Archive for the ‘Motgage News’ Category

Top Ten Reasons to Invest in Brooklyn Short Sales

Sunday, November 27th, 2011

Reasonsons to invest in short sales

Now is a fabulous time to take advantage of today’s real estate market and boost your investment portfolio with Brooklyn short sales. Here are the top ten reasons why investing in short sales might be beneficial for you:

Short sales benefit buyers, sellers and investors. You get to help a lender and homeowner out of a tough financial situation.

  1. You can make a nice profit because Brooklyn short sales are priced at or below market.
  2. Banks are closing them faster than ever before and, from start to finish, it’s not as painful as it used to be.
  3. There is a huge inventory of short sales from which to choose.
  4. The competition is low because there aren’t enough investors to gobble them all up.
  5. It doesn’t take a ton of time. You’ll spend even less time when you work with a real estate agent who specializes in short sales.
  6. Short sales are generally in better condition than foreclosures.
  7. You can work with luxury home short sales. Luxury short sales require the same amount of time and work as short sales on less expensive homes, but the profit margins are much higher.
  8. In some cases, the banks will pay closing costs and Home Owner Association transfer fees.

10.  You can work real estate short sales in all markets: urban, suburban and rural areas.

If you’d like more information on investing in Brooklyn short sales, give me a call today at (718) 253-9600 ext 206 or email me at [email protected]

4 Questions to Ask Before Lending Money to Your Child to Buy Brooklyn Real Estate

Sunday, September 4th, 2011

Questions and Answers from Charles The Realtor®

You’ve reviewed your finances and have decided you can afford to and want to help your child buy Brooklyn real estate.  Is lending the money to your offspring your best option?  Here are some questions to consider when making this decision.

  1. 1. Will you need the money later?

If there’s a chance that you might need the money to live on at some point, lending the money to your child is a better option than giving it to them.  You can always forgive part of the loan later on, if you find you don’t need the money to live on.

  1. 2. How much should you lend?

Depending on your financial situation, you can lend part or all of the down payment or part or all of the purchase price of the Brooklyn real estate.

If you have enough money to lend the entire mortgage amount, consult with your financial planner to determine if this is the best option for you. Lending the entire amount often offers you more interest than you’d get from a bank and gives your child an even lower interest rate than he or she would get with a traditional mortgage.  It also allows your child to deduct the mortgage interest because the loan is secured by the property.

  1. 3. Who will receive the mortgage payments?

Decide if you want to receive the monthly mortgage payments or if you’d prefer to have a third party service the mortgage.  If you want to know more about employing a third party to draw up the mortgage contract and accept the monthly payments, look into companies that handle intra-family loans.

  1. 4. How much interest should you charge?

As part of the loan agreement, you’ll want to charge an interest rate equal to the IRS-approved Applicable Federal Rates (AFRs). The AFR is the lowest interest rate you can charge without causing any unwanted tax complications.  Work with your financial and legal experts to ensure the loan agreement is in the best interests of both you and your child.

Let me help you find the Brooklyn real estate that meets the needs of you and your child – and get it at a great price!  Call call Charles D’Alessandro your Brooklyn real estate agent with Fillmore Real Estate at 718/253-9600 ext 206 or email me at [email protected],

Reverse Mortgage on Your Brooklyn NY Real Estate: Pros and Cons

Tuesday, February 15th, 2011

Reverse Mortgage ! Is it Right for you?

Reverse mortgages are a popular option for homeowners who are 62 years of age and older and need additional income.  Credit scores and income are not part of the qualification process for a reverse mortgage, so they’re fairly easy to get.

But is a reverse mortgage right for you, your parents or grandparents?  Here are some pros and cons to consider before making your decision:

Pros of getting a reverse mortgage on your Brooklyn New York real estate

When you get a reverse mortgage, you can:

  • Use the money to supplement social security, pay for home improvements or meet unexpected medical bills.
  • Choose the payment method you prefer:  monthly payment, line of credit or lump sum.
  • Make no payments on the loan (monthly or otherwise) unless you die, move or sell the home.  If any of those events occur, the loan is due in full, plus interest and fees.

