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Back in the fall when the federal tax credit for homebuyers was extended and expanded, the April 30th deadline seemed so far away. If you look at your calendar today, you willl notice that April 30th, the last date for a signed purchase and sales agreement to be in place, is only 82 days away! I will admit that Spring has started early this year with buyers taking advantage of the homebuyer tax credits. But, there a lot of buyers that are still procrastinating. In the real estate world 82 days is not a long time. Don't miss out on this excetional opportunity to buy a home! With low prices, low rates and up to $8,000.00 in tax credits (for first time homebuyers and the up to $6,500.00 for previous homeowners), this is an ideal time to buy a home! Help spread the word! Tell everyone you know about this excetional opportunity!

Replacing a home’s windows, appliances, or roofing can be pricey. So knowing approximately how long before the refrigerator is likely to stop working or the roof might spring a leak can have value to buyers and home owners. If you are thinking about buying a home, you may want to factor in replacement costs for aging components when you make an offer. If you already own a home, this information can be helpful when trying to decide whether to replace a component before a move. A recent study by the National Association of Home Builders provides some insight that can help you estimate the average useful life of more than 100 household appliances and building materials. Of course, the actual longevity of any household material depends on maintenance, use, quality of installation, and climate conditions. So, these averages are only a general guide. 100 Years or More Brick siding: Lifetime of the home All wooden floors: Lifetime of the home Cellulose insulation material: 100-plus years 50-1

Here is important informaton you need to know… and you need to tell your family and friends right away! Few people realize that each time their credit is checked, the information provided to the credit bureaus ( Equifax , TransUnion , Innovis or Experian ) immediately becomes a commodity that is sold not only to other lenders but also to companies that sell and resell the same names and personal information. That’s right - the credit bureaus have found a way to increase their revenues at our expense, without our permission! These "inquiry leads" include name, address, phone numbers (including unlisted), credit score, current debt and debt history, property information, age, gender and estimated income. They are marketing personal, confidential information to competing creditors and making millions. Our privacy is being sold, not just once, but over and over again. Lenders that have purchased these leads at a premium will then do everything they can to recoup their investme

As we begin 2010, both real estate professionals and home buyers are "hitting the ground running" — anxious to take advantage of the extended and expanded home buyer tax credit. Everyone I talk to in real estate is busier than usual for this time of the year. Buyers are anxious to make sure that they don't "miss the boat". Originally created in 2008, the home-buyer tax credit has evolved from a $7,500 credit, which had to be repaid by the home buyer over the course of 15 years, to an $8,000 tax credit with no repayment required in 2009. Now, for a limited time in 2010, the $8,000 home buyer tax credit will still be available to first-time home buyers and certain current homeowners will also be eligible for a $6,500 credit. Under the extended home buyer tax credit, as long as a written binding contract to purchase a home is in effect on April 30, 2010, and the deal is closed by July 1, 2010, one can claim the credit. For current homeowners purchasing a home it is

A policy of title insurance is a contract of indemnity between the insured and the insuring company relating to the title to the land described in the policy, protecting the insured against loss of damage by reason of defects, liens or encumbrances of the insured title existing at the date of the policy and not expressly excepted from its coverage. The policy is issued after a complete search and examination of the public records and shows the condition of the record title, including any money obligations outstanding against the property, easements and other matters which may affect the rights of ownership, possession and use of the property. Title insurance protects the "record" title, insuring it is good subject only to the exceptions expressly set out in the policy. lt also insures against certain matters which do not appear of record, such as forgery, identity of parties, incompetence of former owners, interest of missing heirs, and status of individuals not having the &q

This is important if you know someone who: 1. Plans to acquire or sell a rental property 2. Currently has an investment property 3. Is the tenant in a rental property Effective November 1, 2009, single family and multifamily properties are required to have working smoke detectors and carbon monoxide detectors. This includes single family homes that are occupied under the terms of a rental agreement or month-to-month tenancy. All transfers of property after October 31, 2009, must be certified to the buyer at closing by the seller that the property provides smoke detectors and carbon monoxide detectors in accordance with the law. Click here for more information regarding this new law.

