Homebuyer Tax Credit Surprising Facts
by Tyler on 01/22/10
Time is running out for those that want to take advantage of the first-time homebuyer tax credit. Most of you buyer’s out there just know that there’s $8,000 involved. Well here is the fine print that you may not seen. Not saying that the credit isn’t good, just giving you the “other” info that no [...]
Full StoryTop 10 Smartest Cities to Buy a Home
Everyone wants to obtain the American Dream by starting a family and owing a home. Of course, you have to take into consideration the spread between what you would spend on renting a place and what you would pay for a mortgage. The premium to buy is much lower than the 15 year average in [...]
Full StoryFHA Waives 90 Day Flipping Rule
HUD Secretary Shaun Donovan announced a temporary policy that will expand access to FHA mortgage insurance and allow for the quick resale of foreclosed properties. In an effort to speed the resale of foreclosed properties to new owners, HUD has decided to waive the 90 day flipping rule. They are hoping that this will bring [...]
Full StoryDonate to Haiti Via Text Message
By sending a text message with the word “Haiti” to the number 90999 a donation of $10 will be made to the Haiti relief effort. This charge will appear on your mobile phone bill. You can also text “Yele” to 501501 to donate $5 to the Yele Haiti Earthquake Fund.
Donations to aid Haiti have exceeded [...]
Interest Rates Predicted to Rise in 2010
Along with just about everything else like food prices, energy prices, and taxes, interest rates are predicted to rise to 6% by end of 2010. The end of the Federal Reserve program that buys mortgage-backed securities will drive rates higher because the private buyers will demand more return than the Fed.
It’s funny because those who [...]
Merry Christmas!
Merry Christmas Everyone! May you have a blessed holiday and our best wishes for 2010!
Full StoryExterior Remodeling: The Best Bang for Your Buck
Despite the so called “slow market” in 2009 for Northern Virginia and slight decrease in remodeling projects, some of the smartest improvements are the least expensive. Small scale exterior projects are the most beneficial and profitable at resale according to recent surveys.
On a national level, 8 out 10 projects in terms of costs recouped were [...]
Foreclosures: Not for the Faint Heart
I’ll be completely honest with you. Foreclosures aren’t always the best deal in town. They often are not in move-in condition and the bank addendum is very scary for first-time homebuyers. You are purchasing the home in “as-is” condition so the bank has to cover themselves from you coming after them if someone is wrong [...]
Full Story2009 Profile for Buyers and Sellers
NAR recently released the 2009 profile for buyers and sellers. The results were compiled from over 9,000 surveys from people who purchased a home between June 2008 to July 2009. Below you will find some of the highlights from the report.
47% of all buyers were first time buyers.
62% of first time buyers reported [...]
Fannie Mae Changes
(This does not affect FHA or VA)
Fannie Mae is changing (for the worse) their underwriting guidelines for conventional loans this weekend. In order to be eligible for the current guidelines, borrowers need to have their loan, with a specific property, approved by Friday night. These changes will be implemented over the weekend. Below is a summary of some of [...]
Cash for Caulking
President Obama proposed a program that would reimburse homeowners for installing energy-efficient appliances, windows, and insulation. Under the so called “Cash for Caulking” program, homeowners would get a 50% rebate on items like energy efficient air conditioners, heating systems, washing machines and dryers, refrigerators, replacement windows, and insulation up to $12,000. There will likely be [...]
Full StoryUS Treasury Steps in to Support Short Sales
Alright Ladies and Gentlemen! It is okay to swallow your pride and reach out to a real estate professional in regards to your upside down mortgage. We all realize the troubling times and the interest only ARM loans that you got 5 years ago. There is no shame and no one is going to point [...]
Full StoryFHA Key to Housing Market and Recovery
The Federal Housing Administration mortgage insurance program is a critical part of the American housing fabric and has never been more important than it is in today’s market, NAR President Vicki Cox Golder told a congressional panel this week.
Testifying before the House Committee on Financial Services, Golder said that the FHA program is fiscally sound [...]
Take Advantage of the Tax Credit Extension
Typically, around this time of year the cold air, cozy fireplaces, decorating of the tree, and gift giving slows down buyers home searches. This winter, however, may be different because of the first-time homebuyer tax credit extension. The traffic at www.PortfolioRS.com surged on November 5th when Congress approved the tax credit extension. Those buyers out [...]
Full StoryTips for Getting Those Foreclosure Deals
When you’re not careful, buying a REO or Short Sale can drain your bank account. REO or bank owned properties can have major complications without inspections and short sales can take forever to close, wasting your time. Be smart if you’re looking to buy a foreclosure.
Here are some tips to get the best deal:
When you’re [...]
Full StoryHappy Thanksgiving!
May you all have a blessed day and enjoy the company of family and friends!
Full StoryTips to Buying a Foreclosure
By now you’ve probably heard here and there that someone you know has purchased a foreclosure at a great price. As we come to a close of 2009, there isn’t much inventory to choose from like there was 6 months ago. The first-time homebuyer tax credit has been extended and there are more buyers searching [...]
Full StoryUnderwater Mortgages
According to a report by First American CoreLogic, more than 23% of people with mortgages owe more on their property than what they’re worth. Another 2.3 million homeowners are within 5% of being underwater. What does this mean? It means that those homeowners will have to stay in their homes for a long time until [...]
Full StoryTips to Improving Your Credit Score
Whether you are looking to improve an already good credit score or you have a short sale or foreclosure on your record, it’s never too late to improve your credit score. The interest rates are at a record low, but you need to have great credit to even qualify.
Here are some tips to improve your [...]
