First Time Buyer in Newburgh Q&A
Posted on 13. May, 2009 by Joshua Ferris in Blog, FHA, Finance, Refinancing, new york, real estate
I received an outstanding list of questions from first time buyers David & Jamie and thought I would republish my answers here. You can send any questions you have to jf -at- housemeetsowner.com (replace the -at- with @ and no spaces) to be posted in future Q&A’s on the blog.
1) Do you have rent to own homes? – Yes, rent to own homes are available in the area though they vary greatly in style and price.
2) What does a two bedroom/2 bathroom cost generally? - Depends on what you’re looking for. Newly built 2 bedroom, 2 bathroom condos can be found in the mid-$200,000s whereas older two bedroom condos can be seen as low as $140,000 and up. Single family homes tend to be a bit more expensive and you’re likely to find two bedroom single family homes starting in the high end price range of 2 bedroom new construction condos.
3) I guess it depends on the size of the house but typically how spacious is the back yard? – Each home varies. I’ve seen 3,000 sqft homes on quarter acre lots and 2,000 sqft homes on 10 acres. In the Newburgh area you are most likely going to find lots between half an acre to one acre.
4) Why should we buy instead of renting? – Two big reasons: tax benefits and you’re paying to own something rather than rent. Right now first time buyers get up to $8,000 tax credit on their 2009 income tax if they purchase before November 2009. In addition, you can usually write off interest and other home ownership costs as tax deductions. Consulting with a tax/accounting professional is the best way to discover all the financial benefits of home ownership.
5) Can we become home buyers if, only hypothetically, we’ve had bad credit and don’t have much for a down payment? – It’s significantly more challenging to obtain credit and a mortgage in today’s economy but it’s not impossible. Depending on how high your credit score is you may be eligible for an FHA loan. A mortgage professional will give you all of your options based on your credit and down payment abilities. FHA loans only require 3.5% down.
6) How much money will we have to come up with as a down payment? – Depending on the loan type you are approved for it can range from 3.5% to 20%.
7) Should we use a Real Estate Agent? How do we get one? - I always strongly encourage home buyers and sellers to use the services of a real estate professional before transacting real estate. There are many benefits to using an experienced REALTOR® which vary depending on what side of the transaction you are on. For the sake of argument let’s say you’re on the buying side. A buyer’s agent will help educate you about the buying process, what to expect as you go through the transaction, negotiate on your behalf and most importantly, guide you through the local market to find the perfect home for you.
I know it sounds a little cheeky to say you’ll find the “perfect” home but having a buyer agent can really save you a ton of time and money. Keep in mind that most buyer agents have their finger on the pulse of the market and are very knowledgeable of new communities, neighborhoods that fit the lifestyle you are looking for and market activity in local areas. Since the agent is hopefully practicing real estate as their full time profession they will have the knowledge and experience that could take you many months to learn on your own.
As for finding an agent, you just did. 
8 ) How do we choose the best loan program for us? – A mortgage professional will be able to give you all of the options available to you based on your credit score and down payment amount. Your local credit union, bank and even national brands like Bank of America all have mortgage professionals who will gladly assist you. I would also recommend reading Carolyn Warren’s book titled Mortgage Ripoffs and Money Savers which will give you an insider’s look at how loans are created and what each loan means to you.
9) What happens if interest rates decrease and we have a fixed rate loan? – A fixed rate loan is locked in at a set rate shortly before closing. If you are locked in to 5.00% and rates drop to 3.00% (not too likely) then you could either refinance to a lower fixed rate or continue paying your current loan.
10) Are there special mortgage rates for first time home buyers like us? - You will most often find first time home buyer programs like SONYMA available to help home buyers purchase their first home. Whether these programs have special rates would depend on the program itself. Contacting a mortgage professional is the best way to learn more about these programs.
11) Like everyone we dread taxes. However, what steps could we take to lower our Home Owner’s Insurance cost? - Your taxes and homeowner’s insurance are two separate entities and costs. The best way to get lower taxes is to purchase a home under condominium ownership. This type of ownership is taxed differently than single family homes and typically offers lower taxes. On the flip side you may have to pay a homeowner’s associate fee for community services in a condominium complex. The combined cost of the HOA and taxes can sometimes be equal or greater than taxes on a single family home.
