Sandy Ogburn Sandlin - Fine Baton Rouge area homes

The Green Upgrade!!

Let's upgrade!! Normally upgrading your home will only cost you but now thanks to a new stimulus plan, some upgrades will actually earn you at tax credit. There is a catch though. To see the green you have to think green. New tax incentives for energy-efficient and renewable energy upgrades may take some of the sting out of the price of renovating your home with "green" technologies.

There are many home owners who have not seen any benefit from the various economic stimulus plans. These new tax credits may offer some consolation to those homeowners. The incentives include up to $1,500 in tax credits for adding qualifying windows, doors, insulation, roofs, heating and cooling equipment, water heaters and even wood and pellet stoves to your house in 2009 and 2010. It doesn't stop there. If you are looking into more expensive renewable energy sources like solar technology, small wind-energy systems or geothermal-well systems, you can receive a tax credit up to 30% of qualifying costs with no upper limit through 2016.

It is a time when all your gut instincts tell you to save, save, save! However, the bulk of these incentives are only available for 2009 and 2010. Upgrading your home with "green" technology will also add to the value of your home. You will also see a drop in your own energy consumption and will save on your energy costs as well. It is not often you can do something for the environment and also benefit your pocketbook or bottom line. So if you have been thinking of doing some upgrades, take some time to check out the "green" alternatives. You may find that going green and saving green can many times go hand in hand!!

If you are looking for a "green" home or a dream home, give Sandy's Team a call at (225) 677-SOLD or email info@sandyco.com. We are here it help you in East Baton Rouge, Livingston Parish, and Ascension Parish.

If you're looking to refinance your mortgage, you might want to think about a loan backed by good ol' Uncle Sam! The Federal Housing Administration (FHA) is where some people are turning to for their refinancing needs. If you're a U.S. military veteran, the U.S. Department of Veterans Affairs may have a loan that fits your needs and budget. Loans backed by these two federal government agencies are attractive because not only have the loan amount limits have been raised, but some loan programs are open to homeowners who have little to no equity or credit that is not perfect. At the end of last year, government-backed loans accounted for 30 percent of the total loan applications received by lenders.

Could this be of some help to you? It is a possibility. Not all lenders and mortgage brokers are able to offer FHA and Veterans Affairs loans. Greg Gwizdz, national sales manager at Wells Fargo Home Mortgage says, "If the lender you choose doesn't offer FHA, you might not be getting the right loan." So how can you know if these are the right loans for you? Whether you would be better off with an FHA-insured loan or a conventional mortgage depends in part on the loan-to-value ratio. You should talk to a loan officer or mortgage broker to figure out whether an FHA-insured loan or conventional loan would best fit for your situation. You will want to compare the interest rate, terms and costs. Another thing to consider is if you have a lower credit score or want to take out cash, some lenders will tack on a "price adjustment" in the form of additional points

So what are the benefits to one of these loans? Interest rates may be more competitive, qualification guidelines are easier, credit standards are more flexible, and your closing costs may be lower. In addition to that, you can have a loan to value ratio of almost 97 percent on some homes. One of the drawbacks is FHA-insured loans require mortgage insurance for at least five years. You pay for this with an upfront fee and monthly premiums that are added to your house payment. You may be able to finance the upfront portion of the mortgage insurance with your loan, but either way it adds the cost of the loan. Again, talk to your loan officer or a real estate professional to determine if you may qualify for an FHA refinance loan.

We are here to help you with all your real estate needs! Give Sandy's Team a call at (225) 677-SOLD or email info@sandyco.com. We are here it help you in East Baton Rouge, Livingston Parish, and Ascension Parish.

In most instances getting sold short is bad thing. Getting a home that is sold short may be a good thing if you are talking real estate. Many homes are in what is called "short sale." Short sale is when the bank agrees to discount the loan balance for a seller who owes more on his mortgage than the home is currently worth. This means you can get your dream home for a great price. With a little patience you can save lots of money by getting "sold short"!!!

Buying a home in short sale requires a few things. The primary asset needed to purchase such a home is PATIENCE!!! Short sales can take anywhere from two to six months. Once you know you have the patience to take on the challenge, you need to have help. DO NOT GO SOLO!!! This is a process and you will need help. Find a real estate professional willing to work with short sales. The deal will take a lot of persistence both from you and your agent. You will want to make sure the bank negotiator is getting called almost every day by the seller's agent. There are so many homes in short sale; the negotiator will probably take care of the squeaky wheel first!

