Quantum Mortgage - Real Estate News and Updates

A borrower of a mortgage loan secured by a principal residence or second home may use funds received as a personal gift from an acceptable donor. Gift funds may fund all or part of the down payment, closing costs, or financial reserves subject to the minimum borrower contribution requirements.

ACCEPTABLE DONORS

A gift can be provided by:

1. Relative, defined as the borrower’s spouse, child or other dependent or by any other individual who is related to the borrower by blood, marriage, adoption or legal guardianship.
2. Fiancé, fiancée or domestic partner *
3. Domestic Partner: An unrelated individual who shares a committed relationship with the primary wage earner, currently resides in the same household as the primary wage earner and intents to occupy the security property with the primary wage earner.
4. The donor may not be or have any affiliation with, the builder, the developer, the real estate agent or any other interested party to the transaction.

Great News for Prospective Co-op Buyers in Westchester County, NY

On December 14, 2018, County Executive George Latimer signed the Cooperative Transparency Bill. Chapter 700 of the Laws of Westchester County has been amended to include a new section--section700-21a. The complete law, committee comments, and text can be found at: https://bit.ly/2FsPbVf. The law shall become effective immediately.

What does this mean for the Prospective Co-op Buyers in Westchester County, NY?

Under this new legislation the Co-op Boards will have to follow specific timelines when they receive a new application for a prospective buyer into their co-op.

• Within 15 days of receiving the application the co-op will have to advise the prospective buyer if the application is complete or if anything is missing.
• Within 60 days of receiving the properly completed application the co-op will have to advise the prospective buyer that they either accept or reject the application. This must be in writing.

Here’s what I believe will have the most impact for the Prospective Co-op Buyers in Westchester County, NY

If the application is rejected then a copy of the rejection notice must be sent to the Human Rights Commission. The Commission will have the power to investigate instances of discrimination.