2009 December | North Fork, Long Island, NY Real Estate Blog OptionsRealty.com

Archive for December, 2009

Changes to Fannie Mae Loan Approval Guidelines

December 21st, 2009 category: BuyersNo Comments »

The information below was taken directly from the Fannie Mae site, and details for home borrowers new restrictions, ratios, and guidelines being implemented now under Desktop Underwriting 8.0.

Of primary interest on the east end of Long Island for second home seekers are changes to second home property qualifications. It would appear that flexibility- even a little- is not happening.

For those seeking a primary home on the east end, changes have been made that may affect your total debt ratio. Under the current guidelines, unless you have a very specific credit score minimum, as well as reserves, verifiable income, and ratios that fall VERY closely within the guidelines, your potential purchase is likely at risk if any of those elements are lacking.

You can find all information here.

Your lender can assist you in navigating these changes- understanding what to expect will be key to a smooth home purchase.

To search available homes for sale on the North Fork / East End Long Island or condos on the North Fork of Long Island, click “north fork homes”, enter your area of interest and any parameters, and click “go”- properties for sale include Riverhead, Aquebogue, Baiting Hollow, Calverton, Jamesport, Laurel, Mattituck, Cutchogue, Peconic, Southold, Greenport, East Marion, Orient, Orient Point, Westhampton Beach, Hampton Bays, Flanders, Southampton, Sag Harbor, East Hampton, Montauk, NY.

Home Inspection Issues for East End, Long Island Home Sellers/Buyers

December 7th, 2009 category: Real Estate NewsNo Comments »

We’ve been very fortunate to experience positive home inspections for buyers, as well as sellers, but there is no question but that for both sides of a home sale transaction, the inspection is cause for stress.

In seeking out great advice from the source (a home inspection company), this site was discovered, and we were happy to see very clear guidelines offered in order to expedite (or not) a home purchase.

For home sellers, provided is a concise list of things to prepare for when anticipating a home inspection- suggestions can be found here. Simple ways to avoid minor problems that might have the appearance of larger problems are worth eliminating prior to putting your home on the market.

For home buyers, an understanding of the purpose, as well as warning signs to watch out for, can be found here.

Understanding just what you’re looking FOR can be found on additional pages found on the site- it’s worth a look!

While we have not used the company that has authored the advice above, they appear to have a very clear understanding of what their customers seek: a successful outcome to a home inspection, with as little in the way of stress as possible!

For a link to NY Home Inspection Group, located in Merrick, NY, their site can be found here.

East End Blast From the Past

December 7th, 2009 category: North Fork NeighborhoodsNo Comments »

It’s always interesting to find old articles that focus on the North fork and its early settlers.

The following is a New York Times article that goes back to 1890, and shares some prominent names/families, whose street signs have become a permanent fixture in Southold- some skinny behind the signs!

And for those of a “certain age”, how charming to refer to one young (at least by todays standards) womans age as one who is “20 summers” old- with summer on the North fork being such a lovely experience, not a bad way to express an age. Utterly charming.

The article can be found here.For those seeking historical homes, how interesting to get a glimpse into just who may have occupied the home of your dreams, so many years ago….