Who Qualifies for the Extended Credit? First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010. Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight. To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase. Which Properties Are Eligible? The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops. How Much Is Available? The maximum allowable credit for first-time home buyers is $8,000. The maximum allowable credit for current homeowners is $6,500. How is a Buyer's Credit Amount Determined? Each home buyer’s tax credit is determined by tow additional factors: The price of the home The buyer's income Price Under the Extended Home Buyer Tax

Are you ready to own a home but are not sure you will qualify due to lack of a down payment? Rural Development may be able to help you! USDA Rural Development has offers 100% financing opportunities to rural individuals and families with: No down payment required No expensive monthly mortgage insurance (which means you may qualify for a larger loan) Flexible credit and qualifying guidelines No maximum purchase price limit Closing costs can come from any source including gifts or the seller Repairs and improvements can be included in the loan Competitive fixed 30-year rates. So, if you have been thinking about taking advantage of the $8000 Home Buyer Tax Credit, but do not have the money for a down payment and closing costs, think again! The Rural Development guaranteed loan program has assisted thousands of home buyers customers just like you. It is definitely worth looking into! Click here for more information and check out my website for more home buying tips!

If you've been passing up on buying a home because of the expense of anticipated cosmetic repairs, you're missing out on a great opportunity. Sure, it used to be that if you bought a home and then applied for a home equity loan to pay for repairs, the result would be two separate loans (or worse, a mortgage plus a short-term loan for repairs that often had a much higher interest rate). This is not the case anymore if you qualify for an FHA Streamlined 203(k) loan. The Department of Housing and Urban Development's FHA Streamlined 203(k) loan allows qualifying home buyers to finance up to an additional $35,000 into their mortgage to improve or upgrade their home before move-in. With this product, home buyers can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser. And the best part is, the additional funds are combined into your mortgage, so you only have to worry about one loan. There are

Obtaining a home inspection is one of the most important steps in purchasing a home. A qualified inspector can point out potential costly problems with the home you are considering buying, and a good inspector will give maintenance advice and ultimately give you peace of mind about your home investment. All home buyers -- whether they are buying an older home or building a new one -- should have the home inspected by a professional after making an offer and before closing. There are a few things you need to know before hiring a home inspector. First, the home inspection industry is becoming more professional and regulated. There are professional organizations with codes of ethics, like the National Association of Home Inspectors and the American Society of Home Inspectors, but membership is voluntary. The average home inspection costs $300, which is paid on the day the inspector examines your home. Lower or higher fees do not necessarily reflect the expertise of the inspector. Finding

A year after the financial collapse of 2008, the housing market is very different than it was before the foreclosure crisis. Here are seven bits of wisdom from economists and financial planners for anyone contemplating a home purchase today: Old-fashioned basics are more important than ever. The safest way to purchase a home is to put down 20 percent on a fixed-rate, 30-year (or less) mortgage. Don’t become overconfident about income growth. Even though buyers in their 20s and 30s will likely see their incomes grow more quickly than previous generations, it is important to act sensibly when borrowing. Anyone contemplating adding children to the family should calculate whether they could live on one income because having both halves of a couple work may turn out to be impractical. Include a maintenance budget. Even new homes need upkeep and repairs. Buyers who can't afford their dream home now should opt for a starter home where they can save money each month for what they really wa

What is FHA Mortgage Insurance? The Federal Housing Administration (FHA) insures mortgages offered by banks, savings associations, and other financial institutions. An FHA-insured mortgage is backed by the full faith and credit of the United States government. While FHA does not make loans, it benefits the homebuyer by providing mortgage insurance which encourages financial institutions to make affordable financing available. What Are the Benefits of an FHA Mortgage? FHA offers low down payment options, eligibility with less than perfect credit, a loan at a reasonable cost, and help if there is ever trouble making the mortgage payment. Because an FHA mortgage insures the lender against loss, an FHA mortgage typically has an interest rate that is competitive with the best in your market and lower than the rates charged for subprime and other non-prime mortgages. FHA is designed to help people buy a home and to help them keep it. In return for protecting lenders against loss, FHA require

1. Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross income. 2. Develop your home wish list. Then, prioritize the features on your list. 3. Select where you want to live. Compile a list of three or four neighborhoods you’d like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety. 4. Start saving. Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment. Also, don’t forget to factor in closing costs. Closing costs — including taxes, attorney’s fee, and transfer fees — average between 2 and 7 percent of the home price. 5. Get your credit in order. Obtain a copy of your credit report to make sure it is accurate and to correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments. 6. Determine your mo

