SiTreasure

 

Your Guide to Classic Homes and Historic Neighborhoods

Staten Island Real Estate, Neighborhood News and Discussions.

 

Angela D’Aiuto

NYS Licensed  Real Estate Salesperson

 

Neuhaus Realty

3171 Richmond Road

Staten Island, NY 10306

 

Direct: 718-877-7367

 

Info@SiTreasure.com

Office: 718-979-3400

 

Info@SiTreasure.com

2009 FIRST TIME HOMEBUYER TAX CREDIT

 

· Great opportunity for anyone who has not purchased a primary residence in the last three years.

 

· Homes purchased on or after January 1, 2009 and before December 1, 2009 are eligible.

 

· When you file your 2009 taxes you will get a $8,000 tax credit.

 

· 2009 tax credit DOES NOT have to be repaid and is a true credit, whereas the 2008 credit was different since it was a interest-free loan. Contact Angela for more information and to begin your search for a home.

 

· More info on TAX CREDIT

 

 

 

 

       A potential homebuyer locates a fixer-upper and executes a sales contract after doing a feasibility analysis of the property with their real estate professional. The contract should state that the buyer is seeking a 203(k) loan and that the contract is contingent on loan approval.

 

       The homebuyer then selects an FHA-approved 203(k) lender and arranges for a detailed proposal showing the scope of work to be done, including a detailed cost estimate on each repair or improvement .

 

An appraisal is performed to determine the value of the property after renovation.

       If the borrower passes the lender's credit-worthiness test, the loan closes for an amount that will cover the purchase or refinance cost of the property, the remodeling costs and the allowable closing costs. The amount of the loan will also include a contingency reserve of 10% to 20% of the total remodeling costs and is used to cover any extra work not included in the original proposal.

       At closing, the seller of the property is paid off and the remaining funds are put in an escrow account to pay for the repairs and improvements during the rehabilitation period.

       The mortgage payments and remodeling begin after the loan closes. The borrower can decide to have up to six mortgage payments (PITI) put into the cost of rehabilitation if the property is not going to be occupied during construction, but it cannot exceed the length of time it is estimated to complete the rehab.

       Escrowed funds are released to the contractor during construction through a series of draw requests for completed work. To ensure completion of the job, 10% of each draw is held back; this money is paid after the lender determines their will be no liens on the property.

 

For more information on how to apply for a 203K Loan

Info@SiTreasure.com

Thinking of Buying a Fixer Upper?– Choose a 203 K Loan

How can your purchase a fixer-upper and still have funds to renovate? Consider a 203K Loan. It allows you to buy a primary residence  and renovate it a the same time. This is a perfect solution if you want to restore an old home to its original beauty and  upgrade the home for comfort and safety.

Steps to  Saving One Old Home at a Time…...