Cons of getting a reverse mortgage on your Brooklyn New York real estate

Unfortunately, there are several disadvantages to taking out a reverse mortgage:

  • You pay origination fees that are almost twice as much as origination fees on conventional mortgages.
  • There are a wide variety of reverse mortgages available from a lot of different sources.  This makes an already complex loan even more confusing.   Shop around, compare and attend an information session with an approved HUD counselor before deciding on a reverse mortgage.
  • It may impact your eligibility for Medicaid and other state or federal programs.  For example, if you currently receive any “need based” benefits such as Medicaid or Supplemental Social Security Income (SSI), reverse mortgage payments will have to be structured so that monthly payments will be spent within the month they are received. If not, such payments will be considered income, and may make you ineligible for public benefits. Contact your benefits provider to ask about how a reverse mortgage may affect your eligibility.

If getting a reverse mortgage on your Brooklyn New York real estate, or the home of your parents or grandparents, is the right thing to do, you might want to consider FHA’s reverse mortgage program called The Home Equity Conversion Mortgage (HECM). According to HUD, the HECM is a safe plan that can give older Americans greater financial security.

You can receive additional free information about reverse mortgages by contacting the National Council on Aging at (800) 510-0301.  I’m also available to help you with this difficult decision.  Give me a call today Charles D’Alessandro your Brooklyn Realtor with Fillmore Real Estate at (718) 253-9600 ext.206 or email [email protected].

Why Get Pre-approved for a Brooklyn Home Loan?

Friday, May 7th, 2010

There are a few things you can do to make the process of buying a new Brooklyn home easier and faster.  Getting pre-approved for financing is one of them.  Here are four advantages of loan pre-approval:

REALTORS® Take You Seriously

When you walk into an agent’s office with pre-approved financing, the agent knows he is not wasting his time showing you homes. If you do not have pre-approved financing be prepared for agents to ask a lot of questions and even possibly request that you get financing in hand. They are not trying to be invasive. They are avoiding “tire kickers” while helping you streamline the process.

Home Sellers Feel More Comfortable Dealing with You

When you have pre-approved financing, sellers are more apt to work with you on price, or other needs, in order to close the deal. They know that there are not going to be contingencies on a loan, or waiting and wondering if you qualify for the loan. They know they don’t have to worry about turning other prospects away and then finding out you haven’t been able to get a loan.

Fast Closings

Getting pre-approved for a loan means no waiting on the biggest of all hurdles before closing.  Other items needed to close on a Brooklyn home purchase usually move quickly, but loan applications can drag out and require setting a closing date far into the future to allow for the time needed.

Less Stress

Above all else, having your financing in hand before you even begin to look for the perfect Brooklyn home makes the entire process less stressful for you. Knowing you have the money to back you up when you find the home of your dreams is much better than finding paradise and having to worry about getting financed and possibly losing it.

If you would like to find out more about pre-approved home loans, I can help. Contact me at 718 253-9600 ext.206 or email me at [email protected]

Charles D’Alessandro

[email protected]
tel 718 253-9600
fax 718 253-9573

Christmas Comes Early for Brooklyn Homes and Buyers

Monday, December 7th, 2009

Have you heard of the first-time homebuyer’s tax credit extension? Last month, President Obama signed the extension to help first-time homebuyers (who didn’t get their sales in by November 30th) buy a house that meets their needs. What about those who already own Brooklyn homes, are doing well and want a larger home?

To those who already own a home, Merry Christmas! The Workers, Homeownership and Business Assistance Act of 2009 didn’t just come with an extension; it came with improvements. Those in governmental positions of authority reasoned that if someone wanted to get a bigger home, they should get some kind of help too, thus further helping the overall real estate market.

If you own a home, you can now receive up to $6,500 in tax credits for buying one of the Brooklyn homes for sale. The actual wording is “$6,500 or 10%.” Here are a few of the important points you need to know:

  • Income Qualifications – Your modified adjusted gross income (MAGI) as a single taxpayer must be less than $125,000 ($225,000 if you file jointly). Partial credit may be received by those with a MAGI of less than $145,000 (single) and $245,000 (jointly).
  • Home Ownership Qualifications – You must have lived in the home you own for five consecutive years out of the past eight to qualify. You do not, however, have to currently own the home you’re using to qualify. The key terms are “five consecutive years” and “in the past eight years.” If you lived in your home for five years straight, but sold it two years ago, you are still eligible for the tax credit. If you’re filing jointly with a spouse, both you and the spouse have to qualify.
  • Cost Qualifications – The cost of the home doesn’t have to be more than the home you already own, but it does have to cost less than $800,000. As a side note, the government has put a definitive cap on the housing costs. If the home you’re looking at is a solid, non-negotiable $801,000, it isn’t eligible for the credit.
  • Purchase Date – The final date for the purchases to be secured is April 30, 2010. The actual closing date must be finalized before June 30, 2010.

Most couples move into a home thinking they will “eventually” get a bigger home once they have a family. Then the family comes along, the house is full and they can’t buy a larger home due to financial issues. The tax credit is a perfect opportunity for families to find Brooklyn homes that fit their expansion needs. Take a chance and look around; your dream home may be only a city block and $6,500 away!

If you’re looking to expand and take advantage of the tax credit, I can help. Call  Charles D’Alessandro, your Brooklyn Realtor, at Fillmore Real Estate, (718) 253-9600 ext. 206 or email me at [email protected] for more information.

Saving Foreclosures in Brooklyn New York with New Fannie Mae Program

Sunday, December 6th, 2009

As the number of foreclosures rise around the nation, some lenders have held their foreclosures in Brooklyn in private stock, hoping to sell them gradually in a stabilizing real estate market. That hope has slowly dwindled, however, even with the five-month extension on home buying tax credits signed by the President November 6th of this year.

Government-owned Fannie Mae may have come up with a solution.


Some homeowners facing foreclosures in Brooklyn have more than foreclosure, loan modification or short sale options. Some qualify for a deed-in-lieu (DIL), where they sign away all their equity back to the lender and walk away “debt free” (except, possibly, for taxes). Unfortunately, a DIL leaves the homeowner without a home to live in, and the lender with a house to sell in an uncertain market.

Deed for Lease Program

Under Fannie Mae’s new Deed for Lease Program (D4L), those who go through the DIL process may be eligible to rent their home back from Fannie Mae at current market rental rates. This may not sound like a great deal, but many families have ended up on the street because of foreclosure. Those who qualify for the D4L Program will be able to remain in their homes for at least 12 months. To learn more, read the entire D4L Program eligibility list.  Here are a few of the qualifications:

  • No prohibitive Homeowner’s Association rental limitations
  • The cost of any required repairs is an acceptable amount, based on the value of the property
  • The income the lender receives from the current rental market should be expected to cover any maintenance/management costs
  • The current rental rates must be less than 31% of your gross income
  • The home must be a primary residence

Whether the D4L Program will help or hinder the number of foreclosures in Brooklyn New York is still up in the air, but it does give homeowners other options – something they’ve been sorely lacking.

If you’re facing foreclosure and qualify for short sale, I’d love to help. Call me Charles D’Alessandro with Fillmore Real Estate, at (718) 253-9600 ext 206 or email me at [email protected] for more information.

FHA On Solid Ground: Hope for Brooklyn Real Estate Owners

Wednesday, December 2nd, 2009

A recent interview with FHA commissioner David Stevens on CNBC gives hope to Brooklyn real estate owners with FHA loans. The Federal Housing Administration now covers at least 30% of new home loans, so when Stevens announced that it might not make its 2% capital reserve, people were understandably nervous. For no reason, Stevens says in the CNBC interview.

