IRS Sets New Rules for $8,000 Tax Credit for Un-Married Home Buyers and Parent Co-signing a Mortgage

The IRS has spelled out additional guidelines for eligibility for the home buyer $8,000 tax credit when co-borrowers purchase a property.
When a home-owning parent of an adult child co-signs for a mortgage and both names appear on the note, the IRS says that under some circumstances, the first-time home buyer can qualify for the whole [...]

Read Full Post »

New FHA Guidelines for Condo Buyers – Effective December 8, 2009

The Federal Housing Administration issued new condo-loan guidelines which took effect December 8, 2009.
The new guidelines will make it easier for condo buyers to qualify for FHA loan.
Under previous guidelines, half of the units in a new condo development had to be sold before the FHA would underwrite a mortgage in the complex. New guidelines [...]

Read Full Post »

The $8,000 and $6,500 Tax Credit for Home Buyers Expires April 30, 2010 – $8,000 Tax Credit Extended and Expanded

On November 7, 2009 the $8,000 tax credit was extended and expanded. The new tax credit is good through April 30, 2010.
The new tax credit:
1) 10% of purchase price with maximum $8,000 – in other words, homes below $80,000 get 10% tax credit, and all homes above $80,000 and below $800,000 get $8,000 tax credit [...]

Read Full Post »

The Pride of Homeownership – From Renter to Homeowner

A recent study by Bankrate.com showed that despite the economic downturn, 92% of Americans believe that owning a home is a good investment and a hedge against a potential inflation, because even if prices do go up, the monthly mortgage payments on 15 year or 30 year mortgage loan stay the same.
Indeed, the benefits of [...]

Read Full Post »

Interest Rates on Long-Term Mortgages Near Record Low during 2009

Thirty-year, fixed-rate mortgages moved closer to the all-time low of 4.82 percent reached in May 2009, falling to 4.87 percent the last week of September 2009, according to Freddie Mac.
Home owners who refinance have an opportunity to reduce their payment on a 30-year, fixed-rate loan for $200,000 by nearly $134 a month from a year ago, [...]

Read Full Post »

4 Tips to Getting a Loan by Home Buyers – Down Payment, Credit Scores, Documented Income

These days one of the biggest impediments to closing a real estate sale can be the buyer’s ability to get a mortgage.
Here are some tips for anyone who hopes to land a loan:

Turn to the government. The biggest source of loans these days is the Federal Housing Administration (FHA) and the Veterans Administration (VA). These [...]

Read Full Post »

VHDA’s Homebuyer Tax Credit Plus Loan Creates Opportunity for First-time Buyers to Enter the Market

 
The numbers do not lie. In fewer than four months, more than 250 borrowers have applied for VHDA’s new Homebuyer Tax Credit Plus mortgage loan. The loan is definitely sparking the interest of potential first-time homebuyers who thought they’d be left out of the current affordable market due to lack of funds for down payment and [...]

Read Full Post »

Annual Percentage Rate, APR – How to Shop and Compare Loan Programs

Annual Percentage Rate (APR) is a tool that consumers can use as a starting point to compare loan programs.
However, it’s important to keep in mind that APR is not a perfect system, and not all lenders calculate APR in the same way.
While the Federal Truth-in-Lending Act does require any mortgage broker or lender to disclose [...]

Read Full Post »

Luxury Homes Share the Housing Market Pain – Jumbo Mortgages in Shortage

  
Luxury homes used to be immune to market downturns, but this recession is different. The housing market is volatile at all price levels.
 
While low and moderately-priced housing markets have taken off in many parts of the country, the higher-end market is still struggling. Sales are slow and more price declines are imminent.
The problem in the [...]

Read Full Post »

Americans Believe in Home Ownership Despite the Housing Bust – Real Estate as Inflation Hedge

The last few years were not kind to homeownership.
However, despite all of the bad news in the media and websites like Zillow.com about homeownership and mortgages, most Americans still believe buying a home is a great investment, according to a new study by Bankrate.com.
Among the findings from the study:

92 percent say that a home [...]

