Aras Butas

Homeowner Affordability and Stability Plan (HASP)

This is great information to share with your clients and fellow realtors.

Do you know of anyone that would like to refinance home loan? Due to historically low interest rates, those who want to take advantage of them should know more about this program. Alternatively, if a homeowner is experiencing economic hardships, the modification part of the HASP program is also an option.

The $287 billion HASP program was announced in early March by the Obama administration. Here are some facts about the program: -Loan must be owned by Freddie Mac or Fannie Mae (find out by visiting https://ww3.freddiemac.com/corporate/index.html, or http://loanlookupfanniemae.com/loanlookup).

In the future, other loan programs may be accepted.

-Owner occupied, second homes and investment properties are eligible.
-Loan to value up to 105%
-No delinquency in past 12 months (more than 30 days late on one mortgage payment = ineligible)
-Based on subordination agreement from previous lender

For more information on the HASP program, please visit the web address (http://www.treasury.gov/initiatives/eesa/homeowner-affordability-plan/FactSheet.pdf), or call Odyssey Real Estate Consulting Group. We can recommend and connect you the appropriate lenders who are available to refinance or modify based on certain qualifications.

Energy Efficiency Can Pay Off!

If you were planning on making changes to your home in the next year or two, you might want to consider taking a more green approach to remodeling projects such as replacing windows and doors, etc. A tax credit program available for consumers through the new stimulus package can help you out on your taxes, when you decide to help out the environment.

This tax credit program could earn you up to $1500 back on your taxes! Certain credits are available to consumers that decide to take a more environmentally-friendly approach to replacing windows, garage doors, insulation, heating/cooling systems and more to your existing home or new construction.

In addition to a tax credit in the following year, the benefits for adding these energy-efficient products to your home will most likely result in lower energy bills in the years to come. More information on which types of remodeling qualify, limits to the tax credit and other FAQ’s are available at the Energy Star website, so please visit http://www.energystar.gov/index.cfm?c=products.pr_tax_credits for details.

*ENERGY STAR is a joint program of the U.S. Environmental Protection Agency and the U.S. Department of Energy helping Americans all save money and protect the environment through energy efficient products and practices.

For a list of approved vendors which sell these products, please contact us today! We're here for all of your home-related needs! (703) 224-6099. Info@orecg.com

With all of the negative messages streaming through the different media passages these days, its hard for those who are happy in their homes, and those who can afford a home to pass by all of the pessimism. Instead of instilling a message of fear and doubt, today I post an optimistic point we can all carry on from Thursday into Friday...and in the weeks, months and years ahead as agents.

Please encourage your buyers, sellers, past clients and everyone to love a home for what it is, not what it could be. A person who already owns or buys a home should focus on the fact that it is their own personal space-a place they can have forever for themselves or with whomever they choose to share it. No matter where monetary values go in the future, or where the media says your money has gone, a home a person can afford is a solid future investment of life, not a garbage can of disappearing funds.

It's of great importance to remind others that a home is an intangible shelter of living, playing, and growing; a place that smells, feels and shows the presence of its proud owner.

Please take this positive thought and share it with your clients, coworkers, friends and neighbors. Then go home knowing that you are at peace with the decision you made to own, and let them know they should be too!

Does anyone have any ideas on increasing open house traffic?

In the recent news of the $798B economic stimulus package was agreed on by the House and Senate here in Washington, DC, which leaves our first-time home buyers with an option, buy now for low prices, and get the incentive--later?

Instead of the heard of $15,000 tax credit for all buyers, law makers agreed on adding $500 to the original plan of a $7,500 repayable tax credit for first-time home buyers who bought a home by June 30, 2009. A credit to first-time home buyers of $8,000 was implemented into the stimulus--no repayment plan, and now individuals have until the end of August 2009 to buy their first home and claim their tax credit. How do we show the impact of this credit on the first time home buyers that we represent?

In much smaller markets where prices are low, $8,000 is probably close to 8 mortage payments. However, here in Arlington where prices are considerably high per square footage, especially in the condo market where many young, first-time home buyers are looking--$8,000 is probably only 2-4 mortgage payments. Where is the incentive? In a society of instant gratification, I'm sure people would rather have the $8,000 up front.

If anyone has any advice on showing the long term benefits of this hopeful, non-repayable $8,000 credit to our first-time home buyers, ideas are always welcome.

Please read the full story about the economic stimulus package here: http://www.nytimes.com/2009/02/13/us/politics/13stimulus-web.html?_r=1&hp=&pagewanted=print