WHEN SHOPPING FOR A MORTGAGE
February 2010 rolled in sneakingly and is now GONE! Wasn't it just last week we were singing "Happy New Year"? Boy, time flys!! This week and moving forward, as you shop for a mortgage, keep the following in mind. Lenders are tightening their requirements to qualify and close on loans and the government will also be tightening on the popular FHA loans. Right now the rates are extraordinarily low and they will not be that way for long. It is being predicted that by the month of March, interest rates will be back up as lending slows down. Get off the fence and place your offer on the property your want today! Why wait for higher interest rates? However, beware of too many credit checks over a period of months. You can request a copy of your credit report from the first lender you approach for an approval, and use that credit report as you shop. Too many hits on your credit can adversely affect your score and knock you out of the possibilty of obtaining a mortgage. So be careful! 

60 DAYS LEFT FOR YOU TO TAKE ADVANTAGE OF THE TAX CREDIT!
This offer is for both buyers and sellers. Below are the details of President Obama's homeowners initiative which applies to both buyers and sellers. If you are in the market to buy or sell a home and you want to be in before June 2010, this is my offer to you. Complete 100% Satisfaction Guarantee. TRY MY SERVICE for the next 30days, put it through the paces and if I do not everything I said I was going to do, you can cancel immediately. I will eliminate all the risks. Call today for a free buyer or seller consultation! You'll be glad you did! 

STILL TIME TO TAKE ADVANTAGE OF THE EXTENSION OF THE NEW YORK STATE 1ST TIME HOMEBUYERS TAX CREDIT WILL END IN 2010
President Obama signs homebuyer tax credit extension, expansion into law
President Barack Obama has signed into law a bill that includes an extension and expansion of the current homebuyer tax credit, an important step in ensuring a real estate and economic recovery. The measure extends the present $8,000 tax credit for first-time homebuyers through April 30, 2010. Current homeowners are eligible for a $6,500 tax credit through April 30, provided they have lived in the home they are selling, or have sold, as principal residence for five consecutive years in the past eight years. If potential homebuyers have a binding contract on or before that date, they will have until July 1 to close the transaction. Income limits for eligible homebuyers are expanded to $125,000 for single buyers and $225,000 for couples. The purchase price of the home cannot exceed $800,000.
About 1.4 million first-time homebuyers have qualified for the credit through August 2009. The National Association of Realtors estimates that 350,000 of them would not have purchased their homes without the credit. 

FINANCING OPPORTUNITIES AVAILABLE FOR FIRST TIME BUYERS 

USDA
No, It's not about beef! It's about Rural Housing Service – The bill provides an additional $500 million to existing USDA Rural Housing programs. The RHS provides both a guaranteed loan program and a direct housing loan program for those meeting the program’s eligibility criteria. The direct loan program will receive $270 million while $230 million will be allocated for unsubsidized guaranteed loans. It has been reported that this level of funding would provide for an additional 192,000 homeowners. CALL NOW to get information on whether or not you are one of those 192,000 possible home owners! 

NACA
Have you heard of NACA-(Neighborhood Assistance Corporation of America)?
Would you like to obtain a mortgage with the lowest interest rate possible in today's market?
Then CALL ME TODAY ABOUT NACA
NACA makes your mortgage payment affordable. Any home buyer can purchase a home thru NACA with low interest rate, no downpayment and no closing costs. NACA has over $10 billion in mortgage commitments for working people to purchase homes on the best terms anywhere with one mortgage product for all homebuyers The Lowest Interest Rate: one-percent below market rate for a conventional “A” credit loan with the below incredible terms:
no down payment, no closing costs, no application fees, no private mortgage insurance, no requirement for perfect credit. Call today for more details!Serving NACA buyers relocating to Rockland, Orange, Ulster and Dutchess Counties.
(Success Power Brokers and NACA are not affliated. This is a mortgage product that is being recommended by this individual real estate broker associate. Call TODAY for details and to get registered for the program). 

SONYMA LOANS via NEW YORK STATE 

SONYMA offers 5 unique programs to help in your quest to become a first-time homeowner, all of which offer below market interest rates, a low downpayment, no prepayment penalties and assistance with closing costs. These 5 programs are:
Low Interest Rate Program: A standard mortgage loan for first-time homebuyers
Remodel New York: A program that offers a below market fixed-rated mortgage to first-time homebuyers who purchase a home with the intent of renovating
Achieving the Dream: Offers low interest rates to lower-income first-time homebuyers
Construction Incentive Program: A program that offers 100% financing to first-time homebuyers who purchase a home under construction or rehabilitation
Homes for Veterans: Specifically designed for military veterans, this program allows qualified veterans to apply for any SONYMA program with added favorable terms
Both the Construction Incentive Program and Achieving the Dream offer additional savings to homebuyers who purchase new energy efficient homes according to the New York ENERGY STAR Labeled Homes program.  

Am I eligible?
Each of the 5 programs have specific requirements according the type of loan. Please see NY Homes for details on each. In order to qualify for any of SONYMA's programs, you must: 

Have a 2 year history of a reliable, verifiable source of income prior to applying for a loan
Have a credit history proven to qualify you for a home loan
Have the ability to afford all projected costs of homeownership as well as any current debt payments
Have the ability to afford a downpayment and closing costs
Be a first time homebuyer
Occupy the SONYMA-financed home as your primary residence
Just as you must meet the above requirements in order to qualify for a SONYMA loan, so does the house you are seeking to purchase. In order to qualify, a home must: 

Be located in New York State
Not be used for commercial or business purposes
Be a maximum of 5 acres
Have a minimum of 500 square feet living space
Be an existing or newly constructed single family home, or
Be a 2, 3 or 4 family unit at least 5 years old and has been used solely as a residence during the past 5 years, or
Be a 2 family home at least 5 years old and located in a Target Area*
Have a sale price that does not exceed the Purchase Price Limits**
* A Target Area is a tract of land which has been designated by the Federal government as economically distressed. Call about purchase price limits. 

How does it work?
Each of SONYMA's 5 programs are designed to give assistance to first-time homebuyers , and is financed through the sale of tax exempt bonds.  

Are there any alternatives?
If you are not a first-time homebuyer, you may still qualify for a SONYMA loan if you seek to purchase a home in a Targeted Area.  

Do I really need this type of loan?
If you qualify according to the above requirements it is recommended that you choose a SONYMA loan, as the SONYMA programs can make purchasing your first home a feasible option. If, however, you can afford a conventional mortgage and downpayment, you may want to consider other options through your local lender.  

BANK OWNED PROPERTIES In 2010, this will still a great opportunity for the first time buyer to get into a solid property paying a lot less. However, if you are not that savvy with the loan programs available for "distressed properties", it may not be such a good idea. There are over 100 of such properties currently on the market in Orange County, Rockland County, Sullivan County, Ulster County and Dutchess County, These properties are being purchased by smart buyers who have realized the trend. No one has a crystal ball to know when this trend will end, so the time to move is NOW! Strike while the iron is hot!