Tagged : home buyers

Home Buyers Have 77 Days Left For Tax Credit

Phil Boren

Friday, February 12th, 2010 at 5:15pm. 260 Views, 0 Comments.

Home buyers have 77 days left to claim the federal tax credit of up to $8,000.  The new provisions extend the deadline to April 30th and also provide a new credit of up to $6,500 for buyers who do not qualify as "first-time" home buyers.  You can get more details on our website, but here are a few facts:

• To qualify, the home must be contracted for by April 30, 2010 and the deal must close by June 30, 2010.
• First-time buyers, or buyers who have not owned a home for at least 3 years prior to closing, are eligible for a federal tax credit of 10% of the purchase price, up to $8,000.
• "Other" buyers are also eligible for a tax credit up to $6,500, provided they have owned their current home for 5 out of the previous 8 years.  There is no requirement that…

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Tips For Home Sellers: How to Successfully Compete Against Foreclosures and Short Sales

Phil Boren

Sunday, January 31st, 2010 at 8:09pm. 1246 Views, 0 Comments.

Selling a home in today’s real estate market can be an eye-opening experience for many sellers.  Many acknowledge the changing real estate landscape, but since their home is clearly the “best one in the neighborhood”, short sales and foreclosure sales are often dismissed as irrelevant.  This perception is particularly true in areas where short sales and foreclosures represent a high ratio of overall home sales.

In order to effectively compete with this trend, it’s critical to understand how these types of transactions impact local real estate markets.  Zillow.com recently published the results of their research into the percentage of foreclosure home sales and the associated “foreclosure discount” in different real estate markets across the country. …

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FHA Loans Getting More Expensive

Phil Boren

Thursday, January 21st, 2010 at 1:34pm. 402 Views, 0 Comments.

The Federal Housing Authority, or FHA, is changing the rules on FHA loans, and these rule changes will make the loans more expensive.  Traditionally, borrowers with less-than-stellar credit and/or less than 10% down would turn to an FHA loan.  A lender could approve the loan under FHA guidelines, with as little as 3% down.  While the amount down was recently raised to 3.5%, these new changes are far more significant.  The FHA basically charges for this insurance in 2 ways - an up-front fee (MIP) and an annual fee, both of which the borrower pays.

Starting in the Spring or early Summer (no exact date was given), the new FHA guidelines will include the following provisions:

• If the buyer's FICO score is below 580, the minimum down payment requirement will…

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