Better Homes and Gardens Rand Realty is pleased to present this compilation of autumn events, including Harvest celebrations, Halloween parades, farm stand listings, and foliage tours. We Hope that you enjoy the festivities and foliage of the lovely Hudson Valley!  

 

 

WESTCHESTER-PUTNAM-DUTCHESS

Croton-On-Hudson, October 12, 16-18, 22-25, 28- November 1, 6-9:30 PM

The Great Jack O'Lantern Blaze features over 4,000 individually-carved pumpkins lit up throughout wooded walkways, orchards, and gardens of Van Cortland Manor and along the Croton River. Adults $15, Children over 5yrs old $10. Reservations required. (914) 631-8200. www.hudsonvalley.org  

 

Somers, October 12, 12-3 PM - Pumpkin Pickin' - Take a hayride to the farm's pumpkin patch. Select the perfect pumpkin for your jack-o-lantern or homemade pie. Co-sponsored by the Friends of Muscoot Farm. All proceeds benefit the farm. $2 for hayride plus pumpkin fee. Muscoot Farm, Rte 100.  (914) 864-7286. www.westchestergov.com/parks

 

Harrison, October 12, 10 AM - Festival. Come join the fun at Riis Park! There will be games, refreshments and more! All ages welcome. Free. (914) 670-3035. www.town.harrison.ny.us  

 

Putnam Valley, October 16, 7 PM - 5^th Annual Variety Show featuring faculty&staff from Putnam Valley Elementary, Middle and High School! Fundraiser for Putnam Valley's music programs. Don't miss this exciting show!! 146 Peekskill Hollow Rd. Cost $10. (845) 526-7847 x 1369.

 

Irvington, October 17, 10:30-12 PM - Halloween Events at Matthiessen Park includes the "Paint a Pumpkin Workshop." For a $15 fee you get a 15-pound pumpkin, glue, and paints (bring materials for decorating). You can also go to the "Stuff a Scarecrow Workshop" where for a $15 fee you get a hat, hay, and twine (bring clothes and mounting). Children must be accompanied by an adult. Pre-registration required at Recreation Dept. Rain date: Oct 18, 10-11:30 AM.

(914) 591-7736.  www.irvingtonny.gov  

 

Mount Vernon, October 17, 10-4 PM - St. Paul's Church National Historic Site will commemorate the 1776 Battle of Pell's Point, including lectures on the American Revolution, musket firing, and militia drill, wreath laying ceremony at graves of soldiers, period music, and dramatizations. Revolutionary-era crafts, cooking, historic games and toys will be on display with dozens of costumed re-enactors representing the various armies. Free. (914) 667-4116.  www.nps.gov/sapa

 

Rhinebeck, October 17-18, 10-5 PM - New York State Sheep and Wool Family Festival.  Watch sheep shearing, animal shows, farmers' market, wine tasting, and more. $10-15, Under 12 Free. (845) 876-4000. www.sheepandwool.com

 

Sleepy Hollow, October 17-18, 24-25 - The Legend of Sleepy Hollow - "Legend Weekend Nights." At Philipsburg Manor, the grounds become a haunted landscape visited by goblins and ghosts from Hudson Valley folklore. Wander through at your own pace while ghouls, witches, pirates, and apparitions come eerily to life. Jonathan Kruk offers dramatic tales. Adults $15, Children 5-17 $10, seniors $10, 5 & under free.  (914) 631-8200. www.hudsonvalley.org  

 

Somers, October 17 thru November 1, 11-4 PM - Halloween Show - The main will be decorated with a special huge "Eerie Railroad" Lionel train display. Audrey 2 from the Little Shop of Horrors will be showcased. The dining room will be transformed into its own spooky Flower Shop. Tributes to Hollywood botanical monsters and some special seasonal artworks will also be on display. Muscoot Farm/Main House Gallery, Rte 100. Adults $5, kids 2 & up $2. (914) 864-7282.  www.westchestergov.com/parks

 

Tarrytown, October 17-18, 24-25, 10-4 PM - Washington Irving's Sunnyside - Legend Weekend Days. Enjoy games for children, 19th century magic shows, sing-a-longs, puppet shows, Irish ghost stories and other kid-friendly Halloween experiences! Adults $15, Kids (5-17) $10, seniors $10, 5 & under Free.  (914) 631-8200. www.hudsonvalley.org

 

 

Beacon, October 18, 12-5 PM - Pumpkin Festival in Riverfront Park. Pumpkins galore celebrate the harvest season. Live music, crafts, food vendors, farmer's market & community activists. Sails or tours on the "Woody Guthrie" & "Sloop Clearwater" Free. (845) 542-0721. www.beaconsloopclub.org  

 

Chappaqua, October 18, 12:30 PM - Halloween Carnival & Parade. The Carnival will be held at the Town Hall parking lot and the annual Halloween parade will commence at the Chappaqua train station, sponsored by the New Castle Recreation Park. Free. Rain Day October 26.

