Peter A Harris

Donna

This is a really great question! The answer is complex and I can’t go through it all here, so please give me a call at 588-5004 or email me at pharris@houlihanlawrence.com and I will be glad to talk to you in detail. But in a nutshell:

Positives: $8,000 tax credit for first time buyers; must be in contract by April 30, 2010. The one bedroom market is definitely a first time buyer market!

Interest rates still at historic lows.

The “less” positives: It is unlikely that the economy or real estate market will show any significant improvement by next spring. Real estate cycles, both up and down are very slow to change. There will likely be more activity by buyers in the spring and more sales, but there is a LOT of competition.

To give you an idea in the 10704 zip code right there are 43 one bedroom apts on the market, with a median asking price of $130k. Average time on market is a little over 3 months. Since July 1, 27 have closed, at a median sale price of $115k, and median time on market over roughly 7 months. Also depending where you are located the one bedrooms in the 10708 zip can also be competitive with you. Your complex also matters.

So what does this mean to you? Price, presentation and patience! It can be done but all three have to be set for it to happen.

As I stated, a lot to think about, so if you like I will be happy to discuss your situation with you!

Peter, A Harris, ABR,SFR
Licensed associate Real Estate Broker
Houlihan Lawrence
4 Valley Rd
Bronxville NY

http://www.deedsandleases.com - Sun Nov 22 2009, 06:52

JC

I am sorry to tell you that FHA does NOT make loans on coops. The FHA program is oriented primarily towards homes. Condominiums can be financed under certain circumstances, but in Westchester there are very few that qualify. Coops have never been part of the program.

SONYMA is a New York State program that does lend on coops in certain circumstances, and you have to qualify in terms of income limits etc. While they offer a "rehab" loan it does not apply to coops.

There is one other program that offers up to $30,000 in closing cost/downpayment/rehab assistance, but it has strict income limits.

If you would like more information pleae email me and I will send you in the right direction!

Peter A Harris, ABR
Licensed Associate Real Estate Broker
Houlihan Lawrence Inc.
4 Valley Road
Bronxville, NY

pharris@houlihanlawrence.com

http://www.deedsandleases.com - Thu Nov 5 2009, 16:04

Contact this Lender (yes lender, not broker)

http://www.mortgagemasterinc.com/

They have an office in King of Prussia. I do a lot of coop deals with them in NY, so perhaps that will extend to PA. Usually faster than banks too.

Good luck!

Peter A Harris, ABR
Licensed Associate Real Estate Broker
Houlihan Lawrence Inc. - Thu Nov 5 2009, 04:50