Archive for the ‘Selling vs. Foreclosure’ Category

Buying or Selling Brooklyn Short Sales Can Be Tricky

Sunday, June 24th, 2012

Call Charles for help with your Brooklyn Short Sale

Whether you own a property in distress or you’re looking to make a good investment. Buying or selling Brooklyn short sales can be tricky ,and a frustrating process. The best-case scenario is that sellers reduce their debt and buyers get a great deal, but that outcome is ultimately up to the bank.

Below are some standard short sale trials that both sellers and buyers should be aware of before getting their hopes up:

Sellers need to prove hardship. As a seller, you should talk with your bank and then gather all of the documents they require to put together a hardship portfolio to apply for a short sale. These usually include tax returns, employment status and other personal and financial information. Be quick about it, because the bank has the final say, and you don’t want to leave them hanging.

  • Everyone needs to get used to the waiting game. This is probably the most frustrating part, so don’t plan your life around a bank’s approval. They could take anywhere from a couple days to a couple years to make a decision.
  • Banks are waiting on banks. Not only are you waiting on the bank that has the mortgage, but there could also be other liens taken out against the short sale. Those third parties also have to sign off on the debt.
  • Buyers should get a thorough home inspection. If you’re considering buying a short sale property, make sure you hire a professional home inspector.
  • The home could go into foreclosure. Sometimes [city] short sales take so long that the owners cannot keep paying their mortgage and the home goes into foreclosure. Then the bank takes it over and starts a new waiting game.

If you’re considering buying or selling short sales, you’ll want to enlist professional help to navigate the tricky waters. As an expert on Brooklyn short sales, I can help. Please call me  Charles D’Alessandro Your Brooklyn real estate agent with Fillmore Real Estate a call at 718/253-9600 ext 206 or email me at [email protected]. for more information.

 

Tips for Successful Brooklyn Short Sales

Thursday, February 2nd, 2012

Short Sale  And Your Brooklyn Home

The reality of today’s real estate market means that there are many opportunities to purchase Brooklyn short sales.  While the process can still be confusing, it is increasingly common. Here are a few tips on how to make sure you leap through the extra hoops a short sale requires with ease and grace:

  • Avoid short sales with multiple mortgage lenders: Offers on Brooklyn short sales with two different lenders are at a much higher risk of being declined. The first mortgage lender will likely only allow a small percentage to go to the holder of the second mortgage – who will therefore be likely to veto a deal, on the hope that more funds would be generated in a foreclosure.
  • Check the Real Estate Agent’s Short Sale Track Record: Agents with experience in short sales are much more likely to be able to successfully navigate the system than those new to the vagaries of short sales.
  • Make Reasonable Offers: Short sales can be better deals, but they are unlikely to be magically cheap.  No matter what, the bank isn’t going to give the home away just to avoid foreclosure.  You want to put together an offer that makes the buyer and the bank happy.
  • Follow Up on the Details: With the bank involvement, there will be more negotiation and more detail.  Keep your i’s dotted and t’s crossed to make sure the process doesn’t stall.
  • Allow For Extra Time: Short sales are not a short process, so if you are truly in a hurry to close a deal, consider other options.

If you’re looking for a real estate agent with experience in Brooklyn short sales, give me a call.  I can help you navigate the system and close on your new home. You can reach me at call Charles D’Alessandro Your Brooklyn real estate agent with Fillmore Real Estate a call at 718/253-9600 ext 206 or email me at [email protected]

How to Sell Your Brooklyn Real Estate this Winter

Sunday, January 22nd, 2012

Charles D'Alessandro your Brooklyn Realtor®

If you need (or want) to sell your Brooklyn real estate this winter, you’ll have to step up your game a bit. People tend to be less likely to buy in the winter because the weather keeps them indoors rather than out house hunting. And let’s face it, most homes just don’t look as good in the brown, drab winter as they do in the spicy spring and summer.

If you’re one of the lucky owners with a home for sale in an area that stays beautiful all year long, you can still find a few tips here to help get your home ready to sell.

