Do you know your zone?

Do you know your FLOOD ZONE?

What you need to know about the new Hurricane Zones. What zone are you? Hurricane Zone 5 and 6 although color zoned GREEN you should know if we have a Hurricane level 5 or 6 you also need to take safety precautions.
On the NYC map the zones are not defined: Go to this link for the definitions of the zones:

Click to access Understanding%20Hurricane%20Evacuation%20Zones,%20Storm%20Surge%20&%20Flood%20Zone.pdf


Laws Hudson Gateway Board of Realtors are working on…

Click to access HGAR-2016-Legislative-Priorities-Revised-May-2016.pdf

2016 Legislative Priorities
1. NY First Home (First-time home buyer savings account proposal) A. 4427-
(Ramos) Support the first time home buyer savings account program which would put
home ownership within reach for more first time buyers.
2. Mortgage Recording and Transfer Taxes must not raise the mortgage recording or
real estate transfer taxes which will have a negative impact on home buyers.
3. Increase the Threshold for the Mansion Tax A. 79 (Buchwald) S.548-(Latimer)
Support the attachment of the minimum price threshold at which the Mansion Tax is
triggered to the Consumer Price Index.
4. Transparency and Disclosure in Cooperative Housing A.1120 (Lavine) A 6705
(Englebright) S. 5644 (Hannon) A. 6395 (Perry) Support the requiring of Co-ops to
give reasons in writing to an applicant, and establish reasonable time frames for Co-op
Boards to act on applications.
5. Vested Rights for Property Owners A.1435 (Paulin) S. 3901 (Murphy) Support
legislation that requires municipalities to maintain a consistent set of rules throughout a
construction project, except in reasonable instances.
6. Source of Income A.3059 (Weprin) A. 6764 (Crespo) S. 151 (Squadron) Oppose
legislation which add “Source of Income” as a protected class.
7. Expanded Agriculture Disclosure Notice A. 1030 (Gunther) No same as. Oppose
legislation to expand current law by requiring sellers of property partially or wholly
within five hundred feet of an agricultural district to provide the agriculture disclosure
form to prospective buyers.
8. Scaffold Law Reform A. 3209 (Morelle) S. 543 (Gallivan) Support legislation that
would establish a comparative negligence standard for claims under Labor Law 240 by
changing the absolute liability standard in current law.
9. Sex Offender Disclosure S. 2079 (Flanagan) No Same as. HGAR opposes
legislation to require disclosure of the availability of certain sex offender information
upon the sale or lease of residential real property HGAR supports disclosing sex
offender information but opposes the legal liability created by these requirements.



How much home can you afford?


To arrive at an “affordable” home price, we followed the guidelines of most lenders. In general, that means your total debt payments should be no more than 36% of your gross income.

Once you enter your monthly debt (including credit cards, student loan and car payments), we come up with a maximum monthly home payment you could handle while staying under that threshold.

Why do lenders use this guideline? It’s been shown to be a level of debt that most borrowers can comfortably repay.

That home payment assumes a 30-year mortgage at current rates, and includes 1% property tax and 0.4% for homeowners insurance.

It does not factor in private mortgage insurance, which you’ll owe if your down payment is less than 20% of the purchase price.

You should reduce the maximum target if you have other savings needs (such as retirement and college) or additional expenses (such as child care, private school tuition, health care, or alimony payments).

New Banking Regulations take effect!!! Know the FHA rules about Mortgage Insurance when paying less than 20% down payment!

HUD No. 15-001
Cameron French
(202) 708-0685

January 8, 2015

Reduction to increase credit affordability and reflects improved economic health of FHA

WASHINGTON – As the nation’s housing market continues to improve, U.S. Housing and Urban Development Secretary Julián Castro today announced the Federal Housing Administration (FHA) will reduce the annual premiums new borrowers will pay by half of a percent. This action is projected to save more than two million FHA homeowners an average of $900 annually and spur 250,000 new homebuyers to purchase their first home over the next three years. Read FHA’s Mortgagee Letter and a list of frequently asked questions.

Today’s action also reflects the improved economic health of FHA’s Mutual Mortgage Insurance Fund (MMIF). FHA’s recent annual report to Congress demonstrates the economic condition of the agency’s single-family insurance fund continues to improve, adding $21 billion in value over the past two years.

