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Rural Development Funding Passed by Senate

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The restoration of the ingle-family rural housing program that would guarantee home loans for rural buyers was passed by the Senate this week and is on its way to President Obama. Rural Development's Single Family Housing Programs provide homeownership opportunities to low- and moderate-income rural Americans through several loan, grant, and loan guarantee programs. The programs also make funding available to individuals to finance vital improvements necessary to make their homes decent, safe, and sanitary. This is great news for home buyers who want to buy a home while the rates and prices are still low. And it is a huge relief for thousands of rural home buyers who need to close on their home purchases before Sept. 30 to take advantage of the home buyer tax. To learn more about a USDA home loan program, click here . Visit my website's Mortgage Center for more helpful mortgage loan information.

Tips to Reduce Your Closing Costs & Fees

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With home mortgage rates at historic lows, many people are eager to refinance their current mortgage loan to lock in a low rate. Existing home owners with adjustable rate mortgage may never get a better time to refinance out of their current mortgage and into a more conservative and consistent 15 or even 30 year mortgage loan. When deciding to refinance a home mortgage, be sure to understand the refinancing costs associated with doing so and then try to limit them as much as possible. Refinancing an existing mortgage is very similar to securing an initial mortgage. In fact, your new mortgage will be used to pay off your existing one, so it is just like buying your home all over again. There are certain costs associated with a refinancing, just as there was when the original mortgage was secured. Closing costs such as broker fees, appraisal fees, title search, inspections and various administrative fees are all part of the fee structure associated with a mortgage refinance. To reduce yo

Mortgage Rates Hit Record Low

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Mortgage rates fell for the 10th time in the last 13 weeks, tying a record low. Now, if only the economy would cooperate, even more people could take advantage of the low rates by refinancing. Mortgage brokers are reporting rising interest in home refinancings as rates on a 30-year fixed loans have hit record lows in four of the past five weeks. This week the average rate fell to 4.56 percent, the lowest since mortgage company Freddie Mac began tracking rates in 1971. Lower mortgage rates improve affordability: The difference between a 6% and a 5% mortgage rate on a $300,000 mortgage, for example, is about $188 a month. And it's not just 30-year fixed loans. The rate on the 15-year fixed loan, a popular choice for refinancing, dropped to 4.03 percent from 4.06 percent last week. That was the lowest on records dating back to 1991. What a great time to buy! With housing prices still low and rates like this, buying a home makes much more sense than renting. Visit my website's Mort

What Borrowers Should Know About FHA Loans

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FHA Pros, LLC, a national FHA condo approval service, has developed a list of facts speaking to the top misconceptions associated with FHA loans in order to help home buyers better navigate an already confusing market. FHA loans are mortgages issued by qualified lenders and insured by the Federal Housing Administration (FHA). In the last three years, home buyer interest in FHA loans has gone from practically zero to upwards of 87 percent. However, many buyers still do not fully understand the benefits of these loans. So, in an effort to change that, here are seven things you should know: 1. FHA Loans Are Not Only For Lower-Income Borrowers. FHA loans are available to everyone. There is no maximum income restriction associated with FHA loans. Borrowers do need to substantiate income and assets by submitting proper documentation. This requirement ensures that borrowers are truly able to afford their future homes. 2. FHA Loans Are Not Only For First-Time Buyers. Many people believe FHA

Make Room for Golf Balls

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Some great words of advice that we all should try to remember... When things in your life seem almost too much When 24 hours in a day is not enough Just remember the mayonnaise jar. A professor stood before his philosophy class with some items in front of him. When the class began, wordlessly, he picked up a very large, empty mayonnaise jar and proceeded to fill it with golf balls. He asked the students if the jar was full. They agreed it was. The professor then picked up a box of pebbles and poured them into the jar. He shook the jar lightly. The pebbles rolled into the open areas between the golf balls. He then asked the students again if the jar was full. They agreed it was. Then the professor next picked up a box of sand and poured it into the jar. Of course the sand filled up everything else. He asked once more if the jar was full. The students responded with a unanimous yes. The professor then produced two cups of coffee from under the table and poured the entire contents into th

