first time home buyer – owner loan

March 1, 2011

Obama’s First Time Home Buyer Stimulus Plan – Should You Welcome It?

Filed under: Real Estate — Tags: , , , , , , , , , , , , , , — admin @ 1:22 pm
Kary Cambell asked:




Many Americans waited patiently for, and was watching for Obama’s first time home stimulus plan to emerge. Now that it is here, all eyes are watching the housing industry like a hawk. This includes, real estate companies, big lenders, politicians on both sides, and of course, the potential receivers of this plan.

As detailed by his now enacted law, Obama has made the way, for first time homeowners, an eight thousand tax credit in helping them reduce the burden in the purchase of their homes. Obama has set aside this stimulus money in the hope to draw some relief for the housing market, which has suffered greatly in the recent recession. This stimulus plan seems aimed at kick starting the failing economy, which so badly needs that kick in its rear.

This first time home stimulus plan has undeniable benefits for those first time homeowners who were unsuccessful in their past bids to buy a single family home. This economic stimulus plan has left the real estate industry scrambling back to their calculators to estimate the windfall that will be soon coming their way.

This potential boom in the housing market will also benefit local businesses that have suffered with the loss of business due to the multiple housing foreclosures in their townships. Many people are optimistic in their hopes that this plan will somehow rise up the economy once again bringing financial prosperity back into their communities. With these thoughts in their minds and their eyes on the stimulus plan, most Americans are for once, almost placid with their fears, in the face of the recession.

One has to wonder why Middle America has not thought of the possibility of this stimulus plan of Obama’s having an adverse affect on the housing market. These first time homeowners, that until recently could not afford even the thoughts of owning a home, now have that opportunity.

What is in store for these first time homeowners when the mortgage companies decide to ante up their mortgages? What happens in the aftermath of floods, tornadoes and other natural disasters that will leave these new homeowners at the whim of insurance companies, remodeling costs and requesting bank loans to finance the rebuilding of these homes? If the American people are watching this stimulus plan go into affect, they should also be watching out for the mishaps that always seem to plaque homeowners.

Melissa

January 13, 2011

First Time Home Buyer Tax Credit

Filed under: Real Estate — Tags: , , , , , , , , , , , , , , — admin @ 5:00 pm
Jacob Al Y Skinner asked:




Very first Time Property Buyers in Florida Should Act Now

The housing market across Florida has taken an unprecedented hit. The Sunshine State is 1 of the leaders in the U.S. in the amount of foreclosures and residence values have dipped 40% in a lot of places.

Whilst this has been difficult on the local economy it represents an unprecedented opportunity for first time property buyers in Florida to get a fantastic deal. Costs are as low as they have been in years and tax credit incentives from the govt make it even more enticing to discover a position of your own.

For a very first time house buyer it is critical to begin the research for a home by obtaining pre-qualified for a house loan. Lining up financing in advance will not only streamline the method but it will help you ascertain exactly what you can manage. The bank can tell you the size of the home loan you qualify for and that can assist you narrow your look for to homes that are in your price variety.

Once you know how large of a house loan you can pay for, you can begin to narrow the lookup for your initial property to particular neighborhoods based on cost. In most metro locations, the best way to start off is by means of an on line research of houses on the marketplace.

You can set in your price tag array and the functions that you want in your new home to discover listings that might meet your requirements. After you have identified neighborhoods that fit into your price variety it is time to do some study on those areas. What is the crime rate? How is the nearby school system and what kinds of city services are supplied?

An experienced realtor can help you evaluate your selections by getting you via specific properties and neighborhoods. You ought to realize in advance that no home is going to be best and you will have to be realistic in evaluating the house. It is usually a very good notion to employ a residence inspector to go by way of the house with you if you are contemplating creating an present. first time home buyer assistance

You are also well inside your rights to ask the seller to supply a warranty on the home which would cover any main repairs that might be necessary following you move in. We are in the middle of a purchasers industry so you would be wise to take your time in your research and be selective.

Mario

January 13, 2010

Obama’s First Time Home Buyer Stimulus – Lucky Break For First Time Buyers

Filed under: Mortgage — Tags: , , , , , , , , , , , , , , — admin @ 2:08 am
Suzan Smith asked:


The economy is terrible; the housing market as well. Foreclosures are at an all-time high and the market value of most homes has dropped to the point many homeowners do not even have equity any more. It is a very difficult time to sell a house.

But, it is a GREAT time to buy a house, and if you qualify, Obama’s First time Home Buyer Stimulus may help put you in that position! You may be able to take advantage of this stimulus program to purchase your first home and get a great deal of home for your money.

This program provides a 10% tax break for buyers who have never owned a home before or who have not owned a home for three years. The maximum amount is $8000. This stimulus money is in the form of a tax break, but you don’t have to owe that much in taxes to take advantage of it. It is a refundable tax break.

This money is not a loan; you do not have to pay it back if you stay in the house for at least three years. That is called recapture.

The income requirements for this assistance is in the form of a cap; a single purchaser cannot make more than $75,000. A couple who are purchasing together cannot have an income that exceeds $150,000. This home has to be your primary home.

To receive assistance from Obama’s First Time Home Buyer Stimulus, the home has to be purchased between January 1, 2009 and December 1, 2009. You should find out if you are able to take advantage of this great opportunity to not only get a sizeable chunk of financial assistance, but to be able to buy a home at a time when home prices are at their lowest in many,many years.



