What is the difference between pre-qualifying and pre-approval?

Given the current state of mortgage lender, knowing where you stand credit wise is even more important now than ever.

A pre-qualification is normally issued by a loan officer, who, after interviewing you, determines the dollar value of a loan you can be approved for. No credit checks are done, no employment history taken, nothing is submitted to an underwriter. However, loan officers do not make the final approval, so a pre-qualification is not a commitment to lend. After the loan officer determines that you pre-qualify, he/she then issues you a pre-qualification letter. In times past, before houses were selling very quickly (between 1997-2005) we used pre-qualification letters. However during the peak seller’s market pre-approvals (explained in the next paragraph) became the standard in the Greater Hudson Valley Region.

It is important to note that in truth anyone can be “pre-qualified”. Your realtor can do it for you, they simply have to know the lending guidelines. Read the rest of this entry »

First Time Homebuyer Tax Credit

Attention First Time Home Buyers:

President Bush signed a major housing bill (H.R. 3221) into law. As part of the housing bill, congress has created a new, temporary tax credit to provide an incentive for first-time home buyers. The $7500 credit will be available for the purchase of a principal residence on or after April 9, 2008 and before July 1, 2009.

What does this mean to you?

Well, if you purchase a principal residence in the next 11 months, or in the past 4 months you become eligible to borrow up to $7500 from the Federal Government. You will have 15 years to pay back this interest free incentive. To apply for the tax credit, simply claim the credit on your next tax return.They haven’t worked out the details of “How” the money will be paid back yet. But if you take advantage of the full $7500 credit, the payment would be around $500 per year. If you sell your house before the 15 year period expires, any amount of the credit that has not been repaid will become due.

If you have been sitting on the fence, watching the market, waiting for the right time to buy…………..
This is it.

Buying your first home is a very stressful experience. Most first time home buyers, have to skimp and save every possible penny they can to get into their First Home. Things are normally very tight the first couple of years. This Tax Incentive could be put to some good use.

Unlike a home equity loan, this credit is not based on your income to debt ratio or the amount of equity left in your home.

Please consult your tax advisor with questions about using this new Tax Credit.

HAVERSTRAW INVESTMENT PROPERTIES.

Three Terrific listings in Haverstraw:

As of November 2008, these properties are still available.

Mike Truiano | Rockland County Real Estate | 845-480-2366 51 Broad Street, Haverstraw, NY see also MLS #448155,448163,448164. Three multi-family properties for sale. 47 and 51 Broad St. are multi-family properties. 49 Broad is a semi-att 5BR/3BA Multi-Family, 2 units offered at $438,900 Year Built 2005 Sq Footage 3,070 Bedrooms 5 Bathrooms 3 full, 0 partial Floors 3 Parking Unspecified Lot Size .140 acres HOA/Maint $0 per month see additional photos below OTHER SPECIAL FEATURES Hudson River Views ADDITIONAL PHOTOS Seller contact info: Mike Truiano Rockland County Real Estate 845-480-2366 For sale by agent/broker Equal Opportunity Housing Posted: Jun 24, 2008, 6:28pm PDT

HAVERSTRAW HOMES RICH IN HISTORY. TWO AFFORDABLE MULTI-FAMILY PROPERTIES and ONE SEMI-ATTACHED PROPERTY. ALL NEAR WATERFRONT REDEVELOPMENT AREA WITH BEAUTIFUL HUDSON VIEWS. LIVE IN ONE AS YOUR TENNATS PAY YOUR MORTGAGE. POSITIVE INCOME CASH FLOW. CLOSE TO MARINA AND TRANSPORTATION TO CITY.PLENTY OF PARKING AT REAR AND OFF STREET PARKING TOO. CAN BE A GREAT INVESTMENT FOR YEARS TO COME. PRICED FOR QUICK SALE.HURRY TO MAKE YOUR OFFERS BEFORE ITS TOO LATE…………

cALL Mike Truiano At (845) 480-2366 for FURTHER details.

CLICK ME WOO-HOO !!

TO SEE ALL THE NANUET CONDOS FOR SALE !