“This action will make homeownership more affordable for over two million Americans in the next three years,” said U.S. Department of Housing and Urban Development Secretary Julián Castro. “Since 2009, the Obama Administration has taken bold steps to reduce risks in the mortgage market and to protect consumers. These efforts have made it possible to take this prudent measure while also ensuring FHA remains on a positive financial trajectory. By bringing our premiums down, we’re helping folks lift themselves up so they can open new doors of opportunity and strengthen their financial futures.”

In the wake of the nation’s housing crisis, FHA increased its premium prices to stabilize the health of its MMI Fund. In addition, the Obama Administration took dramatic steps to safeguard consumers in the mortgage market to ensure responsible borrowers continued to have access to mortgage capital as many private lending sources tightened their lending standards.

Today’s reduction will significantly expand access to mortgage credit for these families and is expected to lower the cost of housing for the approximately 800,000 households who use FHA annually.

FHA’s new annual premium prices are expected to take effect towards the end of the month. FHA will publish a mortgagee letter detailing its new pricing structure shortly.

Did you know all mortgage applications are now equal? Complete your own mortgage application for multiple banks.

If someone were to ask you what a 1003 was, what would you say? The simple answer is that it’s your mortgage application. It’s the number of the form designed by Fannie Mae, and for most new homebuyers, it’s a daunting experience to see all that information. It’s broken down into ten sections, which include the following:

Type of mortgage and terms of the loan

Property information and purpose of the loan

Information on you, the borrower

Your employment data

Your monthly income and current housing expenses

Your net worth — assets minus liabilities

Details of the loan transactions


Acknowledgement and agreement

Government monitoring data

If you want to see a blank copy of this form so you can prepare yourself, ask any lender you’re considering to give you a blank copy — they shouldn’t object. After you fill out this form with a lender, by law, the lender needs to send you your good faith estimate (GFE) of settlement charges and your truth in lending (TIL) statement within a FEW DAYS… no more than 3 DAYS. As is discussed on page  this initial GFE may vary widely from your final estimate, and you should work with your lender to see that it doesn’t. If you’re working with an attorney, send the GFE to them just to have it looked over for any funky fees or blank spaces that should be filled in with numbers.

You might as well face it now: There is no free lunch in mortgage lending. Lenders may advertise no-fee loans, but they’re probably going to eke out their profits in points or other charges along the line. It’s your job to question what’s in front of you and find out where those charges are.
Why should you be concerned about any blank spaces on your application form? Unscrupulous lenders actually leave boxes blank so they can fill them in later without your knowledge and hope that you ignore the numbers they filled in.

Today as an individual can complete one 1003 form (see the link below) and send it to multiple loan officers from multiple banks.  Yes I know that you have been told it will ruin your credit getting your credit run so many times.  That is not true as long as you do it within a 30 day period.  If you fill out your own 1003 form and send it via email to multiple banks it is actually like you are your own “LENDING TREE”.  Did you know you are responsible for doing all of your due diligence as a buyer in the market for a loan.  This is what you are expected of you.  IF you want to get the best deal you MUST shop around and not FEAR your credit will be ruined because you are being responsible by getting multiple quotes and having the different fees evaluated.  Request a pre approval and A Good Faith Estimate.  Review all the GFE’s and get the best value for your credit history.  STOP and think!  Do not go just to one mortgage person go to many in 1 week.  You have 30 days.  Filling out the 1003 form yourself once and shopping for the best price is good business sense.  The power of knowledge is yours.

Click to access 1003rev.pdf

What is a 1003 Mortgage Application?

A 1003 Mortgage Application is the standard application filled out by a mortgage professional on behalf of a borrower applying for a mortgage loan.

The application will provide the lender the essential details to make an informative decision.

The 1003 Mortgage Application is generally taken face to face or over the phone.
It contains all the necessary information involved having to do with your mortgage loan.

The 1003 Mortgage Application contains information such as the address of the current property being purchased or refinanced.
If a purchase- then the purchase price and loan amount.
If a refinance- how much the property was purchased for and when.

