I have done a little more research and have talked to a lender who is as familiar with the program as can be at this point. It is actually a credit of UP TO $5000 but no more than 4% of the loan amount. The borrower must contribute 1% of the loan amount. Under programs such as MSHA/FHA this can be a gift. The program ends November 30, 2009. Hope that is more clear!
I strongly encourage any borrower to consult with a loan officer regarding whether or not this makes sense.
There are income limits ,also, that apply!
Showing posts with label Maine real estate. Show all posts
Showing posts with label Maine real estate. Show all posts
Friday, June 19, 2009
Maine State Housing Offers $5000 to 1st Time Buyers
I just learned today that MSHA (Maine State Housing) has finally launched their "Gift of Green" program. This program offers $5000 that can be put towards closing costs, down payment, or escrow funds. There are also coupons for up to $500 for energy audits. The money is limited to approximately 500 buyers. There are upper income linits. This is in addititon to the $8000 tax credit being offered by the Feds. For more information go to www.mainehousing.org.
Sunday, May 31, 2009
Where did the time go or Tempus Fugit!
I have been extraordinarily busy with first time homebuyers in the past week. They are all smart as heck to be out there looking and putting houses under contract while the sun is shining and the rates are still low. My little Wall Street prognosticator friends say all signs point to higher rates, sooner rather than later as the economy bumps and jolts out of its latest swoon.
As I have repeated frequently, there is $8000 out there waiting for you if you have not owned a house in three years. Why not take advantage of that? If you need to work out the credit blues, get hooked up with folks who can help you raise the scores. Believe it or not, you can get a 100% loan with a 640 score through RD guaranteed. Find someone who knows how to find out if you qualify!
The sun is out. Summer is around the corner........the time is NOW!
As I have repeated frequently, there is $8000 out there waiting for you if you have not owned a house in three years. Why not take advantage of that? If you need to work out the credit blues, get hooked up with folks who can help you raise the scores. Believe it or not, you can get a 100% loan with a 640 score through RD guaranteed. Find someone who knows how to find out if you qualify!
The sun is out. Summer is around the corner........the time is NOW!
Wednesday, May 20, 2009
Why do agents brag about the number of listings???
I always wonder why agents brag about the number of listings they have. While being able to list houses is an admirable quality, being able to sell them is better. When interviewing an agent to sell your house, find out how many houses they have successfully closed in the last year. Ask about the ratio of price received to price asked. (In other words, how close to asking price did the seller receive?) Find out how familiar the agent is about the various financing options out there. Will you be required to pay some of the buyer's costs? (The answer is probably!) Make sure the agent gives you statistics regarding the movement in the market where you live. Can she articulate the probable scenario that will unfold? Does she offer staging, pictures, and video on the internet? And, last, but most importantly, does he roll over when you ask about reducing commisssion? If the agent can't explain to you his value proposition, go to someone else. Do you want an agent who will roll on your negotiations??
Tuesday, May 19, 2009
Who is working for you?
When teaching first time buyer classes, I am frequently asked "How do I find a broker?" The search is simple.
Get the names:
1) Ask other people whose opinion you value whom they would recommend. Make sure their recommendation is based on their own experience!
2) Attend open houses and check out the agents holding them Ask anyone of interest if you can make an appointment to interview them. After all you are looking for someone to hire!
3) Go online and check out websites.
Got the names? Then interview your choices. Any agent worth their salt will be happy to arrange a time for an interview. If not, scratch them from the list!
At the interview, ask the agent how many transactions they have closed in the last twelve months. You want someone with transactional experience in this market! If they don't close at least one deal a month, I would want to know why not?
Another critical factor is their knowledge of the financing options out there. If they have no experience with the intricacies of FHA, don't know about spot financing, or have no clue about how short sales work, move on!!
Finally, how well do you "click"? You will be entrusting this person with one of the largest financial transactions you will ever make. Are they up to the task?
Ask for references if need be then decide who will be the best fit for you! And, importantly, don't let anyone sign you into anything before you are ready. It is ok to ask to get back to them later. A high pressure sales person is probably NOT the best choice for an buyer agent. You want the choice of house to be something you are comfortable with, NOT something you felt pressured to buy.
Good luck! By the way, we specialize in first time homebuyers and would be pleased to interview with you for this job!
Get the names:
1) Ask other people whose opinion you value whom they would recommend. Make sure their recommendation is based on their own experience!
2) Attend open houses and check out the agents holding them Ask anyone of interest if you can make an appointment to interview them. After all you are looking for someone to hire!
3) Go online and check out websites.
Got the names? Then interview your choices. Any agent worth their salt will be happy to arrange a time for an interview. If not, scratch them from the list!
At the interview, ask the agent how many transactions they have closed in the last twelve months. You want someone with transactional experience in this market! If they don't close at least one deal a month, I would want to know why not?
Another critical factor is their knowledge of the financing options out there. If they have no experience with the intricacies of FHA, don't know about spot financing, or have no clue about how short sales work, move on!!
