Ahem... answering my own post, in case anyone finds it helpful. Called Precinct 76 and was told "get a dog".

Posted by: mshook at January 22, 2008 1:01 PM in response to Alarm system

Murphy's leaves a residue, and even their own web site says it is not good to use on wood floors. Vinegar is the best... and on windows, too. Go Kim and Aggie!

Posted by: mshook at February 1, 2008 11:59 AM in response to Wooden Floor

There is a big building just down Clinton, into Red Hook, that says "temperature controlled storage", if they're open it would be very convenient, I imagine.

Posted by: mshook at February 1, 2008 1:57 PM in response to Brookyn storage recommendations?

Sneaky Pete, those Gram Parsons royalities must be good....

Posted by: mshook at February 4, 2008 1:25 PM in response to Local Housing Market Headed for the Trash Can?

I feel it is my duty to introduce anyone who cares to the best mosquito bite remedy ever: make a paste with meat tenderizer, and rub it into the bite as soon as you know it is there. Miraculous and weird. It does tend to get a bit gritty in bed on those hot summer nights, though....

Posted by: mshook at February 5, 2008 8:38 PM in response to Mosquitos in brownstone gardens

12.39, there is a small road leading to the large cruise ship parking lot, and a big warehouse containing prop vehicles and stuff, and more parking, between these buildings and the water. And I have yet to see a live rat anywhere near there... 2 lonely guard dogs... maybe they look like rats to some?

Posted by: mshook at February 7, 2008 1:02 PM in response to 160 Imlay Street: A Sacrificial Lamb?

I saw a man cut that window about 3 weeks ago. Weird.

Posted by: mshook at February 8, 2008 11:51 AM in response to The Mystery of 62 Imlay

johnife wins the marmite prize this morning. I'm sure people in the UK don't enjoy you staying in their houses, either. But ain't it nice to get HEALTHCARE?

Posted by: mshook at March 15, 2008 9:48 AM in response to Do brownstones usually need renovation?

whaddya want then, salad cream?

Posted by: mshook at March 15, 2008 10:01 AM in response to Do brownstones usually need renovation?

Ecover bleach (it comes in a box) is great on red wine stains. Get it wet, pour it on, and let it sit. Once the stain turns from red to purple it can be washed out, in my experience. Works on carpet, too.

Posted by: mshook at March 22, 2008 8:18 PM in response to Sofa cleaning company?

I would be surprised if you are still able to get a stated income mortgage at all unless you are putting down a very large down payment and paying a high interest rate. The stated income mortgage, like the payment option mortgage, is one of the products largely viewed as responsible for the housing crisis and is being frowned upon by banking regulators.

Why can't you just provide tax returns? Self-employed doesn't mean you can't verify your income. And if the answer is that your income in prior years hasn't been big enough, should you really be taking out a big mortgage?

Posted by: lechacal at August 25, 2008 7:56 AM in response to Stated Income Mortgage

I got a stated income loan right before the mortgage meltdown, and am curious about what happens with this. OP: can you report back to us what happens when you talk to a broker?

FWIW, I did have to provide a stack of Schedule Cs to an accountant, who did write up a notarized "statement of income," in order to get my stated income loan, even back in the freewheeling days of yore. Wasn't exactly a liar's loan--she was basically honest. She just reframed my income information in terms of what I actually live on, not in terms of minimizing tax burden.

Posted by: vanburenproud at August 25, 2008 10:08 AM in response to Stated Income Mortgage

mshook- thanks for the suggestion.

vanburenproud - from what you wrote, sounds like our situations are pretty similar. As for what the brokers have told me, the banks are looking for at least 30% down. We can afford that but we're interested in a place that needs serious renovations and that wouldn't leave us with the money needed for renovations. Another broker suggested a 40 year mortgage, with ARM for first 10 years at the prevailing rate, and cap of 5% above the initial rate over the life of the loan for the remaining 30 years. He says I can prepay the principle without penalty. The ideal situation would be to refinance before the 10 years is up at a good rate, but who knows, right? So what do folks think of this financing option?

Posted by: prop351 at August 25, 2008 10:33 AM in response to Stated Income Mortgage

I know Astoria has an Alt-A portfolio, but not sure if they are offering this product much anymore. Management has taken some serious flack for this book and they are unlikely to underwrite loans to anyone without ~50% down and a business or jumbo deposit relationship. But it wouldn't hurt to check. Anything that happened in stated income 2 years ago will definitely not happen today. I tend to agree with other posters here. If this is your only option, you may want to work on being able to document and try later. If you can even get a stated income, you will get gouged on the rate.