The 1003 Mortgage Application has a “Schedule of Real Estate Owned”.
This should list all properties that the borrowers own including any mortgages tied to these properties.
Also detailing which property is an investment property or second home, if applicable

The 1003 Mortgage Application lists the borrowers current address(es) going back at least 2 years.

The 1003 Mortgage Application will generally list the borrower employment, unless the application is for a No Employment Verification Loan.
If the loan will include Employment Verification (and most do), the application will provide for 2 years of Employment History, although some lenders require less than 2 years history.

The 1003 Mortgage Application will list all liabilities that are showing on your credit report. This includes, but is not limited to:
• Other Mortgages
• Car Payments (leased or financed)
• Credit Card Payments
• Installment Loans
• Student Loans
• Open Collection Accounts
Each item lists the current balance and the monthly payment to be calculated into your Debt To Income Ratio.

A 1003 Mortgage Application is also called a “Uniform Residential Loan Application”, or abbreviated URLA. The 1003 application, URLA, is exactly that, an application for a loan. You will be required to sign the mortgage loan application and verify the accuracy of the information contained within the application. It is very important that you are honest and upfront on your application. If you lie about something on the application or try to hide something this can be reason for immediate denial of your loan or even worse an immediate demand for the remainder of the loan balance in full, if the loan has already gone through. Therefore, read over your entire loan application and check the accuracy of the information before signing your name to it.

When completing a 1003 mortgage application, it is important to sign in all areas marked with an X or where a line is drawn above or below your name or the word “Borrower”, and to initial at the bottom of each page. If you have any questions, your loan officer will be more than happy to highlight the areas.

The 1003 mortgage application is a standard form that asks numerous questions about your employment and finances. The 1003 application is a standard form that helps lenders determine how much to lend and at what rate.

Some lenders have the complete 1003 application on their websites. This is ideal for those who would rather fill them out in their own time and then submit it to their mortgage broker. While this is a great convenience, be sure you know exactly who will be receiving the information and that you are submitting it on a secure site. Talk to your mortgage broker with any concerns you may have about filling out an online application. Mortgage professionals will do anything they can to ensure you are comfortable with however you are completing the application and to ensure that your private information is safe.

A 1003 Mortgage Application lists the income for all borrowers. This income is used for debt ratio qualification or to see if the borrowers can afford the mortgage payments under the guidelines of the loan program that they are applying for.
Please read it carefully before signing, as the income on the application, verified or not, needs to match your actual income.

A 1003 Mortgage Application lists the liquid assets of the borrowers. This includes (but is not limited to) funds in:
• Checking Accounts
• Savings Accounts
• Money Market Accounts
• Stocks
• Bonds
• Mutual Funds
• 401(k)
• 403(b)
• Whole Life Insurance Policies

» DISCLAIMER: The information contained in this article on ‘What is a 1003 Mortgage Application?’ is a collection of contributions by licensed mortgage professionals and is not the opinion of Broker Outpost LLC. Always consult a licensed professional before applying for a mortgage.

Interest rates are at an all time low…. now is the time to save, stop renting and invest in your future!

How do couples set money goals?
By Dr. Don Taylor, Ph.D., CFA, CFP, CASL •

Don TaylorDear Dr. Don,
I’m getting married this May. I’m 29 years old, while my fiancee is 26. I have a retirement plan through work that matches my contributions with $1.50 for every $1 I invest. I also have a Roth individual retirement account, in which I initially invested $10,000. My fiancee doesn’t have any retirement savings at all.

Coming in to the marriage, I’m also bringing a sizable amount of student loan debt (income-based repayment). My fiancee has a small mortgage on a really good home. What steps do you suggest we take to secure our shared financial future?


You’ve already done a lot toward investing in your future together. You’re saving for retirement. She’s a homeowner. Together, you’re saving for retirement and to own a home. That’s not bad at all for a couple in their 20s.

Ideally, you should contribute up to the limit of the corporate match in the retirement plan. Your company’s match appears to be very generous. It’s more common for employers to provide 50 cents for every dollar an employee contributes.

Chipping away at the outstanding balance on student loans can make the most sense. That includes income-based repayment, but not at the expense of retirement savings. I wouldn’t suggest raiding the Roth IRA for loan repayments either, by the way.