Finally, how well do you "click"? You will be entrusting this person with one of the largest financial transactions you will ever make. Are they up to the task?
Ask for references if need be then decide who will be the best fit for you! And, importantly, don't let anyone sign you into anything before you are ready. It is ok to ask to get back to them later. A high pressure sales person is probably NOT the best choice for an buyer agent. You want the choice of house to be something you are comfortable with, NOT something you felt pressured to buy.
Good luck! By the way, we specialize in first time homebuyers and would be pleased to interview with you for this job!
Monday, May 18, 2009
Spring is Here.........The Perfect Storm
....and all thoughts turn to buying that perfect home! That is right. Did you know that in times of trouble, there are always opportunities? While some sellers are taking it hard on the chin, this is the perfect time to buy that house that you have always dreamed about. With many more listings than there are buyers, the selection in the lower price ranges is outstanding.
If you have not owned a house in the last three years, you are eligible for an $8000 tax credit courtesy of the federal government. If you can't use all of that credit because you don't owe that much tax, you can get a check back for the difference. Wow!
If you own a house now and have decent equity, you can buy a house that better fits your needs. Whether it is larger or smaller, in a better neighborhood or closer to work or school, there is a wide selection at outstanding value. Priced and staged correctly, houses are selling in a timely fashion in most price ranges. An expert opinion by a seasoned real estate professional will give you the information you need to get the best price in this market.
Please don't wait too long. The $8000 is good only for those buyers who close on their house by December 1st of this year. The bargains on houses won't last forever, either!
If you have not owned a house in the last three years, you are eligible for an $8000 tax credit courtesy of the federal government. If you can't use all of that credit because you don't owe that much tax, you can get a check back for the difference. Wow!
If you own a house now and have decent equity, you can buy a house that better fits your needs. Whether it is larger or smaller, in a better neighborhood or closer to work or school, there is a wide selection at outstanding value. Priced and staged correctly, houses are selling in a timely fashion in most price ranges. An expert opinion by a seasoned real estate professional will give you the information you need to get the best price in this market.
Please don't wait too long. The $8000 is good only for those buyers who close on their house by December 1st of this year. The bargains on houses won't last forever, either!
Sunday, May 17, 2009
A $270,000 house for $200,000?!
Are you a first time buyer with time to wait for a house? Take advantage of the situation where a seller MUST sell and needs to sell for less than they paid! If you have a good credit score (over 680) and 3.5% to put down, (you can receive this money as a gift from a third party) you can buy a short sale. I have two first time buyers now who are getting great deals (under 130,000 each) on condos which sold for over $170,000 three to four years ago. We have another buyer who is geting a $270,000 house for $200,000! These are NOT foreclosures. They are in GREAT condition. It may take three months to get approval from the lenders and close, but the only way for the values to go are UP! If you have time and credit, take advantage. PLUS....if you haven't owned a house for three years you can get $8000 in a tax credit. (See my other posting) What are you waiting for????????
Uncle Sam has $8000 for you
If you haven't owned a house for three years, the government will give you $8000 if you close on a home purchase by December 1 of this year. I know it sounds too good to be true, but it is! And, even better, HUD is looking at ways for you to use the $8000 as a down payment and NOT have to wait for your tax return.
Here is a description from the National Association of REALTORS:
The temporary credit is only available for
home purchases made from Jan. 1, 2009 to before
Dec. 1, 2009 and is equal to 10 percent of
the cost of the home, up to a maximum credit
of $8,000. (For example, a home purchased for
$80,000 or more would qualify for the full $8,000
credit while a $70,000 home would only qualify
for 10 percent, or $7,000)
Buyers claim the credit on their federal tax return
to reduce their tax liability. If the credit is
more than their total tax liability that year, the
buyer will get a refund check for the balance.
Only first-time homebuyers can take advantage
of the tax credit. A first-time buyer is defined
under the tax credit as an individual who has
not owned a home in the last three years.
For married joint filers, both must
meet the first-time
homebuyer test
to take the credit
on a joint return.
Eligible properties include anything that will be
used as a principal single-family residence—including
condos and townhouses.
There are income guidelines on the credit. Individuals
with an adjusted gross income up to
$75,000 (or $150,000 if filing jointly) are eligible
for the full tax credit. The credit is phased
down for those earning more and is not available
for those with an income above $95,000
(or $170,000 if filing jointly).
The new tax credit does not have to be repaid
if the buyer stays in the home at least three
years. But if the home is sold before that, the
entire amount of the credit is recaptured on
the sale.
People who purchased homes under the 2008
$7,500 tax credit program will still be required
to repay that credit to the government over a
15-year period.
The American Recovery and Reinvestment Act of
2009 features an $8,000 tax credit for first-time
buyers who purchase a home on or after Jan. 1, 2009
and before Dec. 1, 2009.
Details of the tax credit include:
First-Time Homebuyer
Tax Credit
Consult with your REALTOR® or tax advisor
and visit to
learn more about the tax credit and
state and federal loan programs.