Gladys

October 24, 2009

First Time Home Buyers Get Major Tax Credit From Federal Government With Obama’s Stimulus Plan

Filed under: Finance — Tags: , , , , , , , , , , , , , , — admin @ 9:16 pm
Bryan Hendersen asked:


be thinking about buying your very first home or the first one in the past three years, but aren’t really sure if you should go for it. There are a lot of things to consider when buying a home, especially the finances. In this economy, with all those foreclosures happening, it can be a scary venture. The government wants to change all of that and encourage anyone who wants to buy a house for the first time, to go out and get one. They will even help.

Obama is offering first time home buyers up to $8000 in tax credit that they can use for either this present year or over the span of two subsequent years. This is a great incentive for most people. It’s more money in their pocket that they can use for other things. There is a qualification for this though. Your sole income must not exceed $75,000 and if there are two people involved in the transaction, then the income cannot come to more than $150,000.

There are other benefits to this feature of the new stimulus package. The government will help you pay the down payment which is usually around 10% of the house cost. They are also reducing the interest on the mortgage. In the end you will save thousands of dollars on your brand new home while enjoying every pleasure of owning it.

If you would like more information regarding this topic, search the Federal Government website under ‘first time home buyer’.

Tracy

August 17, 2009

Mortgages Are Hard To Obtain For The First Time Home Buyer

Filed under: Real Estate — Tags: , , , , , , , , , , , , , , — admin @ 9:07 am
Jennifer Stromsteen asked:


Talking to many people today they are looking forward to becoming a first time home owner and with the prices of homes sinking rapidly they think it is a great time to buy. Homes that would previously be far out of reach are now becoming more affordable, to the excitement of the potential first time home buyer. Unfortunately, according to several reports, mortgage insurers have been upping their standards in the United States. What this means for the first time home buyer is they have to be at the top of the bar that is raised to obtain the mortgage.

Mortgage insures are defining an ever increasing number of markets as declining. In these areas that they list as declining they are requiring a higher down payment as well as higher premiums. This means that the homes that were thought to now be affordable are still out of reach for the first time home buyer. The buyer will have to have a substantial down payment and in the declining economy saving 5 to 15 thousand dollars for a down payment is out of the question.

The market that seems so appealing to the first time home buyer and others hoping to cash in on the floor dropping out of the housing market may not be as profitable as once thought. The national home price index fell about 16% from its peak in the second quarter of 2006 and in some markets houses are selling for 50% less than a year ago. They; however, are not being sold to many first time home buyers but instead to developers hoping to turn a profit.

Additionally there is a surplus of foreclosed homes today making prices fall even farther. Between the foreclosures and other homes on the market there are plenty of affordable homes to choose from. If only the tightened mortgage standards would allow people, including the first time home buyer to clear out the inventory. There are ways of obtaining a substantial down payment and the first time home buyer with control of his credit score and shows reliability and responsibility will be able to cash in on the falling house prices and afford the unaffordable dream home. With private buyer assistance programs, gift money from family, savings over time and the sale of high dollar assets even the first time home buyer will be able to meet the heightened lending standards of the mortgage insurers.

Business is still business and companies are still in to turn a profit. Making sure you are at the top of the class will ensure you obtaining that mortgage and moving into the home you have dreamt of. Run your credit report, make sure it is in good shape, have a substantial down payment ready and start shopping for that dream home today.



Paula

July 31, 2009

First Time Home Buyer Loans – Joyful Beginnings

Filed under: Mortgage — Tags: , , , , , , , , , , , , , , — admin @ 4:42 am
Adam Hefner asked:


During much of America’s history only the wealthy could afford home ownership. It was always referred to as the “American dream”. Today it has more transitioned from a dream or fantasy to an expectation. Home ownership is viewed by many as a given part of American life. What caused this evolution? It mainly was the availability of first time home buyer loans made possible by the Federal Housing Administration (FHA).

Prior to FHA loans lending standards were strict for all mortgages. For a brief window recently, many lenders greatly relaxed these underwriting standards. The result is seen in today’s headlines discussing waves of defaults and foreclosures. This has caused lending standards to quickly tighten again going back to what they used to be.

Lending standards relate to several aspects in which the borrower is reviewed. The first of these is a requisite minimum credit score. Unfortunately, many new buyers are too young to have established extensive credit. This served to keep this segment of would be buyers out of the home ownership universe.

FHA loans sought to address this by providing for a secondary market for loans without the required credit history. This opens the door to owning a home to many young families who otherwise would have had to wait years while developing sufficient credit history. Mortgages also traditionally required a 20% down payment.

Even for a modest $125,000 home this equates to $25,000. Many first time buyers did not have this amount saved yet. Requiring a full 20% down payment further delaying many first time purchases. FHA loans also address this problem. With an FHA backed loan the borrower does not have to come up with the full twenty percent at closing.

FHA loans only require 3% down payments. That $125,000 home can now be purchased with a down payment of $3750 putting it well within the reach of most anyone who desires it. Also reduced are closing costs and points. These are fees typically charged to the borrower and payable in full at closing. These fees each tend to be small but can add up quickly.

FHA loans allow for these fees to be cut in half. Furthermore, the portion still owed by the borrower can be paid over the life of the mortgage, most usually 30 years. This often translates to another few dollars a month on top of the normal payment. This again removes a former obstacle to first time buyers.

First time home buyer loans backed by the FHA are a wonderful creation for those just starting out and desiring to own their home. There are more details and requirements to be eligible for an FHA backed loan. Do the research to find out if you can benefit from this great program.



Stanley
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