PATH, FHA Changes, MID – Do They Affect Me?

Buying a HomeHow does the PATH Act affect me?  What about my mortgage interest deduction?  Can that be taken away?

There are many proposals and bills floating around Congress these days which could affect current and future homeowners, not only on Long Island but across the country. If these bills pass, the American Dream of Homeownership will be greatly restricted.

PATH – or “Protecting American Taxpayers and Homeowners” – This bill proposes to comprehensively restructure the financial mortgage markets. Do you have a 30-year mortgage? If this bill goes through and Fannie and Freddie are dissolved – and only the private market provides mortgages, the 30-year mortgage will no longer be available. This proposal makes no sense to me because Fannie Mae and Freddie Mac have paid back the entire amount borrowed from the federal government PLUS paid 15 Billion Dollars profit in dividends to the federal budget this year. Why should we give a profit-making government program to the private sector? Who benefits from that? Not the taxpayers. Try selling your home during a downturn in the economy when private capital flees the mortgage market and buyers cannot obtain mortgages.

FHA Changes – For FHA loans the PATH Act proposes lower down payments, regardless of the borrower’s credit worthiness and lowering loan limits which will restrict borrower’s access to credit. This bill completely changes the structure and role of the FHA single-family mortgage insurance program making 345,000 borrowers a year ineligible for FHA financing.

Read more about #PATH in this Coalition Letter against PATH to our representatives from leaders of various groups, including the National Association of Realtors.

MID – Mortgage Interest Deduction – Would losing this tax benefit affect you?  It certainly will for many homeowners on #Long Island. This is a topic “near and dear” to most of us.  But proposals in Congress limit this deduction to qualified home mortgages  up to $500,000 from the current $1 million. Let your senators and representative in Congress know how you, as a taxpayer and a homeowner, feel about this bill. Find representative.

 

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For Sale 101 Majestic Drive, Dix Hills, NY

For Sale dramatic contemporary home set on 1.19 acres in prestigious Dix Hills Majestic Estates development.

 101 Majestic Drive, Dix Hills

Dramatic Contemporary at 101 Majestic Drive, Dix Hills

Beautifully set on a full acre the elegance and distinctive architecture of the home is enhanced with a deep set-back from the street.  Soaring open spaces with capacious sun-filled rooms and clean, sophisticated lines are all discernible upon entering the stunning 2-story entrance foyer from which all major rooms radiate. The perfect park-like backyard is open and flat featuring an inground pool, a large wrap-around deck and expansive lawns. Located in a prestigious community of other luxury homes and within the Half Hollow Hills School District, this home offers both privacy and convenience with easy access to all beaches, schools, transportation, parkways and shopping.

Listing Price:  $1,075,000
Style: Contemporary
Taxes w/Basic Star: $16,967
True Tax: $17,901
1.19 Acres
10 Rooms. 5 Bedrooms
3 Full, 1 Half Bathrooms
Dual-Room Fireplace
3 Skylights
Basement
Side-Entry 3-Car Garage
CAC, 2-zones
Central Vacuum
New Energy-Efficient Gas HW Heating, 2-zones
Separate Hot-Water Heater
Inground Pool, Vinyl
Inground Sprinklers, 16 zns
Underground Utilities

Main Level: Soaring Entrance Foyer and Front Staircase, Formal Dining Room, Living Room with Dual Fireplace with Family Room, New Kitchen, Breakfast Rm, Powder Rm, Laundry, Rear Staircase, 5th Bedroom/Office, Full Bath.
Second Level: Large Master Bedroom w/WIC, Spa Master Bathroom w/ Tub & Separate Shower.
Three additional Bedrooms, Hall Bathroom.
Basement and 3-Car Garage

Special Features: Expanded Master Suite and Master Bath. Large windows and slider across back of home. Wood floors throughout. Huge Finished Basement. Heated Gunite IGP with Cabana, Deck & Patio. Washer, Dryer, Dishwasher, Double Oven, Microwave, Stove-top, Refrigerator included with sale.

FloorPlanOnline Virtual Tourclick here



Half Hollow Hills School District
Vanderbilt Elementary  *  Candlewood Middle School  *  Half Hollow Hills HS West

Access NYS Regents School Report Cards for every school district in NYS

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Affordable Living, Vibrant Lifestyle!