Read Full Post »

FHA 203(k) Loan Program Offers Purchase and Renovation Aid to Owner-Occupants of Residential Homes

 
The Federal Housing Administration is encouraging use of its little-known FHA203(k) loan program.
The FHA 203(k) lets an owner-occupant borrow money for both the purchase and renovation in one loan, and put down only 3.5 percent.
 
The program requires the use of licensed contractors and can include cosmetic improvements as well as major renovations like replacing plumbing [...]

Read Full Post »

Men are from Mars and Women are from Venus – Gender and Home Shopping

When it comes to buying a home, women tend to be more intuitive and safety conscious, and and men tend to be more analytical, according to a national survey for Coldwell Banker Real Estate that delved into the homebuying psyche.
Coldwell Banker wanted to understand the difference between men and women in the homebuying process so [...]

Read Full Post »

Keller Williams Realty Ranked First in Home Buyer Satisfaction and Second in Home Seller Satisfaction for 2009

Keller Williams Realty ranked first on the customer-service rankings among home buyers and Coldwell Banker scored highest among home sellers in the annual J.D Power and Associates 2009 Home Buyer/Seller study.
The study measures customer satisfaction with the largest national real estate companies. The most significant factor is the buyer/seller experience with the practitioner. Other factors [...]

Read Full Post »

Fannie Mae and Freddie Mac Change Job-Transfer Rules – Income from a Trailing Spouse

Mortgage giant Fannie Mae has become more conservative in the interest of safer underwriting and June 8, 2009 changed the rules about how it considers income from a spouse or partner who moves without a job.
Under the old rules, when a company transferred someone or an employee accepted a new position that entailed a move [...]

Read Full Post »

Real Estate Tax Assessments and Current Market Value – Arlington County, Fairfax County, Fauquier County, Loudoun County, Prince William County

Real property tax assessments and current market values are NOT the same thing.
There is a tendency for some home sellers to assume that their home is worth what the tax assessment indicates, which can be a problem in a declining market.
Likewise, home buyers often are erroneously suspicious when the property has a higher listing price than tax [...]

Read Full Post »

FHA Loans at Record High – Highest Popularity in 75-Years

 The Federal Housing Administration guaranteed 186,000 mortgages in June, 2009, a record number in its 75-year history.
FHA loans became popular in the last few years because they are one of the few sources of low-down-payment mortgages. FHA loans require only 3.5% down-payment and the interest rate is just a little higher than conventional loans – [...]

Read Full Post »

Volunteer Sign Collection Program in Loudoun County – Public Hearing July 20, 2009

The Loudoun County Board of Supervisors has called for a public input session on the extension of volunteer sign collection program on Monday, July 20th, 2009 at 6:30 p.m. at the Loudoun County Government Center, 1 Harrison Street, SE, first floor, Leesburg, VA.
All potential Home Sellers and Home Buyers are encouraged to attend and voice your [...]

Read Full Post »

Hybrid ARM Loans Are a Great Opportunity for Borrowers Who Know They Must Sell in Five Years

ARM mortgages have gotten a bad name recently and are often unjustly blamed for the housing bust, however buyers should not automatically dismiss all ARMs.
Hybrid ARMs can be really good deals even in these times of historically low interest rates, some lending experts insist.
In the first week of July, 2009, starting rates for ARMs were at 4 percent, generally a [...]

Read Full Post »

Seven Common Credit Report Mistakes – Improve Credit Score by Removing Errors

 
Credit scores are more important than ever as lenders introduced higher standards for borrowers seeking a mortgage.
Most lenders require credit score above 720 for conventional loans. FHA loans did not take credit scores into account in the past, as long as the borrower had a stable employment history and income over the last two years [...]

Read Full Post »

Shopping for a Home Mortgage Online – Comparing Quotes for Loan Products

Getting a mortgage is not easy during the trying years 2008-2009, particularly since many banks have tightened crediting, which is ultimately keeping out some buyers with less than stellar credit rating or no downpayment.
Many borrowers are turning online to shop for a mortgage, in which they can shop anonymously and still get accurate rates.
According to a recent [...]

Read Full Post »