You can also apply for the New York State STAR program which will reduce your taxes and is available to any homeowner living in their home full time. You can learn more about taxes by speaking with your accountant or tax professional. As for property insurance for your home you can get multiple quotes from insurance companies and choose what fits your needs best. Condominium insurance is sometimes lower because you are only paying to insure the home from wall-to-wall as opposed to single family insurance which covers the exterior of the home and structure.
12) What makes up closing costs? - This is another great question for a mortgage professional but I can give you a very brief summary (not all inclusive). Your closing costs will be made up of costs to originate your loan, property taxes and other costs associated with purchasing a particular home that must be paid upfront.
13) FORBES MAGAZINE estimates that within ten years or less Newburgh, NY will be the toast of the town. How diversified is this lovely community in terms of ethnicity, cultural & sporting activities, community politics(D vs. R), religion, international cuisines, etc.? - Newburgh has seen a revival of sorts over the past 10 years that led to the creation of the thriving waterfront area of restaurants, art house cinema and other sophisticated fare. The area has continued towards its goal of becoming a jewel on the Hudson with new developments like the expansion of SUNY Orange and a new residential development near Liberty St. You can learn more about Newburgh’s statistics by visiting http://www.city-data.com/city/Newburgh-New-York.html.
14) Is there dependable public transportation or does one have to have their own wheels to survive? – Newburgh is primarily a car town and city so owning a car is essential to living in the area. Alternatively, if you don’t travel too often there are a growing number of taxi services in the area and mass transit to New York City in Beacon, Salisbury-Mills Cornwall and just outside of the City of Newburgh.
You can post any questions or thoughts you may have in the comments below!
Four Real Estate Video Pioneers to Watch
Posted on 30. Apr, 2009 by Joshua Ferris in Blog, Industry, new york, real estate
Real estate video, when done right, can be amazing and offer insight into a property or place that might have otherwise been lost in photos. These four real estate video pioneers from all over North America have raised the bar on what an independent agent is capable of.
1. Mike Lefebvre -- Greater Boston Area, MA Real Estate Agent
Mike Lefebvre gained national attention with his entry and subsequent win for the Century 21 video competition held in 2008. By crafting a story of intrigue while folding in the details of his listing, Lefebvre was able to sell his listing quickly. With all of the press there is no doubt Mike was busy listing many more homes after his video victory. Check out the prize winning video below:
You can see more of Mike Lefebvre‘s videos on his website. Mike is also on Twitter.
2. Robin Greenbaum -- New York, NY Real Estate Agent
I’ve touched on the price of artifice (inspired by Rob Hahn’s entry of the same name), or the cost of creating professional quality videos, in the past. For most brokerages and agents it’s next to impossible to mix professional video values with the authenticity of “amateur” video hosts. Such a limitation doesn’t exist for Robin Greenbaum who manages to successfully blend the two into a cohesive, enjoyable video tour of one of her listings. Here’s one of Robin’s listing videos that breaks the mold:
Robin can be reached on Twitter.
3. Rick & Ines Hegedus-Garcia -- Miami, FL Real Estate Team
This Miami real estate team has taken Miami’s sexy lifestyle and shared it with the world through blogging and online videos. In the video below Ines describes one of her favorite Miami restaurants and reviews their Mojitos. What’s more Miami than mojitos? The video is successful for two reasons. First, it gives home buyers a peek at the Miami lifestyle they would enjoy if they moved to the Miami area. Second, it showcases Ines’ personality and, should the viewer want to buy a home in the area, will build rapport and make them feel like they already know Ines.
Ines is reachable via Twitter.
4. Kye Grace -- Vancouver Real Estate Specialist
Kye Grace set a new innovation milestone in real estate video with his 72 hour open house. Grace was able to garner international media attention, exposure for his listing (which sold shortly after the open house) and establish himself as an internet marketing specialist. In addition to the 72 hour open house, Kye is also well known for his popular Propertyegg.tv online show where Kye and special guests discuss real estate related topics.
Catch the latest news from Kye Grace by following him on Twitter.
If you’re new to real estate video or don’t know where to begin you could start by checking out how each of the pioneers above are carving their own path in the field. Don’t be afraid to go out there and experiment with different show formats, video hosting styles and topics. As you can see above, each video has its own standout features that make them fun to watch.
Are there other real estate video pioneers you would like to see mentioned? Leave me a comment below or get in touch with me on Twitter and I’ll gladly update the list.
Orange County New York FHA Approved Condominium Communities
Posted on 24. Apr, 2009 by Joshua Ferris in Blog, FHA, Finance, new york, real estate
If you are thinking about buying a home then you know finding reasonable financing can be a daunting task these days, especially for condominiums. One loan type that is still readily available for this home type is the FHA loan. FHA loans are federally insured loans that enable home buyers to purchase a home with as little as 3.5% down. The following condominium communities in Orange County, NY are all FHA approved meaning you can buy a home in one of the neighborhoods listed below with 3.5% down.
Each community has been listed under the Town/Village/City where its located.
Cornwall, NY
Brookside at Cornwall
Harriman Hill at Cornwall
Middletown, NY
Kingsway Condominiums
Monroe, NY
Pine Ridge
Van Buren Condominiums
Windridge I, II, III
Newburgh, NY
Brighton Green (New Construction)
New Windsor, NY
Butter Hill at New Windsor
Plum Point on Hudson
Washington Green
Windshire Condominiums
Windsor Crest
Tuxedo, NY
Tuxedo Heights
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Have questions or would like more information on the communities above? Leave us a comment below!
2009 FHA Loan Limit Increases for Orange/Rockland County New York
Posted on 26. Feb, 2009 by Joshua Ferris in FHA, Featured, Finance, News & Reviews, new york, real estate
FHA loan limits have increased in Orange and Rockland Counties to reflect the higher cost of living in the suburbs of New York City. See the previous and new FHA loan limits, by county, below:
Orange County New York FHA Changes
Previous Single Family Home FHA Loan Limit: $356,500
NEW Single Family Home FHA Loan Limit: $443,750
Rockland County New York FHA Changes
Previous Single Family Home FHA Loan Limit: $625,500
NEW Single Family Home FHA Loan Limit: $729,750
The new FHA loan limits should make it much easier to purchase a single family home in areas like Monroe, Newburgh and Rockland County where prices are typically higher than most other parts of the United States.
Condominium communities are still subject to FHA approval so be sure to check which communities are FHA approved before viewing condo/townhouse communities. Brighton Green in Newburgh, NY is FHA approved and new homes are being built in the final phase of the neighborhood.
Most Popular Orange County NY Townhouse Communities for 2009
Posted on 24. Feb, 2009 by Joshua Ferris in Blog, News & Reviews, new york, real estate
As one of the last suburbs of New York City with space for larger new home communities, Orange County NY is a prime destination for new home buyers. In 2009 we have seen a dramatic increase in traffic and research of these new home communities. Check out the most popular Orange County new construction townhouse communities below:
Brighton Green
Our list begins with Brighton Green. Brighton Green is a neighborhood of 154 townhouses, all of which are three bedrooms and each offers a one car garage with private driveway. The first home was built in 2006 and new homes continue to be built today where the builder, Pulte Homes, is in their final phase.
Brighton Green offers a lot of amenities. Residents enjoy a 3,100 sq.ft. clubhouse with swimming pool, cardio room, billiards room and a low maintenance lifestyle.
Learn more about Brighton Green by clicking here.
Brighton Green Photo Gallery
Fairways at Wallkill
The Fairways at Wallkill is a gated golf course community in the Town of Wallkill New York. There are four home styles in the community including single level condominiums, townhouses, duplexes and single family homes. The Fairways clubhouse houses an internet cafe, entertainment lounge and fitness center.
The home designs in the Fairways at Wallkill are stunning. For example, the Egremont duplex model combines the convenience of a master suite on the first floor with a loft style second level.
Fairways at Wallkill Photo Gallery
The Grove at New Windsor
Set along the hillside of New York International Plaza, The Grove at New Windsor sits inside what is planned to be a mixed-use development of commercial office, industrial and retail space. Luxurious community amenities include a 4,000+ sq.ft. clubhouse with social lounge, full fitness center, tennis court and swimming pool.
There are six models to choose from with two bedroom models from the high-$200s and three bedrooms from the mid-$300s.
The Grove at New Windsor Photo Gallery
Woodside Knolls
Woodside Knolls is a brand new community of 216 townhouses and 45 single-family homes in the Town of Wallkill, NY. Residing across the street from Wildflowers at Wallkill, an active adult (55+) community, Woodside Knolls is a convenient getaway for residents of all ages. On-site amenities include a recreation center, swimming pool and half basketball court.
Please Note: Joshua Ferris/Keller Williams Realty are not representing the builders of Woodside Knolls, The Grove at New Windsor or the Fairways at Wallkill. Joshua Ferris/Keller Williams Realty are representing the builder of Brighton Green. Prices and information is deemed accurate but not guaranteed and subject to change without notice.