Why rent when you can buy your own home?  Offered at $179,999.  $732 maintenance fee covers taxes, heat, hot water, parking, pool, tennis, playground and grounds maintenance!

Just Listed! 152 Village Drive, Hauppauge

152 Village Drive, Hauppauge, NY

One bedroom lower unit with private entrance in desirable Spring Meadows for $179,999! Diamond condition! Wood floors. Granite counters! The coop community offers a community pool, a tennis court and a playground for the residents to enjoy! The beautifully maintained properties and grounds in the complex are located within a lovely neighborhood with easy access to the LIE. The highly rated Hauppauge School District serves the development. Check out their Facebook Page for updates, events and news.  For an appointment to view this beautiful apartment contact Paulette at 526-639-5951.

Listing Price:  $179,999
Development:  Spring Meadows
Town:  Hauppauge
Type:  Cooperative
Model:  Lower Level
School District:  Hauppauge
Rooms:  4
Bedroom:  1
Baths Full:  1
Maintenance:  $732 per month
Maintenance Charge includes:  Taxes, Heat, Water, Parking, Grounds & Property Maintenance Fees
Amenities:  Community Pool, Tennis and Playground on site

Floor Plan: Private Entry, Combination Dining Room & Living Room w/sliding glass doors to outside, Kitchen, Bedroom, Bathroom

Features:  All updated!  Wood floors, Kitchen w/mahogany wood cabs, granite counters, stainless steel appliances.  Updated Bathroom. Beautifully maintained inside and out.  Sale may be subject to terms & conditions of an offering plan.  Appliances included:  Refrigerator, Stove, Dishwasher, Washer & Dryer.  Hauppauge School District

 

For more information or to arrange an appointment to view this home
Please call 631-493-0542.  

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Deadly Carbon Monoxide Poisoning Hits Home

This past weekend carbon monoxide poisoning at Legal Sea Foods Restaurant – Walt Whitman Mall caused one man to die and 27 people to be taken to the hospital.

carbon monoxide placementHow devastating. …And how avoidable. NYS does not require a carbon monoxide detector in commercial buildings. The Town of Huntington does require them in all residential housing within the Town stating that one should be installed on every floor in the immediate vicinity of a bedroom and/or sleeping area and/or where a carbon monoxide source is located. If you haven’t installed them in your home – or if the ones you have are older than 6 years – then you need to purchase new detectors now.

Correct installation of the detectors is just as important as the purchase. Information about the proper placement of detectors for your home can be found at HomeSafe.com. To find out more about carbon monoxide poisoning read this article at CDC.gov.

 

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LI Board of Realtors Awards Cheryl Grossman 2013 REALTOR – Salesperson of Year.

The Long Island Board of Realtors announced that Cheryl Grossman was awarded the 2013 REALTOR – Salesperson of the Year Award.

Realtor of  Year AwardThis distinguished award is presented to the Realtor who has demonstrated the highest level of Leadership, Professionalism and Expertise in Real Estate. Only one award is presented each year to a deserving recipient. The Long Island Board of Realtors has a membership of more than 20,500 real estate professionals covering Nassau, Suffolk and Queens Counties.

December, 2013 – The Long Island Board of REALTORS®, Inc. (LIBOR) is pleased to announce that Realtor® Cheryl Grossman of Dix Hills has been named the recipient of the distinguished Realtor®-Salesperson of the Year award. The announcement was recently made at the association’s Annual Installation and Awards Dinner held at the Crest Hollow Country Club in Woodbury.

Cheryl has been selling real estate in the Dix Hills, Melville, Huntington areas for many years and is associated with Realty Executives North Shore. She has received many Top Producer Awards and has been recognized both professionally and locally for her service to the community. Cheryl has held many leadership positions with the Long Island Board, including Chair of the MLSLI Technology Committee for 2 years and currently is Chair of the LIBOR Grievance Committee (2013-2014)  She is completing her 4th year as President of the Huntington Township Chapter LIBOR. She serves on both the LIBOR and NYSAR Board of Directors.

A native of Oklahoma and a graduate of Baylor University, Waco, Texas where she met her husband, Neil. They have resided in Dix Hills for over 30 years and have two grown children, Kim and David.

 

 

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