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Home Buying in Rockland County : Real Estate Advice

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  • Local Info3
  • Home Buying14
  • Home Selling1
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Activity 199
Tue Nov 7, 2017
Kathleen "Kat" Palmiotti answered:
Danielle-

You no longer have to have 20% for a downpayment. In fact, many mortgages now require only 3%, 3.5% or 5%, and some mortgages (VA, USDA) don't require any down payment for the mortgage company. For those mortgages, you would still need an earnest deposit to be provided when you sign the contract, so the seller knows you have "skin in the game" but you don't need a downpayment for the mortgage company.

It is rare that I have a buyer in Orange County now that has 20% saved for a downpayment.

Also, please keep in mind that closing costs could be relatively significant as well, so when saving, you'd need the actual down payment and closing costs.

I hope that helped.

Kat

Kat Palmiotti, Licensed Associate Broker, 914-419-0270, kat@thehousekat.com.
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Sat Jul 15, 2017
Aaron Davis asked:
I am buying a property from a private seller in New York State and using an FHA loan. Its the normal FHA 203b type, NOT an FHA 203k. The appraiser came in and required a bunch of repairs…
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Mon Jul 3, 2017
Faith T answered:
Hi,

Pending means an offer has been made on the home and it is in the process of closing.

Thank you for using Trulia!

Faith
Consumer Care Advocate
http://www.trulia.com/help/ask/ ... more
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Mon Jun 5, 2017
answered:
Good morning Danielle!

There are two mortgage loan programs with low down payments currently. The FHA program allows for a down payment of only 3.5% AND you can request the Seller include most of your closing costs in the purchase price, thus reducing your out-of-pocket expenses.

There is also a FannieMae loan program with 3% down payment required.

Your best bet is to get Prequalified by a very experienced mortgage professional.

I hope that helps!
Trevor Curran
NMLS #40140
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Mon May 29, 2017
Kathy Burgreen answered:
You need to go to the tax assessor's office / website for the county the home is located in. Usually the exact address will be sufficient. If you are in NYC, this does not work for co-op and condo buildings. ... more
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Mon May 8, 2017
Kathy Burgreen answered:
Sorry to reply so late. You will need to make some decisions because you have several challenges. So my advice is as follows:

1. If you live in NJ and work in NY, verify the income tax because you will be subject to income taxes for both states.

2. Commute to work - Working near Grand Central is the easy part because you can use public transportation (commuter rail) and be at work within 30 min. Your spouse who works in Purchase will have the stressful commute from NJ because of traffic on the bridges and highways. There is no direct public transportation from NJ to Purchase. All public transit from NJ goes to Manhattan and you need to switch to the MetroNorth to Purchase. Therefore your spouse is looking at driving 5 days/week. Time frame - from NJ to Purchase: anywhere from 45 min. to 2 hours with the average 1.5 hrs. The easy way would be taking the Garden State Parkway, Palisades Parkway, etc. to 287 in Rockland County, NY, then taking the Tappan Zee bridge to Westchester and taking 684 to Purchase. This method will reduce traffic congestion and get you to work faster. It may be a bit out of the way driving BUT you will get to work faster on most days. The other way taking the George Washington Bridge to either the Henry Hudson Parkway or Major Deegan (87) to Cross Westchester Expressway (287) will take much longer because you will be sitting in traffic in NJ before the George Washington Bridge and on the bridge itself. I hear the traffic reports every morning and they always announce anywhere from a 30 min. to 1 hour delay at the George Washington Bridge. And this is between 7:00 - 10:00AM.

3. I'm a former realtor and life long NYC area resident. If I were you, it would make your lives SO MUCH easier if you lived in Westchester County. You will save money on income taxes (you don't have to pay NJ income taxes), gas, bridge tolls (George Washington Bridge is $15.00/round trip), Tappan Zee Bridge is $8.00/round trip, car repairs - plenty of potholes driving from NJ - Purchase, you can sleep later, etc.

