first time home buyer – owner loan

March 10, 2011

First Time Home Buyer Programs

Filed under: Real Estate — Tags: , , , , , , , , , , , , , , — admin @ 1:57 pm
Damian Sofsian asked:




Eventually, everything boils down to owning that house that you have been dreaming of. You have tried and have become tired of living in apartments, in condominiums, in rental homes, and in your parents’ living room. However, you still crave and long for that structure that would be under your name and that you can call your home. And if luck prevails, you may own the home that you have been dreaming of.

One of the things that helps out first-time home buyers are first-time home buyer programs. These programs have been designed to assist people who are engaging in buying a home for the first time. Also, they have been designed to assist low-income families or to interest first-time home buyers. These types of programs assist those people who are in dire need of help when it comes to purchasing a home.

One of the tips that these first-time home buyer programs give to interested parties is that every buyer should be able to take full advantage of the various programs for first-time home buyers, because these can greatly assist them in obtaining lower interest rates. Most of these groups that provide first-time home buyer programs are generally aware of the situations that different types of interested parties have. That is the reason why these groups have also considered these situations and have provided various kinds of assistance for people with different needs.

Knowledge of how these first-time buyer programs work could prove to be an essential tool in taking advantage of them. Further information could be gathered through the Internet, or people could also get in touch with these groups that provide first-time buyer programs.

Irene

Benefits to First Time Home Buyers in This Real Estate Market

Filed under: Real Estate — Tags: , , , , , , , , , , , , , , — admin @ 10:34 am
Indra S. Asserfea asked:




Real Estate has always known to be a good investment. If you look Although you may say “No, look at what happened to our economy because of real estate”. Well my answer to that is it isn’t the real estate itself but, the system that was in place and the methods that were used to purchase real estate is what got us into this mess. Now with the government’s help and new rules and regulations for all of us, our sources of funds to continue buying real estate still remain with the banks. Banks will begin to lend again but with those new rules in place otherwise we will not be helping the “flow” of our economy and getting ourselves out of a recession. So now that you can trust again, let’s look at the benefits for a first time home buyer especially in this economy.

1) Low Price – It is a “Buyer’s Market” and what this means is that there are multitudes of houses in the market place for buyers to choose from. There are both good and bad to this type of market. The good thing is that prices are extremely low and this is really, really good for a first time buyer. The bad thing is because you have so many to choose from, a buyer becomes indecisive. Why? Because a buyer thinks he’s making the wrong choice over another property. This, for a first time home buyer who does not know the pros and cons can be an excruciating ordeal which could lead to a “freeze mode” and thus, end up not making a decision to buy at all. So do not allow the numerous choices to get you down, buy now because the prices won’t always be like this.

2) The New Federal Housing Tax Credit – A tax credit of up to $8,000 has become available for first time home buyers if they were to purchase a home between now and the end of this year 2009. Plus this credit does not have to be repaid. If you have not owned a home in the previous three years you are eligible. Income is also a determination as to the amount that you may be eligible for. The reason this was enacted is to help put some surge into our economy and we should take advantage of it if we can. It is free money that you file for in your 2010 tax return. So hurry! You only have nine months left and considering it takes approximately 60 to 75 days to close a loan, you might want to begin your search now if you haven’t already done so.

3) Don’t Have a Lot of Money? – No Problem. There are still many types of loans that are out there for a first time home buyer. Speak with your Realtor if you are using one or your Mortgage Broker if you know of one or any direct lender. You can also go on to my website for more information [http://rem10p.uellc.net] and or send me an email if you’re seriously interested in buying a house at this time and I can help you achieve your goal.

Brent

January 2, 2011

First Time Home Buyer Stimulus

Filed under: Real Estate — Tags: , , , , , , , , , , , , , , — admin @ 7:39 pm
Kelly Kennedy asked:




Have you experienced buying your dream house with the money that you saved for years? This is the most crucial part of your financial history in case that you weren’t able to pay for it on time, it will reflect to all of your credit report especially for the first time buyer. There are no government programs before that can help you to get something in return in buying a home.

Today, if you purchased a home, you will be getting tax credit of $8,000 from the amount of the purchased home for a single taxpayer from “Making Work Pay” Tax Credit plan or it is also known as the American Recovery and Reinvestment Act of 2009. The tax credit is a big help for a person especially for someone who has a low income, having someone sick in the family, or disabled family members.

The American Recovery and Reinvestment Act of 2009 give assistance for the first time home buyer in down payment for the home, low mortgage interest rates and as well as the tax return after purchased of the house. However, not all first time buyers are eligible for this program.

This plan is applicable for the first time home buyers who purchased the house on or before April 9, 2008 until July 1, 2009. This will remove the property owner’s settlement requirement for people who bought the home after January 1, 2009 up to maximum of $8,000 until December 1, 2009.

