Restoring the Mortgage Market with the Economic Stimulus

"New $8000 Tax Credit Available"

Who is eligible? First-time Homebuyers & A Person Is Considered A First-Time Buyer If He/She Has Not Had Any Ownership Interest In A Home In The Three Years Previous To The Day Of The 2009 Purchase.

The tax credit designed to be an incentive for first-time homebuyers to purchase a home.

For 2009, Congress has increased the credit to $8000 and made several additional improvements. This revised $8000 tax credit applies to purchases on or after

January 1, 2009 and before December 1, 2009.

The State Of Georgia offers a tax credit up to $1800 to purchasers of an eligible single family residence in Georgia for homes purchased before November 30, 2009.

WE HAVE THE INFORMATION ON THE NEW GOVERNMENT REGULATIONS FOR MORTGAGES.

CALL US FOR INFO ON THE USDA AND DCA REQUIREMENTS.

For more information visit:  http://www.federalhousingtaxcredit.com/

 

 

 

10 Things to Take the Trauma Out of Home Buying
1. Find a real estate agent that’s simpatico. Home buying is not only a big financial commitment, but also an emotional one. It’s critical that the agent you chose is both skilled and a good fit with your personality.

2. Remember, there’s no “right” time to buy, any more than there’s a right time to sell. If you find a home now, don’t try to second-guess the interest rates or the housing market by waiting. Changes don’t usually occur fast enough to make that much difference in price, and a good home won’t stay on the market long.

3. Don’t ask for too many opinions. It’s natural to want reassurance for such a big decision, but too many ideas will make it much harder to make a decision.

4. Accept that no house is ever perfect. Focus in on the things that are most important to you and let the minor ones go.

5. Don’t try to be a killer negotiator. Negotiation is definitely a part of the real estate process, but trying to “win” by getting an extra-low price may lose you the home you love.

6. Remember your home doesn’t exist in a vacuum. Don’t get so caught up in the physical aspects of the house itself—room size, kitchen—that you forget such issues as amenities, noise level, etc., that have a big impact on what it’s like to live in your new home.

7. Don’t wait until you’ve found a home and made an offer to get approved for a mortgage, investigate insurance availability, and consider a schedule for moving. Presenting an offer contingent on a lot of unresolved issues will make your bid much less attractive to sellers.

8. Factor in maintenance and repair costs in your post-home buying budget. Even if you buy a new home, there will be some costs. Don’t leave yourself short and let your home deteriorate.

9. Accept that a little buyer’s remorse is inevitable and will probably pass. Buying a home, especially for the first time, is a big commitment, but it also yields big benefits.

10. Choose a home first because you love it; then think about appreciation. While U.S. homes have appreciated an average of 5.4 percent annually over from 1998 to 2002, a home’s most important role is as a comfortable, safe place to live.

 

 10 Tips for First-Time Homebuyers

 1. Be picky, but don’t be unrealistic. There is no perfect home.

2. Do your homework before you start looking. Decide specifically what features you want in a home and which are most important to you.

3. Get your finances in order. Review your credit report and be sure you have enough money to cover your down payment and your closing costs

4. Don’t wait to get a loan. Talk to a lender and get pre-qualified for a mortgage before you start looking.

5. Don’t ask too many people for opinions. It will drive you crazy. Select one or two people to turn to if you feel you need a second opinion.

6. Decide when you could move. When is your lease up? Are you allowed to sublet? How tight is the rental market in your area?

7. Think long-term. Are you looking for a starter house with the idea of moving up in a few years or do you hope to stay in this home longer? This decision may dictate what type of home you’ll buy as well as type of mortgage terms that suit you best.

8. Don’t let yourself be house poor. If you max yourself out to buy the biggest home you can afford, you’ll have no money left for maintenance or decoration or to save money for other financial goals.

9. Don’t be naïve. Insist on a home inspection and if possible get a warranty from the seller to cover defects within one year.

10. Get help. Consider hiring a REALTOR® as a buyer’s representative. Unlike a listing agent, whose first duty is to the seller, a buyer’s representative is working only for you. And often, buyer’s reps are paid out of the seller’s commission payment.

 

Your Property Wish List

While your opinions on the type of home you want to own may change during the home-buying process, use this easy checklist to help you set your priorities and make the shopping process less time consuming.

What neighborhoods would you prefer?

What school systems do you want to be near?

How close do you need to be to:
(a) public transportation (b) schools(c) airport (d) expressway (e) neighborhood shopping (f) other

What architectural style(s) of homes do you prefer?

Do you want a one story or two-story house?

How old a home would you consider?

How much repair or renovation would you be willing to do?

Do you have special facilities or needs that your home must meet?

Do you require a fenced yard or other amenities for your pets?

Prioritize each of these options into

Must have

Would Prefer

Yard (at least_________)

Garage (size________)

Patio/Deck

Pool

Bedrooms (number_________)

Bathrooms (number_________)

Family room

Formal living room

Formal dining room

Eat-in kitchen

Laundry room

Basement

Attic

Fireplace

Spa in bath

Air conditioning

Wall-to-wall carpet

Hardwood floors

View

Light (windows)

Shade

 

 

7 Reasons to Own Your Own Home

1. Tax breaks. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, property taxes you pay, as well as some of the costs involved in buying your home.

2. Gains. Over last five years (1998-2002) national home prices have increased at an average of 5.4 percent annually. And while there’s no guarantee of appreciation, a 2001 study by the National Association of REALTORS® found that the typical homeowner has approximately $50,000 of unrealized gain in a home.

3. Equity. Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.

4. Savings. Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.

5. Predictability. Unlike rent, your mortgage payments don’t go up over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will rise.

6. Freedom. The home is yours. You can decorate any way you want and be able to benefit from your investment for as long as you own the home.

7. Stability. Remaining in one neighborhood for several years gives you a chance to participate in community activities, lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity.