Elkhart, IN

Now is the time to take advantage of the current Short Sale market in Elkhart Indiana, says Evelyn Johnston with Prudential One Realty. The selection of homes available for purchase in the Short Sale catagorey is plentiful. Are you Prepared to buy a Short Sale?

The Intrest Rates are favorable, if you are eligible for the First Time Home Buyers Tax Credit and you can afford to wait for the Short Sale process, you can come out smelling like a rose. The time is now to buy, but you need to be educated on the Short Sale process.

So, if you would like to take advantage of this market and are not sure how to go about doing it, call your local Elkhart Real Estate Expert and Certified Short Sale Specialist Evelyn Johnston with Prudential One Realty at 574-304-7148. Hurry now, the end to the First Time Home Buyer's Tax Credit is over on December 1, 2009. What would you do with $8,000?

According to Elkhart REALTOR Evelyn Johnston with Prudential One Realty, what you do when you can't pay your mortgage payment is call them. Let them know you are unable to pay on time, tell them when you can pay and keep in contact with them. The Mortgage Lender wants constant communication with you, they do not want your house. They are in the business of Lending, now Owning.

If they are not cooperative hang up and call again, you will more than likely get a different person on the other end of the phone and try again.

Perhaps you don't know when you can pay again. Seek an approved HUD counselor to talk to. LaCasa Goshen is approved in our area and is an excellent place to start. What good will they do? Well, for one, thing they are up to date on what programs are available to help you. Two, they are FREE to you, they get grant money according to how many people they help in the community. Three, they will give you their honest opinion on what needs to be done. If they are unable to help you they will tell you that and give you the name of a REALTOR(r) who can help you sell your home. You will need a Certified Short Sale Specialist like Evelyn Johnston with Prudential One Realty. She can be reached at 574-304-7148.

There is no shortage of Short Sales in Elkhart according to Certified Short Sale Specialist Evelyn Johnston with Prudential One Realty. It seems like every subdivision, every income Home Owner has representation in the homes currently listed in the Multiple Listing Service of Elkhart County, Indiana.

Long term unemployment has spread from the labor force on up and through managment and even owners of businesses. When no one is ordering products they affect manufacturerers and suppliers too.

If you have been caught in the crossfire of extended unemployment and your home is in jeapordy, make sure you call a Certified Short Sale Specialist who knows how to help you. Any REALTOR(r) can help you sell your home, but not all REALTOR(r)'s are trained to help you either BUY or SELL a Short Sale. For your personal confidential consultation, call Evelyn Johnston with Prudential One Realty at 574-304-7148.

The time is running out if you are wanting to buy a home in Elkhart and take advantage of the $8,000 First Time Home Buyer Tax Credit. In order to claim this $8,000 you must:

• Find a Home you want to buy
• Not have owned a home in the prior 3 years
• Single person's income must be $75,000 or less
• Married person's income must be $150,000 or less
• You must live in the home for three years

The of Indiana Association REALTOR(r)'s published this checklist:

1. Get in Order. Have the client complete all the necessary paperwork that will be asked for the the lender. This includes the verification of employment form, recent pay stubs and bank statements, copies of W2 forms, social security cards and any asset statements.
2. Check Your Credit. With lender looking so closely at credit reports it's important to have the knowledge of any mistakes or bad debt as soon as possible. This will give enough time to rectify the errors with plenty of time to spare.
3. Get a Pre-Approval. Once a lender has verified the borrower's credit andother credentials and is committed to making a loan sellers will know your clients are serious and well-qualified.
4. Shop for the most favorable mortgage option. It's imperative for home buyers to educate themselves on the risks of the different types of mortgages and select the right one for his/her family. A difference of even half a percentage point can mean a considerable savings over the life of a loan.
5. Know before you go. Have your clients distinguish the "must haves" for their home from the "wants." This will narrow the focus before the search begins.

By taking these steps you still have enough time to get everything in order and not only the $8,000 First Time Home Buyer Tax credit, but the home of your dreams. Call Evelyn Johnston with Prudential One Realty at 574-304-7148 to begin your search today!

If you have recently decided to move from an Elkhart renter to an Elkhart homeowner, you are not alone. First-time homebuyers made up 41 percent of the market, according the National Association of REALTORS®' 2008 Profile of Home Buyers and Sellers. And price declines in many markets around the country have created unique opportunities for those considering home ownership for the first time.

As an Elkhart homeowner, you have security and stability, the freedom to decorate and remodel, potential to build equity and tax benefits. And with interest rates still at historically low levels - 5.22% for the typical, 30-year fixed-rate mortgage (as of early August 2009), combined with ample inventory, now is a great time to buy.
Plus, there are several incentives and programs available specifically for first-time homebuyers.

First-Time Homebuyer Credit
One program that is a great financial opportunity is the highly publicized First-time Homebuyer Credit, which was part of the Housing and Economic Recovery Act of 2008. This federal initiative allows first-time homebuyers to take up to an $8,000 tax credit, which doesn't have to be repaid, toward a new or resale property purchased prior to Dec. 1, 2009. For new construction, the purchase date is considered to be the date you first occupy the home.

Under this program, a first-time homebuyer is considered to be anyone who has not owned a principal home within the last three years. If you are married, both spouses must meet this criterion. However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer. In addition, ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer. You are also eligible to claim first-time buyer status if you owned a principal residence outside of the United States within the last three years.

The actual tax credit may vary depending on the purchase price and your income. The credit is generally equal to 10 percent of the home's purchase price, not to exceed $8,000. In addition, the income limit to receive full credit is $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return.

For complete details, visit www.irs.gov and www.federalhousingtaxcredit.com. As always, consult with your tax advisor on how this tax credit may affect you.

State Programs
Many states also have first-time homeowner programs. Under these programs, first-time homebuyers may be eligible for grants for down payments and closing costs. Some states even offer various tax deductions and credits. For instance in (insert your state). (Provide name and brief summary of program in your state)

Mortgage Loans
As a first-time homebuyer, you don't have the advantage of using the equity in a previous property to help bridge costs associated with down payment, closing and other fees. Many financial institutions have mortgage products with you in mind. In addition, the Federal Housing Administration (FHA) offers mortgage programs in which your down payment can be as low as 3.5% of the purchase price, and allows most of your closing costs and fees to be included in the loan. Although FHA does not directly loan to consumers, you can work with a FHA-approved lender. For more information, visit www.hud.gov.

Workshops
Besides financial assistance, there are workshops specifically geared toward first-time homebuyers. They provide a wealth of information about the home-buying process, such as how to search for a home, setting up a budget, choosing a real estate professional, loan products, and so on. Call Evelyn Johnston with Prudential One Realty at 574-304-7148 for information about a local First Time Buyer's seminar.

The transition from renter to homebuyer is a large step and is arguably one of the largest investments you'll make, so make sure you take advantage of all the assistance available to make the road to homeownership that much easier.

Evelyn Johnston can be reached at 574-304-7148. Prudential One Realty is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.

Opportunities Abound for First Time Home Buyers in Elkhart!

Abound for First-Time Homebuyers