Six tips to help you sell your Brooklyn home this winter:

  1. Keep it cozy. You want your home to be warm so people can comfortably take their time viewing your Brooklyn real estate. Saving money on heating costs isn’t worth it if it means freezing out your potential buyers.
  2. Turn up the light. Keep curtains and blinds open during the day. Turn on your lights, both inside and out, at night. Put your lights on timers if you won’t be home until after dark. Use motion detectors to light up in the evening when a potential buyer approaches your doorstep.
  3. Point out cold-weather benefits. Have mass transit within walking distance? That’s a big benefit in bad weather because you don’t have to de-ice or dig your car out of the snow in order to get to work. Have an attached garage? Ditto.
  4. Take advantage of good winter locations. If your home is in a location that people flock to in the winter, say an area with great outdoor winter sports such as skiing or a warm-weather area like Florida, now is the time prime time to promote your house! Put all you’ve got into marketing the benefits of living where it’s always sunny or where winter living is fun.
  5. Set the mood. Play soft, classical music. Toss afghans or throws across the back of your sofa. Hang plush robes in your bedroom or bathroom.
  6. Clear away snow and ice. Shovel a path through the snow so potential buyers don’t have to get out their snowshoes. De-ice your driveway, sidewalk, steps and porch to prevent slips and falls.

If you’re ready to sell your Brooklyn real estate this winter, I can help. Give me a call today Charles D’Alessandro Your Brooklyn real estate agent with Fillmore Real Estate a call at 718/253-9600 ext 206 or email me at [email protected] for more information.

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]

3 Tips to Get Short Sale Offers on Your Brooklyn Home Accepted by Your Lender

Wednesday, October 12th, 2011


When a buyer makes a short sale offer on your Brooklyn home, it’s impossible to know for sure if the offer will be accepted by the lender.  Even when you’ve negotiated the offer with the buyer and come to an agreement that meets both of your needs, there’s still no guarantee that the lender will say yes to the short sale.

Here are three tips to help get short sale offers on your Brooklyn home accepted by the lender:

  1. Convince the lender that you have a legitimate hardship. Submit a hardship letter, pay stubs, bank statements, monthly budget and profit and loss statement to demonstrate that you cannot make your monthly payments and have no disposable income. Here are examples of hardships to mention in your letter:
    1. lost your job
    2. reduced hours/pay at current job
    3. have to move more than 75 miles from home to get a new job
    4. death of a borrower
    5. divorce
    6. onset of a disabling illness
  1. Negotiate with the buyer to exclude terms and contingencies that complicate the sale. Lenders do not like to accept short sales when they include time contingencies or when the short sale is contingent on the sale of another home.

  1. Submit paperwork as a complete package. Ask your lender for a list of all documents needed. Fill out the paperwork and collect all other documents required. Make copies of everything. Put together a complete package, including all the documents your lender requested, and only then send the entire package to your lender. If the lender later tells you they can’t find a particular document, don’t waste your time arguing about it, just resend the information – it’s easy to do because you already have copies prepared!

If you’d like more information on the possibility of selling your Brooklyn home as a short sale, give me a call today Charles D’Alessandro Your Brooklyn real estate agent with Fillmore Real Estate at 718/253-9600 ext 206 or email me at [email protected],

Should You Sell Your Brooklyn Home Before Buying a New One?

Sunday, July 17th, 2011

When Making A Move From My Brooklyn Home....

When planning on moving from your current Brooklyn home, does it make the most sense to buy first or wait until your current property sells? There are a lot of factors that go into that decision. Hashed out below are the pros and cons of each, so that you can decide which factors are higher on your list of priorities.

Buy first if …

  • It’s the Brooklyn home you’ve always wanted. If you’ve absolutely found your dream house, you should consider buying it now — even if your current house hasn’t sold. You might regret it later if you let the opportunity pass you by.  Just make sure the house is truly worth it.
  • It’s too good of a deal to pass up. If you’ve researched the comparables and you know the home you want to buy is a great deal, then you should consider going ahead with the purchase. Waiting to sell might cost you more in the long run if you lose out on this bargain.
  • There’s more demand than supply. In a seller’s market (not right now in most places), you won’t need to worry about selling your Brooklyn property.
  • You have the money. Check with your real estate agent to find out how long it’s taking to sell homes comparable to yours these days.  Then, do the math to determine if you have enough in savings to make the down payment on your new home and pay the mortgages of both homes while you’re waiting for your current home to sell.

