2004-07-09 / Community

Rockaway Residents Get Tips On Homeownership

Contributing Editor
By Miriam Rosenberg

Rockaway Residents Get Tips On Homeownership


Jackie O’Garrow of Fannie Mae leads the panel discussions during the conference. Joining her are members of the banking community – Judy Perlman (North Fork Bank), Raquel Colon (Chase), Adeline Reyes (Edgemere By The Sea Corp.) and Joseph Hsu (Edgemere By The Sea Corp.).Jackie O’Garrow of Fannie Mae leads the panel discussions during the conference. Joining her are members of the banking community – Judy Perlman (North Fork Bank), Raquel Colon (Chase), Adeline Reyes (Edgemere By The Sea Corp.) and Joseph Hsu (Edgemere By The Sea Corp.).

By Miriam Rosenberg

Contributing Editor

Rockaway Development and Re-vitalization Corporation and Margert Community Corporation sponsored a Homeownership Fair and Conference recently in an effort to help residents of the Rockaways realize the dream of home ownership.

"With both the Arverne and Edge-mere Urban renewal programs underway and numerous other new home developments that have taken place in the past few years, it is critical that current Rockaway residents have an opportunity to own a piece of Rock-away’s revitalization," said Congress-man Gregory Meeks, who was instrumental in helping to put the event together.


After the conference, Joseph Barden and others from Margert Community Corp. listens to questions from residents of the Rockaways.After the conference, Joseph Barden and others from Margert Community Corp. listens to questions from residents of the Rockaways.

Those attending the conference at St. Mary’s Star of the Sea Church in Far Rockaway were given advice on some of the economics of buying a home, such as what a lending company looks for from a homebuyer.

"Everybody has the ability to purchase a home, but they’re not ready at the same time," said Raquel Colon of J.P. Morgan Chase.

Lenders usually look at a buyer’s credit history for at least the past two years. A credit counselor at Margert Community Corp. can help advise a potential homeowner.

There are many things that those looking to buy a home must take into consideration. Because of all the things that come up during the purchase of a home, it was recommended that people hire a real estate attorney to guide them through the process and protect their rights.


Michael Abel (right), the Director of Homeowner Assistance at the New York City Department of Housing Preservation and Development, answers questions from residents after the conference ends.Michael Abel (right), the Director of Homeowner Assistance at the New York City Department of Housing Preservation and Development, answers questions from residents after the conference ends.

A buyer has the right to have an independent licensed inspector or engineer inspect the house. This should be done even if the home is newly built. The buyer should also remember that the bank appraisal and the home inspection are two separate things.

In addition the new homeowner should go only to reputable lending in-stitutions such as some of the banks that took part in the conference – North Fork Bank, J.P. Morgan Chase and Washington Mutual.

"Go to your bank. Start with the in-stitution that you have a relationship with and see what they have to say," said Jackie O’Garrow of Fannie Mae.

Michael Abel, the Director of Home-owner Assistance at the New York City Department of Housing Preservation and Development, explained ways to find homes currently on the market.

The website NYCHome.org has sections on property listings, the buying process (including finding an attorney) and other information necessary to buying a home.

When looking for a home, Abel said to "Religiously read the papers. Es-pecially the Sunday Times and the Tuesday Newsday."


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