Places to live in Westchester for under $700K? - White Plains, New Rochelle, Mamaroneck, Dobbs Ferry, Tarrytown, north Yonkers, Cortlandt, Somers, Yorktown, Mount Kisco, Valhalla, etc.
I know property taxes are expensive BUT they do pay for our excellent public schools. Since you have a child, you will want your child to attend a top rated school and Westchester has plenty of top rated schools.
Your worst case scenario? At $700K, you may have to compromise on not affording a house in a wealthy area with one of the top rated schools. So you go 1 step down. The schools are still good but the housing is a bit cheaper. OR you could buy a condo instead of a house and have your child attend that top rated school in the wealthy area.
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Tue Dec 27, 2016
Maricris A answered:
Hello,

I have emailed you regarding this concern.

Regards,

Maricris
Consumer Care Advocate
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Thu Nov 10, 2016
Kathy Burgreen answered:
Have you served in the military? If yes, then you qualify for VA loans which are 0 down payment. If you never served in the military, try Rockland County to see if they have down payment assistance for buyers. You will need to meet their income and credit qualifications.

Otherwise you need to have at least 3.5% down payment for an FHA loan. If you don't have any savings for a down payment + cash to pay closing costs, then you cannot buy a house.

You should look into buying a co-op or condo since they are cheaper than a house.
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Thu Jun 16, 2016
brian asked:
Tue May 24, 2016
Sinjuthomas2000 asked:
Hi , After looking at over 60 houses I fall in love with a house which is under "Pending Contract", seller's agent allowed to give a back up offer and I have given a full offer with pre-qualification…
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Thu Mar 24, 2016
Clmcerleang asked:
Thu Mar 24, 2016
Suresh Srinivasan asked:
This needs to be fixed later when i bought home, Similarly he did not mention about insulation which also needs to be fixed. Is the Home inspection, just a standard out dated process?
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Sun Jan 10, 2016
Amelia Robinette answered:
you need to talk to a local handyman/contractor to get estimates - ask your agent for a referral.

be mindful of your contract deadlines, the first thing you may need to do is get an extension on the inspection period.

you can also ask the seller to repair or provide you with a credit to cover the repair costs.
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Thu Dec 10, 2015
Kathy Burgreen answered:
You have several issues:
1. Visit the county's tax records department and find out if there are any liens, any property taxes owed, etc. You need to know what the county has on file before submitting an offer.
2. Suppose you bought the property, invested money for repairs, did you review the comps to analyze what similar properties have sold for? Comps are comparable properties that have recently sold, currently pending or active. You will need a realtor who has access to the MLS
3. If a bank owns the property, all they care about is getting as much money as possible from a buyer. Banks have no interest in discounting their asking price. They are willing to wait for a financially qualified buyer who can pay at or near the asking price. If there are no buyers after several months, it's possible the bank will reduce the price.
4. You stated that IF you can borrow enough from family & friends... You need a firm commitment on whether your family and friends will give you the cash. IF doesn't mean they will give you the cash.
5. After you analyze the comps, you need to calculate your net profit (purchase price + closing costs + money for repairs + as an owner - realtor's commission + closing costs + property taxes, homeowners insurance, etc. = your net profit.
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Sun Nov 22, 2015
Karen Peyton answered:
What you should have is a Buyer's Agent to represent you and your interests in the transaction. The listing agent represents the Seller's interests, not yours. It sounds as though the home qualifies for HomePath financing and is a foreclosure owned by Fannie Mae.

You need a Buyer's Agent who can tell you all about HomePath financing and tell you if the price of the home (you want) is indicative of market value for the area. Some times HomePath homes aren't, yet offer financing incentives to compensate.

Know what's going on before making an offer...

Best of Luck!
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Sun Sep 20, 2015
George Ferguson answered:
The management company for Vista at Kingsgate in Nanuet is Harwich Management LLC, 540 Palmer Road, Yonkers, NY 10701 - Phone: 914-965-6099. Hope this helps.

george ferguson
New York State Licensed Real Estate Saleperson
Notary Public

Equipe Realty
O: (914) 602-8000
C: (201) 259-3759
E-Mail: George@RealtyAgent.com
Website: http://GeorgeC21.com - Home to all the LISTINGS

Serving Rockland, Orange, and Westchester Counties
(By Appointment only)

https://www.facebook.com/george.ferguson.92754
https://www.facebook.com/GFatEquipeRealty?pnref=lhc.recent
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