 J. David Rogers asked: If you are searching for a NM home loan, chances are you already know that the deadline for being in contract on your new home in order to receive the Federal tax credit for first-time buyers is coming up at the end of this month, April 2010. Yet, did you know that the state of New Mexico has gone out of their way to allow more New Mexico residents to purchase their new home with this Federal program? It’s true! New Mexico first time home buyers (which actually means those who have not purchased a home within the last three years) can now get help making the down payment on their new NM home loan through a state operated program called the Tax Credit Loan Program. The BackgroundWhile most New Mexico residents have been dreaming about taking advantage of the Federal tax credit which is currently rewarding first-time home buyers with up to $8,000 in tax credits (or refunds!)just for taking out a new NM home loan, not everyone has been able to take advantage of this deal. Why? Because they don’t have a down payment to secure the NM home loan that is required to take advantage of the Federal tax credit. That has always been a problem for people looking to secure a new home loan in New Mexico, but the problem has been even more widespread throughout the state as people suffer from job losses and other effects of the troubled U.S. economy. That was why the New Mexico Mortgage Finance Authority started the Tax Credit Loan Program with the goal of allowing more New Mexico residents the opportunity to take advantage of the Federal tax credit program for first-time home buyers. The ProgramThis program allows those who are taking out a new NM home loan to take up to $6,500 in a special loan that will go directly to the down payment on the NM home loan. This is just the help thousands of families have needed in order to take advantage of the Federal program. The catch here is that the money you receive from the program is a loan which must be repaid. Those who are using the Federal tax credit to offset large bills that will be collected by the IRS at the end of the year won’t benefit much from this program, but those who are expecting to receive the majority or all of their Federal tax credit back as are fund will benefit tremendously. The program is designed so that the refund received from the Federal government at the end of the year can pay back the down payment loan that was taken through this state operated program. This is not free money, but rather a convenient way for first-time home buyers in New Mexico to get the down payments needed to take advantage of the huge Federal tax credit. The Approaching DeadlinesIf you are looking to take out a NM home loan in the near future and are interested in either of these programs, you have to act quickly. You must be in contract on your new home by the end of this month, April 30, 2010, in order to qualify for the Federal tax credit. Further, your home purchase must be completed by June 30, 2010 in order to actually receive your credit on your taxes. This means you need to act quickly to get pre-approved for your NM home loan and get into contract to take advantage of these programs. Amber
Posted July 30th, 2010 in Real Estate | No Comments »
ehowfinance asked:
Qualifying as a first time home buyer generally guarantees a variety of tax incentives and special FHA loans. Contact a local real estate agent about how to qualify for special first time home buyer benefits with advice from a real estate specialist in this free video on real estate. Expert: Beau Sasser Contact: www.northamptonrealtor.com Bio: Beau Sasser has been at Goggins Real Estate in Northampton, Mass. for many years, previously working for Sasser Properties in Aspen, Colo. and EcoFriendly Properties in Destin, Fla. Filmmaker: David Pakman
Arlene
Posted July 30th, 2010 in Howto | No Comments »
wahomeowners asked:
Follow the adventures of Bob and Sally as the learn about the now extended Home Buyer Tax Credit worth up to $8000 for first time buyers and $6500 for existing home owners..
Debra
Posted July 28th, 2010 in News | 3 Comments »
 R.P. Brown asked: Buying your dream home is as easy as A-B-C. Follow the simple steps below. It may take months or even years to be prepared for your purchase; don’t get discouraged, just keep working on it every day. Once you move into your new home, it will be worth all the planning and preparation! So just keep focused on your goal and be persistent. A. PREPARE FOR PURCHASE: 1. Write down your family’s financial goals (short term and long term). For example: Buy a house within one year; Be debt-free within 10 years. 2. Prepare a monthly family budget. Your monthly debts (including car payments, child support, and credit card payments) should be 10 – 15% of your gross monthly income. Contact your financial planner for assistance. 3. Upgrade your credit report. Make all credit payments on time for at least 6 months. Make arrangements to clear up any unresolved items such as charge-offs or defaulted student loans. 4. Eliminate consumer debt. Don’t purchase an automobile or any other major purchase on credit. B. PRIOR TO PURCHASE TIME: 1. Complete the loan application form (1003) and turn it in to your lender, with the credit check fee (usually about $25 per person). 2. Follow through with loan agent to receive a letter of pre-qualification from your lender. 3. Contact your Realtor
Posted July 21st, 2010 in Real Estate | No Comments »
 Simon Volkov asked: A variety of first time home buyer programs exist offering financing options, down payment assistance and tax incentives to individuals purchasing real estate for the first time. In order to receive house buying benefits, applicants must meet eligibility requirements. First time buyers should conduct online research or consult with a real estate advisor to determine which program is best suited for their needs. Popular first time home buyer programs include Fannie Mae financing, FHA loans, VA loans and various programs offered through HUD. Home buyers might also be eligible for the Worker, Homeownership and Business Assistance Act which provides an $8000 first time home buyer tax credit toward real estate purchased by April 30, 2010. The Recovery Act also grants up to $6500 in tax credits to homeowners that have resided in their home for a minimum of five years and ready to move into a higher priced property. Fannie Mae engages in first time home buying programs and mortgage refinancing. One of the more popular home buying programs is Home Path
Posted July 19th, 2010 in Real Estate | No Comments »
BelloMortgage asked:
Click here for Part 2: www.youtube.com As the founder of Bello Mortgage, let my 11 years of experience and hundreds of resources find the best mortgage for you. The Canadian First Time Home Buyer video gives new home buyers the basics on what they should be expecting when they look to buy and finance their new home. This 2 part video looks at: -Application Process -Difference between Pre-approval and Approval -Different types of mortgages -Downpayment -Financing availability -Closing costs Click on the website for more. Free Legals, Appraisals & Bonus Offer if you state you found Bello Mortgage through YouTube. For more information or to receive our Free Newsletters, visit: www.mortgagespecialist.ca or call 604.303.9000 and talk to Pedro
Gordon
Posted July 19th, 2010 in Education | No Comments »
kellerwilliams asked:
Each month, This Month in Real Estate provides expert opinion and analysis on real estate trends across the nation.