Sell first if …

  • You want to get the most money for your home. If you’re not in any hurry, you’ll be less tempted to take a lower offer. You also have negotiating power. It’s hard to hold firm on a price, if you’re carrying two mortgages.
  • You can include a contingency clause in your contract of sale. Add a contingency that allows you to remain in your house until you close on a new property. It may be difficult to get the buyer to agree, but if they do, you’ll have plenty of time to find the perfect new house.  This one may be very difficult to accomplish because you certainly do not want to lose a buyer in this real estate market just to be able to stay in your home longer.
  • You can handle moving twice. If you sell your home first, you can always live in a short-term rental until you find your new place.
  • You don’t want to be stressed about selling. The idea of carrying a second mortgage is enough to cause many people to reach for their blood pressure medication.

Give me a call Charles D’Alessandro Your Brooklyn Realtor® with Fillmore Real Estate at 718/253-9600 ext 206 or email me at [email protected], if you need help deciding the right timing to sell or buy a Brooklyn home

Brooklyn Real Estate Investing:Buying a Short Sale Steps 6 through 10

Monday, July 11th, 2011
Brooklyn Real Estate and Short Sales

Brooklyn Real Estate and Short Sales

If you haven’t read “Brooklyn Real Estate Investing:  Buying a Short Sale Steps 1 through 5,” start there.  This blog post provides steps 5 through 9 of the short sale process.

  1. 6. Visit the Brooklyn real estate on your short list.  You’ve already searched for short sales, researched them and narrowed your list to a few short sales that meet your criteria and have the best chance of making it to closing.  Now it’s time to personally visit the few on your short list.  Your primary purpose in visiting the property is to get an estimate as to how much it’s going to cost you to repair the home.  As a real estate investor, you want a property that needs some work so that the average home buyer won’t want it, and you can get it at a lower-than-average price.   But, you also want a property that is in good enough condition that the cost of the property plus repairs still gives you a good return on your investment.
  2. 7. Get a home inspection. Since short sales are typically sold “as is,” it’s crucial that you have a licensed home inspector evaluate the condition of the short sale that you’ve decided is the one you want to buy.  An inspection will find problems you might not have been able to see in your initial visit to the home.  It will also give you a more precise idea of how much it’s going to cost you to repair and renovate the property.
  3. 8. Make an offer. Now that you’ve found the short sale you want to buy, you’re ready to prepare an offer.  Have your Brooklyn real estate agent prepare all the documentation and submit the offer to the seller’s agent.  The seller’s agent will submit the documentation to the lender.  Hopefully, you’ve chosen a short sale with only one lender, but if there is more than one lender, remember that all lenders have to agree on the terms of the sale.
  4. 9. Make a counter offer or walk away.  After getting your offer, the lender has his real estate agent evaluate the offer.  More than likely the lender will make a counteroffer.  That’s the time for you to do a final evaluation.  Double check your numbers using the higher purchase price and ask yourself, “Is this property really going to give me the profit I want?”  If the answer to this question is no, or if you’ve already reached the maximum you’re willing to pay for the property, it’s time to walk away.

10. Finalize the deal.  After you, the seller and the lender have all reached an agreement, get everything in writing and officially record it.  Go to closing, and the property is now yours.  Congratulations!

If you’re a Brooklyn real estate investor looking for a well-priced property to invest in, I can help you find the true bargains, whether they’re short sales, foreclosures or just well-priced real estate.   Give me a call Charles D’Alessandro Your Brooklyn Realtor® with Fillmore Real Estate at 718/253-9600 ext 206 or email me at [email protected].

5 Steps to Selling Your Brooklyn New York as a Home Short Sale

Wednesday, June 15th, 2011


Short Sale vs. Foreclosure on your Brooklyn Home

Although selling your Brooklyn New York home as a short sale probably isn’t what you’d prefer, it may be the best option for you.  The good news is that short sales are becoming the preferred option for lenders hampered by the huge number of  Brooklyn foreclosures.

To get you started on your short sale journey, here’s the condensed version of how to sell your Brooklyn home as a short sale:

  1. Hire an experienced real estate professional. Find a real estate attorney and/or agent who have successfully closed a lot of short sales.  Additionally, REALTORS® with the Certified Distressed Property Expert (CDPE) designation have a thorough understanding of how to assist their clients in foreclosure avoidance options. Having experienced professionals guide you through the process is crucial to your success.  You want them working for you as soon as possible because they’ll be communicating and negotiating with your lender.
  2. Start now. As soon as you know you can no longer afford your home, hire your real estate professionals and get started.  The longer you wait to get the short sale process started, the harder it’s going to be.  Like everything in life, the more options you have the better off you are.  Don’t wait until foreclosure is your only option.
  3. Prove to your lender that you’re truly a financial hardship case. If you just want to stop paying your mortgage, you won’t be able to sell your home as a short sale.  You must prove you honestly cannot afford your home by giving your lender a:
    1. Detailed financial worksheet documenting your expenses and income.
    2. Copy of your income tax returns for at least the last two years.
    3. Hardship letter providing details about why you cannot pay your mortgage.
  4. Submit Letter of Authorization.  Write a letter to your lender giving him permission to talk with your real estate professionals about your loan.  Include the names of all the borrowers and their social security numbers, your real estate professionals’ names and contact information, your home’s address and loan reference number.
  5. Take the advice of your real estate professionals. You hired them for their expertise.  Now, take their advice and allow the pros to guide you the rest of the way through this process.

Whether you have questions about short sales, foreclosures or traditional Brooklyn New York  home sales, I can help.  Please give 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].  I’ll give you a free home price  analysis to determine how much your home is worth in today’s market.

100 Answers to Questions When Buying A Brooklyn Home !

Thursday, June 2nd, 2011

Charles D'Alessandro Your Brooklyn Realtor®

91. HOW CAN I RECEIVE A DISCOUNT ON THE FHA INITIAL MORTGAGE INSURANCE PREMIUM?

Ask your Brooklyn real estate agent or lender for information on the HELP program from the FHA. HELP – Homebuyer Education Learning Program – is structured to help people like you begin the homebuying process. It covers such topics as budgeting, finding a home, getting a loan, and home maintenance. In most cases, completion of this program may entitle you to a reduction in the initial FHA mortgage insurance premium from 2.25% to 1.75% of the purchase price of your new home.

92. WHAT IS PMI?

PMI stands for Private Mortgage Insurance or Insurer. These are privately-owned companies that provide mortgage insurance. They offer both standard and special affordable programs for borrowers. These companies provide guidelines to lenders that detail the types of loans they will insure. Lenders use these guidelines to determine borrower eligibility. PMI’s usually have stricter qualifying ratios and larger down payment requirements than the FHA, but their premiums are often lower and they insure loans that exceed the FHA limit.

FHA PRODUCTS

93. WHAT IS A 203(b) LOAN?

This is the most commonly used FHA program. It offers a low down payment, flexible qualifying guidelines, limited lender’s fees, and a maximum loan amount.

94. WHAT IS A 203(k) LOAN?

This is a loan that enables the homebuyer to finance both the purchase and rehabilitation of a home through a single mortgage. A portion of the loan is used to pay off the seller’s existing mortgage and the remainder is placed in an escrow account and released as rehabilitation is completed. Basic guidelines for 203(k) loans are as follows:

 - The home must be at least one year old.
 - The cost of rehabilitation must be at least $5,000, but the total property value – including the cost of repairs – must fall within the FHA maximum mortgage limit.
 - The 203(k) loan must follow many of the 203(b) eligibility requirements.
 - Talk to your lender about specific improvement, energy efficiency, and structural guidelines.

95. WHAT IS AN ENERGY EFFICIENT MORTGAGE (EEM)?

The Energy Efficient Mortgage allows a homebuyer to save future money on utility bills. This is done by financing the cost of adding energy-efficiency features to a new or existing home as part of an FHA-insured home purchase. The EEM can be used with both 203(b) and 203(k) loans. Basic guidelines for EEMs are as follows:

 - The cost of improvements must be determined by a Home Energy Rating System or by an energy consultant. This cost must be less than the anticipated savings from the improvements.
 - One- and two-unit new or existing homes are eligible; condos are not.
 - The improvements financed may be 5% of property value or $4,000, whichever is greater. The total must fall within the FHA loan limit.

96. DELETED.

97. WHAT IS A TITLE I LOAN?

Given by a Lender and insured by the FHA, a Title I loan is used to make non-luxury renovations and repairs to a home. It offers a manageable interest rate and repayment schedule. Loans are limited to between $5,000 and 20,000. If the loan amount is under 7,500, no lien is required against your home. Ask your lender for details.

98. WHAT OTHER LOAN PRODUCTS OR PROGRAMS DOES THE FHA OFFER?

The FHA also insures loans for the purchase or rehabilitation of manufactured housing, condominiums, and cooperatives. It also has special programs for urban areas, disaster victims, and members of the armed forces. Insurance for ARMS is also available from the FHA.

99. HOW CAN I OBTAIN AN FHA-INSURED LOAN?

Contact an FHA-approved lender such as a participating mortgage company, bank, savings and loan association, or thrift. For more information on the FHA and how you can obtain an FHA loan, visit the HUD web site at http://www.hud.gov or call a HUD-approved counseling agency at 1-800-569-4287 or TDD: 1-800-877-8339.

100. HOW CAN I CONTACT HUD?

Visit the web site at http://www.hud.gov or look in the phone book “blue pages” for a listing of the HUD office near you.

If you would like to follow this series of questions and answers about buying your New Brooklyn Home Check it out here

If you’re looking for an experienced, energetic, resourceful  Brooklyn real estate agent or just have a few questions, give me Charles D’Alessandro your Brooklyn Realtor® with Fillmore Real Estate a call at (718) 253-9600 ext.206 or email me at [email protected]

Answers to Questions When Buying A Brooklyn Home ! Page 8

Wednesday, May 25th, 2011

Questions & Answers When Buying a Brooklyn Hme

81. HOW DOES MY CREDIT HISTORY IMPACT MY ABILITY TO QUALIFY?

The FHA is generally more flexible than conventional lenders in its qualifying guidelines. In fact, the FHA allows you to re-establish credit if:

 - two years have passed since a bankruptcy has been discharged
 - all judgments have been paid
 - any outstanding tax liens have been satisfied or appropriate arrangements have been made to establish a repayment plan with the IRS or state Department of Revenue
 - three years have passed since a foreclosure or a deed-in-lieu has been resolved

82. CAN I QUALIFY FOR AN FHA LOAN WITHOUT A CREDIT HISTORY?

Yes. If you prefer to pay debts in cash or are too young to have established credit, there are other ways to prove your eligibility. Talk to your lender for details.

83. WHAT TYPES OF CLOSING COSTS ARE ASSOCIATED WITH FHA-INSURED LOANS?

Except for the addition of an FHA mortgage insurance premium, FHA closing costs are similar to those of a conventional loan outlined in Question 63. The FHA requires a single, upfront mortgage insurance premium equal to 2.25% of the mortgage to be paid at closing (or 1.75% if you complete the HELP program- see Question 91). This initial premium may be partially refunded if the loan is paid in full during the first seven years of the loan term. After closing, you will then be responsible for an annual premium – paid monthly – if your mortgage is over 15 years or if you have a 15-year loan with an LTV greater than 90%.

84. CAN I ROLL CLOSING COSTS INTO my FHA LOAN?

No. Though you can’t roll closing costs into your FHA loan, you may be able to use the amount you pay for them to help satisfy the down payment requirement. Ask your lender for details.

85. ARE FHA LOANS ASSUMABLE?

Yes. You can assume an existing FHA-insured loan, or, if you are the one deciding to sell, allow a buyer to assume yours. Assuming a loan can be very beneficial, since the process is streamlined and less expensive compared to that for a new loan. Also, assuming a loan can often result in a lower interest rate. The application process consists basically of a credit check and no property appraisal is required. And you must demonstrate that you have enough income to support the mortgage loan. In this way, qualifying to assume a loan is similar to the qualification requirements for a new one.

86. WHAT SHOULD I DO IF I CAN’T MAKE A PAYMENT ON LOAN?

Call or, write to your lender as soon as possible. Clearly explain the situation and be prepared to provide him or her with financial information.

87. ARE THERE ANY OPTIONS IF I FALL BEHIND ON MY LOAN PAYMENTS?

Yes. Talk to your lender or a HUD-approved counseling agency for details. Listed below are a few options that may help you get back on track.

For FHA loans:

 - Keep living in your home to qualify for assistance.
 - Contact a HUD-approved housing counseling agency (1-800-569-4287 or TDD: 1-800-483-2209) and cooperate with the counselor/lender trying to help you.
 - HUD has a number of special loss mitigation programs available to help you:
 - Special Forbearance: Your lender will arrange for a revised repayment plan which may Include temporary reduction or suspension of payments; you can qualify by having an Involuntary reduction in your Income or Increase In living expenses.
 - Mortgage Modification: Allows refinance debt and/or extend the term of the your mortgage loan which may reduce your monthly payments; you can qualify if you have recovered from financial problems, but net Income Is less than before.
 - Partial Claim: Your lender maybe able to help you obtain an interest-free loan from HUD to bring your mortgage current.
 - Pre-foreclosure Sale: Allows you to sell your property and pay off your mortgage loan ,to avoid foreclosure.
 - Deed-in lieu of Foreclosure: Lets you voluntarily “give back” your property to the lender; it won’t save your house but will help you avoid the costs, time, and effort of the foreclosure process.
 - If you are having difficulty with an-uncooperative lender or feel your loan servicer is not providing you with the most effective loss mitigation options, call the FHA Loss Mitigation Center at (877) 622-8525 for additional help.

For Conventional Home  Loans:

Talk to your lender about specific loss mitigation options. Work directly with him or her to request a “workout packet.” A secondary lender, like Fannie Mae or Freddie Mac, may have purchased your loan. Your lender can follow the appropriate guidelines set by Fannie or Freddie to determine the best option for your situation.

Fannie Mae does not deal directly with the borrower. They work with the lender to determine the loss mitigation program that best fits your needs.

Freddie Mac, like Fannie Mae, will usually only work with the loan servicer. However, if you encounter problems with your lender during the loss mitigation process, you can coil customer service for help at 1-800-FREDDIE (1-800-373-3343).

In any loss mitigation situation, it is important to remember a few helpful hints:

 - Explore every reasonable alternative to avoid losing your home, but beware of scams. For example, watch out for:
Equity skimming: a buyer offers to repay the mortgage or sell the property if you sign over the deed and move out.
Phony counseling agencies: offer counseling for a fee when it is often given at no charge.
 - Don’t sign anything you don’t understand.

MORTGAGE INSURANCE

88. WHAT IS MORTGAGE INSURANCE?

Mortgage insurance is a policy that protects lenders against some or most of the losses that result from defaults on home mortgages. It’s required primarily for borrowers making a down payment of less than 20%.

89. HOW DOES MORTGAGE INSURANCE WORK? IS IT LIKE HOME OR AUTO INSURANCE?

Like home or auto insurance, mortgage insurance requires payment of a premium, is for protection against loss, and is used in the event of an emergency. If a borrower can’t repay an insured mortgage loan as agreed, the lender may foreclose on the property and file a claim with the mortgage insurer for some or most of the total losses.

90. DO I NEED MORTGAGE INSURANCE? HOW DO I GET IT?

You need mortgage insurance only if you plan to make a down payment of less than 20% of the purchase price of the home. The FHA offers several loan programs that may meet your needs. Ask your lender for details.

91. HOW CAN I RECEIVE A DISCOUNT ON THE FHA INITIAL MORTGAGE INSURANCE PREMIUM?

Ask your real estate agent or lender for information on the HELP program from the FHA. HELP – Homebuyer Education Learning Program – is structured to help people like you begin the homebuying process. It covers such topics as budgeting, finding a home, getting a loan, and home maintenance. In most cases, completion of this program may entitle you to a reduction in the initial FHA mortgage insurance premium from 2.25% to 1.75% of the purchase price of your new home.

If you would like to follow this series of questions and answers about buying your New Brooklyn Home Check it out here

If you’re looking for an experienced, energetic, resourceful  Brooklyn real estate agent or just have a few questions, give me Charles D’Alessandro your Brooklyn Realtor® with Fillmore Real Estate a call at (718) 253-9600 ext.206 or email me at [email protected]