Joe Long - Purchase Perfect

Veterans currently on active duty that served 90 days or more outside of the United States in 2009 are eligible for the $8,000 first time home buyers tax credit until May 2011.

Unlike other first time home buyers, the 3 year ownership requirement is also waived if you need to sell the home within 3 years as a result of "official business."

This means that veterans who thought they missed their chance to qualify for the credit are now given another opportunity.

"These men and women are often hindered by hardships from full participation in the American Dream of home ownership because their duty disrupts them in the buying and selling of a home" said said NAR President Charles McMillan.

Returning Vets are now afforded the time necessary to begin planning for homeownership and time to search for employment without being under the gun to make a housing decision.

"NAR is the leading advocate for private property and home ownership issues, and firmly believes that those who are in service to their country should be full participants in the home buyer tax credit law," McMillan said.

Wisconsin Veterans returning from active duty have a unique opportunity to build long term wealth for thier future!

The Federal VA loan is designed to allow a veteran to purchase his or her home with no money down. The home can be up to 4 units, and must be owner occupied.

Because of this unique option, I believe vets owe it to themselves to look at buying four unit properties to live in. There are several reasons. We all know that real estate is a large source of most people's long term wealth, especially those who own rental property. Second, let's say I wanted to go out and buy a 4 unit property. I'm not a Veteran, and even if I intended to live in the 4 unit I would require a large down payment. The Vet does not. This means a vet has the unique opportunity to buy a future rental property, with no money out of his or her own pocket.

Why not buy something you can live in for a while, almost rent free, and then use to generate income when you are ready to buy a single family home. Believe me, if I was afforded this opportunity I would be taking advantage of it.

Add in the fact that Vets are extended the first time buyers tax credit until 4/30/2011, a year longer than everyone else, and you have an amazing opportunity to create wealth in your future.

For more information on VA loans, your eligibility, current rates and programs contact me.

As a professional lender I am constantly searching for new sources of information I can use to educate my clients. I have gone through numerous packets of information and assembled information from more sources than I care to quote. As a first time buyer you have the right to have all of your questions answered, and to feel comfortable with the home buying process.

All of my informative packets and flyers are now obsolete. Your First Home is an educational book for first time home buyers that is thoughtful, detailed and says all of the things I've been trying to say in a very accessible way.

I highly recommend this informative book to any First Time Home Buyer that may be considering buying a home. It will not only address your concerns, but it will instill in you the confidence you require to move forward with the purchase of Your first home.

The book is available from your real estate agent and covers everything from costs of closing, to financing options, to equity appreciation and beyond. I want to give a special "Thank You" to Guy Lofts, The Real Estate Guy for showing me this incredibly valuable resource for my clients.

If you are considering buying a home and want more information go to www.realestateguy.com to request a copy of the book. You'll be glad you did!

There was recently a leak from somewhere in the treasury reporting the treasury may be working on a plan to push mortgage rates as low as 4.5%.

This means a mortgage in Madison, WI or anywhere in the United States would be offered at a historically low interest rate. The goal of the program is of course to stimulate buyers, to bring them "off the fence" if you will.

There is a ton of "buzz" about this, rumors, a lot of misinformation, and consumers need to know a few things.

First, the Treasury has not pledged to institute this program. They may create this program, and if they do, there is not a timeline for it yet. Second, even in the article the program was quoted as a First Time Home Buyers purchase product ONLY. This means that though rates, which are set by market conditions, not the treasury, could follow for refinances, there is no indication of such as of yet.

Soooo...here we are. It sounds good, everyone wants it, but please do not let a rumor, that has not been oficially credited or discredited, make your decision! I've locked consumers at incredibly low interest rates this week, and a few of those people are "waiting" for the 4.5% rates.

Last week, when rates dropped significantly it was as a result of the Treasury announcing a program to buy mortgage backed securities(mbs). The result was a large increase in consumer confidence, and the announcement had results as intended.

As of writing this blog the treasury has still not released any verbiage on exactly how or when this program would be implemented, investors are still in the dark. We can learn then from these Treasury actions, that this market is so volatile that simply getting on the news and announcing a direction can cause large market movements in this economy.

If you are a consumer, and you are holding off on locking that rate because you could 4.5%, you at least need to know it is not likely to happen. You are taking a risk, you are gambling. The program as it sits right now is for First Time Home Buyers.

If you are looking at a refinance, consult with your loan officer. See if you can put in a longer lock on your loan if you feel the rates will come down that low. Rates are incredible right now, and you could miss your opportunity. There are 19 reasons to refinance, now is the time!

Finally, I want to emphasize something Jeff Belonger has been emphasizing forever. Your mortgage is not about you rate, it is about your payment. If the $50 or $100 is going to make or break you you have more problems than your interest rate.

Don't miss your chance waiting for something that may never come. If rates do get to 4.5%, you'll be saving a whole 1% and may want to refi again! I'll leave you with this, before the story broke late last week, what did you think about your 5.5% opportunity?

I am almost out of space for this one, however, depending on interest I may schedule another seminar shortly after. This is a hot source of business right now, if your phone isn't "ringing off the hook" right now you can't afford not to know how to negotiate with banks and go after pre-foreclosure listings.