56 THIRD STREET, WATERFORD, NY 12188 BANK OWNED JUST LISTED UNDER 75K

  • CLICK HERE TO SEE CURRENT MLS AND PRICING LINK
  • This place is a diamond in the rough. its a very old home that is now 4 units. Lots of old charm and character still there. Lots of work to bring it back to its heyday.
  • Cash only deals when it comes up for sale.
  • For more information please E-mail us at GAGEREALTY@GMAIL.COM
  • See below for photos gallery
  • Property Details

    Overview

    This property was last sold for $138,350 in 2006 and currently has an estimated value of $206,167. The median price for this area is 219000. There are currently 2,338 similar properties for sale within 10-mile radius, ranging from $20,000 – $189,900.

    Key Facts

    • Multi family
    • Year built: 1960
    • Price/Sq Ft: $43

    Public Records

    • House size: 4,788 sq ft
    • Stories: 2
    • Lot size: 6,098 sq ft
    • Garage: Detached Garage
    • Heating: Unknown
    • Cooling: Unknown
    • Year built: 1960
    • Property type: Multi family
    • Date updated: 05/03/2016
  • See below for photo gallery

USDA Lending Guide

Many have never heard of the USDA Loan Program – otherwise known as the USDA Rural Development Guaranteed Housing Loan program, Rural Housing Loan or Section 502 loan. This program has become a staple in the rural community as a means of affordable housing

For more information on the ins and outs of the USDA Loan, check out our USDA LendingGuide below to learn more about the USDA Lending process, who is eligible, and how this mortgage program can benefit you and your family.

How Much Do You Need for a Down Payment?

When you are saving money for your first home, it can be daunting to think about how much cash you will need to become a homeowner.

While there are FHA-insured loans that require just 3.5% for your down payment, those loans require you to pay mortgage insurance for the life of the loan, which will keep your monthly payments higher. Most conventional lenders offer home loans with either a 10% or a 20% down payment, although some lenders offer loans requiring as little as 5% down.

You will need to consult with a lender to evaluate your individualized loan options, but before you do that, you should consider the pros and cons of various down payment scenarios.

Why a 20% Down Payment Is Ideal for Lenders

Mortgage lenders evaluate your credit profile, your debt-to-income ratio, your job history and your assets to make an educated guess about whether you will manage to repay your loan responsibly. A  20% down payment is viewed as ideal by lenders because you are investing a significant amount of your own money in your home and therefore the lender’s risk is reduced.

If you make a 20% down payment, you won’t have to pay private mortgage insurance. PMI provides insurance to the lender in case you default on your loan.

Buyer Advantages of 20% Down

In addition to eliminating the need for PMI, a 20% down payment will qualify you for a slightly lower interest rate than a borrower who makes a smaller down payment. Another benefit is that you will borrow less money, making your monthly payments smaller.

In addition, you will instantly have 20% equity in your home, which you can borrow against in the future or get back as part of your profit when you sell.

On the other hand, keep in mind that 20% of the average home price in the nation ($200,000) is $40,000. It can take years to amass that much cash and you will need additional cash for closing costs, cash reserves in case of an emergency and moving costs.

In the meantime, home prices may have risen and interest rates may have gone up, both of which will increase the cost of your purchase.

Smaller Down Payment Pros and Cons

If you make a down payment of 10% ($20,000 on the average home) or 5% ($10,000 on the average home), then you will be able to become a homeowner faster, since you won’t have to save as much cash. If you are able to save additional cash, it’s a smart idea to keep a robust savings account to cover emergencies and even anticipated expenses of homeownership such as maintenance and repairs.

There are some disadvantages, however, to making a smaller down payment:

  • You will need to pay PMI to your lender, which increases your monthly payments.
  • Your home loan will be larger, so your monthly payments will be larger, too.
  • Your interest rate will be a little higher, too, than for someone who makes a 20% down payment.
  • In order to qualify for a mortgage, your maximum debt-to-income ratio must be 43% or less, so a smaller down payment will make it harder to qualify for a loan.

The decision about the size of your down payment depends on a variety of factors including home prices in your market and your income. Find a good lender who will consult with you and help you make the best choice in the context of your individual financial plan.

