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Fha | From 'Urb to 'Burb Blog

Tuesday, July 28, 2020   /   by Vanessa Saunders

The clock is ticking on unemployed Americans with mortgages to pay.

By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
As politicians in our legislatures grind on trying to agree on how much less out-of-work Americans can receive in unemployment payments, the clock is ticking for home-owners trying to figure out a way to make the mortgage payment next month. For those of you who have never been in this situation, this is a reminder that you do have options to get help.
Temporary Mortgage Relief Due to Coronavirus Pandemic
In response to the Coronavirus pandemic, under the CARES Act, the owners of single-family homes with federally-backed mortgages can get two types of financial help.
Eviction and Foreclosure Moratorium
An eviction and foreclosure moratorium that went into effect on March 18, 2020, has been extended again. It now continues until August 31, 2020. During that time, homeowners:
-Will not be charged late fees
-Will not be evicted from their homes
Lenders:
-Will not initiate foreclosure proceedings ...

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  hudson valley real estate, hudson valley home owners, 'urb to 'burb, financing, pandemic, mortgage, fha, unemployment, veterans, rent moratorium

Friday, March 6, 2020   /   by Vanessa Saunders

Now's the time to beat down your lender's door.

By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems.

Interest rates and stock prices have been bouncing all over the place recently, but yesterday was a shocker. 
What’s going on? We're seeing the effects of the Federal Reserve's interest rate-cutting on 10-year Treasury notes this week. The average rate on a 30-year fixed rate mortgage dropped to 3.29% this week, its lowest level... ever.


What’s going on? We're seeing the effects of the Federal Reserve's interest rate-cutting on 10-year Treasury notes this week.

First, keep in mind that 30-year mortgage rates have no free will. They move in lockstep with 10-year U.S. Treasuries. Treasury yields were already at all-time lows because of concerns the Corona Virus would hit future economic growth. (Investors buy Treasuries when they want to play it safe, and yields move inversely to prices.)

In an emergency move this week, the Fed cut interest rates,sending those Treasury yields even ...

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  hudson valley real estate, hudson valley property, buying a home, home investment, 'urb to 'burb, housing sales, selling your home, housing sales inventory, mortgage rates, financing, first time home buyer, lending, fha

Thursday, March 5, 2020   /   by Vanessa Saunders

Your tax refund could pay for HALF the down payment on a house. Here's how!

Do you have plans for that fat, juicy income tax refund you'll be getting in April? Maybe you'll be booking front row seats to Hamilton, or perhaps heading to 'Vegas and putting it all on red or black? Even better, You could buy a really nice pair of jeans. The Guinness Book of World Records cites Gucci’s “Genius Jeans” as the most expensive pair of jeans in the world. They could yours!

But if you'd rather do something smart with your refund check, you might consider putting it in the bank to help fund the down payment on a home. For most Americans, that refund is enough to cover HALF your down payment. Here's how: The map below shows the average tax refund Americans received last year by state:



According to programs from the Federal Housing Authority, Freddie Mac, and Fannie Mae, many first-time buyers can purchase a home with as little as 3% down. Truth be told, a 20% down payment is not always required to buy a home, even though that’s a common mi ...

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  hudson valley real estate, hudson valley property, buying a home, home investment, 'urb to 'burb, hudson valley house, mortgage process, financing, first time home buyer, mortgage, down payment, fha

Monday, February 24, 2020   /   by Vanessa Saunders

5 tips for buying a house on bad credit.

By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems
If your financial situation is less than perfect, buying a house may be a bit more challenging than it would be for others. But it is possible. Here are five things a prospective home buyer can do toward getting a home, even with fair or bad credit .
1. Improve your credit.
It sounds obvious, but it can be done. Lenders judge a borrower's likelihood to pay back a loan based on their credit score. A credit score range between 669-580 ranks your credit as “fair,” and is considered a higher risk for a mortgage lender. Lenders view a score of 579 or less to be “bad credit.” A low credit score means you’re a higher risk for a lender.
It is possible to improve your credit score if it's below 580, and it may take some time. You can:
Improve your payment history.
Having a history of regular on-time payments are a critical part of good credit. Having a plan to regularly make payments w ...

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  hudson valley real estate, hudson valley property, hudson valley home, buying a home, home investment, hudson valley home owners, 'urb to 'burb, mortgage rates, mortgage process, financing, first time home buyer, mortgage, credit scores, fha, va loans

Friday, February 7, 2020   /   by Vanessa Saunders

Buying a Foreclosure Home: Negotiations and Financing.

By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems


The wheels of banking grind exceedingly slow, and purchasing a foreclosure home is no exception. The start of a buyer's long road to owning a distressed property starts with making an offer, and proceeds through negotiations to closing. Most lenders with properties to get rid of are accustomed to low-ball offers. Buyers making offers that are at least 20% below the current market price are normal. A lender might agree to offers even lower than that if the particular property has been on their books for a long time. Lenders will also discount properties in an area with a high incidence of foreclosures. 

Many times, the winning offer will be all cash, including enough for the property and any necessary renovations. This is why buyers will often team up with outside investors who can help them cover up-front costs, then share any profits when the home is sold. 

Financing an REO.
Lenders don't part ...

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  hudson valley real estate, hudson valley property, hudson valley home, buying a home, home investment, 'urb to 'burb, orange county ny, westchester county, rockland county, ulster county, sullivan county, hudson valley house, manhattan, dutchess, financing, first time home buyer, lending, short sale, fha, fabulous renovations

Global Property Systems
Vanessa Saunders MBA MIMC CIPS - NYS RE Principal Broker
56 Lafayette Avenue Suite 320
White Plains, NY 10603
914-290-5258


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The information appearing herein has not been verified by One Key, Inc or by any individual(s) who may be affiliated with said entities, all of whom hereby collectively and severally disclaim any and all responsibility for the accuracy of the information appearing at this web site, at any time or from time to time. All such information should be independently verified by the recipient of such data. This data is not warranted for any purpose.

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