Erin Romanski

Breaking News: Homebuyer Tax Credit Set to be Extended and Expanded!

Earlier this week, the U.S. Senate unanimously passed an extension and expansion of the homebuyer tax credit. This morning, the House of Representatives approved the agreement reached in the Senate by a vote of 403-12. The bill has now passed both chambers and is awaiting the President's signature, which could be as early as tomorrow!

Below is a summary of the new modifications in the extension and expansion of the tax credit:

1) The $8,000 tax credit will be extended and available for first-time purchases before May 1, 2010.

2) A new $6,500 tax credit will be available for repeat buyers who purchase between December 1, 2009, and May 1, 2010. To qualify for this provision, buyers must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years.

3) Prospective purchasers with binding contracts in place as of April 30, 2010, will be allowed an additional 60 days to complete the transaction.

4) Income limits are expanded to $125,000 on a single return and $225,000 on a joint return.

If you know anyone looking to buy their first home at a time when prices and interest rates are still down, or if you are thinking of buying another home and getting the new $6,500 credit please contact me today at (765) 532-6148!

Visit us online at www.RomanskiGroup.com!

Foreclosures/REO Properties and Short Sales are in every price range now.

There are more and more homes coming on the market today that are considered a short sale property or a foreclosed property.

Borrowers are often are given a grace period to avoid the foreclosure process, often 2-3 months. The borrower may opt to sell the property during this pre-foreclosure stage if they can't make up their missed mortgage payments. This is typically the best time to strike a deal, as home owners are looking for ways to avoid foreclosure. If the home is purchased during this time frame it is called a short sale.

Buying a foreclosure can be complex and a lengthy process. The complexities of buying foreclosed properties can begin with finding an agent that is familiar with the short sale, foreclosure and REO process, as well as, finding a great deal to avoiding some pitfalls.

Foreclosure rates in the United States are increasing as a rapid rate which is creating an opportune time for investors and buyers.

Considerations/Precautions: Properties that have been left vacant for a while, be sure to check for any plumbing or electrical issues, foundation problems, and mold. Consider having a whole house inspection by a qualified home inspection company to ensure they're not overlooking problems that would be expensive to fix.

Check to ensure the title is clear and check for any liens - such as builder liens and tax liens - that need to be paid off. This is public information and usually can be found at a county's recorder's office.

Contact The Romanski Group today for a list of foreclosed properties at erin@romanskigroup.com!

Click here for Lafayette and West Lafayette's Ultimate Home Search

Get this week's local Market Stats - MLS Market Snapshot

(765)532-6148 - RomanskiGroup.com

Affordability climbs as interest rates fall

Now is the time to buy!

Last week, the benchmark 30-year mortgage rate fell below 5 percent to reach an all-time low of 4.96 percent.

This rate is down from two weeks ago when it hit 5.01 percent. "The outlook is very positive that these low mortgage rates will persist at least through the first half of the year. That is the timetable laid out from the Federal Reserve for pumping up to $500 billion in mortgage-backed bonds," said Greg McBride, senior financial analyst for Bankrate.com.

Low interest rates mean more affordable mortgage payments. Act now and get into your dream home today!

Click here to read the full article from Market Watch.

Click here for the Ultimate Home Search in Lafayette and West Lafayette Indiana!

Supported by the Federal Reserve's recent decision to cut its overnight federal funds rate to a range of zero to 0.25 percent, the 30-year fixed rate mortgage hit a 37-year low last week reaching 5.17 percent.

Trade-up or scale-down buyers are free to move into an exciting new home or condo, making more starter homes available for first-time buyers. The advantage goes to the buyer when there are more homes for sale. In a market where the inventory of homes is growing, the competition between buyers increases and gives buyers more options. More competition is not a problem if the local market is moving at a lively pace. Affordable loans and a wide variety of financing options make it an excellent time to buy or sell real estate.

Contact us to find out if now if the right time for you to buy a new home in Lafayette or West Lafayette and surrounding communities.

Click here for Lafayette and West Lafayette's Ultimate Home Search

Get this week's local Market Stats - MLS Market Snapshot

(765)532-6148 - RomanskiGroup.com