Sue Fitzgerald

Do you know where to find the freshest, locally grown foods in Chester County? The Chester County Agricultural Development Council has published a local food guide, including a list of farm stands and farm stores, community supported agriculture cooperatives, farmers' markets and more. The Local Food Guide is part of the "Buy Fresh Buy Local" campaign developed through the FoodRoutes Network, a non-profit organization supporting local food systems and promoting sustainable agriculture. For more information and to print a PDF version of the Chester County Local Food Guide, go to:

http://dsf.chesco.org/agdev/cwp/view.asp?a=3&q=636821

Other resources include:

www.BuyLocalPa.org - search for local food resources by county or zip code

www.LocalHarvest.org - find family farms and local sources of sustainably grown food.

Under the Federal Reserve Board Truth in Lending Regulation (Reg Z), mortgage loan applications filed on or after July 30, 2009 will be subject to new disclosure requirements. It is important for consumers to understand the impact of this new legislation since these new requirements apply to all mortgages secured by a borrower's home, including primary and secondary homes and refinancing.

The intent of this new regulation is to allow home buyers time to make an informed decision about their home loan. However, the time it takes to complete the mortgage process will be impacted by this regulation. Key elements of the new legislation include:

- Early Disclosure: Mortgage lenders must provide good faith estimates of loan costs within 3 business days after the consumer applies for a loan. Consumers should be aware that the lender may not collect any fees before the disclosure is provided, except for a "reasonable" credit report fee.

- Waiting Period: After the consumer receives the early disclosure, a seven business day waiting period is required before closing.

- APR Changes: Any change in a fee or rate that increases or decreases the annual percentage rate (APR) of the loan by more than 0.125% will require new disclosures and an additional waiting period of 3 business days before closing the loan.

Home buyers, sellers and their agents should be aware that these new regulations will have precedence over the contract closing date or borrower's request.

email: sue@suefitzgeraldfinehomes.com

The Pennsylvania Home Improvement Consumer Protection Act became effective July 1, 2009, but many homeowners are not aware of this important piece of legislation and how it may protect them. The Home Improvement Protection Act requires contractors who perform at least $5,000 of home improvement work per year to register with the PA Attorney General's office. This registration includes proof of at least $50,000 in liability insurance, disclosure of prior license suspensions or revocations, and disclosure of prior crimes, fraud and bankruptcies related to any home improvement transaction. The Act also addresses key elements of the home improvement contract including down payment, change orders and right of rescission.

While this legislation is an important step forward in protecting consumers, the Attorney General cautions that this registration process does not guarantee the integrity of the contractor or the quality of work. The Attorney General recommends that before under taking any home improvement project, that consumers still check the contractor's references thoroughly, obtain multiple bids and check with the Better Business Bureau: http://www.bbb.org/

For more information regarding the Act, and to see if a particular contractor is registered, go to the PA Attorney General's website: http://www.attorneygeneral.gov/hiccon.aspx or call the toll-free hotline: 1-888-520-6680.

In 2008, in an effort to stimulate the nation's faltering housing market, Congress enacted a $7,500 first-time home-buyer's tax credit. In early February 2009, as part of the "American Recovery and Reinvestment Act of 2009", this tax credit was increased to $8,000, along with several other modifications. Key provisions of the new tax credit are highlighted below:

- The tax credit is for home buyers who have not owned a principal residence in the past three years.

- The tax credit does not have to be repaid.

- The tax credit is equal to 10% of the home's purchase price, up to a maximum of $8,000.

- The credit is available for homes purchased on or after January 1, 2009 and before November 30, 2009.

- Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

- Every dollar of the tax credit reduces income taxes by a dollar. Credits are claimed on the individual's income tax return.

- The new tax credit is "refundable". The refundable amount is the difference between the tax credit and the total amount of tax liability. For example, if a purchaser is eligible for the full $8,000 tax credit, but his/her total tax liability is only $5,000, the purchaser will be "refunded" $3,000 ($8,000 tax credit - $5,000 total tax liability = $3,000 refund) in the form of a check from the IRS.

As with any legislation, there are many terms and conditions involved with this credit. To help consumers better understand this legislation, The National Association of Realtors has published FAQ's and a very helpful chart summarizing the key provisions of this legislation, and highlighting changes versus the prior credit. Here are the links:

National Association of Realtors Homebuyers Tax Credit CHART: http://www.realtor.org/wps/wcm/connect/b6911d004d24c833931bf726a9949436/government_affairs_tax_credit_chart_022309.pdf?MOD=AJPERES&CACHEID=b6911d004d24c833931bf726a9949436

National Associatin of Realtors Frequently Asked Questions: http://www.realtor.org/wps/wcm/connect/599a64804d24c83d931ff726a9949436/government_affairs_homeb_tax_cred_qa.pdf?MOD=AJPERES&CACHEID=599a64804d24c83d931ff726a9949436

Remember, to be eligible for the tax credit, settlement must take place before November 30, 2009. With that date fast approaching, now is the time to act!

www.SueFitzgeraldFineHomes.com