Laura Testa

If you just got back into town & are looking to extend the holiday weekend or if you just love summer celebrations here's a few Fourth of July parties that last all the way into next weekend:

ALL AGES

Fourth of July Town Celebration -- Enfield July 11, 2008 to July 13, 2008 Old-fashioned Fourth of July celebration with live entertainment, juried craft fair, Taste of Enfield, parade, concerts, children activities, 5K road race, fireworks on Sunday. Location: Town Green, Rte. 5. Cost: Free. Time: Friday, 5 p.m.-midnight, Saturday, 10 a.m.-midnight. Sunday, 9 a.m. -11 p.m. Information: 860-749-1820 or visit www.enfieldcelebration.org.

MUSIC

United States Coast Guard Band Concert – New London July 6, 2008 One of our nation's premier military bands founded in 1925, has gained a reputation as one of the finest concert bands in the world. Location: Leamy Hall Auditorium, USCG Academy, 15 Mohegan Avenue. Time: 2 p.m. Cost: Free. Information: 860-701-6826 or visit www.uscg.mil/band.

PARADES & FIREWORKS

Fireworks For Sailfest – New London July 12, 2008 With more than 22,000 shells lighting up the nighttime sky over the Thames River, this year’s Fireworks Extravaganza promises to be the best ever. Location: Downtown New London. Time: 9:25 p.m. Rain date is July 13. Listen to radio station Q105 for details

Parade and Fireworks – Guilford July 12, 2008 Parade through downtown begins at 10 a.m. Parade leaves from Town Green goes to Alder Brook cemetery for ceremony and returns to the green. Community Picnic is on the green and fireworks are on the Fairgrounds. Information: 203-453-9677.

Search Connecticut Homes

Q. Our basement has a “damp” feel and smell most of the time. We want to eliminate the cause of this dampness. Any ideas?

A: First, you have to determine if the cause of your basement dampness is seepage or condensation. Dampness from seepage may be due to actual water penetration through the walls or floor. It can also be due to moisture retained in the foundation material. Condensation is due to high levels of water vapor in the air that condenses on the colder foundation or other surfaces in the basement. To assist in trying to determine the possible cause of your problem, we recommend cutting two one-square foot sections of heavy plastic (a heavy duty garbage bag will do).

Tape all sides of a square to a dry section of the basement floor and to any basement wall below grade level. Leave them in place for three days. At that time, pick up the plastic squares. If the floor square is wet, some seepage is probably occurring. If the underside of the wall square is wet, the problem may only be condensation. Seepage can sometimes be corrected by sealing the walls and floors. If that doesn’t do it, more involved work may be needed including perimeter grading and diverting water away from the house. Condensation is a function of too much humidity. Improving ventilation and, if necessary, installing a dehumidifier would be in order.

Connecticut Homes For Sale

FHA is becoming a very popular option to both market a home and for borrowers looking for some creativity and flexibility to qualify for their dream home. FHA mortgages can be both traditional 30yr and 15yr fixed rates, and Adjustable rates with low annual caps are available. Benefits to an FHA mortgage are the new expanded lending limits which varies by county, but for single family homes in Fairfield county the new limit is $708,750. This goes up to $1,363,000 for a 4 family owner occupied home. Consider FHA if you have debt to income ratios higher than a conforming mortgage would accept. Conservative banks underwrite to a 38% Debt to Income ratio, while FHA may approve a loan with good compensating factors to 45-55% DTI. FHA allows the down payment to be 100% gift. FHA is NOT credit score driven, so if you have a buyer with a 580 score, consider FHA. FHA does not recognize "soft or distressed" market designations like Fannie Mae or Freddie Mac, so you can still buy with 3% down and get insurance on the loan. FHA allows for a non-occupant co-borrower income to count 100% toward the transaction, compared to helping just 5% in the ratios with a Fannie or Freddie Loan. FHA will usually do spot approvals in condominiums with a 51% owner occupancy, where Fannie/Freddie looks for 60% owner occupancy. FHA offers renovation loans on purchases, so you can take that raised ranch and replace the kitchen, bath, and even add a deck with a hot tub. Consider an FHA mortgage, so your seller can structure a deal and give a concession via an approved 3rd party for not only closing costs, but down payment (not allowed in traditional financing).

What are the typical expenses incurred by a homebuyer?

Bank expenses fees including, but not limited to, processing fees, application/appraisal fees, credit reports, tax service fees, document preparation fees. These equal about $1,100.00 in a typical transaction.

Above and beyond that, there may be points if the buyer chooses to buy down their mortgage rate. There are usually no point options on most programs except State Bond programs. A point equals 1% of the mortgage loan amount.

A Buyer typically pays a title search fee that is approximately $175.00. Title Insurance costs approximately $4.00 per $1,000.00 of coverage.

Attorney's fees for representing a bank are typically in the $500.00 to $750.00 range.

Recording fees are typically less than $250.00.

In addition, most banks require that there be an escrow for taxes and insurance and this typically can be as much as 5-7 months' worth of taxes, depending on when the transaction occurs. In addition to the tax escrow, the Buyer reimburses the Seller for the taxes prepaid by the Seller. It generally works out that between the tax reserve and the amount reimbursable to the Seller, that a Buyer pays 7 months of taxes at time of closing.

The buyer will also have pick up the per diem interest charge based on the closing date. This varies by loan amount, interest rate and closing date. Closing month's end reduces this fee.

The Buyer also reimburses the Seller at closing for fuel oil, and most fuel oil tanks are 275 gallons. The tank is usually topped off at time of closing and the Buyer reimburses the Seller for a full tank of oil.

Last, but not least, the Buyer may have to pay for mortgage insurance and the amount of the mortgage insurance varies.