Posted by: jingle mail at August 25, 2008 10:41 AM in response to Stated Income Mortgage

With a 40-year loan, you are basically a renter who takes real estate market risk. That is probably the worst of both worlds right now. If there are any issues with getting a mortgage, why not just rent?

Posted by: lechacal at August 25, 2008 11:26 AM in response to Stated Income Mortgage

Nothing wrong with a 40 year mortgage. 30 years is just convention. You probably pay a slightly higher rate, and a little less principle in a slightly lower monthly payment. It's more conservative than an interest only loan. If lenders offer it and the numbers work then keep the option on the table.

Many years ago when I was self employed, I went with a no income check 7/1 ARM. Had a good experience then with Norman Calvo from universal mortgage.

Posted by: Bklnite at August 25, 2008 4:59 PM in response to Stated Income Mortgage

With a 40-year mortgage, you have paid off very little principal by year 10. If you are like most people, you will sell before then. The forced "savings" of actually making meaningful principal payments means that it is easier for someone to get out from under a property in a down market (which I think most people think the next 5 years will be). If you are on a 40-year mortgage and prices have gone down, you are underwater very quickly if things go south.

These are things that people should think about when they buy, but after a long run-up in prices everyone thinks they don't really matter.

Ask the Californians who got 40-year mortgages in 2005 whether they are happy they used a new mortgage product to "stretch" for a price they really shouldn't have been able to afford.

My advice - if you are asking these questions, rent. Don't buy into the myth that everyone needs to be a homeowner. You could lose all of your equity in a heartbeat if you engage in stretch financing in this market.

Just my $0.02.

Posted by: lechacal at August 25, 2008 5:36 PM in response to Stated Income Mortgage

highly unlikely that you will be able to get a stated income loan in this climate. Talk to a reputable mortgage broker (NOT "deariemortgage.com") but Manhattan, Universal, Apple or Trachtman. But I don't think you can get them anymore. Too bad, 'cause some of us who did lie about our income but know what we could afford were able to get mortgages and buy homes that we have no problem making payments on. (It helps to not spend your money buying crap).

Posted by: Ppark at August 25, 2008 8:53 PM in response to Stated Income Mortgage

I merely gave the OP my reputable mortgage broker's web site, since I am too forgetful and lazy to look up her phone number, and the web site address sticks in my mind. I am not the only one I know who has used this broker, and we all had great experiences with her. Cheesy company name, perhaps; helpful and professional woman, definitely.

Posted by: mshook at August 25, 2008 10:13 PM in response to Stated Income Mortgage

To clarify--my stated income loan has a fixed, low interest rate over 30 years. I would NOT NOT NOT take out an ARM or any other exotic product in this climate... even though you have found someone still stupid enough to offer one.

If you are looking at places that need serious renovations, in this climate I would suggest:

1. Make sure you can afford payments on the best fixed-rate 30-year mortgage you can get, and don't get a house that is one penny more expensive than what you think you can easily afford.

2. Once you've closed and moved in, don't do anything for six months except save like the dickens and plan. Get a strong emergency fund. Poke around.

3. After six months of planning and saving, do renovations slowly as you accrue cash *over* a six-month emergency reserve fund (three months if you like risk).

The act of buying a house is so disorienting and exciting that it can make you deliriously wasteful. I strongly suggest avoiding this period--it's really bad for your bottom line, and your decisions are bad anyway.

If you can't afford to rent an apartment and keep a mortgage (as I could not), living in an unrenovated house for six months or even a year is not the end of the world. You will need the time to stop buggin', get to know what you actually bought, address actual emergencies like flooding basements or serious leaks, and get a very clear sense of how much the house actually costs you.

The bottom line is that we are in a credit crisis. In this climate, I would not go into debt over renovating a house under any circumstances, and that includes indulging in an exotic mortgage in order to keep a cash reserve for renovations.

For that matter, I would not take any mortgage in this climate that depends upon refinancing to make it look sane. I would not take a mortgage that I would kick myself for in twenty years if I could not refinance. I would not put myself in any position where I had to trust banks right now.

Posted by: vanburenproud at August 25, 2008 11:46 PM in response to Stated Income Mortgage