If you haven’t owned your own home in the past 3 years, you may qualify for MaineHousing’s Gift of Green . For a limited time, MaineHousing is offering eligible borrowers who use a MaineHousing mortgage: Up to $5,000 (not to exceed 4% of the mortgage amount) to help with the cash needed for closing, such as any required down payment, closing costs, and prepaids. A coupon worth up to $500 for a 2-part home energy audit. The Gift of Green is a gift, which will not be added to the loan amount, and it never has to be paid back . Because the Gift of Green promotion is part of MaineHousing’s mortgage program, you also may be able to use the Purchase Plus Improvement Option to fund home energy improvements as part of your mortgage. MaineHousing mortgages even come with payment protection for unemployment . Total Financial Incentives of Up To $15,000! Add the Gift of Green grant of up to $5,500 to the federal First-Time Homebuyer Tax Credit worth up to $8,000. This, in turn, lets you invest

A friendly reminder for you first-time home buyers out there... In order to qualify for the government’s $8,000 gift in the form of a tax credit, your deal must close by Dec. 1, 2009. It's not too late! You should have a purchase contract signed by early October, so you have 45 to 60 days to arrange financing and safely close the deal. For more information on the First-Time Home Buyer $8000 Tax Credit, click here .

Before a home owner curses the troubled housing market, he or she should take solace in the U.S. tax code, which makes buying a home a good deal for almost everyone. Here’s why: Mortgage interest deductions, including in some cases mortgage insurance premiums, reduce home owners’ tax liability by reducing income. The deduction includes interest paid on both a first and a second home. Interest on home equity loans is also deductible — whether the borrower uses the money to remodel the kitchen or to take a vacation to Disney World. Profits from selling a house are potentially a huge windfall. When a home owner sells a primary residence, any profit on the sale of the property is tax free up to $250,000 for single home owners and $500,000 for married home owners filing. Any profit above that is nearly always a long-term capital gain taxed at 15 percent — less if the seller’s tax rate is less than 20 percent. Home owners can itemize. That opens up opportunities to deduct a host of other ite

The Pending Home Sales Index , a forward-looking indicator based on contracts signed in April, rose 6.7 percent to 90.3 from a reading of 84.6 in March, and is 3.2 percent above April 2008 when it was 87.5. Economists are saying that buyers are responding to very favorable market conditions. Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market. Since first-time buyers must finalize their purchase by November 30 to get the credit, increased activity is expected in the months ahead Geographic Breakdown: Northeast: The Pending Home Sales Index shot up 32.6 percent to 78.9 in April and is 0.8 percent above a year ago. Midwest: The index rose 9.8 percent to 90.4 and is 11.1 percent above April 2008. South: The index slipped 0.2 percent to 93.0 in April but is 3.5 percent higher than a year ago. West: The index rose 1.8 percent to 94.8 but is 2.9 percent below April 2008. There are numerous buyer a

New income limits for the USDA Guaranteed Rural Housing Program went into effect on April 20th. This includes an increase in the income limits nationwide, as well as the implementation of the new “2-Tier” income limit structure, which will simplify program requirements and the qualification process. Previously, income limits for many counties, including Cumberland & York Counties, depended on the number of persons. There was a different income level for each additional person. The new structure only has two income levels (1-4 persons and 5-8 persons). This increases the maximum income level for most families. Cumberland & York County: $73,600 for 1-4 person household $97,150 for 5-8 person household Portland Metro: $83,250 for 1-4 person household $109,900 for 5-8 person household This is great news for many buyers! Here is the link to look up the Rural Development income limits for your area.

Determining whether or not you are ready to buy a house can be a daunting task. But, whether you are a renter or you are aiming to upgrade to a larger home, there are signs that will indicate whether you are ready to take the buying plunge. So are you ready to make the move? You might be if you: 1. Are familiar with the market. If you have been paying attention to how much houses are listed for in the neighborhoods you are interested in and have a realistic idea of how much a house will cost you, you're in good shape. But if you're dreaming about that big corner house with no clue about the asking price, you may want to spend some more time becoming familiar with the market. 2. Have the money for a down payment and closing costs. The down payment is a percentage of the value of the property. Typically, the percentage will be determined by the type of mortgage you select. Down payments usually range from 3 to 20 percent of the property value. You may also be required to have Pri

The Federal Reserve announced today that it would purchase an additional $750 billion in Fannie Mae and Freddie Mac mortgage-backed securities and up to $300 billion in longer term Treasury securities. This is great news for American home buyers and homeowners because mortgage interest rates will continue to remain at historic lows (and potentially drop even more). This should help improve many home buyer’s ability to purchase a home. Potentially homeowners facing challenges will be able to refinance into better terms. We are already experiencing a great improvement in housing affordability due to historically low interest rates, and the Fed’s move will push affordability conditions to the best levels in 40 years. In addition, continued low rates will lessen foreclosure pressure and help stabilize home prices sooner, as more American buy homes and draw down inventory.