There are no "Government Sponsored Programs" for private home buyers/owners.
The only show in town for buying a fixer-upper is a 203K FHA loan. If you Google 203K FHA you will find a lot of information about the program. both the Federal Government web site (FHA) as well as many Banks that process the loans.
Kathryn Lilly, Broker
Realty on the Greene, LLC
Julieta, there aren't too many mortgage programs specifically aimed at teachers. These programs basically make it easier for police officers, teachers, doctors and nurses to qualify for a mortgage, by allowing a smaller down payment, perhaps more gifted funds towards down payment, etc. but again, you really don't see these programs much and very few lenders offer them. If you're set with down payment and well qualified, it's possible that you'll benefit from a loan program that isn't designed for teachers.
I strongly suggest that you meet face-to-face with a Loan Officer and see what your options are on not just the fact that you're a teacher, but rather you financial situation as a whole. It's possible that you'll benefit more from a program that isn't designed for teachers due to some aspect of your qualifications as a borrower (down payment, credit, assets, debt-to-income ratio, etc.), or you might be better off with such program because of your limitations.
If you're interested in more information about these sort of programs, or in need of a Loan Officer who can help you with the pre-approval process, I'm always available to meet at our Brooklyn offices.
If my response was helpful, consider clicking BEST ANSWER!
Senior Loan Officer
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648... more
you posted 819 greenwood ave, but put up a link to 527 east 5th street. which house are you
inquiring about, or better yet are you selling either of these? let me know I have many buyers... more
The real estate market is strong in Kensington. A property that is priced appropriately for its size, condition and location in Kensington will not remain on the market for more than a few weeks. It is a very desirable location, that has been discovered -- and as such, houses are selling quickly in this neighborhood.... more
You definitely don't want to do this. Speak to an attorney before doing anything, you would be illegally entering the tenant's property, and could be considered to be perfroming a criminal action. The tenant has legal posession until a court rules otherwise, and you would be liable.
If you need a good landlord/tenant attorney let me know and I can direct you to one.... more
Check with your Realtor. He/she will have some recommendations. Reason why the broker is likely to be good: Your Realtor knows that his/her commission depends on your actually being able to purchase the property. So it's your Realtor's best interest (financial, as well as doing the best job to represent you) to refer you to a good broker who will know the best ways to get you the loan.
Hope that helps.... more
I am a real estate agent in Brooklyn for 17 years now full time and I specialize in your area. I would usually include the basement if it is finished into actual living space. I do not count the garage. When considering the market value of the home you have to take into consideration the building size, lot size, amenities, condition, recent comparable sales and current market conditions. As an example, right now I am in the process of selling a home on Parkville Avenue which is a two family home that needs a lot of repair work and I put it into contract for over $600,000!
Your best bet would be to have a professional agent in the area (like me) come over and take a look at your entire house. The agent can show you comparable sales that have taken place recently and upon viewing the home give you a realistic estimate of the market value. We can also give you sound advise as to how to prepare the home for the sale and stage the property to be shown. We can also break down the selling process for you and go over the various expenses you will incur when you sell your home. This is something that most agents (including myself) will do free of charge with no obligation.
To further answer your question, if you want to get a very rough idea ass to your homes value, go to the web site www.PropertyShark.com and enter your address, then you will see how much the city assesses your home's market value for real estate taxes and an average sales price for homes like yours. I must caution that depending on the uniqueness of your property these estimates may be way off, but it gives you an idea. You can also visit the web site www.Zillow.com and enter your address and then you will be shown recent sales in our neighborhood.
Again, the best estimate will come from an agent that visits your home so give that some thought. If I can be of further assistance, please let me know!
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, inc.
Office: (718) 645-1665
Email: MitchellSFeldman@aol.com... more
It all depends what you paid for it when you purchased it. We recently went to contract on a 1 BR in the heart of Kensington, on Ocean Parkway between Cortelyou Road and Avenue C. We can tell you that we had it listed at $159,000 and it generated alot of interest and calls, and traffic and we had no trouble getting offers.
There's really no way of knowing how much you will profit from selling now, because every buyer is different and how quickly it sells and for what price depends on location, condition, upgrades and your asking price in relation to current market value. Have you put alot of money into renovations, such as the kitchen and bath? Have you recently painted your unit? What is the maintenance, and what does it include (heat, or heat plus gas, etc.) Can the unit be subletted? Is the building a newer luxury building with doorman and terraces or an older building? Finally, what floor is your unit on and does it face Ocean Parkway or the back? All of these factors will determine the desirability and ultimate selling price of your co-op. The bottom line is always price. If your unit is priced to high, it will sit and not generate interest no matter how good the location.
On the positive side, Kensington is now one of the most desirable locations in Brooklyn and we have many calls from prospects seeking co-ops in the area. As younger people have been priced out of the Park Slope/Windsor Terrace market, Kensington has become a hot neighborhood. On the negative side, because the market has been so slow, there is approximately a 10 month inventory of homes, in general, on the MLS in Brooklyn. Because of the high inventory and new co-ops that will be listed in the spring, there will be more competition to sell your unit.
So your best bet is to contact a Realtor and get a comprehensive home evaluation which includes up-to-date comparables, including units in your area or building that have sold, that are in contract and that expired (when listings expire it means the prices were probably too high). So, with the market analysis you'll be best informed to make a decision.
David and I would love to help you. Please feel free to contact us at email@example.com, or give us a call at 917-593-4068 and we will be happy to do an evaluation for you! Good luck to you!
Bonnie & David... more
Check out their online prescence and the way they market their listings. Look carefully at the photos and how their listings look online. You can also ask for references and check out any reviews they've received from past clients. Meet with the agents in person and interview them. Some questions to ask would be how many listings they have, what their sales to list ratios are, do they have an assistant or do they handle your listing personally, where do they rank in their area, etc..... more
I'm not an accountant, so this isn't accounting advice.
And I don't know about a coop.
Regarding condos, if you're living in the condo, no the maintenance fee is not deductible. Slight exception: If you've got a home-office in your condo, then you can deduct that portion of the condo fee equivalent to the proportion of the condo being used as a home office. In that case, that portion of the condo fee would be a business expense.
If the condo is a rental--if you're renting it out and declaring your income and expenses on your taxes--then the condo fee is an expense that you can deduct.
Check with an accountant for more information.
Hope that helps.... more