was obtained 2 years earlier. The point I am trying to make is due to the fact that these loans are non-recourse in nature, this type of mortgage will stay in effect as long as the mortgagee continues to reside in the home for at least 6 months out of a calendar year. As housing prices have fallen Gold prices have risen. Many individuals have been told these loans are bad instruments. I feel the contrary. As long as the Federal Government is insuring the product, in the worst case scenario the individual that completed the transaction is in an extremely better position than the individual that stood by the sidelines and watched. If you were to obtain a HECM loan, your home is yours, and will never be taken from you…the number 1 misconception. Select parts of our nation have already experienced this scenario. Florida saw housing prices drop 50% 2 years ago.
Any individual that obtained a Home Equity Conversion Mortgage prior to the bubble bursting received a free gift of EQUITY. I hope that housing prices stabilize and begin to appreciate at the 4% rule per year, however when you have Chief Market Strategist’s like Richard Henry Suttmeier predict a 50% decline, in a world that is upside down, you need to think for a minute on how you might be able to hedge your way around this type of dilemma.
Timing is everything, I have been in the industry for many years, and currently I have never seen a better time for a 62 or older person to obtain a loan of this nature. Reasonable interest rates with reduced closing costs along with higher lending limits make this product a true winner. Whether housing prices drop or stabilize the numbers make sense. If you are interested in taking a better look at how a Home Equity Conversion Mortgage could benefit you, I am available 7 days a week.
Please read the article below, it might give you a better insight on why I feel the way I do.
Article:
I read an article in Forbes Magazine June 28th 2010 titled “Home Prices Could Drop 50% as the Great Recession Resumes” written by Richard Henry Suttmeier “Chief Market Strategist for Valuengine.com.” Mr. Suttmeier believes the Recession that was time-stamped by the Economic Bureau of Economic Research (NBER) to have begun in December 2007 has not ended and continues today. How can the NBER declare an end to this Recession with unemployment at 9.7% when the Recession began with unemployment at 4.6%?
The basic causes of the Great Recession began in the Housing Market and the community banks on Main Street. Those problems have been masked by numerous failed attempts at mortgage mitigations as house prices stabilized during the period when the government was offering tax credits for first time homebuyers as well as existing homebuyers who wanted to move. Those programs ended on April 30th for contracts and for closings effective this week by the end of June 30th. If congress did not extend the deadline 180,000 home purchases would not close on time as the buyers were not able to get financing approval on time. President Obama is expected to sign the bill to extend the deadline. The legislation gives buyers until Sept. 30 to complete their purchases and qualify for tax credits of up to $8,000 for first-time buyers and $6,500 for existing owners who move. Under the original terms, buyers had until April 30 to get a signed sales contract and until June 30 to complete the sale.
The bill only allows people who already have signed contracts to finish at the later date. Nearly 3 million taxpayers claimed the tax credits through May 22 at a cost of more than $21 billion, according to the Treasury Department. Attached to the bill was a measure to extend unemployment benefits for 1.3 million Americans. The Senate failed to pass this measure three times last week. In addition the US economy is feeling the adverse affects of the Gulf oil spill and the debt crisis in Europe, which the Fed now cites as a potential economic contagion.
It’s housing that got the ball rolling down hill and more than half of the 7932 community banks can’t lend due to overexposures to lending, most notably to commercial real estate loans including construction & development loans.
All of the bailout moves and programs were like putting economic whip-cream on those crappy loans Senator Carl Levin from Michigan talked about in the Goldman Sachs (GS) investigation a month or so ago. With the soon passage of unworkable new financial regulations, we will see the same gunk when the whip-cream melts.