Best wishes to you and your fiancee as you start your financial life together.

When I read this article I was impressed.  A couple in their 20’s thinking about their future.  I remember being offered advise in my 20’s and thinking retirement was so far away and now that I am smack in the middle of retiring soon I am so glad I had that conversation, I am so glad I invested in real estate and I am so glad I only borrowed from my 401K to buy my first property.  Knowing the information is only one part of what needs to happen the most important is the ACTIONS!  Take action to save as much money while you are young enough to earn it so that when you are not able to earn as much due to retirement, old age, disabilities, accidents, etc.. you have money available to do live and strive.  Everyone has both good and bad years buying real estate is always a good year.  So much can happen to your funds when you are spending and time escapes you on a day to day basis if you do not have a spending plan before you start spending.  Look at your overall funds, have a savings plan even if it is just $5.00 per week.  each week look for one way to improve that $5.00 savings plan and by the end of the year you would have improved your savings 52 ways.  Every penny counts!

Understanding technology! Your phone service is digital! Paying for phone service is a thing of the past…

Do you remember when you were paying for e-mail service?  Do you know there are still people paying for email service?  These are the same people who are still paying for phone service.  Today with the phone service being digital you do not need to pay an extra fee for phone service on your land line because it is DIGITAL.  It comes through your internet service.  You also do not have to pay for Television anymore as that service also come through your internet service.

Why do we still pay for phone service?  We pay for phone service because we are too busy to understand the technology.  We understand we can speak and see people utilizing Skype for free but yet we pay to call our local pizza place?  We pay a fee on our cell phones and think we have unlimited minutes yet the phone company has calculated the package of minutes you may or may not use and they charge you for the “plan” and tell you you have unlimited minutes.

Google voice is a phone service that is free because it comes over the internet.  Plug in a set of head phones and you have a private phone.  MagicJack have the ability to plug your current phone into the device and you can answer and speak over the old clunker phone device for comfort.  We are creatures of habit.  I am also a creature of habit but once we look at what we are paying for and what we need and do not need we will keep our MONEY in our pocket.  Yes the more money you save is the more money you will have.  Every penny counts.  Every penny you do not spend is adding to the better future you will have.

I recommend you look at your daily activities of spending money.  Stop at the store to get a coffee, purchasing the newspaper from the newsstand, purchasing lunch from a deli, driving to work and where you purchase gas, ordering dinner out.  Purchasing a moving from your internet provider.  Taking a long shower after a long day.

Everything cost money and everyone has a place where they can alter what they do in a day to change the balance in their banking accounts at the end of the month.  Try to change one thing per week.  Look at a day in your life, stop spending money one week by making one change and share your experience here.  At the end of the month everyone will have a few extra bucks in the bank.

Have fun with this challenge and share your positive experiences.

Moving tips to make your packing easier!

1. Packing Supply Shopping List
Starting off on the right foot helps in a move. We’ll set you on the right path by arming you with all you need so you won’t have to keep making time-wasting trips out to get supplies. To determine what supplies you need for your move, check out the article on Packing Supplies, then fill out the quantity of each item before you start to shop.

2. Change of Address Checklist
Here is an area where it’s very easy to forget something. When moving, it’s important to remember all the ways you rely on the postal service to get the information you need, whether it’s bills or a favorite magazine. And to help you keep up-to-date and in contact with everybody, use this change of address checklist to ensure the people you need to stay-in-touch with are notified of your upcoming move.

3. Checklist of Questions to Ask the Movers
This checklist will help you when you are looking for the right movers for the job. This is an important decision, so don’t just go with the first name in the yellow pages! Print several copies of this question list and use it each time you call a moving company to inquire about your move.

4. Checklist of Things to Pack in the Essentials Box
It’s hard to get a new house organized and “user-friendly” in the first day after moving. It usually takes some time before you settle into your new place. But life goes on, and you still need to eat, drink, sleep, wash up, etc. before you are fully settled in. Use this list to collect all general household supplies you’ll need for the first couple of days in your new home. If you’ll be moving to another city or state, and the movers won’t be arriving for a week or more, then you should consider packing more than what’s suggested below. Think about everything you use on a daily basis and pack accordingly.