Lawn Care Tips for the Summer Season

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With all of this HOT weather, I think it is safe to say that summer is officially here! Along with summer comes weeds, bugs and more time needed to tend to your lawn. Here are some ways you can make the most of the season with these summer lawn care tips: 1. Water conservation and proper watering is important at any time of year , but particularly when heat and a lack of rain lead to water deficits and drought. 2. Evaluate your lawn regularly for signs of irregular color and texture. These can be signs of damage that may result from pests or disease. 3. Proper year-round lawn care keeps a lawn healthy and prevents weeds, disease and pests. But sometimes, insects you may not notice can travel from the yard to your home. To stop them, hire pest control to keep the bugs on the outside. You can also reduce their outside presence by treating the lawn for insects such as fleas and ticks and fire ants. 4. While lawns are generally the focal point of most yards , don't forget about trees

Should You Rent or Buy?

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Interest rates are at all-time lows, there are lots of houses to choose from and prices are incredibley low. It is so tempting to buy right now. But is the timing right for you? As a first-time home buyer, there is a lot to consider when making the decision to rent or buy a home. Potential buyers should ask themselves several key questions before making this important decision: 1. What will monthly costs be and can I afford the payments? Keeping mortgage payments under 30 percent of your monthly income is a good rule of thumb. If you can't keep mortgage payments below that, you may be better off renting for awhile. 2. What other debt do I have? Total rent or mortgage payments plus credit obligations should not exceed 35 to 40 percent of monthly income. 3. What is my credit score? Can I qualify for a good interest rate? A high credit score indicates strong creditworthiness, and that qualifies you for better interest rates on a mortgage. Maxing out on your credit lines and paying bil

What's More Important ~ Low Rates or Tax Credit?

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Although 90 percent of consumers believe that the tax credits have helped both first-time home buyers and the U.S. housing market overall, many home buyers feel that mortgage rates have a greater impact on their purchasing decisions. In a recent survey by Prudential Real Estate and Relocation Services, an overwhelming majority of those polled found that when factoring in either low interest rates or the tax credit, low rates were far more important in a decision to purchase a home now. There's a good reason for this statistic. For example, if you purchase a home for $300,000 and finance $270,000, and your interest rate for a 30-year fixed rate loan was 5.25% versus 4.75%, you would pay nearly $30,000 more over the term of the loan. This is a significant amount of money! Since the Fed's Mortgage Backed Securities purchase program ended on March 31, there has been much volatility and price swings in the markets. Rates overall are off their lows and are often quoted above 5.00% t

How to Get Your Extended Home Buyer Tax Credit

You've decided to purchase a home and take advantage of the Extended Home Buyer Tax Credit. Here's what you have to do to get your benefit: Close on your home purchase between November 7, 2009 and April 30, 2010, or have a binding written contract in place by April 30, 2010 with a closing date no later than September 30, 2010 (original date was June 30, 2010). Decide whether to: apply the credit to your 2009 tax return, filed on or before April 15, 2010; file an amended 2009 return; or, apply the credit on your 2010 return, filed on or before April 15, 2011 Attach documentation of purchase to your return. Documentation of Purchase For more information on claiming the credit and on the documentation required for your 2009 or 2010 returns, see the IRS's First-Time Home Buyer Tax Credit Questions and Answers . When to Apply the Credit Buyers purchasing homes on or before December 31, 2009 may claim the credit on their 2009 tax returns. Buyers purchasing in 2010 will have the o

Questions to Ask Before Buying a Condo

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You've found the perfect condo and you're ready to make an offer. Before you move too quickly you should do some homework. Here are the seven most important questions you need to ask before buying a condo: 1. "What Are People Complaining About?" Take a look at the minutes of the condo association board meetings to see what the owners have been griping about. If everyone was complaining about the faulty plumbing or the gardener's absence, you know that the complex is having management difficulties. Even if there aren't any complaints, reading the minutes will reveal the sorts of projects that are under way at the complex -- projects the seller may have neglected to mention. 2. "Who's Been Naughty and Who's Been Nice?" Find out the delinquency rates of present owners. If people aren't paying their association dues on time, that is either a sign of discontent or an indication that the association might be underfunded. 3. "How Much Is In