(914) 238-3909.  www.town.new.castle.ny.us.org  

 

Harrison, October 18, 9:30-2:30 PM - Halloween Window Painting Contest. Three categories: individual, family and team. Applications available at the Recreation Centers. Grades K-8th. Contest will take place in the business districts. Call for registration dates. Rain date: Oct 24 & 25. Cost $10. (914) 670-3035.  www.town.harrison.ny.us

 

Yonkers, October 18, 1-4 PM - Evolution Arts on the Waterfront. Local Westchester artists exhibit at four sites, clustered together on Main Street and the Yonkers waterfront (Hudson Park North, the luxury rental apartment complex on the river, 66 Main Street and The Loft Dance & Fitness and Metro 92, both at 92 Main Street), enabling visitors to view the art while enjoying the beautiful Hudson River and Palisades. Free. www.YonkersDowntown.com  

 

White Plains, October 20, 27, 10-2 PM - Bicycle Sundays - The Bronx River Parkway opens to all bicyclists, skaters, scooters, walkers and joggers. No motorized vehicles. From Westchester County Center in White Plains to Scarsdale Road in Yonkers. Parking in County Center lot $4. (914) 995-4050.  www.westchestergov.com/parks

 

On-going - Rhinebeck, thru October 31, 9:30AM-Dusk

Wonderland Farm. Pick your own pumpkins, gourds and squash. There are more than 30 acres for you and your family to enjoy. Every Sat & Sun. Free. (845) 876-6760. www.wonderlandfarm.com

 

On-going - Tarrytown, thru October 31, 10:30-3:30 PM - SCARECROW INVASION - Walk among 500 scarecrows representing famous artists and historical figures created by local elementary and intermediate students. Participate in a Scavenger Hunt and enter a raffle to win a family pass to the very popular Lyndhurst Boofest. $5 grounds fee for Adults; free to children 12 and under and for Friends of Lyndhurst. Reservations are not required. (914) 631-4481. www.lyndhurst.org

 

On-going - Granite Springs, thru November, 9-6 PM - Farmstand - Pick your own apples and pumpkins at Stuart's Farm. Market on Granite Springs Road off Mahopac Avenue with fruits, vegetables, local honey, preserves, flowers, pies and cookies. (914) 245-2784. www.stuartsfarm.com  

 

On-going - Rhinebeck,  thru November 22, 10-2 PM - Farmers' Market - Every Sunday - The Hudson Valley's premier farmers' market featuring the freshest and best locally grown produce, as well as meats, cheeses, bread, wine, flowers, honey and more! Special events, free tastings & free live music, all season long. Municipal Parking Lot on East Market St. www.rhinebeckfarmersmarket.com

 

On-going - Yorktown Heights, thru November, 10 AM-4:30 PM - Farmstand. Pick your own apples and pumpkins at Wilkens Fruit & Fir Farm. Visit the farm market every weekend for jams, jellies, honey, pies, donuts, and cider.  (914) 245-5111. www.wilkensfarm.com  

 

On-going - Ossining, thru December 15, 8:30-2 PM - Visit the Ossining Farmers' Market located at the corner of Main and Spring St. rain or shine every Saturday. Featuring locally grown produce, fruit, organic produce as well as farm raised poultry, meats, grass fed beef and more! (914) 941-3189. www.ossining.com

 

On-going - Millbrook, Thru December 27, 3 PM - The Hudson Valley -VS- France Wine Tasting Competition. Join us at Oak Summit Vineyard and enjoy a local version of the historic 1976 event! You will be blind tasting and judging 3 Gold Medal Hudson River wines, against 3 Gold Medal French wines of the same varieties. Every Second Sunday of every month by appointment only. Fee: $65. www.oaksummitvineyard.com

 

 

 

