Joshua Bucio

When it comes to making biweekly mortgage payments, the realty is that most people don't have the discipline to do it on their own. Studies have shown that only about 5% of people that try this on their own, don't stick to the payment plan.

Setting up the biweekly payments on auto draft helps to keep that discipline.

Educate yourself about the real savings biweekly payments can have on your own mortgage.

www.biweeklypaymenteducation.com

At the end of the first quarter, the government will stop the purchase of mortgage back securities. This will have the biggest impact on how high the mortgage rates will rise.

Read more about 2010 Mortgage Rates Advice...

Your credit scores are made up of five different factors. Once you understand what affects your credit scores, it will make it easier to understand there are simple steps to increase the scores.

Here is the direct link to understand the simple steps to build credit scores:

http://www.genuinemortgageadvice.com/understand-the-simple-steps-to-build-credit-scores/

Free money, yes free money for buying a home this year!

You can get a tax credit of $8000 or 10% of the purchase price (whichever is less) that you can claim on 2008 or 2009 taxes if you bought or plan on buying a home this year.

Unlike the first time home buyer tax credit last year, you DO NOT have to pay this money back. (There are some rules to follow with not having to pay this money back and I have a direct link below to the IRS form that lists these rules). Add this to the historic low interest rates, surplus of inventory on the market, and home prices being much lower, this is a great year to buy your first home.

This is what's necessary to qualify for the tax credit:

• You must be a first time home buyer. If you haven't owned a home in 3 years or more, you will qualify as a first time home buyer.
• You buy a home anytime between January 1st, 2009 - November 30th, 2009.
• Single income filers cannot make more than $75,000 per year. Joint income filers cannot make more than $150,000 per year. (Higher income buyers may receive a partial credit)

If you bought or plan on buying the home in 2009, you have to follow a few rules in order to qualify in not having to repay the money.

Here is a direct link to the actual IRS Form 5504 that explains all this in detail. This form has been updated Februrary 2009.

I always like to hear your feedback about incentives like this. Would this encourage you to buy a home this year? If not, what exactly are you waiting for? I like both postive and negative feedback.

Here is a detailed list you can print or save about the tax credit.

2009 First Time Home Buyer Tax Credit

For more information regarding this credit go to 2009 federal housing tax credit.

Veterans Administration (VA) mortgage loans in Wisconsin are becoming very popular. Mainly, because of the lack of no down payment mortgages available. Home buyers are facing the reality that qualifying for home loans are becoming more difficult. This specific government mortgage loan program proves home buyers with another option.

Just to recap, a person that is currently active in the military or is a veteran of the military, is eligible for a VA mortgage loan.

Here are the benefits for a VA mortgage loan in Wisconsin:

1. No Down Payment Is Allowed - Yes, this is a true no down payment mortgage loan that allows you to finance 100% of the purchase price.

2. No PMI (Private Mortgage Insurance)Payment -With just about any other mortgage loan, if you don't have a 20% down payment, you are required to pay PMI as part of your total monthly payment. Combined with no down payment, not having to pay PMI allows many home buyers to qualify for a larger VA mortgage loan.

3. Not Credit Score Driven - Credit scores are normally a major factor in determining whether or not you are approved for a mortgage loan. VA mortgage loans are approved based on the ability to repay the mortgage payment. Along with this, compensating factors are used to help strengthen your loan application, which helps in getting you approved with lower credit scores. There is no particular credit score that will or will not approve your VA mortgage loan, so don't let this hold you back.

4. Favorable Fixed Interest Rates - Now, interest rates are determined on a variety of factors, so every situation will be different. What to remember is how favorable a VA mortgage loans fixed interest rates are. These fixed interest rates can rage anywhere from only 0.25% - 1% higher than regular conforming fixed rates. So, a veteran or active military borrower will be approved for rates that are not much higher than someone that has great credit and a large down payment.

5. Multiple VA Mortgage Loans - This program is well know for first time home buyers, but what many don't know is that this program can be used a second and sometimes a third time by the same borrower. Whether it is a refinance or the purchase of another home in the future, the VA mortgage loan in Wisconsin, can be used multiple time. This is determined by your certificate of eligibility. Once your certificate of eligibility is received, it will state if you are eligible for another VA mortgage loan in Wisconsin.

Whether you, your family, friends, or co-workers are active in the military or are a military veteran, please share this valuable information. Many people do not understand the benefits of a VA mortgage loan. Education is important when deciding what mortgage loan best fits your situation.