About Elkhart County, IN

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

Elkhart REALTOR(r) Evelyn Johnston's specialty is Short Sales. For more than two years she has helped Home Owner's avoid Foreclosure by helping them sell their homes. This pre-foreclosure sale helps troubled folks by...

• Avoiding Public Embarrassment by visits from the Sheriff
• Ruining Thier Credit Rating For 5-7 Years
• Sometimes Avoiding Bankruptcy
• Helping Them Understand The Process

Short Sales are good, they have helped bring over-priced homes down to a more reasonable value allowing YOU as a potential Home Owner get more for your money than you would have just a few years ago.

So, Who Is Afraid Of A Short Sale?

People who have a deadline that they need to move by don't particularily like them. Sometimes it takes several months to get the necessary approval from the Mortgage Lender who will get the "Short" Payoff.

REALTOR(r)'s who don't understand the tremendous potential deal they can help their Client receive. Short Sales take a longer time to close. Education in Short Sales processing is Key.

The Public who is educated by friends and family who does not have all the facts. Heresay is edgy, you need professional advice from a Certified Short Sale Specialist like Evelyn Johnston with Prudential One Realty. She can be reached at 574-304-7148 to answer all your questions.

What is holding you back from buying a home in Elkhart? The inventory of homes is very impressive and gives you more choices than you have had for years and years. Home Owners are aware of their competition and in most cases are cleaning up, painting and making their homes more attractive than ever. Just for you. They are trying to get your attention!

Interest rates are still low, money is available from Lending Institutions and if the property is in a Rural Area, there is no down payment. What are YOU waiting for? Just what is holding YOU back from buying a home?

Information is available everywhere you look online. If you are not an internet person, call a REALTOR(r) that is knowledgeable about the City you want to live in. Don't know where to start? By consulting with a REALTOR(r) who can outline your options...

The First Time Home Buyers Tax Credit of Up To $8,000 is still available and you have time to find the perfect home for you and get your Tax Credit yet this year. Call your local Expert Elkhart REALTOR(r) Evelyn Johnston with Prudential One Realty at 574-304-7148. The clock is ticking, will you be in time?

This move up home located at 23191 Orachard Ridge Drive in Elkhart by REALTOR(r) Evelyn Johnston with Prudential One Realty, is now being offered as a Lease Purchase. Terms are set and available by calling 574-304-7148.

Orchard Ridge Subdivision is located in Concord Township and is just a hop, skip and a jump away from Eastside Elementary on CR 13.

If you are wanting to move up to a home that offers quiet streets, upgraded home features and well taken care of, here is a creative alternative to financing. Call Evelyn Johnston for all the details at 574-304-7148.

Not to long ago, maybe 2 months ago I had the distinct pleasure of working with Dave Woodson and First Financial Trust Mortgage in selling a closing on a Home Purchase with a Mutual Friend. When we met at the Meridian Title in Elkhart we had our picture taken and Dave blogged about "When #2 Meets #3" and we both laughed. I thought it was a good title. But, now #3 has taken over #2! With lots of dedicated time to blogging my goal of moving up is becoming a reality. I am looking for that google juice!

I have worked with Dave on one other closing that was completed lightening fast and am in the middle of another processing. Here is to 100,000 more closings with you Dave!