Protecting yourself is important. You want your offer to be taken seriously so make sure you have your pre-approval status available for the seller's bank. Many will not even accept your offer if you are not pre-approved for a mortgage. When the seller's agent submits your offer you will be asked to sign a sales contract. Ask the lender to pick up all closing costs as part of your contract. Also ask your realtor to specify you will not do an appraisal or inspection of the home until the offer is accepted. This helps keep your costs down until you know you have a chance at getting the house. Your realtor can also help you determine how much money to put down before the bid is accepted. You want to have room to make offers on other homes or pull out of the contract if the process becomes too long.

It will take patience and a little work on your part, but it will be well worth it in the end. There are many people who do not want to brave the short sale, but that's a good thing for you!! It just means there are more homes for you to choose from!!

Are you looking for your dream home? Give Sandy's Team a call at (225) 677-SOLD or email info@sandyco.com . We are here it help you in East Baton Rouge, Livingston Parish, and Ascension Parish.

It wasn’t that long ago that you could purchase a home with no down payment. It was the thing to do! Find your dream home, make an offer, and move in. It was almost as simple as that. Times have changed. After the recent economic crisis, lenders have strengthened their standards. Not only is a down payment expected, it is required. With this change come several questions for home borrowers.

The first question maybe simply, “Why?” For a lender the down payment is a way to make sure the person borrowing the money is borrowing within their means. It is a way for them to tighten their standards. Part of the crisis we are facing came from home owners who borrowed more than they could handle and who have no equity in their home. Having someone bring a down payment to the table gives them a cash stake in the game. A down payment is good for the person buying the home because it will lower their monthly payments. Another advantage is the down payment gives home owner instant equity in their home. There are situations where you can even borrow against that equity to make repairs to the home.

The second question may be, “How do I get my down payment?” There are several ways you can go about it. You can save up your down payment through an automated savings plan. You can also sell some assets or liquidate stocks, mutual funds or other investments. You can receive it as a gift from a friend or relative. You can also look for programs that help with obtaining a down payment. Many programs that offered down payment assistance are no longer in effect, but there are still programs around for teachers, law enforcement officers, fireman and others in a public service field. Some towns and some states have down payment programs. It may take some legwork on the part of the borrower but it would be well worth your time to check into what may be available.

If you need help “getting down” with all the changes that are taking place in the real estate market, we will be glad to help!! Give Sandy's Team a call at (225) 677-SOLD or email info@sandyco.com we are here it help you in East Baton Rouge, Livingston Parish, and Ascension Parish.

So you've finally chosen your dream home. In theory, you should be able to apply for your mortgage loan, give notice to your landlord or tell your parents you're moving out, and make preparations to move in 30-45 days. Realistically, this may not happen. So here are a few realities about the home buying process to keep in mind.

Getting a mortgage loan can be challenging these days due to new, tighter restrictions. If you are house hunting, take the time to get pre-approved from a lender so your mortgage application process is smooth. If you find you have bumps in your credit history, you may be able to smooth them out in time to qualify for the $8,000 tax credit offered this year - but not within 30 days.

Often renters time their house shopping to when their lease is set to expire, so as to prevent any penalties involved with breaking the lease later. This is smart planning but make sure to have a back up plan. Some landlords will allow you to go month-to-month or even week-to-week if you know you will not be there for the lease term - often at a higher rate. There may also be an "escape clause" from your lease if you buy a home. Check out your lease, so you can finesse the time to your advantage.

If you are currently a homeowner, you may have a challenge on your hands if you find your new dream home before your old one has sold. The seller may accept a contingency clause in your offer to buy, but needs some reasonable time frame. In a market where it is taking longer than usual to sell homes, it is a good idea to have yours on the market well before you allow yourself to be smitten with a new one.

If you have placed an offer on an "REO" property (Real Estate Owned or Lender Controlled) or short sale property, do not put the moving company on speed dial. You could wait 30 days to six months to get an answer from the lender. As a backup plan, keep looking at other homes. There are many great affordable homes in the area that can be yours in less time.

Real estate timing can be frustrating, especially to a first time buyer. If you are thinking of buying, now is the time to talk with an experience Realtor® from Sandy's Team. Give us a call