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It will be official soon - Reuters is reporting that the $8,000 Tax Credit extension and expansion of a new $6500 credit for all buyers, has been approved by the House and now heads to President Obama to be signed into law.
On Wednesday, th
e Senate voted to extend and expand the tax credit to include many buyers who already own homes. Guess what, home buying pie just got a little sweeter, how about $6,500 sweeter! Today it was approved and off to the Oval Office where it is expected to be signed, sealed and delivered!
Here it is in a nut shell - I will continue to provide updated information as it becomes available....
People buying a new or "step-up/down" home and have owned their current homes at least five years would be eligible for tax credits of up to $6,500.
The First-time home buyers; which include anyone who hasn't owned a home in the last three years, can continue to get up to $8,000.
The details indicate that in order to qualify, buyers in both groups mentioned above, will be required to enter into the purchase agreement no later than April 30, 2010. The new law also states that the transaction MUST close on or before June 30.
It has been reported that nearly 1.4 million first-time home buyers have benefited from the tax credit. This number is from August, so the number sure to grow as many pushed to meet the now extended deadline. The NAR (National Association of Realtors) has estimated 350,000 of the buyers would not have purchased their homes without the credit.
I myself have enjoyed helping scores of new buyers over the course of the past several months and look forward to new activity that is sure to pop up as the result of this extension and expansion.
If you are not familiar with the details of the original tax credit, here are a few helpful links.
Top 21 Questions Answered on the $8,000 Tax Credit for 1st Time Home Buyers
I will continue to provide updated information as it becomes available. Happy House Hunting......
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Buying a home should be fun, not stressful. As you look for your dream home, keep in mind these 10 Tips for making the process as peaceful and stress free as possible.
An important thing to remember is that you don't have to go through the home buying process alone. I can't emphasize enough how important it is to have the right Realtor by your side. For a smooth, easy and stress-free as possible home buying experience in the Fox Cities Valley and Appleton, WI; call Bob Edwards from Coldwell Banker- The Real Estate Group today! 920-202-2431 is my cell phone or email me at bedwards@coldwellhomes.com to schedule a no cost, no obligation consultation.
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The Holidays are upon us... here's 7 tips you should keep in mind.
1) Maintain the Curb Appeal
It's easy to neglect the outside of your home when the weather frightful, but curb appeal is just as important in the fall and winter as it is in the summer. Keep the leaves raked and the sidewalks and driveway clear of snow.
2) Add a Wreath
Adding a seasonal wreath to the front door is a great way to make a positive first impression. A fall inspired wreath will carry you through Thanksgiving and then it's a good time to switch to an evergreen wreath with a bow. A wreath made from live branches can be messy so artificial is the way to go.
3) Keep It Cozy
It's cold outside, you want your Buyers to be comfortable so crank up the heat. Soft music in the background and a plate of fresh baked cookies will make your Buyer feel right at home.
4) Decorate for the Holidays
Feel free to decorate, but keep it simple. It is very important to not cover up features that may help sell your home.n In place of the traditional floor to ceiling tree, use a table-top tree with just a few gifts around it.
5) Holiday Scents
Cinnamon, Spice and everything nice... a hint of holiday in the air stirs emotion and gives the feeling of Home.
6) Be Safety Conscious
Keep ice-melt on hand to ensure safe walks and driveway. Never leave candles burning unattended.
7) Choose the Right Real Estate Agent
The right agent will be available when you need them and help ease the stress so you can enjoy this wonderful time of year.
Remember too, Buyers looking during the Holidays tend to be serious about making a purchase ina short time frame. Also, many Sellers withdraw their homes from the market during the Holidays so your competition is reduced.
I hope you found these 7 Tips helpful and better yet; change that For Sale sign into SOLD. I'm always available to answer questions or share more Tips, so just give me a call or send me an email: Bob Edwards/Coldwell Banker - the Real Estate Group (920) 202-2431 or bedwards@coldwellhomes.com
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Is a Government Insured Mortgage Right for You?
series of articles - part 1
Risky mortgages backed up by small down payments are a thing of the past. In today's world, most lenders aren't underwriting mortgages unless you have a significant down payment, and a high credit score. Did you know that there is a decades-old loophole can still put home buyers in a house with little money down and in some cases . . . just $100... In fact here in Wisconsin every county in the state has areas that qualify for zero down financing. The programs I am referring to are an FHA Insured Mortgage and USDA Insured Mortgages. They have been in existence for many years; and in the case of FHA, it is likely that your parents or grandparents had an FHA Insured Loan when they purchased their first home.
Mortgages insured by the Federal Housing Administration (FHA) allow borrowers to get approved with a down payment as small as 3.5% of the agreed selling price of the house and don't require a high credit score. If you happen to run across a home for sale that is owned by HUD, FHA offers a special $100 down payment program as an incentive to purchase a HUD owned home.
The looser terms of FHA-insured mortgages have helped make them more popular. Did you know that FHA-insured mortgages make up about 25% of the mortgage market? This figure is up from 3% in 2006, In a speech earlier this month, FHA commissioner David Stevens said "In June, the FHA insured 194,000 loans - the highest monthly total in the agency's history". For fiscal year 2009, the dollar amount of FHA-insured mortgages is likely to reach 30% of mortgage origination's, up from around 4% in 2005 and 2006, says Stu Feldstein, the president of SMR Research, a mortgage-data tracking firm.
The bottom line is that FHA, USDA, and other government insured loans are a viable option in today's market. They are a specialty product that requires in-depth knowledge of the rules and guidelines. It is imperative that you work with a qualified mortgage loan person who specializes in Government Insured Mortgages. In doing so, you will place youself in a position for success in obtaining a great home financing plan that is sure to provide you and family with tremendous benefit for years to come.
In today's ever-changing lending environment, it is absolutely essential that anyone looking to take advantage of these great loan programs and great interest rates, work with a LOCAL person who specializes in Government Insured programs.
I hope this has been of benefit to you - Please come back for the series on Government Insured Mortgage Opportunities -
How to determine if an FHA-insured mortgage is right for you; Do you meet the qualifications?
If you are looki
ng to purchase or re-finance in the state of Wisconsin and would like to discuss your options, please feel free to contact me via email, or simply pick up the phone and give me a call. I am happy to help..... Make it a great one....:)
Don't forget about the $8,000 credit for first time home buyers for people who have NOT owned a home in the last 3 years. Time is running out - For details and answers go to the Top 21 Questions Answered on the $8,000 Tax Credit for 1st Time Home Buyers article.
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Gwenn Tanvas is a Certified Mortgage Planning Specialists who specializes in Credit Restoration and Government Programs such as FHA, State and Federal VA and USDA Rural Housing Loans. Visit her website for more information, on-line calculators and a secure on-line application. She is able to assist with transaction throughout the state of Wisconsin. Her offices are located in Appleton, Oshkosh and Green Bay and offers the convenience of one-stop shopping. http://www.WisconsinLoanTips.com or http://www.MortgageProsOfWisconsin.com she can also be reached for comment or to answer questions via email at gwennt@centurytel.net
Wisconsin Realtors, Grab Your Opportunity to Get Gwennie's Revolutionary New Property Marketing Technology Tool and it is FREE for the asking!!!! http://www.WisconsinPropertyPromoter.com - Check it out!
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