The American Recovery and Reinvestment Act of 2009 is not only good for homeowners, but also good for real estate companies that will encourage more people to buy a new home to enter the mortgage market that offers low mortgage fees and keeping their dream home and its lessen risk to purchase a new home.

Corey

December 21, 2010

Am I qualified for the new first-time-home-buyer $7,500 tax credit?

Filed under: Renting & Real Estate — Tags: , , , , , , , , — admin @ 11:52 pm
drl2468 asked:


I am in the process of a short-sale house purchase. The house then will be rented back to the current owners with the hope that they can eventually re-purchase it.

My question is whether this purchase qualifies for the $7,500 tax credit in the new federal housing law. I have rented myself for many years, so I am a first-time buyer. However, I will not use the newly purchased house as my principal residence, which seems to be another requirement. Any help is appreciated

Jo

December 15, 2010

First Time Home Buyer Tax Credit Extension Update

Filed under: Education — Tags: , , , , , , , , — admin @ 10:55 am
shortsalegenius asked:


theshortsalegenius.com House and Senate are working on two bills to determine how the First Time Buyer Tax Credit wiill be extended from June 30 to September 30 2010. Senate Bill includes the Unemployment Benefits extension while the House version solely ammends the tax credit deadline.

Megan

November 10, 2010

First Time Home Buyers – Is It Time to Buy a Home?

Filed under: Real Estate — Tags: , , , , , , , , , , , , , , — admin @ 11:48 am
Cathy Meder asked:




Marietta, Georgia is a wonderful bedroom community located on either side of Interstate 75 about 15 to 20 minutes Northwest of Atlanta. Many of the people that live here commute to Atlanta because of its close proximity, making it an extremely popular place to live.

It seems potential first time home buyers here in Marietta are teetering on a fence trying to make a decision to buy a home. They may be thinking that home prices will fall more. And/or, maybe they are thinking interest rates will go lower. I’d like to address those two suggestions by giving them as the two primary reasons it is time to buy here in Georgia.

The first reason is that purchase prices of homes in Marietta, GA and the surrounding Cobb County area have dropped approximately 30 percent. It’s my professional opinion that now is one of the best times in history to buy a house here because we are at or very near the bottom of a history making market decline. This is especially true if this is your first home because you did not lose anything when the real estate market dropped. All of us look for sales at our favorite stores and especially sales with a 30% markdown; this 30% off of homes in our area is the deal of the century – literally!

Someone may argue the real estate market could fall even more. While that could happen, think about this: Everyone wants to buy into the stock market when it is at its low; we all would love to do that and almost all of us have to admit that we have never even come close. Many people buy stocks in the middle of a rising market and most buy much closer to the top when it looks safe. But savvy buyers purchase stocks (or homes) after they have fallen because of the reduced chances they will fall significantly further and the greatly increased chances of gains. If you are a first time buyer, now is especially a good time to buy.

Secondly, interest rates are lower than ever right now. During the 3rd week of October 2010 they were 3.75% for a fixed rate 30 year loan from one of our lenders. Shocking in a good way, isn’t it?

If rates do go a little lower it will not save that much money on a monthly payment but if they don’t and they climb back up, we can quickly start to lose out. (I thought a recent rate of 4.25% for 30 years was great.) Now, I have to tell you, anything under 4.0% is unbelievably fantastic.

Here’s an example to help put the subject of interest rates in perspective. Let’s say you are looking at a $150,000 home in a lovely subdivision on a quiet street in Acworth, another suburb of Atlanta near Marietta. FHA requires only 3.5% down and we’ll use an interest rate of 3.75% for a 30 year fixed rate. Using our fancy calculator this works out to be $5,250.00 down and a base payment of $670.36 (Principal & Interest Only) which is less than many apartments (and forget the quiet street). If the interest rate falls to 3.5% the basic payment only drops $20.37/month. The interest rates are fluctuating up and down right now and that’s another signal that it’s time to buy!

I do suggest you go ahead and use a mortgage calculator because a good one will give you more information on Private Mortgage Insurance (PMI) and on property taxes (about 1 to 1.25% of the purchase price in Cobb County). These are both added to your basic payment. Just use your favorite search engine and look for “mortgage calculator” and you will find many to choose from.

One last thing I’d like you to consider as a first time home buyer. Hiring a Realtor® to represent you as a Buyer’s Agent is smart; they will negotiate on your behalf and will represent you. You won’t be charged a fee for this representation because the fees are split with the seller’s agent which means the seller pays the commissions. Buyers do need representation; hire a Buyers Agent and they will walk you through the process and make it as easy as it can be.

Right at this moment many first time home buyers are thinking about purchasing in Marietta, GA or the surrounding countryside. Some are already beginning the process of purchasing a home and we want you to know that NOW is definitely the time to buy one of the really beautiful homes that are available today!

Cathy Meder

Susan
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