mortgages: Fannie Cuts Battery Park City A Break - 05/16/10 07:10 AM
Thanks to Fannie Mae, Battery Park City residents hoping to sell their apartments can breathe a little easier. Fannie Mae is going to back loans in this waterfront neighborhood now that it has completed its review of the neighborhood's ground leases.Battery Park residents live on land leases which means they have to pay rent for the land their buildings stand on. Each of the dozen or so buildings in the area has its own ground lease. Those ground lease fees are factored into the residents' monthly payments and could more than double as the leases expire in 2011. That potentially steep … (1 comments)

mortgages: Manhattan Home Buyers - It's Your Market! Understand Your Buying Power! - 07/26/09 08:11 AM
It's THE market for Manhattan home buyers. So it's important to understand your buying power.
Your buying power means you can negotiate a good deal. It is also important to understand that while this is a buyer's market, there are no fire sales - meaning you won't get a $1M property for $500,000.
Be realistic. Manhattan sellers are not in the position of those in Florida, California or Nevada.
Additionally, just because it is a buyer's market, it doesn't mean that the down payments of the "bubble" days will be the same.  
In the bubble days you could put down … (0 comments)

mortgages: Tighter Mortgage Standards - 06/14/08 09:19 AM
With almost two-thirds of U.S. banks having raised their standards for mortgages to their most creditworthy borrowers, three-fourths of U.S. Banks made it more difficult for people with limited or bad credit to get loans.
According to a June 11 report by the Washington-based Mortgage Bankers Association, eighteen percent fewer mortgages will be written this year compared with last.
However obtaining a mortgage is not impossible.
Mortgage lenders are interested in traditional mortgage buyers who can document their income and assets and don't have sizable debts relative to their income. Potential buyers can no longer put 10 percent down. Most banks … (0 comments)

mortgages: Real Estate SLUMP ... Not In Manhattan - 08/19/07 06:25 AM
The country is in the middle of a residential real estate slump yet, Manhattan real estate sales and prices more than doubled in the 2nd quarter.
With the arrival of thousands of new Manhattan condos, inventory has decreased to about a third of its volume.
There's no question that credit is tighter now, yet there are still many buyers who qualify for financing. Several are buying with all cash deals.
With the credit market turmoil, more and more people are moving into Manhattan, with fewer moving out. Added to the decrease in Manhattan residential inventory, the rental market tightened considerably.
It's true that obtaining … (0 comments)

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Ross Ellis

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