Archive for October, 2009

Buying A Fixer Upper In Brooklyn? How About The 203k Rehabilitation Mortgage Insurance ?

Saturday, October 31st, 2009

What is A 203k Rehabilitaion Mortgage?

Shopping for a Brooklyn home isn’t always so easy. After you go to a lender to learn how much of a mortgage you qualify for then research the Brooklyn neighborhood and maybe school district you would like to live in.

Now it’s time to find a Realtor to show you houses. As you look around at the houses that are for sale you find some are too big, too small ,not the right street, just right but I hate the kitchen or  the property is in total disrepair, sound familiar to anyone? Well for the Brooklyn house that is in disrepair there is an answer. 203k Rehabilitation Mortgage Insurance, this mortgage Section 203(k) fills a unique and important need for home buyers.

When buying a house that needs repair or modernization, home buyers usually have to follow a complicated and costly process. The interim acquisition and improvement loans often have relatively high interest rates, short repayment terms and a balloon payment. However, Section 203(k) offers a solution that helps both borrowers and lenders, insuring a single, long term, fixed or adjustable rate loan that covers both the acquisition and rehabilitation of a property. Section 203(k) insured loans save borrowers time and money. They also protect the lender by allowing them to have the loan insured even before the condition and value of the Brooklyn property may offer adequate security.

This option allows you to buy the handyman special and borrow the repair money needed to get the house renovated.  Now it does have a process and requirements but it’s a great way to get that perfect ugly duckling to what you want it to be. For the houses that might just need a little sprucing up like kitchens and baths there is  another option called FHA’s Streamlined 203(k) program permits home buyers to finance up to an additional $35,000 into their mortgage to improve or upgrade their home before move-in. With this new product, home buyers can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser.

This program is not for everyone it can be time consuming with a lot of involvement, the program is just another option to explore and an example of  the great mortgage programs out there to help buyers and sellers to achieve their goal, Remember research is a top priority. Always do you homework !

If you’re ready to buy a fixer upper or would like to know more about the 203k Rehabilitation Mortgage call me  Charles D’Alessandro Your Brooklyn Realtor® with Fillmore Real Estate a call today at (718) 253-9600 ext 206 or email me at [email protected]

$8,000 Real Estate Tax Credit:New Deal ?

Thursday, October 29th, 2009

With Time running out on the existing $8000 first time home buyers tax credit, there seems to be an extension in the works. The new deal would be extended to contracts that are finalized by April 30th 2010 ,  and close by June 30th 2010.This will help buyers ,sellers and Realtors until next spring. The tax credit will make available $6,500 to some existing homeowners who lived in a home for five  years out eight years. The income limits will be raised, so tax credits for both programs will be available individuals who earn up to $125,000, or married couples up to $250,000 currently the limits are $75,000 for single and $150,000 for married, these would be changed.Today the news is it looks like it will be passed. Stay tuned .

Today’s Brooklyn Real Estate Market! Trick Or Treat ?

Wednesday, October 28th, 2009

Siting on the fence?Waiting for the market to bottom out? With Halloween 2009 fast approaching we have to wonder are the latest reports we are seeing and hearing about a Trick or a Treat. As a Realtor practicing my trade selling real estate in Brooklyn real estate every day, I do see inventory shrinking.  As my agents are calling to make appointments there are more responses, In contract,accepted offer and multiple offers. Is this real? Over the 20+years have been through many ups and downs in the real estate market, when it turns around it always turns quietly, prices start to rise, interest rate rise and there are less houses for sale to choose from. I have been a little skeptical until now, but I see the signs happening. Will it last? Has the market bottomed out? As I have said you cannot time the market, but you can look for a good deal. There are serious sellers out there,prices and interest rates are still at a low. Don’t miss out!

by Charles D’Alessandro of Fillmore real estate

Fillmore Real Estate Breast Cancer Fundraiser!

Friday, October 23rd, 2009

October 22nd 2009 a great night for the fight against breast cancer.It took place at the Hudson River Yacht Club in the Bergen Beach section of Brooklyn.Sponsored by Fillmore Real Estate and the Reinhardt family.There where lots of raffles,laughter and friendship and all for a great cause .A real success for all!

