Yonkers, NY

Here it is in a nutshell:

The new law will extend the $8,000 credit for first-time home buyers for sales contracts entered into by April 30, 2010 and closed by June 30. Further, it has been expanded to include a new $6,500 credit for owners of existing homes who are purchasing a new principal residence. An existing home owner can claim the $6,500 tax credit if they have been residing in their principal residence for five consecutive years out of the last eight. Additionally, the income eligibility limits to claim the full credit amount for both groups of home buyers have been raised to $125,000 for individuals and $225,000 for married couples.

Interest Rate will Go up possible to 7%,

Mortgage Rate are being held down by federal government to help stimulate the market, the government was active in purchase of mortgage-backed-securities over the year.

The goal was to control the interest rate, so home buyers can qualify for a mortgage but to end December 31, 2009 which will extend unit march 2010. So the private sector have to step up and provide mortgage , the government was comfortable lending 5% but the private sector will not see that as attractive.

•· National debt rising dramatically

•· Inflation looming down

•· Doesn't make good business sense to lend money for thirty year at five percent.

** New York Times just this past week said this about this issue:

"One of those things propping up the market has been the Federal Reserve, which has been buying mortgage-backed securities to keep interest rates low. As the Fed begins to wind down its purchases in the next few months, rates will become less enticing. Analysts expect them to rise to at least 6 percent from the current 5 percent."

If interest rate go up even by one percentage point, to six percent, as the New York Times suggests analysts are predicting, that will raise the cost of purchasing a home.

Some buyers are sitting on the fence right now, concerned that prices still might fall.In reality, even if prices fall another ten percent, if interest rates rise one percent, the buyer's monthly mortgage payment will actually be higher.

Call me or email me, I can connect you to the top agent your area.

New York Jumbo Mortgage Rates: Our true jumbo mortgage rates continue to trend downward this week in all counties of New York. Despite the 2009 conforming loan limit remaining at $417,000 to $729,000 in New York, we still are able to offer affordable financing to qualified borrowers for purchases as well as refinances for jumbo loans over the current conforming loan limit in your particular county. My company, First Interstate Financial Corp., currently has established broker relationships with several investors that allow us to offer excellent New York Jumbo Mortgage Rates.

Currently we have the following New York Jumbo Mortgage Rates with 0 points as of business close on 9/21/2009*:

30 Year Fixed 5.75% 5.81% APR (Fixed Program available in Columbia, Dutchess, Nassau, Orange, Putnam, Richmond, Rockland, Suffolk, and Westchester Counties only)

7/1 ARM 4.5% 4.55% APR

5/1 ARM 4.125% 4.18% APR

*Please call for specific quotes*, due to market fluctuation and guidelines and county product availability your New York Jumbo Mortgage Rates can vary depending on your particular scenario. The main take-away is that there are jumbo loan programs available to fit your needs, even in our current lending environment.

Our New York Jumbo Mortgage Rates can vary from the low 4% range to low 6% range, depending on whether you are looking for a higher loan-to-value or a fixed rate or adjustable rate loan.

Typical minimum FICO scores for New York Jumbo Mortgage Rates range from 680 to 720, depending on the loan program and scenario. FICO scores are considered to be more a general indicator for this program, and the overall credit picture is reviewed more so than simply a number. Loans are for Full Doc loans only, and are subject to verification of post closing assets and full underwriting by our investor(s).

Currently with loan to values of up to 80% on purchase money/rate term/cash-out refinances to $800,000, up to 75% on purchase money/rate term/cash-out refinances up to $1,500,000, and up to 70% Financing to $2,000,000. There are also great programs for second home financing. Loan-to-values depend on the specific program you are qualified for and rates can vary above a 65% Loan to value.

We also offer competitive pricing on FHA, VA and Conventional Loans in NY, as well USDA loans in qualified RD areas. Stated Income programs are also slowly making a comeback as well.

* Not a commitment to lend. Other programs available. Jumbo Loans are a brokered product. Equal Housing Lender. Licensed in CA,CO,CT,DE,FL,GA,MA,MI,MO,MT, NJ, NY,PA,TX,SC,VA. Check for availability within your market area, as some products are restricted in the 5 Boroughs and Upstate NY.

super jumbo mortgage rates New jersey Jumbo Loans Mercer County NJ Jumbo Mtgs  NJ Jumbo Mtgs Stated Income Mortgages 

Mayor said he will veto the 2010 operating budget, because the severe impacton public safety and quality of life. The budget, which would have included a 5.75% property tax increase, It would cut cities services, most notably within the city's police department, eliminating some units and posts altogether.

Municipal services most adversely affected by the City Council's budget cuts fall within the police department, which had $2.2 million-or 18%-slashed from its overtime budget. The overtime cuts would impact nearly every aspect of police operations including foot posts, neighborhood patrols, traffic details, anti-crime units, anti-drug units, and security at special events. Details follow.

• Elimination of the precinct Anti-Crime Units - 2 sergeants and 4 police officers
• Elimination of the Domestic Violence Unit - 4 police officers
• Unable to provide additional police coverage at special events
• Transfer two detectives to Field Services
• Reduction of Housing Unit police officer minimums
• Transfer a police officer from the Criminal ID Unit to late tour patrol
• Transfer a police officer from the Criminal ID Unit to early tour patrol
• Transfer a police officer from the NYSPIN Unit to late tour patrol
• Transfer two police officers from the Traffic Unit to patrol
• Transfer a sergeant to late tour Communications Division
• Transfer a sergeant from the Traffic Unit to Patrol
• Transfer a sergeant from the Housing Unit to Patrol
• Reduce minimum manning level in Detective Division by one detective

TOTAL POLICE CUTS: $2,200,000

The police department wasn't the only one hit hard by the City Council's budget. A 2% across-the-board cut to most city departments will result in many other citywide service reductions, some of which are listed below.

City Council Budget Cuts (non-public safety):

• Cut at least half of the community group funding through parks department
  • Boy's & Girls Clubs (12 in total)
  • My Sister's Place
  • Yonkers Philharmonic
  • African American Heritage Festival
  • Youth Theater Interaction
  • Puerto Rican / Hispanic Day Parade & Festival
  • Untermeyer Performing Arts Council
  • Cultural concerts (Italian, Irish, etc.)
  • Youth programs (Global Basketball, Westchester Invaders, Runyon Heights, etc.)
  • Recreational programs (Westside Tennis, Yonkers Kayak Club, etc.)
• $1.2 million cut to affordable housing projects
• Elimination of grant matches for senior citizen services
• Elimination of support services for internet-based city services
  • Online cahier payments for city taxes, parking fines, violations, etc.
  • Action Center / 311 Help Line
  • GIS services (property / tax records)
• Delay in implementing court-ordered firefighter civil service examination
• Elimination of building department's 24-hour Heat & Oil Program
• Code enforcement reductions (litter, noise violations, consumer protection, etc.)

They would profoundly impact quality of life in Yonkers by impeding our ability to enforce city code requirements, construct new affordable housing and continue key economic development initiatives. These cuts are extremely shortsighted and would cause more damage to the city over the long term than the minimal savings they would produce in the short term."

The City Council failed to meet its City Charter mandated deadline to adopt a budget by June 1, finally passing a scaled back version of the budget three weeks late on June 20. The Council's delay and inaction has pushed the city to the brink since the budget must still be sent to the state comptroller for final certification.

The budget now goes back to the City Council for reconsideration. Five votes are needed to override a mayoral veto.

Yonkers Ny Real estate, Yonkers Homes for sale.