Home prices will decline again with risk of another 50% down to get house prices back to levels of 1999 / 2000. Community banks can’t lend as they continue to choke on C&D and CRE Loans written in 2004 through 2006. These are nearly uncollectible. Financial regulations just might shift the burden to the “too big to fail” banks who will need to raise capital while reducing their main source of income, proprietary trading. If you would like to read the full article copy and paste the following link into your browser: http://blogs.forbes.com/investor/2010/06/28/home-prices-could-drop-50-as-the-great-recession-resumes/?partner=artctrlinboxmain
Think of your home as a financial tool, the scenario is as follows: A 62 year old borrower owns his home outright and has a $625,500.00 value. Today he decides to obtain a Home Equity Conversion Mortgage that offers a FIXED Rate of 5.56% giving him a LUMP SUM of TAX FREE CASH in the amount of $336,807.04. In the event the value of the home declines rather than appreciates, neither he nor his successors are responsible to repay the loan. At the time the loan was taken out the Federal Government collected 2% of the appraised value or of the Maximum Claim amount of $625,500.00 in the form of Mortgage Insurance which guarantees the bank repayment if when the home is sold there is not enough equity to repay the loan. In addition .05% per year of Mortgage Insurance is calculated in the loan. The home drops 50% in value within 24 months from the time the mortgage was obtained. The new value is $312,750.00 less than the amount of cash that was obtained 2 years earlier. The point I am trying to make is due to the fact that these loans are non-recourse in nature, this type of mortgage will stay in effect as long as the mortgagee continues to reside in the home for at least 6 months out of a calendar year. As housing prices have fallen Gold prices have risen. Many individuals have been told these loans are bad instruments. I feel the contrary. As long as the Federal Government is insuring the product, in the worst case scenario the individual that completed the transaction is in an extremely better position than the individual that stood by the sidelines and watched. If you were to obtain a HECM loan, your home is yours, and will never be taken from you…the number 1 misconception. Select parts of our nation have already experienced this scenario. Florida saw housing prices drop 50% 2 years ago.
Any individual that obtained a Home Equity Conversion Mortgage prior to the bubble bursting received a free gift of EQUITY. I hope that housing prices stabilize and begin to appreciate at the 4% rule per year, however when you have Chief Market Strategist’s like Richard Henry Suttmeier predict a 50% decline, in a world that is upside down, you need to think for a minute on how you might be able to hedge your way around this type of dilemma.
Timing is everything, I have been in the industry for many years, and currently I have never seen a better time for a 62 or older person to obtain a loan of this nature. Reasonable interest rates with reduced closing costs along with higher lending limits make this product a true winner. Whether housing prices drop or stabilize the numbers make sense. If you are interested in taking a better look at how a Home Equity Conversion Mortgage could benefit you, I am available 7 days a week.
Please read the article below, it might give you a better insight on why I feel the way I do.
Article:
I read an article in Forbes Magazine June 28th 2010 titled “Home Prices Could Drop 50% as the Great Recession Resumes” written by Richard Henry Suttmeier “Chief Market Strategist for Valuengine.com.” Mr. Suttmeier believes the Recession that was time-stamped by the Economic Bureau of Economic Research (NBER) to have begun in December 2007 has not ended and continues today. How can the NBER declare an end to this Recession with unemployment at 9.7% when the Recession began with unemployment at 4.6%?
The basic causes of the Great Recession began in the Housing Market and the community banks on Main Street. Those problems have been masked by numerous failed attempts at mortgage mitigations as house prices stabilized during the period when the government was offering tax credits for first time homebuyers as well as existing homebuyers who wanted to move. Those programs ended on April 30th for contracts and for closings effective this week by the end of June 30th. If congress did not extend the deadline 180,000 home purchases would not close on time as the buyers were not able to get financing approval on time. President Obama is expected to sign the bill to extend the deadline. The legislation gives buyers until Sept. 30 to complete their purchases and qualify for tax credits of up to $8,000 for first-time buyers and $6,500 for existing owners who move. Under the original terms, buyers had until April 30 to get a signed sales contract and until June 30 to complete the sale.
The bill only allows people who already have signed contracts to finish at the later date. Nearly 3 million taxpayers claimed the tax credits through May 22 at a cost of more than $21 billion, according to the Treasury Department. Attached to the bill was a measure to extend unemployment benefits for 1.3 million Americans. The Senate failed to pass this measure three times last week. In addition the US economy is feeling the adverse affects of the Gulf oil spill and the debt crisis in Europe, which the Fed now cites as a potential economic contagion.
It’s housing that got the ball rolling down hill and more than half of the 7932 community banks can’t lend due to overexposures to lending, most notably to commercial real estate loans including construction & development loans.
All of the bailout moves and programs were like putting economic whip-cream on those crappy loans Senator Carl Levin from Michigan talked about in the Goldman Sachs (GS) investigation a month or so ago. With the soon passage of unworkable new financial regulations, we will see the same gunk when the whip-cream melts.
Home prices will decline again with risk of another 50% down to get house prices back to levels of 1999 / 2000. Community banks can’t lend as they continue to choke on C&D and CRE Loans written in 2004 through 2006. These are nearly uncollectible. Financial regulations just might shift the burden to the “too big to fail” banks who will need to raise capital while reducing their main source of income, proprietary trading. If you would like to read the full article copy and paste the following link into your browser: http://blogs.forbes.com/investor/2010/06/28/home-prices-could-drop-50-as-the-great-recession-resumes/?partner=artctrlinboxmain
Wednesday, January 6, 2010
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