October is the month of crazy weather changes and conditions that led to the October Atlantic storm giving rise to the conditions that were featured in the book and movie of the same name. This October is a perfect brew of conditions that are the most favorable that homebuyers have seen in a long, long time!
First time buyers in particular should be out searching actively for their perfect home. Not only can they take advantage of an $8000 tax credit (money in your pocket), but in Maine can possibly qualify for another $5000 towards closing costs through the Green Money program at Maine State Housing. Combine this with rates near and below 5%.......well it should be a no brainer.
If your credit score is above 640 and you have some money saved, get out there. The house you choose must be closed by December 1, 2009. It takes 4 to 6 weeks to close.....
Showing posts with label first time home buyers. Show all posts
Showing posts with label first time home buyers. Show all posts
Tuesday, October 13, 2009
Friday, June 19, 2009
Update on MSHA program
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!
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!
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!
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!
Sunday, May 17, 2009
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.
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