5. Things You Need to Do to Move Overseas
International moving is difficult. There are so many extra tasks you need to do to prepare to move that it’s often difficult to keep track. In addition to everything else a regular move entails, there are many other things that are not day-today concerns. Moving to another country requires additional planning ahead. Immigration documentation, health papers, taxes – you get the idea. It’s a long list. If you’re moving overseas, use this checklist as a guide to help you through a complicated move.

6. School Records Checklist
One of the things most often forgotten is the school documentation of the children. You will want to effect the transition of your child with as little disruption as possible. Children are excited in a move and will not remember to do the essentials. It will fall to you to make sure you have their records ready to go. Your child will no doubt be more focused on setting up his or her room, and exploring the new home and neighborhood! Use this checklist to make sure all educational bases are covered.

Remember to pick up items from the Cleaners, Tailors and Shoe-repair Shops
Make sure you collect all those items from the cleaners before you move. I had once left a pair of treasured sandals that my husband dropped off at a cobblers in late August after I had complained about the lack of shoe-wear in my closet. When we moved that October, I forgot to collect my sandals. I ended up paying the cobbler to fix the shoes and for shipping them to my new home.

Personal Records
Collecting all records usually ends up in my what to do 8 weeks before I move list. Make sure you collect all records, including medical, dental, vaccine and veterinarian. Also, include copies of prescriptions or a list from your pharmacist. I always carry of record of my eye prescription as well. Some pharmacies and medical centers will transfer your records to your new physician. Set-up a pre-permission before you leave. This may include a signed letter to your current health care practitioner that states you provide permission to forward. Ask before you move.

Other records to obtain include your child’s education portfolio. This could take some time to collect and store, so try to do this well a head of your move.

Also make sure you properly store and move personal records. These items should travel with you to ensure that don’t get lost in the move. For more detailed information, check out the article, How to Collect and Sort Your Records Before You Move.

Phone Numbers and Addresses
With the Internet, it’s not as important to keep telephone numbers or addresses; however, I’ve found that my memory isn’t as good as I think it is and I often forget the name of that dentist I saw or the financial officer at the bank who may be able to provide a reference. Keeping a list of important people you may need to contact will help track them down. Also, keep a list of friends, colleagues or old business contacts. Many people have unlisted phone numbers which are almost impossible to find online. Some people take the phone book with them when they move. I usually try to avoid this as it’s heavy and awkward. Check out the moving tip on a 4-1-1 service that’s free!

Keep a copy of your new address and contact information with you at all times and make sure you label important items such as pet tags and luggage. Also, make sure the moving company has the new address and directions on how to get there.
Spare Keys and Hidden Valuables
I usually keep a spare key with a neighbor or carefully hidden outside just to avoid those frantic calls to the locksmith. We also keep spare car keys hidden. Make sure you collect all hidden items before you move. These things are easy to forget since they are seldom used.

What About the Mail?
Even though we’re living in an e-mail world, we still rely on our daily snail-mail. Make sure you register the address change with the post office and contact all subscriptions, too.

Garage Door Opener
This is one item that most people forget to leave behind! Make sure you take it out from the glove compartment and leave it for the next tenants. This is one item you shouldn’t pack!

Library Books, Gym Memberships, Club Fees
Make sure you return all those library books then notify the library that you’re moving so they can cancel your card. I once had someone use my library account to take (and keep) some very valued books and music CDs. Also, check with any other clubs to cancel your membership. Some fitness facilities will give you money-back or credit for unused portions, or they may be able to transfer your membership to a club in your new hometown.

All Things Financial
Talk to your bank before you go to see if there’s a branch located in your new hometown or how best to transfer money to another account. It’s usually a good idea to open a new account in the new location prior to moving. If you’re moving to another country, you’ll need to discuss how best to take your money with you.

Also, make sure you cancel any payments that are automatically made from your current account. Bounced payments can affect your credit rating and will be more difficult to amend after the move.

Clean Up After the Fact
After the movers have left and just before you leave your old home, make sure you clean the house and dispose of any leftover items. There’s nothing more frustrating then getting to your new home to find that the old tenants left you some furnishings that you would never use. Disposal costs money and takes time. So be a good mover and get rid of anything left behind. And remember, some items cannot be packed or moved.