ROCKLAND

West Nyack, October 12 - The BIG APPLE CIRCUS is "tons of fun!" This jolly collection of clowns, acrobats, animals, and more, is here to make your day a whole lot brighter. Pure enjoyment for the whole family! Benefits will go to Rockland 21C and its work with Family Resource Centers and their early childhood, family and youth activities. Times vary - for more information or to orders tickets (845) 627-KIDS or www.rockland21C.org

 

Pomona, October 17-18, 24-25, 31, 10-5 PM - Farmstand. Pick-your-own McIntosh, Macouns, Red Delicious, Empire, Golden Delicious and Rome apples, as well as pumpkins at The Orchards of Conklin, 2 S. Mountain Rd. (845) 354-0369. www.theorchardsofconcklin.com  

 

Nyack, October 13, 10 AM-5 PM -Street Fair. Traditional antique and crafts fair in Nyack, featuring hand-crafted items from throughout the world, ethnic foods, and the best pretzels in the state. Free.  (845) 353-2221 or (845) 353-6981. www.rockland.org

 

Congers, October 17, 11 AM - Parade. Come watch and join the Goblin Parade in Congers, running down Gilchrest Road to Congers Lake. For boys and girls up to 10 years. Rain date:

Oct. 24. (845) 639-2000.

 

On-going - Stony Point, thru November 1, Wed-Sat 10-4:30 PM, Sun 12-4:30 PM

Battlefield State Historic Site & Stony Point Lighthouse offers military and lighthouse exhibits in the museum, self guided outdoor sign walking tour of the battlefield, musket and cannon firing, camp-life and cooking demonstrations on weekends by staff members in period dress. $5.

(845) 786-2521.

 

On-going - Congers, thru November 8, 10-4 PM - Farmstand. Pick your own apples and pumpkins at Dr. Davies Farm on Route 304. Hay rides. Farm market and picnic fields are also available. (845) 268-7020.

 

On-going - Spring Valley, thru November 8, 8-5 PM, Wednesdays -Village of Spring Valley Farmer's Market - Shop for farm fresh foods, grown and produced locally in the Hudson River Valley; Rain or shine; Free; Route 45&Church Street, Spring Valley; Parking lot below Post Office. (914) 923-4837. www.rockland.org

 

On-going - Nyack, thru November 25, 8:30-2 PM, Thursdays - Nyack's Farmers' Market will be back for its 8th big season at Main & Ceder Streets. Locally grown fruits, veggies, flowers, herbs, specialty food items plus special events & more. (845) 353-2221.

 

On-going - Piermont, thru December 16, 11-3 PM, Sundays -Village of Piermont Farmer's Market. Shop for farm fresh foods, grown and produced locally in the Hudson River Valley; rain or shine; free. Fruits and vegetables, wines, fresh cut flowers, breads and pastries and salsas. M&T Bank lot, Ash Street and Piermont Avenue, Piermont. (914) 923-4837. www.rockland.org

 

 

ORANGE

Sugarloaf, October 12, 10-6 PM - 37th Annual Fall Festival featuring arts & crafts, live music and food. For all ages. Rain or Shine. (845) 469-9181. www.sugarloafnychamber.com  

 

Tuxedo, October 17-18, 24-25, 31, Nightfall to 11 PM - Sterling Forest (weekends) - 17th Annual Forest of Fear. Many horrifying Halloween attractions with a terrifying haunted house, entertainment, food and games.  (845) 351-5171. www.theforestoffear.com  

 

Tuxedo, October 17, 18, 12 PM - Sterling Forest Hikes of the Month: Fall Foliage - Join us for a moderate 4 mile hike to the Fire Lookout Tower. A climb to the top of the tower will be rewarded with a panoramic view of the surrounding mountains and the fall colors. Due to its popularity there will be two hikes on this very colorful weekend or you can do this one on your own! Registration required.  (845) 351-5907.

