Last week, HUD Secretary Shaun Donovan announced that the Federal Housing Administration (FHA) will allow homebuyers to apply the Obama Administration's new $8,000 first-time homebuyer tax credit toward the purchase costs of a FHA-insured home. Donovan said that the action will help stabilize the nation's housing market by stimulating home sales across the country.
The American Recovery and Reinvestment Act of 2009 offers homebuyers a tax credit of up to $8,000 for purchasing their first home. Families can only access this credit after filing their tax returns with the IRS. This announcement details FHA's rules allowing state Housing Finance Agencies and certain non-profits to "monetize" up to the full amount of the tax credit (depending on the amount of the mortgage) so that borrowers can immediately apply the funds toward their down payments. Home buyers using FHA-approved lenders can apply the tax credit to their down payment in excess of 3.5 percent of appraised value or their closing costs, which can help achieve a lower interest rate.
To read the FHA's new mortgagee letter, go to http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/09-15ml.doc
Currently, borrowers applying for an FHA-insured mortgage are required to make a minimum 3.5 percent down payment on the purchase of their home. The law does not permit approved lenders to monetize the tax credit to meet the required 3.5 percent minimum down payment, but, under the terms of the plan, lenders can now monetize the tax credit for use as additional down payment, or for other closing costs, which can help achieve a lower interest rate.
The plan permits the first-time homebuyer's anticipated tax credit under the Recovery Act to be applied toward the family's home purchase right away. This program will allow homebuyers to shop for the best home price and services using their anticipated tax credit.
According to estimates by the National Association of Home Builders, the Administration's homebuyer tax credit will stimulate 160,000 home sales across the nation - 101,000 of which will be first-time buyers who will receive the credit. Another 59,000 existing homeowners will be able to buy another home because a first-time buyer purchased their home. Given FHA's current market share, it's estimated that thousands of families will be able to purchase a home by allowing the anticipated tax credit to be applied toward their purchase together with an FHA-insured mortgage.
Source: Forbes.com, May, 2009
Unemployment is on the rise, credit is tight and consumers aren't spending - which means they aren't picking up and moving much, either. Very few places in America saw significant population growth in 2008.
Despite the overall economic slowdown, some parts of the country keep on moving ahead, attracting more and more newcomers - even if it's at a slower pace than in more sound economic times. These places still offer a semblance of stability, as well as great weather, cultural life and, in many cases, affordability.
To determine the fastest-growing metro areas in the country, Forbes used 2008 population estimates for metropolitan statistical areas with a population of more than 1 million, released in March, 2009 by the U.S. Census Bureau. Forbes then compared the 2008 population estimates to the previous year's data to see which areas had grown the most on a percentage basis.
The cities that made the list share similar qualities: more business opportunities, better weather and more affordable housing. The top three areas according to the data are Raleigh, N.C., ranking first, increased 4.29%; Austin, Texas, which came in second, with a 3.77% increase; and Charlotte, N.C., which moved up 3.36%.
The cities on Forbes Top 10 List were:
Interior features of the units include 9'4' ceilings, prefinished hardwood floors in living room, kitchen, dining room, den and hallway. Other features include ceramic tile floors in bathrooms, stainless steel appliances, granite kitchen counter tops, and 42' kitchen cabinets. There is secure building access, gated parking, pool, and fitness center.
Customized owner services will be available to bundle a selection of sevices which may include dry cleaning delivery, plant watering, dog walking, copier and fax services, and more. Premier shopping, dining and outdoor cafes make up the retail component of 721 Morrison.
Panoramic views overlook Morrison's main street shops and cafes. There are WiFi hotspots throughout all common areas. Educational and entertainment venues like the Morrison Regional Library, Phillips Place Cinema, and the outdoor Symphony Park Amphitheatre at SouthPark are just around the corner. South Park's extensive collection of world-class and every day shopping is nearby.
Stroll down the main street of the retail component of 721 Morrison and indulge first-class restaurants and gourmet grocers - featuring Firebirds and Earth Fare. Bookstores, day spas and fitness boutiques -Barnes & Noble, Varji & Varji, Asana Activewear and Laughing Buddha Yoga Salon.
The recreational suite will house a secluded swimming pool with spacious sun terrace, state-of-the-art fitness center, and yoga room. The design also calls for a lavishly landscaped interior courtyard with conversation nooks and private grilling areas. An exclusive clubhouse with indoor/outdoor fireplace for community gatherings and private events is available to all residents. You are also minutes from extensive recreational facilities at numerous local YMCAs.
Before you decide on your next home purchase, it is important to evaluate what you can expect from the Real Estate Professional that you select to represent you. You will need to understand that, while there are plenty of us out there to assist you, not all Real Estate Agents offer or deliver the same services. Many agents represent buyers exclusively while others choose to act only as Listing Agents.
Here is a checklist of activities and services to look for when working with your Real Estate Professional:
The more you know about the real estate process, the more you'll expect from your Realtor and the more enjoyable your home buying experience will be.
Located just a short 25 minutes from uptown Charlotte is the historic town of Mint Hill. This rural community of 19,000 residents is tucked into a corner of Mecklenburg and Union Counties, and blends in nicely with the surrounding countryside.
Mint Hill's origins date back to the 1740's at about the time that Scottish and Irish settlers arrived in the Charlotte area. There, too, was the strong influence of German colonists who arrived at about the same time. The town still has a strong Scottish influence, annual Highland Games Celebration, and is very proud of its historical heritage.
Between the 1880s and the Great Depression, the small towns surrounding Charlotte became significant throughout the Carolina Piedmont region. Like Charlotte, Mint Hill blossomed with New South industrialism and the advent of the railroad. Today, many of the historical buildings in Mint Hill have been relocated and refurbished.
The Mint Hill area has undergone a growth surge in the past decade, brought on by the Charlotte metro area which is the fifth largest urban region in the nation. Charlotte has an abundance of arts and entertainment, shopping, medical facilities, professional sports, and diverse housing options.
Mint Hill's real estate market is made up primarily of attractive single-family residences in quiet, tree lined neighborhoods. Mint Hill enjoys a peaceful rural flavor but is definitely not just your average small town. Here are some of the neighborhoods in several price ranges that you will find in Mint Hill:
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