Here is a description from the National Association of REALTORS:
The temporary credit is only available for
home purchases made from Jan. 1, 2009 to before
Dec. 1, 2009 and is equal to 10 percent of
the cost of the home, up to a maximum credit
of $8,000. (For example, a home purchased for
$80,000 or more would qualify for the full $8,000
credit while a $70,000 home would only qualify
for 10 percent, or $7,000)
Buyers claim the credit on their federal tax return
to reduce their tax liability. If the credit is
more than their total tax liability that year, the
buyer will get a refund check for the balance.
Only first-time homebuyers can take advantage
of the tax credit. A first-time buyer is defined
under the tax credit as an individual who has
not owned a home in the last three years.
For married joint filers, both must
meet the first-time
homebuyer test
to take the credit
on a joint return.
Eligible properties include anything that will be
used as a principal single-family residence—including
condos and townhouses.
There are income guidelines on the credit. Individuals
with an adjusted gross income up to
$75,000 (or $150,000 if filing jointly) are eligible
for the full tax credit. The credit is phased
down for those earning more and is not available
for those with an income above $95,000
(or $170,000 if filing jointly).
The new tax credit does not have to be repaid
if the buyer stays in the home at least three
years. But if the home is sold before that, the
entire amount of the credit is recaptured on
the sale.
People who purchased homes under the 2008
$7,500 tax credit program will still be required
to repay that credit to the government over a
15-year period.
The American Recovery and Reinvestment Act of
2009 features an $8,000 tax credit for first-time
buyers who purchase a home on or after Jan. 1, 2009
and before Dec. 1, 2009.
Details of the tax credit include:
First-Time Homebuyer
Tax Credit
Consult with your REALTOR® or tax advisor
and visit to
learn more about the tax credit and
state and federal loan programs.
Thursday, January 29, 2009
Seven Months Inventory- Portland, Me
Did an absorption rate for my clients yesterday and learned that in the 150 thousand to 200 thousand dollar range, there is a seven months supply of houses. Man.......that means it will take seven months to clear out the current inventory IF no other houses come on the market.
Well.....guess that means that the buyers should come off the fence and get going as interest rates have ticked upwards a bit since two to three weeks ago.
Buyers ask me, will I lose money? My answer...no, honey!! Buy now and live in your house for more than three years. You will see the equity increase over time. It always does!
For those of you with money burning a hole in your pocket.......get investing. You buy when it is low and sell when it is high! Guess what!!!? It is time to buy.
Have to sell??? Get a good and ethical broker to help. Get someone with loads of experience. (Like me! Mike and I did 36 deals last year) Do NOT entrust your house to an agent who is part time or dabbling. This market is NOT for the faint hearted.
There is only today! Go and make the most of it.
Well.....guess that means that the buyers should come off the fence and get going as interest rates have ticked upwards a bit since two to three weeks ago.
Buyers ask me, will I lose money? My answer...no, honey!! Buy now and live in your house for more than three years. You will see the equity increase over time. It always does!
For those of you with money burning a hole in your pocket.......get investing. You buy when it is low and sell when it is high! Guess what!!!? It is time to buy.
Have to sell??? Get a good and ethical broker to help. Get someone with loads of experience. (Like me! Mike and I did 36 deals last year) Do NOT entrust your house to an agent who is part time or dabbling. This market is NOT for the faint hearted.
There is only today! Go and make the most of it.
Saturday, December 1, 2007
Maine is NOT Miami!!!
According to a November 29, 2007 press release from Maine Real Estate Information (MREIS), for the rolling quarter, August 1, 2007 to October 31, 2007, the number of units sold dipped only 6.73% as compared to the same time frame last year ( 3746 units in 2006 compared to 3494 The median sales price dropped by a mere 1.44% ( $194,000 2006 to $191,200 2007) during the same period.
Cumberland County, Maine's largest county, saw a drop from 850 units sold to 792 units sold, but the median price dropped only 0.02% from $255,000 to $254,943 in the period August 1 to October 31.
What does this mean, you ask?? It means you are CRAZY not to buy right now. There are great deals out there. Even if you need to sell, as long as you have equity in your home and are willing to price correctly, YOUR HOUSE WILL SELL!!!
The gloom and doom of the media does NOT apply to Maine !! We never went crazy when the market boomed, and we won't crash with this healthy correction.
Welcome to Maine! It's a great place to live!!!
Cumberland County, Maine's largest county, saw a drop from 850 units sold to 792 units sold, but the median price dropped only 0.02% from $255,000 to $254,943 in the period August 1 to October 31.
What does this mean, you ask?? It means you are CRAZY not to buy right now. There are great deals out there. Even if you need to sell, as long as you have equity in your home and are willing to price correctly, YOUR HOUSE WILL SELL!!!
The gloom and doom of the media does NOT apply to Maine !! We never went crazy when the market boomed, and we won't crash with this healthy correction.
Welcome to Maine! It's a great place to live!!!
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