 

Walden, October 17-18, 24-25, Sat 11-7 PM, Sun 11-5 PM - Hodgson's Farm & Garden Center will offer a 3-acre corn maze, petting zoo, pumpkin picking, hayrides, haunted house and magic show. Adults $8.50, Children 4 & up $6.50. (845) 778-1432. www.hodgsonfarm.com  

 

 

Carmel, October 18, 9 PM - The Alzheimer's Association will sponsor a Memory Walk beginning at the Putnam County Office for the Aging. (845) 278-0343. www.alz.org/hudsonvalley

 

Central Valley, October 18 - 4th Annual American Cancer Society "Making Strides Against Breast Cancer" walk. Bring your friends and family to help raise funds for the fight against breast cancer. Woodbury Commons Premium Outlets. (800) 233-5049 x13. www.makingstrides.acsevents.org/hudsonvalley

 

Cuddlebackville, October 18, 8-12 PM - Apple Pancake Breakfast and Flea Market. Neversink Valley Area Museum. Adults $5, $2.75 under 12 years old. (845) 754-8870. www.neversinkmuseum.org  

 

On-going - Middletown, thru October 30, 9-6 PM - Maple Farms. Pumpkin picking, hayrides, barnyard animals, hay maze and haunted barn. $6. Local produce, homemade fudge and baked goods, country crafts, flowers and gifts. (845) 344-0330. www.maplesfarm.com  

 

On-going - Bear Mountain, thru October 25, 12-5 PM - The Annual Oktoberfest will offer music, dancing, food, vendors and more. Free, parking $7. (845) 786-2731. www.friendsofpalisades.org

 

On-going - Newburgh, thru October 30. Fri- Sat 7-12 PM, Sun 7-10 PM - Terror-dome Haunted Scream House. 5 haunted attractions designed to terrorize the bravest of souls. 3 festive shops, 2 spooky snack stands, zombie paintball, and festive town dedicated to Halloween will soothe the faint at heart. Rte 17K and Lakeside Road. Adults $24, children $18. (845) 926-3443. www.terrordome.com

 

 

 

On-going - Cornwall, thru October 31 - 10-4 PM - Discovery Quests - Every Sat. Observe a variety of wildlife. Guide books with puzzles, clues and fun facts. Quest for ages 6 to adult on trails ranging from casual to challenging. Outdoor Visitors Center, RSVP recommended. $5.

(845) 534-5506 x204.  www.museumhudsonhighlands.org  

 

 

On-going - Newburgh, thru November 1, 9-4 PM - Lawrence Farms - Horse drawn carriage rides, old-fashioned little farm village for children with petting zoo. The farm stand, with honey, preserves, and refreshments, is open on weekends. Adults $3, children $2.  (845) 562-4268. www.lawrencefarmsorchards.com  

 

 

 

On-going - Ulster Park, thru November 1, 7-11 PM - Headless Horseman Hayride & Haunted House. A "family oriented" attraction includes a one-mile hayride, a labyrinth -style corn maze, three professionally created haunted houses, three food concessions. Appropriate age 10 years and up (children 5 & under not admitted). Ticket $32, by reservation only. (845) 339-2666.  www.headlesshorseman.com  

 

 

On-going - Warwick, thru November, 9-5 PM - Enjoy apple picking at Masker Orchards. Drive right to the tree and bring picnic gear for an idyllic day in the country. Apple picking daily. On weekends, enjoy live music, pony rides, and horse-drawn wagon rides. Free. (845) 986-1058. www.maskers.com  

 

 

On-going - Warwick, thru November, 11-6 PM - The Valley Winery Orchards and Distillery offers apple picking and wine tasting. Winery, cafe and bakery open on weekends. Also enjoy the new bocce ball court and live music on weekends from 2-5PM. (845) 258-4858. www.wvwinery.com  

 

 

 

To suggest events for inclusion in the holiday guide, please email your event and contact information to: catherine.cosme@randrealty.com

People have been asking about the first-time home buyer tax credit now available in New York State.  It's a little complicated, so we're going to try to explain how it works.  If you want to check out the government's official site on the program, go here.    Here's the lowdown: if you are a first-time home buyer in New York State, and get a fixed rated loan, you can get a New York State income tax credit for 20% of your yearly mortgage interest through the life of the loan.  So if you pay $10,000 in mortgage interest in the first year of your new loan, you'll get a NYS tax credit for $2,000, while the rest of your mortgage interest will still be deductible as normal.  (For an explanation of how a tax credit is different, and better, than a tax deduction, check this out.)   Okay, that's the overview. Now to some of the nitty gritty:   Threshold Qualifications  Here are the threshold qualifications:   1.  You have to be a first-time home buyer. You cannot have lived in a home that you owned within the past three years prior to closing.  So if you owned investment real estate that you didn't live in, you qualify, but you need to sell that investment real estate by the time you close on the purchase for which you want the credit.   2.  You have to earn below a certain level of income. The tax credit is only available to people at certain income levels.  For example, a two-person household in Westchester County cannot make more than $126,360, in Rockland $122,400, in Orange and Dutchess $97,061, and in Putnam $92,160.  Each county is different, and the qualification also depends on how many people who make an income are living there as well as whether the property you're buying is in a "target" area.  You can find the full range of income qualifications on the official site here, and income qualifications for the Hudson Valley counties broken out more easily here.