Charles D’Alessandro of Fillmore Real Estate

Important Dates For Parents @ P.S 236 of Brooklyn New York

Thursday, October 22nd, 2009

As a member board member at community board 18 ,I come across bits of information that may be important to my neighbors through out the neighborhood I will do my best to keep you informed ,I hope this is useful to some of you.Brought to you by Charles D’Alessandro and Brooklyn Real Estate Sales.com

The Dates of P.S. 236’s PA Meetings

Tuesday, December 15th @7:30 PM

Tuesday, January 19th @7:30 PM

Tuesday, February 23rd @7:30 PM

Tuesday, March 23rd @7:30 PM

Tuesday, April 20th @7:30 PM

Tuesday, May 18th @7:30 PM

Tuesday, June 15th @7:30 PM

Important Dates

November 9th Parent/Teacher Night
Nov. 10th Parent/Teacher afternoon

June 22nd is the 5th grade graduation

June 28th is the last day of school

P.A. at P.S. 236 Mill Basin School

Garden Appreciation Program Open [email protected] Brooklyn Botanical Garden !

Thursday, October 22nd, 2009

Brooklyn Botanical Garden invites you to learn about a great youth internship called Garden appreciation Program (GAP).Apprentices are eligible for service/school credit and tier 2 and 3 of the program recieve a stipend upon successful completion of the program.If you are familiar with the program we would like to let you know about our exciting change:GAP now starts in the spring,continues through the summer and end in the fall.in years past we began the apprentceship program in the summer,but made the change to better serve the needs of the apprentices and the garden. That means Students must apply in the fall to join the amazing Garden Apprentice Program. APPLICATIONS ARE DUE ON WEDNESDAY DECEMBER 9th 2009. There is an OPEN HOUSE ,Saturday November 14th 2009 1-3pm at the BBG auditorium rsvp ;[email protected]  or call 718-623-7252

Marine Park Community Center, Eye Spring 2010 Opening!

Thursday, October 22nd, 2009

Marine park community center is hoping to be ready for spring 2010. NYC’S Parks Department first totally green building is the Carmine Carro Community Center.Carmine  Carro was the MPCA president and a champion for the Marine Park community. With the help of our elected officials,Lou Fidler,Marty Golden and  Alen Meizel as well as Mayor Bloomberg Carmine’s dream of a senior center for Marine Park is going to become a reality spring 2010.If you visit the park the center is located in the middle of the park. along with the construction funds have been provided to improve the walk ways and bicycle path ,we look forward to the event of the spring 2010.

Renovated Flatbush Two Family Limstone!

Friday, October 16th, 2009

Renovated top to bottom!
Renovated with Charm!

OPEN  HOUSE THIS WEEKEND

254 East 23rd Street Brooklyn , NY 11226

SATURDAY January 9th

&

SUNDAY January 10th

1PM TO 3PM

Totally renovated, 2 family, brick house. 3 Bedrooms over 2 bedrooms plus a beautiful finished basement. Huge yard. Price reduced to sell! All new heat electric, window, appliances and more!ARE YOU ELIGIBLE FOR A FEDERAL INCOME TAX CREDIT EQUAL TO 20% OF YOUR ANNUAL MORTGAGE INTEREST WHICH COULD SAVE YOU HUNDREDS OF $$$ A MONTH

For more information, Fillmore Real Estate at 718-253-9600.

Rates Are Down ! Interest Continues To Rise In Brooklyn!

Monday, October 12th, 2009

With all the incentives in this real estate market like the $8000 Tax Credit Rebate on first-time home purchases set to expire Dec. 1  and the Mortgage Credit Certificate plan that allows eligable borrowers to deduct up to 20% of mortgage interest paid from their federal taxes at a dollar for dollar tax credit . First-time buyers  have a real edge on todays real estate market where they constitute  like 40 to 50 percent of the market right now. With prices down from the past few years and the lowest interest rates in years , now is a really  great  time buy real estate .

Canarsie’s Paerdegat Basin Project!

Monday, October 12th, 2009

Paerdegat Basin – On July 24th Mrs. Turano, Senator Kruger, and a representative from the Georgetown Civic Association attended a meeting concerning the planned Paerdegat Basin Natural Area Park and Ecology Park at the back of the Paerdegat Basin Water Quality Facility on Bergen Avenue.  In 1997 the ULURP action converted 177 acres of Paerdegat Basin shoreline and submerged land to parkland.   As a result of that action, DEP designed and planned this parkland.  The Natural Area Park is a restoration of coastal grassland and public access will be restricted as its goal is to promote habitat restoration and ecological improvement.  The 5-acre Ecology Park will be equipped with a trail and viewing platforms.  The construction will begin March 2010 and will take approximately 27 months to complete