Repeat Buyers need to act fast to capitalize.......

By now it is well documented that today’s affordable housing prices, historically low interest rates and federal home buyer tax credit have combined to create one of the most attractive first-time buyer markets in recent memory. What many Americans might not realize is that a recent expansion of the buyer tax credit has created an equally desirable opportunity for existing homeowners.
This past November, Congress elected to expand the home buyer tax credit to repeat buyers after seeing the success the temporary financial incentive had on the housing market and overall economy. As a result, current homeowners who will have lived in their home for 5 consecutive years out of the last 8 may now be eligible to receive a $6,500 tax credit.

“The expanded tax credit offers a great financial opportunity for existing homeowners, particularly those looking to trade up,” said James M. Weichert, president and founder of Weichert, Realtors, one of the nation’s largest independent real estate companies. “Not only can you receive a large sum of money from the government, you’ll also likely purchase your next home for less money and at a lower interest rate than you could have in years past or years to come.”

To qualify for the tax credit, the repeat buyer must have signed a binding contract by April 30, 2010 and close on the home by June 30, 2010. Tax credit eligibility is subject to income limits, $125,000 for single buyers and $225,000 for couples. In addition, the sale price of the home being purchased can not exceed $800,000.

There is no requirement that existing homeowners must have sold their home to be eligible for the $6,500 tax credit. However, Weichert encourages existing homeowners who want to benefit from this incentive to move quickly, particularly those who prefer to first sell their current home before purchasing a new one.

“Typically, it takes three months or longer to sell a home. That’s why it is critical repeat buyers put their home on the market right away. Otherwise they might not leave themselves enough time to both secure a buyer for their current house and find a new home by the April 30 deadline,” added Weichert.

Keep the faith!

Reprinted from Rismedia

Loan Modifications help now - might hurt later

Of course you need to have that loan modified to allow you to salvage the time, effort, energy and expense that went into acquiring your home. The place you raise the kids, create memories....the place you call home.

You found out about a loan modification, applied and were successful. This allowed you to avoid moving and stabilize your life and those of your family members.

Everything is going pretty good, you're getting caught up on your bills and you decide the family needs a ssafer vehicle to get around. You go shopping on theweekend only to find that your credit scoring has gone down the tubes because of the loan modification reported to the majoe credit agencies....Read the full story

http://rismedia.com/2010-01-18/can-loan-modifications-cause-trouble-down-the-road-2/

Keep the faith!

ABC's of buying a house and making it your dream home

The big three on the hot sheet for a home are location, condition and price...we all know or have heard that.

A) Price is dictated by Location and Condition.

B) Location - Where one wants to live or needs to live is a major part of the decision that must be made by you and your family and is important to everyone for different reasons ..... school districts for the kids, parish or designated area for your preferred house of worship, commute, shopping, recreational activities.... and so on.

C) If the house your looking at has good bones but it is aesthetically challenged or just doesn't quite meet your minimum standard of acceptability....have no fear...the 203K is here. Sure you can keep looking for that perfect home but in the long run you might just be paying someone else for work you can be in somewhat control of and end up with a product that suits your needs perfectly.

I have just assisted clients in contracting for a home that hit every item on their wish list but was a little lacking in eye appeal, didn't have any of the energy efficient appliances they wanted and had a number of issues that had to be repaired under FHA guidelines before the loan could fund to complete the contract. Considering they made a great offer and it was accepted, money spent fixing these things would not be excessive. Money could heal everything but ..... they didn't have it. Enter the experienced agent, I have a referral tree that allowed the clients to select a lender to assist in an FHA application for a special loan program wherein they could borrow the additional money needed to perform the work and then select trade professionals to provide estimates and perform the work under FHA guidelines. Batter up - Home Run!

This is possible under the FHA 203K Streamline loan program. For more information on the program, visit www.hud.gov or contact me roger@rogerasullivan.com

If you'd like to hit the same home run but with my referral teams players on base, let me assist you in making it a grand slam.