Instead of immediate risk management in the form of strict guidelines that might make it harder on potential Brooklyn real estate owners, such as those Fannie Mae and Freddie Mac have put on condo mortgages, the FHA is going for some changes. The changes include hiring a chief risk officer and requiring higher capital standards for loan originators.

Once it was out that the FHA wouldn’t meet its 2% (please note that the FHA itself is the one who broke the news), news portals, blogs and other websites spread the news that the FHA was a train wreck. However, the CNBC interview with Stevens cleared the air a bit.

It appears that the FHA, put in place for instances like this when people can’t afford other loans, actually has two capital accounts. According to Stevens, the FHA has “lots of capital in primary reserve to cover expected defaults.” Combined, FHA capital is over $30 billion dollars.

At the present, says Stevens, the FHA isn’t considering a minimum credit score, and they may not have to. Looking at their portfolio, the average credit score has gone up 60 points, from 630 to 690, pointing to a higher quality of borrowers.

So, when thinking about buying Brooklyn real estate and looking at mortgage companies, don’t forget to look at the FHA. If Fannie Mae and Freddie Mac are lending, the FHA is – and it’s going strong!

You can watch the CNBC video for the full interview.

If you’re looking for a beautiful home, I can help. Call me Charles D’Alessandro at Fillmore Real Estate now at (718) 253-9600 ext. 206 or email me at [email protected] for more information.

brought to you by Brooklyn Real Estate Sales

Brooklyn Real Estate Company Steps Up Recruitment Efforts!Eying 2010 Market Turn Around!

Friday, November 20th, 2009

Fillmore Real Estate Brooklyn’s largest independently owned real estate company has stepped up it’s efforts to find both existing, licensed agents, as well as reaching out to people who are on the market for new careers. At Fillmore real estate  the future is here with technology,training and our mentoring programs. We feel that the Brooklyn real estate market is poised for growth in 2010 and beyond. John Reinhardt, President , CEO of Fillmore Real Estate  has reported October sales where 83% over the previous year and that,  It seems that the lower prices, low interest rates and the government tax incentives have all combined to create the perfect storm for Brooklyn real estate. This past week Fillmore Real Estate’s career nite was standing room only.  In 1986 when I started in the real estate business most office where Mom and Pop local places, where the slogan was Here’s Your Desk, Here’s Your Phone,Your On Your Own! Today it’s about the training says John Reinhardt.We are looking for the best agents to join the best company and we feel Fillmore Real Estate is the best!

DATE: January 27th, 2010
TIME: 7 p.m. to 9 p.m.
2990 Avenue U, Brooklyn, NY 11229

Call Ann-Marie at Fillmore Real Estate 718-907-1123 CLICK HERE to reserve your seat!

Charles D’Alessandro

[email protected]
tel 718 253-9600
fax 718 253-9573

Open House Two Family in Brooklyn’s Flatbush Section!

Thursday, November 19th, 2009
Fully Renovated and Priced to go!

Just Click On Picture For Details Fully Renovated and Priced to go!

254 East 23rd Street

Open House

Brooklyn N,Y 11226

Saturday & Sunday

January 9th and 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.Come See and Compare!

Flatbush Brooklyn Victorian Needs Loving!

Wednesday, November 18th, 2009

278 East 32nd Street

Open House

Saturday & Sunday

November 21st and 22nd

2pm to 4pm

Flatbush Victorian with Charm!

Flatbush Victorian with Charm!

Take a Look at this Five bedroom  Victorian home in the heart of Flatbush Brooklyn! Features include lots of old world charm and details. The property is 40 x 100 with a two car garage. This home is a great candidate for the FHA 203 K Rehabilitation Mortgage Loan!

Come See And Compare!

brought to you by Charles D’Alessandro and Brooklyn Real Estate Sales