Cristina McBreairty

Great News! It has been tentatively agreed upon to extend the existing $8,000 tax credit for first-time home buyers!

The credit has also been expanded to also offer a new $6,500 credit for existing homeowners who have lived in their current residence for a consecutive five-year period in the past eight years.

Home buyers must be under contract by April 30, 2010, and close before July 1.

This is exciting news!!! Spread the word!!!

Are you getting your Maine Homestead tax exemption?

Tax Relief is available for Maine homeowners who have owned a home in Maine for at least 12 months. It doesn't matter if you sold one home and moved to another, as long as you can show "continuous ownership" over the 12 month period.

The application is quick and easy. Just answer a few questions about your residency and property and send this application to your town officie. That's all you have to do.

Once you apply, you usually do not have to apply again unless you move. When your town mails your tax bill, $13,000 of your home's value will be exempt. The value of this benefit will depend upon the tax rate in your community.

Click on this link to download: Homestead Exemption Form.

If you've been passing up on buying a home because of the expense of anticipated cosmetic repairs, you're missing out on a great opportunity. Sure, it used to be that if you bought a home and then applied for a home equity loan to pay for repairs, the result would be two separate loans (or worse, a mortgage plus a short-term loan for repairs that often had a much higher interest rate).

This is not the case anymore if you qualify for an FHA Streamlined 203(k) loan. The Department of Housing and Urban Development's FHA Streamlined 203(k) loan allows qualifying home buyers to finance up to an additional $35,000 into their mortgage to improve or upgrade their home before move-in.

With this product, home buyers can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser. And the best part is, the additional funds are combined into your mortgage, so you only have to worry about one loan.

There are, of course, rules and guidelines we have to follow, and not every repair qualifies. But if you or anyone you know are interested in taking advantage of this great opportunity, it is definitely worth considering.

Check out my website for more Home Buying Tips!

Obtaining a home inspection is one of the most important steps in purchasing a home. A qualified inspector can point out potential costly problems with the home you are considering buying, and a good inspector will give maintenance advice and ultimately give you peace of mind about your home investment.

All home buyers -- whether they are buying an older home or building a new one -- should have the home inspected by a professional after making an offer and before closing. There are a few things you need to know before hiring a home inspector. First, the home inspection industry is becoming more professional and regulated. There are professional organizations with codes of ethics, like the National Association of Home Inspectors and the American Society of Home Inspectors, but membership is voluntary.

The average home inspection costs $300, which is paid on the day the inspector examines your home. Lower or higher fees do not necessarily reflect the expertise of the inspector. Finding an experienced home inspector who provides value for your money is most important.

The American Society of Home Inspectors (www.ashi.com) recommends interviewing at least three professional inspectors in order to find one you trust and with whom you communicate well. I can provide a list of local home inspectors for you to interview, and you should ask friends and family members for recommendations as well.

Ask inspectors about their qualifications. Do they have experience in the construction or engineering industry? Do they have special training or accreditation from a professional organization? How long have they been inspecting homes in the local area? Are they familiar with problems specific to our area like drainage issues, pests or building material failures?

Once you have found a qualified professional, it's important that you attend the inspection with me and your home inspector. Some buyers like to climb into the crawl space and attic with the inspector to look at the home's major systems. At a minimum, be on site to ask questions, examine the problem areas and learn about the ongoing maintenance your home will need.

The standard home inspector's report will review the condition of the home's heating, plumbing and electrical systems. The report will also include information about the structure including the foundation and basement, as well as the roof, attic, walls, ceilings, floors, windows and doors. It may include also photos of problem areas or recommendations for repairs.
For more Home Buyer Tips visit my website at www.CristinaTheRealtor.com.