Thinkins of buying @ Iroquois

I've been there, yes. They screwed a few minor things up but seem to have gotten most of it right on the face of it. Certainly way (way) better than most new construction, especially in the South Slope. Any other folks been inside?

Posted by: ronvalron at June 9, 2009 12:39 AM in response to Thinkins of buying @ Iroquois

"south slope" isn't a precise enough description these days. if you're buying a family size apartment south of ninth street, what you care about is whether your place is in ps 107 or not. this place is indeed in 107, so i think they deserve a bit of a premium for that. but *this* much premium? um, no.

no reason for them to cut prices until spring though, since they look to be many months from a c of o?

Posted by: ronvalron at March 2, 2009 2:54 PM in response to Checking In On The Iroquois

we're currently at 6.125%

taking our 520k mortgage down to 5.25% with current lender
(wells fargo) through a refi

we've got about 700k in equity and over 800 fico scores

this too is a "jumbo conforming" rate

we would have been below 5% if the loan was under 417k
so even though we're below official jumbo level (which is at 625k or 729k right now, i think, can't remember which) we still get dinged for being over 417k

Posted by: ronvalron at January 16, 2009 6:14 PM in response to Jumbo Limits-Worth Refinancing?

i paid 46k for a spot (among 25 or so) in my south slope condo building about 4 years ago and consider it a bargain. it would rent for about 300 today (or maybe more, the garage across the street charges at least 350 when tax is included i think).

Posted by: ronvalron at November 18, 2008 5:22 PM in response to What Price Parking?

I love the hang-on bars that these things have on the ceilings. A huge plus for tall people who get stuck in the middle of the train between the two doors at peak hours.

Posted by: ronvalron at November 10, 2008 2:54 PM in response to New F Trains Leaving the Station

i have always wondered what the 4th floor on these ps107 park block houses might add to the value, given that three-story two families on park blocks in 107 have been going for 1.8 to 2.0 (at least i think so). given that the kitchen (it's barely a kitchen, frankly) needs an overhaul and presumably the baths do too (otherwise, why no pics given the extensive photo album?), 2.4 seems awfully high to me. 2.1-2.2 seems about right.

anyone else agree? i guess if i'm a broker, i push it this way: 107 is less crowded than 321, 7th avenue south of ninth street is much cooler than the strip north of ninth, and the F train isn't so bad (really!) especially if you're right on top of it and thus not walking 10 blocks in the rain to the 2/3 or b/q the way you would be on 2nd street, say...

Posted by: ronvalron at September 10, 2008 1:59 PM in response to House of the Day: 641 10th Street

Don't know what the conforming loan limits are right now, but there is a schedule for 1, 2, 3 and 4 families, with progressively higher loan limits. There is no difference in rate based on the number of families, if the loan is within the limits, it's conforming. The current temporary rates are something else, and I don't know how they work. Rates and requirements can always be higher based on loan to value ratio and the borrower's credit score.

Posted by: raphael9 at January 16, 2009 6:18 PM in response to Jumbo Limits-Worth Refinancing?

Our broker quoted us 6.5 percent for a mortgage including a construction loan (203K) at $505K total. Possibly this sucks, but just throwing it out there.

Posted by: mopar at January 16, 2009 11:49 PM in response to Jumbo Limits-Worth Refinancing?

For the 5 boroughs, the 2009 agency conforming limits are as follows (and subject to change in 2010):

1 unit - $625,500
2 units - $800,775
3 units - $967,950
4 units - $1,202,925

The regular conforming limits still apply as follows:

1 unit - $417,000
2 units - $533,850
3 units - $645,300
4 units - $801,950

Currently, the 2009 agency limits are allowed only on 1 unit homes for conventional Fannie and Freddie loans (although this it may apply to 2-4 family homes soon).

However, the 2009 limits are allowed for FHA financing for all types (1-4 family).

Anything above the 2009 agency conforming limits are considered jumbo or non-conforming.

Hope this helps.

sunny_hong@countrywide.com

Posted by: shong1 at January 18, 2009 7:22 PM in response to Jumbo Limits-Worth Refinancing?

Like MacD, I was thinking about refinancing, too. By way of background, I secured a CommunityWorks jumbo loan in mid-2007 for a condo in Clinton Hill at a rate of 5.75%. I also took another loan (NOT a mortgage, and therefore non tax-deductible, sadly) to make up the balance of the purchase price, at a somewhat higher interest rate.

My questions are two-fold: first, can I take advantage of the current new rate of 4.6%, or is CommunityWorks for first purchases only and not refinancing? Second, if I CAN use CommunityWorks for refinancing, would it be posisble to roll-in the cost of my second, higher-inerest loan into my mortgage, since the jumbo threshold was been revised upward?

Thanks for any advice.

Posted by: nellymikhaiel at January 20, 2009 2:09 PM in response to Jumbo Limits-Worth Refinancing?