I LIVE IN LOW INCOME HOUSING. AND ON HOUSING AUTHORITY,,HOUSING AUTHORITY TOLD ME THAT ME AND SON IS MEN AND TOW KIDS NEED LIVE IN MY ONE BEDROOM, GRANDSON IS 12 AGE, AND 2 YEAR OLD, IS THAT RIGHT,... more
It depends on the type of loan you have. For example, I know the law was changed recently for FHA loans. It used to be that mortgage insurance would come off when you were at 80% value ratio. Now FHA loans require mortgage insurance for the entire life of the loan, so it doesn't come off. You may have a different type of loan, so you need to contact your lender. As for the $40K increase in value, your lender will require that you pay for an appraisal. Your lender will base your home's value on what the appraiser says.... more
This sounds like a scam. Did you see the inside of the rental before agreeing to take it. As for ownership, you can verify ownership at your county tax assessor's office. Whoever owns the rental is required to pay property taxes. So look to see who is paying the property taxes. The county tax assessor can also give you the owners phone number or address.
The typical rental scam is they give you some excuse as to why they cannot show you the rental and they require that you send a deposit before accepting you. They will always mail keys.
A legitimate rental is where the landlord or property manager will show you the rental in person before doing anything else. You should be sign any paperwork at the office in person. They will give you the keys in person. If you did not have this done, it's a scam.... more
You should contact a local realtor who can email you listings directly from the MLS system. The MLS system has far more search criteria and realtors can set up the search with your specific criteria.... more
This is a 7 yr. old question but for current NYC area buyers looking to own affordable housing especially those buyers who are priced out of single family homes and condos, buying a coop is an excellent choice. Most coop buildings are located in southern Westchester County or Nassau County on Long Island. Typically they are within walking distance or a short drive to either a Metro North or LIRR station. They provide excellent resale value as there are always more buyers than sellers and coop owners do gain equity, however, it won't be as much as single family houses - especially houses in renovated or upgraded condition.
Coop buildings do provide other values. If located within walking distance to the train station, you will save hundreds of dollars for a parking permit. Coop buildings tend to be located in or close to the business district of the town so going out for walks, shopping, dining, etc. is much easier than living away from the business district. Most coop buildings have either indoor or outdoor parking and in many cases, both. However, buyers need to expect a wait list so better research this before closing.
Finally, because coop boards require higher down payments than lenders require for mortgage loans, the NYC area did not suffer much of a housing crash during the last recession. This was in large part due to coop boards approving buyers who could financially afford to pay their mortgage and maintenance fee. Single family homes didn't suffer much either because lenders only approved buyers who were financially qualified.... more