8 Must-Know Facts About VA HOME LOANS

Veteran_looking

The VA loan program has backed more than 21 million loans in its now 70-year history.

While its roots are in the original GI Bill of 1944, this mortgage benefit is in many ways more important today than ever.

During a time of tight mortgage credit, veterans and military members have flocked in record numbers to the program’s $0 down paymentbenefit and looser credit requirements.

Here’s a look at eight must-know facts about VA home loans:

1. Nine in 10 buyers purchase with $0 down

Historically, about 90% of VA buyers get into a home without making a down payment. That’s a huge benefit that can help veterans and active military get into a home now, rather than having to spend years saving.

2. They’re incredibly safe

Despite the $0 down benefit, VA loans have had the lowest foreclosurerate of any loan type for most of the last six years. The VA’s common-sense guidelines and commitment to keeping veterans in their homes makes this a model for other mortgage programs.

3. There’s no mortgage insurance

Unlike FHA and USDA loans, there’s no mortgage insurance premium for these government-backed mortgages. But VA buyers do pay a funding fee that most choose to finance. Borrowers with a service-connected disability are exempt from this fee.

4. Millions of veterans are still missing out

VA surveys have shown that about 1 in 3 home-buying veterans don’t know about this benefit. These loans aren’t automatically the best fit for every veteran, but for many this is the most powerful mortgage option on the market.

5. Significantly lower credit benchmarks

VA lenders are typically looking for a FICO score around 620. That’s often more than 100 points lower than what buyers will need for conventional financing.

6. They help boomerang buyers

Qualified veterans and service members can obtain a VA loan just two years removed from a bankruptcy or foreclosure. Homeowners who experience a short sale may face no waiting period at all depending on the lender and their specific situation.

7. There are occupancy requirements

This program focuses on helping veterans buy primary residences, not vacation homes or purely investment properties. Buyers typically need to occupy the home within two months of closing. There are exceptions for deployed service members and other situations. You can see a complete overview of VA Loan requirements here.

8. They’re not a one-time benefit

There’s a pervasive misconception that you can only use this program once. That’s absolutely untrue. In fact, it’s possible to have more than one VA loan at the same time or obtain another after losing one to foreclosure.

Want to learn more? E-mail us at gagerealty@gmail.com  and get started on your home-buying journey. 

 

New Data Shows How Student Loans and High Rent Impact Homeownership

Rising home prices and rents are especially affecting student loan holders who want to be homeowners. When asked about their next housing choice given current market conditions, 29 percent of people with student debt said they expect to rent again, while only 17 percent of people without student debt said their next move would be to rent.

Nearly 60 percent of renters wish that their next housing move would be into homeownership.

Housing affordability weighs on homeownership
Americans are split on housing affordability in their own neighborhoods. Forty-five percent of those polled agree that homes in their market are unaffordable to first time homebuyers, while 50 percent say that homes are affordable. But while there is nearly an even split about affordability, rental costs clearly are an obstacle to homeownership. Fifty-six percent of people agree that rents in their area are too high for a person to save for a future home, and just 37 percent disagree.

Better awareness of down payment assistance programs and student loan debt counseling could help affordability. For example, the survey found that 71 percent of Americans are not aware of or unsure about the down payment assistance open to middle class homebuyers, up slightly from 67 percent in 2015. In addition, 77 percent of those with student debt never heard of or are not familiar with loan counseling programs from nonprofits.

These programs could help a consumer manage their student debt and provide information about down-payment assistance programs that could increase the possibility of qualifying and obtaining affordable and sustainable homeownership.

Source: NeighborWorks America

1920 BANKER AVENUE,SCHENECTADY, NY 12308 BANK OWNED REDUCED BELOW 55K

  • Needs lots of work.  For example, Sheetrock, updated kitchen and bathroom, new flooring throughout. Garage needs work.
  • Large  yard.
  • Cute Cape Just minutes from the Riverside Casino being built and Ellis Hospital Great sized yard plenty of off street parking and lots of storage!.
  • For more information please E-mail us at GAGEREALTY@GMAIL.COM
  • See below for photo gallery

 

Your Hometown Real Estate Professionals! Scotia, Schenectady, Glenville, Rotterdam, Clifton Park, Niskayuna, Ballston spa, HUD homes, Foreclosure, Colonie, Albany