Arthur
Posted July 19th, 2010 in News | No Comments »
cself11 asked:
Information on the extended version of the home buyer tax credit.
Eddie
Posted July 14th, 2010 in News | 2 Comments »
 John H asked: First time homebuyers are in the exciting position of both choosing a home and making one the biggest investments in life. But are realtors necessary? I hear this question a lot from first time homebuyers. They wonder why they can’t just peruse open houses and visit new developments where realtors are just sitting there waiting. Well, that opens the first can of worms for first time homebuyers. Realtors usually work as either buyer’s agents or seller’s agents. That friendly realtor at the open house only represents the interests of her clients (the sellers.) That’s why I tell any first time homebuyer to team up with a professional realtor who knows the things that you don’t. Tap Into Their Knowledge Anybody can buy a house. But all the unknowns typically overwhelm a first time homebuyer. The great thing about working with a realtor is that you get an “instant guru” for all you questions from finding good schools, to how much less a seller might take, to “what is PMI again”? You will find that the mountains of paperwork go more smoothly if a realtor guides you through the purchase agreement. The legalities of buying a home are enormous, but competent realtors make sure you don’t skip the inspection, or spend all your time driving around an area that’s out of your price range. But what about price range? One of the biggest concerns that new buyers have about hiring realtors is paying the commission. After all, is it really worth it to pay realtors when you could have that money available for your new home? Weigh this decision carefully. Don’t nickel and dime yourself out of competent advice. Especially if you have never navigated the paperwork and legalities of a real estate transaction, one of your smartest moves can be to include a realtor on your house hunting team. Use the Services that Realtors Offers Once you decide to work with a realtor, let them really work for you. Realtors can eliminate many homes based your requirements, so that you spend less time looking at inappropriate ones. List your desired amenities and priorities so that your realtor really knows what to look for. Good realtors listen. You shouldn’t have to tell him 4 times that a second bathroom is a must. The best realtors will honor your time schedule and when you are available to look at sites. Realtors can also give valuable information about movers, local amenities and things to do, even local doctors if you’re new to town. Remember, in addition to having professional knowledge of the real estate game, your realtor is an area local. Ask lots of questions, and expect lots of information in return. Where to Find Competent Realtors Realtors are everywhere. Ask for referrals from people you trust. Interview potential realtors before making up your mind. Ask about their background, client load, experience and availability. Then grab you digital a camera and a notepad, call your chosen realtor, and have fun buying your fist home. Rachel
Posted July 12th, 2010 in Real Estate | No Comments »
 Sarah Beckham asked: Most people underestimate the amount of money they need to buy their new home, and first time home buyer grants can provide the free money individuals need for closing costs. Between down payment money, moving charges, title fees and outstanding debts with your current property, purchasing a new home is a big financial commitment. These grant programs can significantly reduce this financial burden and provide you with the cash you need to purchase a new home. Firs time home buyer grants can be obtained by millions of eligible home buyers, yet most people are largely unaware that these programs exist. These grant programs are not loans. First time home buyer grants are additional funds that home buyers can obtain to pay the down payment on their loan or assist with closing costs. Depending on the particular grant you are approved for, the cash obtained may be able to cover your entire down payment. Because grants are not loans, you will never be asked to repay this money. In most cases the terms state that you must own your home for at least three years, which prevents real estate investors from buying and quickly selling properties for a profit with free government money. So who qualifies for first time home buyer grants? These programs are offered by various government and private organizations, which means eligibility requirements vary from program to program. In most cases, however, a first time home buyer is classified as an individual who has not owned a home within the past three years. Obtaining these funds typically has nothing to do with your credit score or income, and because you never have to pay this money back, you do not need any kind of collateral or a co-signer. Once you view the list of grants available in your area by using the links below, you’ll be able to instantly apply for first time home buyer grants. Those who qualify can have cash in hand in as little as a week, saving yourself thousands of dollars in the purchase of your new home. If you have any plans to remodel your new home, you may qualify to receive free home improvement grants too. The money is available, but first you have to find out if you qualify to obtain it. Marc
Posted July 10th, 2010 in Real Estate | No Comments »
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