3.  You have to buy a property that qualifies by not being too expensive. The credit is only available on properties that are below certain limits set for each county in the State.  (The property has to be in New York State, by the way).  The limits are set relatively high, so most people who qualify on an income level are probably going to be purchasing a property that qualifies.  For example, the property cannot be appraised above $637,640 in Westchester, Rockland, or Putnam, or above $387,740 in Orange or Dutchess.    Those are the fundamental requirements.  If you already own a home, you can't get it.  If you make too much money, you can't get it.  And if you're buying a $1,000,000 home, you can't get it.   Other Qualifications  Also, even if you pass these threshold qualifications, you have some other requirements, such as:  

• You have to pay a fee to apply of $250 for loans up to $100,000, and $500 for loan over $100,000.
• You have to get a fixed rate mortgage.
• You must occupy the home as a primary residence.
• You can't use the property for a commercial business.
• You can't purchase a home on more than 5 acres of land.
• Your loan must be federally insured.
• You can't have used more than 15% of your CURRENT residence for business or commercial purposes (as indicated on your most recent tax returns).
• Your loan CANNOT be a SONYMA loan.
• You can only buy a two-family home (or a 3-5 family home) if it is at least 5 years old and was used only as a residence for the past 5 years

  (Special considerations apply if you are buying in a "Target Area," which is an area designated by the federal government as "economically distressed." If you're interested in purchasing in a Target Area, the government will waive some of the requirements set out above.  You should check with a loan officer if that's your plan, because the exceptions become too complicated for general treatment here.)     Frequently Asked Questions Some frequently asked questions about the New York State First-Time Home Buyer incentive program, the Mortgage Credit Certificate.  The state has also set up its own FAQ, so you might want to check out the official site.   Q.  Do I have to use a special bank? No, any mortgage bank or broker that is participating in the program can offer the program.  If you're looking for a good mortgage officer, you can check out Rand Mortgage, or I can recommend someone if you email me.   Q.  How do I know whether I qualify based on my income? The income qualifications are different for each county.  We put together a simple chart showing the income limits for each county here.   Q.  How do I know whether I qualify based on the purchase price in my county? You won't qualify if you're purchasing a property that's too expensive, so we put together a simple chart where you can see the purchase price limits for each county.   Q.  Do I have to file a special application? Yes, you do.  You should get one from your loan officer, who will help you with the paperwork and register you for the program.  You also need to pay a special application fee, up to $500 for loans above $100,000.    Q.  Is there a deadline to claim the tax credit? There's no formal deadline, but the MCC program only has a certain amount of money.  The initial allocation was for about $100 million in new mortgages.  The state has said it expects that amount to last for months.  We're not so sure, so if you are interested you should move quickly.  If you remember, "Cash for Clunkers" was so successful that the federal government had to shut it down almost immediately because it ran out of budgeted money.   Q.  How much of a tax credit do I get? You get a state tax credit for 20% of the mortgage interest you pay every year until your mortgage loan is "extinguished."   So if you pay $10,000 in mortgage interest next year, you get a $2,000 tax credit. And you get that credit for as long as you keep up with the loan and you keep the home as your primary residence.  If you want to try to calculate how much you might save, check out the state's tax calculator.   Q.  What if I don't owe any state tax at the end of the year? The tax credit cannot exceed your state tax liability.  Thus, if you are supposed to get a $2,000 tax credit, but you only owe $500 in state taxes, you won't have to pay that $500 in taxes, and the other $1,500 can be carried forward for up to 3 years.  So if in the following year you owe $5,000 in state credits, you can apply that $1,500 in credits.   Q.  How is a tax credit different from a tax deduction? We have a long explanation of that here.  But the short answer is that a tax CREDIT is a reduction in the taxes that you owe, while a tax DEDUCTION reduces your taxable income.  The tax credit is better, because you get the whole amount.   Q.  If I get the tax credit, does that mean I can't deduct my mortgage interest on my federal taxes? No, you can still deduct the remaining mortgage interest (meaning the mortgage interest that you didn't get the credit on) from your state and federal taxes.  That is, if you pay $10,000 in mortgage interest in year one, you get $2,000 (or 20%) as a state tax credit.  The remaining $8,000 will be subject to the normal mortgage interest tax deduction.   Q.  Do I get the tax credit on both my state and federal income taxes? You only get the tax credit on your New York State income taxes.  This is a state program, not a federal program.    Q.  Can I get the tax credit if I closed a few weeks ago? No, you can only get the tax credit if you complete your application prior to closing.  Remember that you still might qualify for the federal $8,000 tax credit, though, if you already closed this year and you otherwise qualify.   Q.  Can I get the state tax credit if I also try to get the $8,000 federal first time home buyer tax credit? Yes, you can get both.    Q.  Does the tax credit stay the same every year? No, the tax credit will always be 20% of your mortgage interest, but the amount of the credit it will change as the amount of interest you pay each year goes down.  Remember that mortgage loans are structured so that in the first few years you mostly pay down interest, not principal. As time goes by, though, the amount of principal you pay off each month goes up, and your mortgage interest goes down.  As the mortgage interest goes down, your credit will go down.    Q.  What if I already own a home with someone else? If you have an ownership interest in the home, you don't qualify.   Q.  What if I am a veteran? If you are a veteran, the state will waive its first time home buyer requirement.    Q.  What if I move out of the home in five years? If you are no longer living in the home, you can't get the credit.  You won't have to pay it back for the years you lived in the home, but you can't get it for years that you don't live in the home.   Q.  What kind of home do I have to buy?  What if I want to buy a coop? You can qualify for the tax credit if you are buying a cooperative apartment, a condominium, or a 1-4 family home.   Q.  Does the tax credit apply to new construction? Yes, for condos, coops, or single-family homes.   Q.  Can I get the tax credit with an adjustable rate mortgage? No, you have to get a fixed-rate mortgage.   Q.  Can I get the tax credit if I get the loan from a family member? No, the tax credit is only good for a federally insured loan, not a personal loan.   Q.  Can I get the tax credit if I am refinancing my current home? No, only for new purchases.     If you have questions about the program, please post your comments and we'll be happy to answer them.  We'll then post an updated FAQ.     My thanks to Drew Kessler and the team at Rand Mortgage for their help putting this together:   

