Last Updated On: Friday, December 04, 2009

The rates and APR above are based upon the following assumptions: a 20% down payment, $1,500 in finance charges, and 30 days prepaid interest, 1 point, and a 60 day rate lock. The rates and APR will vary depending upon the actual down payment percentages, points and fees for your transaction. Rates are subject to change without prior notice and may vary with your unique credit history, and terms of your loan. Property taxes and homeowners insurance are estimates and subject to change.
20051919LB – NY Licensed Mortgage Banker-NYS Banking Department LMBC 106535

All information provided is deemed reliable but is not guaranteed and should be independently verified.

 *Information per raveis.com

For those of you with little ones, Sunday is a great day to explore Rye!  I have talked before about the great shops on Purchase Street, and the Rye Chamber of Commerce is sponsoring their annual Mistletoe Magic Family Festival from 12-3 this Sunday, November 29th. We will be there at  William Raveis Real Estate’s Dreamhouse along with several other local merchants with rides, games and crafts for young children. Live musical performances, food, farmer’s market, and lots of fun all around.

If you can’t make it Sunday, consider coming to town for dinner and shopping on Purchase Street for Candlelight Shopping on two consecutive Thursday evenings, December 3rd and December 10th, when many of the local merchants will be open until 10 p.m. Click here to learn more about upcoming holiday events throughout Westchester County, courtesy of Lohud.com.

Last Updated On: Friday, November 20, 2009

The rates and APR above are based upon the following assumptions: a 20% down payment, $1,500 in finance charges, and 30 days prepaid interest, 1 point, and a 60 day rate lock. The rates and APR will vary depending upon the actual down payment percentages, points and fees for your transaction. Rates are subject to change without prior notice and may vary with your unique credit history, and terms of your loan. Property taxes and homeowners insurance are estimates and subject to change.
id 20051919LB – NY Licensed Mortgage Banker-NYS Banking Department LMBC 106535

All information provided is deemed reliable but is not guaranteed and should be independently verified.

Last Updated On: Friday, November 13, 2009

The rates and APR above are based upon the following assumptions: a 20% down payment, $1,500 in finance charges, and 30 days prepaid interest, 1 point, and a 60 day rate lock. The rates and APR will vary depending upon the actual down payment percentages, points and fees for your transaction. Rates are subject to change without prior notice and may vary with your unique credit history, and terms of your loan. Property taxes and homeowners insurance are estimates and subject to change.
,20051919LB – NY Licensed Mortgage Banker-NYS Banking Department LMBC 106535

All information provided is deemed reliable but is not guaranteed and should be independently verified.
William Raveis Mortgage LLC.

On my recent post, I detailed the recent modifications to the Home Buyer’s Credit that should have a positive effect on many sectors of the housing market. Still, two additional factors that will  continue to influence our local real estate in the coming year are 1) restrictions on mortgage lending implemented in the past year and 2) job losses.

To that effect, I am optimistic that JP Morgan Chase announced Tuesday that they plan to increase their home loan sales force by 60% by the end of 2010 in 23 states, including key cities such as New York and Chicago, according to a recent report from cnnmoney.com*.  This is significant as is the extension of conforming loan limits in our area to $729,750 through the end of 2010. The story on job losses is not as rosy, as we’re all aware, yet on a very informal note, I know of three people close to me that have accepted jobs within the past 2 weeks from positions that they had initially interviewed for over the summer!! Does that mean that companies are starting to feel it is time to take on some additional qualified new people in anticipation of a turnaround in the economy, as JP Morgan Chase is in their home loan department staffing?

Email me at judy.croughan@raveis.com for more clarification on these pertinent issues which affect the purchase OR sale of your home in the Rye, N.Y. area.  Interest rates remain low, and I post mortgage rates here weekly on the site to help you purchase your new home.

*JP Morgan plans to hire 1200

The Home Buyer’s Tax Credit has been extended and some of the provisions changed since my last post on the subject.  What are the details of the new law?  Changes include:

• Extension to April 30, 2010 contract signing, and the purchaser will have until July 1, 2010 to close.
• Includes current homeowners that have used the home sold as a principal residence consecutively for 5 of the past 8 years, as well as first time home buyers.
• Increased Income Limits to $125,000 single, $250,000 married.
• $800,000 limitation on cost of purchased home.
• Purchaser must attach documentation of purchase to tax return as an anti fraud provision.

Included here is the document table as provided by National Association of Realtors Government Affairs Division, please click below to read in full:

NAR ISSUE BRIEF HOMEBUYERS TAX CREDIT

First time home buyers still get 10% of the purchase price up to $8000 as a credit, but now existing homeowners can claim up to $ 6500 if they meet the criteria. While the increase in income limits opens the pool of potential buyers in the metro area, could the newly added $800,000 cap on sales price be a stumbling block for buyers in Rye, where the median sales price is consistently over the $1,000,000 mark (the median price of the 105 single family homes sold in Rye City since the beginning of this year is $1,350,000*). A time to take a second look at fixer uppers with expansion potential? 

I tend to agree with the opinion of a recent Forbes.com article that some of the biggest winners in this scenario could be empty nesters and retirees who are planning to trade down. After selling their current home, many retirees tend to pay cash (or a high percentage of cash) to finance their downsized homes, and therefore would not be hindered by some of the recent credit restrictions that are frustrating some new potential buyers. I also think the home credit can be a boost for local singles or recently divorced parents looking for a downsized home or townhouse in the same highly rated school district.

There are 173 homes currently available at $800,000 or under in our selling area right now**- perhaps some of them deserve a look? Let me know- I would be happy to help.

*Information per WPMLS, Sales RSCD & RNSD, zip 10580, 1-1-09 to 11-7-09.

**Homes currently listed for sale $800,000 & under as per WPMLS 11-7-09 in Rye, Harrison, Mamaroneck, Rye Brook, & Port Chester N.Y.

Last Updated On: Friday, October 30, 2009

The rates and APR above are based upon the following assumptions: a 20% down payment, $1,500 in finance charges, and 30 days prepaid interest, 1 point, and a 60 day rate lock. The rates and APR will vary depending upon the actual down payment percentages, points and fees for your transaction. Rates are subject to change without prior notice and may vary with your unique credit history, and terms of your loan. Property taxes and homeowners insurance are estimates and subject to change.
20051919LB – NY Licensed Mortgage Banker-NYS Banking Department LMBC 106535

All information provided is deemed reliable but is not guaranteed and should be independently verified. Information per William Raveis Mortgage.