About District of Columbia County, DC

A couple weeks ago, the government turned the First Time Home Buyer Tax Credit into a new and improved credit for first timers and repeat buyers alike. The way the new law was crafted is especially helpful to buyers in the DC area.

Now first time buyers can qualify for up to $8,000 off the price of a home, while repeat buyer who own and resided in a home for at least five of the last eight years can qualify for $6,500. What is especially applicable to the DC area where salaries are higher is that the income levels have been raised to $125,000 for single taxpayers and $225,000 for married couples, with a phase out of the credit if your income is up to $20,000 higher. (The higher income limits provision takes effect November 6, 2009.)

The credit, previously on life support till November 30, 2009, now runs through April 30, 2010. You need a signed contract by this date, but you have until June 30 to close. This is particularly beneficial if you are buying a newly built home or even if you want to time your move to when your kids get out of school. For the first time credit, the new dates apply to anyone, even if you had aimed for the November date with a home purchase that is underway but will miss it due to a hold up with the lender or the appraisal. However, if you are applying for the repeat buyer credit, the deal only applies to homes closed on November 6 or later; this credit is not retroactive.

Since homes in the District average nearly $500,000, the credit assures that both groups of homebuyers should have an ample supply of homes. The effect of the previous credit was to decrease the inventory of lower priced homes homes that appeal to first time buyers to just over five month worth. Now, sellers can put their homes on the market with more confidence that they will sell quickly so the seller can buy another home, often at a higher price point. The expected effect is that first time buyers will have more homes to choose from while stimulating the housing market at most levels. The credit does cut off at $800,000: previously, there was no price limit. (The thinking here is that people who buy homes in this price range probably exceed the income limits.)

Members of the military serving on extended official duty away from home for more than 90 days have an extra year to qualify for the credit and are not subject to the repayment clause if they have to move in less than three years. These terms apply to all members of the uniformed services of the U.S military, members of the Foreign Service of the U.S., or employees of the intelligence community, so are big boost to DC's military community.

While the new credit does offer new opportunities to DC home buyers to get the home they want with some help from the government, homes at lower price points are expected to continue to move swiftly. Lenders expect to be busy, so mortgage processing times may be lengthy. The time to get the home buying process started is now! Don't put it off till after the holidays. Call Rachel Valentino today to discuss current residential options. Rachel Valentino is a top specialist in the D.C. area no matter what your needs are. You can go to Atlantic Coast Connection website to look for that perfect older home in one of DC's many charming historic areas, a beautiful condo convenient to work, or a more suburban place in northern Virginia or Maryland.

At the top of my bucket list has been learning to ride a horse. And last week, I joined my friend, Jean, for lessons at the Woodland Horse Center.

I've been on horses before, but I'd never learned how to get the horse to go where I want to go at the speed I'd like him to go, and to stop when I'd like him to stop.

It's about communication.

So my new buddy, a gorgeous roan named Applejack, is teaching me about communication, and not just with a horse. A lot of it applies to clients as well. For example:

• It's subtle. It's easy to say "canter" when you want him to trot.
• If you don't say "go" just right, he'll stop altogether.
• You really need to show the horse who's in charge, but sometimes the horse is in charge - unless you're really good.
• Sometimes the horse will give you this look like he must think you are a total idiot.
• Sometimes you are a total idiot - at least when it comes to horses.

So while I'm trying not to get too concerned about Applejack's judgments of me as the human who rides him every week, I'm learing to sit on an English saddle and post and trot and basically sit on this guy's back without falling off.

And the other fun thing is the shopping opportunity at the tack shop. I got my cute new helmet - although I'm striving to get one with a fuzzy surface - they are really cool.

And Jean got these chaps - I have to have some! They are beautiful brown supple suede.

There are also boots and outfits and saddles and before long I'll be leasing a horse! Then I'll need to buy one and move to Potomac where thre are lots of places with stables that go with the house!

My broker will love all this. I'll have to sell a lot of real estate to support my new horse habit!

© 2009 Patricia Kennedy. Unless otherwise noted, the content, both written and in pictures, is the property of Patricia Kennedy . If you would like to use this image, please email me (housepat@mac.com) with your request. I'll almost certainly say yes, and ask only that you provide a link back to my original content as well as an acknowledgment. The same thing applies to any other material you see posted here on Active Rain or on any of my other blogs.

Looking for a Real Estate Professional that will help you buy and/or sell your next house? Want a "Free Real Estate Market Report" in your area of choice? Free search of DC and P.G County MD Homes for sale . I can also be reached at my new Active Rain Outside Blog www.GetDCSold.com - "Where we will get it sold-your home that is". Twitter http://twitter.com/DCHomesforsale. Please give me a call at 202-378-0283 (Direct) or 301-560-6700 x1154 (Office) at your earliest convenience. Thank you very much. Looking forward to helping you make your home purchase or sale a stress free and very happy one. Have a great day. "Buy a home in DC and PG County MD today" in zip codes 20019,20002,20020,20011,20032,20774,20721,20744

Joy Jackson, a former exotic dancer who became president of the Metropolitan Money Store, was sentenced yesterday to more than twelve years in jail. She was convicted of stealing millions from Washington area homeowners trying to avoid foreclosure. She used the cash to buy jewelry, fur coats and vacations, and to cover a lavish wedding at the Mayflower Hotel, where Patti LaBelle serenaded guests who feasted on lobster and drank Cristal.

The Metropolitan Money Store advertised on gospel and R&B stations and promised to help people keep their homes and repair their credit. Instead, Jackson and several co-conspirators, including her husband, Kurt Fordham, took titles to properties and drained them of equity. The company directed owners to transfer title of their homes to third-party buyers for a year. During that time, Metropolitan said it would borrow against the value of the home and use that money to pay the mortgage and repair homeowners' credit ratings. It also promised to help owners obtain better interest rates.

Instead, Metropolitan siphoned off the equity and Jackson and others spent the cash. The company also stopped making mortgage payments on the houses.

Prosecutors said they have found 117 victims in the scam, but hundreds more have been identified in a related civil lawsuit.

The Judge who sentenced Jackson to 12 years and seven months in prison and ordered her to pay more than $16 million in restitution, called mortgage fraud "a fever that seems to be spreading around the country.... A sentence in this case is going to be noticed by those out there who think of doing this kind of behavior," the judge said.

Jackson wept during her apology to a courtroom full of her victims. She said, "I opened the company out of true love. I opened the company to help," Jackson said. "I know I have good in me, but I allowed greed to overcome me."

Prosecutors said Jackson and her co-conspirators left a trail of devastated homeowners in Maryland, Virginia and the District who thought they were digging out of financial problems, only to find they had been cheated. One woman lost the home her great-grandmother had purchased years earlier, according to court records. A man who was the first in his family to own a home said he was swindled by the company and is fighting to keep the house.

Margaret Neal, one of the victims, told the judge that her husband worked three jobs to keep their Annapolis home. After going to Metropolitan for help, they lost the home to foreclosure. The family ended up sleeping in a car and needing a food pantry.

"Joy Jackson Fordham took our American dream and turned it into a nightmare," Neal said. "Joy Jackson Fordham lived the life. Now my home is gone. There is no going back. Gone. Sold. Remodeled. You, Joy Jackson Fordham, did that to me."

At least the bad guys get punished once in a while.

If you are facing foreclosure, be sure to seek the advice of a reputable Realtor and attorney. Please don't go to these storefront fly by night organizations. Check them out and never transfer your home to a third party! If you need help in the DC metro area, call Lise Howe with Coldwell Banker at 240-401-5577 or email her at lise@lisehowe.com.