Orange:

Ali Chamois. (914) 213-3131

Dan Colt. (845) 224-6577

 

Rockland:

Drew Kessler.(845) 638-9402

John Peck. (845) 863-6674 

Betty Santos.(845) 596-3073

 

Westchester/Putnam:

Rocco DeMara. (914) 830-7696 

Drew Kessler.(845) 638-9402 

Anne Panoff.  845-825-8078

 

Dutchess:

Linda Smith. (845) 249-3778

John Peck.  (845) 863-6674

We were happy to see the Journal News write up Prudential Rand's new "Make Your Move" program as part of their "Business in the Burbs" section. We believe that this program is unprecedented throughout the country: never has a broker ever backed up the statement "we believe it is a good time to buy" with a guarantee that if the home goes down in value, we will waive our future listing commission.  We recognize that some people might be skeptical about a broker promoting the real estate market, but we hope that our good faith in making that offer demonstrates that we honestly believe that people who buy a home right now are getting a good deal.  We wouldn't make this guarantee if we didn't believe that property values in Westchester, Rockland, Orange, Putnam, and the rest of the Hudson Valley were not going to recover by the time our buyers sell.

As I talk with fellow associates I wonder if the Market is starting to come back, usually when people  feel it is hopeless and they ponder career changes  you have to wonder if we are at the bottom.

It wasn't too long ago that home buyers made offers without financing contingencies and closed the deal in as short as 14 days following acceptance. Quick closes are virtually impossible today if you're buying a home with the aid of a mortgage. And, it's highly recommended to include loan and appraisal contingencies in your offer.

 

Following the credit crisis of August 2007, many mortgage lenders closed down. Those that are left have cut their staff due to low demand for mortgages. Also, it's now necessary to actually qualify financially for a home mortgage. This adds time to the loan approval and funding process.

For most mortgages, home buyers are now required to have good credit. They need to provide verification of employment (W-2s or tax returns), verification of the funds needed to close (down payment and closing costs) and verification of reserve funds.

If the funds haven't been sitting in your bank account for a few months, some lenders require proof of where the money came from. Be prepared to provide brokerage statements, and any other supporting documentation that will validate you as a bona fide borrower. Buyers who own other real estate will need to provide even more documentation.

HOUSE HUNTING TIP: It's a good idea to start pulling together all of your financial documents as soon as you're serious about buying a home. Ideally, the paperwork required by the lender should be forwarded to your loan agent or mortgage broker within a couple of days of contract acceptance. You can't wait until the last minute to provide the lenders what they need and expect to close on time.

Before you write an offer, check with your mortgage person to find out how long it will take to process and fund the mortgage. Some lenders are taking 35 to 40 days from acceptance. So, you wouldn't want to commit to a 30-day closing, if this is the case.

Make sure that you allow sufficient time in your contract for the appraisal and formal lender underwriting approval. This could take two to three weeks, depending on the lender and on how diligent you are about supplying the documentation.

Your lender or mortgage broker will order the appraisal of the home you're buying. It should be ordered as soon as possible. If you end up not buying the house, you might owe an appraisal fee. However, waiting to order the appraisal could cost you time.

Many lenders require a review appraisal, which is a second appraisal to confirm that the first one is accurate in terms of market value. Ideally, this should be done before you remove your appraisal contingency. If it can't be done within that time frame, ask the seller for an extension.

Before August 2007, it was common practice for lenders to prepare the mortgage documents for the buyers to sign even though all underwriting conditions had not been met. For instance, the lender might have needed proof that you paid a charge-card account down to a zero balance.

Today, many lenders won't issue the mortgage documents until all of the pre-funding conditions have been met. So, you need to be prepared to provide additional documentation that the lender might request, even if it's at the last minute.

Work with a good loan agent or mortgage broker who will help keep you on track throughout the process. And, as outrageous as the lender's requests might seem, don't let it get to you.

Lenders have a lot of due diligence work to do to restore their credibility with investors. The housing market is dependent on investors buying mortgages so that buyers can buy homes.

THE CLOSING: Properly qualifying buyers for mortgages is long overdue.

• First you need to know that homeownership is an investment in your future.Owning a home helps build wealth over the long term, and it provides significant social benefits.

 

• On average, owner who purchased their homes six year ago have seen the value of their home rise 24.3 percent during that time, despite recent price declines...

 

• In a recent survey of economists, 8 out of 10 believed home prices will be higher in 5 years that they are today!

 

• First time home buyers can now get a $7,500 tax credit for qualified homes purchases from april 9, 2008 to june 30, 2009, thanks to recently passed housing stimulus legislation.

 

• An overwhelming majority of economics surveyed - by a better that 5 - to - 1 ratio - agreed with the statement, "A person can increase they long-term wealth by purchasing a house rather than renting."

 

•  Any questions give Me a call @ 845-492-0502 I  will show you all the opportunities in todays market

With all the bank owned properties out there, is this the right market for you. I deal with alot of bank owned homes throughout New York. The basic premise though will appy to anywhere in the USA as all banks virtually operate the same way.

The first thing you need to do is be pre-approved for a loan. No bank will look at your offer without it. There is a difference between prequalified and preapproved. A pre qualification looks at your credit score, your income and liabilities you state and gives you a sales price you should be searching in. however a pre-approval will confirm you are able to get the loan by verifying your income, assetts and liabilities.

The second thing you need to know is the house you are buying is sold "as is". It means the bank is not making any warranty, guarantee or disclosure on anything in the home.You should know that the home is sold as is, so dont ask the bank to fix anuthing or it will cause your offer to be rejected.
 
The third thing you should know is some banks will let you have an inspection however they will not renegotiate the price after the inspection. You shoud  have your inspection before you put in the offer, if you dont want to spend the money for some reason, then when looking at the home you are going to need to look at the well, septic, roof, siding, windows, heating system, look under the sinks, in the basement for signs of water or mold, stains on the ceilings and anything that sticks out.

Fourth is your deposit, it should be in certified funds and should be at least 1% of the sales price. The higher your deposit, the better your offer will look.

Fifth is Closing, you should be prepared to close within 30 days of the accepted offer.

Lastly is time. Be prepared for the bank to take time to answer your offer, to get you the signed purchase and sales and make sure the foreclsoure deed is complete and recorded, otherwise this could hold up your closing.

Good luck to all and rember if you have any specific questions, please feel free to contact me through my web site. i have placed some more great tips and a link to search through foreclosed homes here in New York.


Brian Cicoria