Tax Credit for First Time Home Buyers

"GOOD COMMUNICATION IS AS STIMULATING AS BLACK COFFEE...AND JUST AS HARD TO SLEEP AFTER." Anne Morrow Lindbergh And communication on the new $789 Billion Stimulus Plan has been flying fierce over the past week, resulting in late nights for Congress and probably more than a few cups of coffee. President Obama is certainly hoping the new plan will wake up the struggling economy, and breathe some life back into the housing market as well.
The tax credit in the Stimulus Bill has been scaled down to $8,000 from its previous level of $15,000, or 10% of the value of the home for any first time homebuyers who purchase homes from the start of the year until the end of November. It starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000, and buyers will have to repay the credit if they sell their homes within three years.
In addition, there's news that the Obama administration is trying to hammer out a new program to subsidize mortgages to fight the credit crisis. The plan would seek to help homeowners before they fall into arrears on their loans, whereas current programs only assist borrowers that are already delinquent. There are no details yet on this plan, but I will be monitoring this news closely in the weeks ahead.

FHA Loan Incentive. Did you know there where Incentives?

FHA has a 203KS loan that will give a buyer money added to the mortgage to repair and or update a home being purchased, that is in need of some TLC.
Here is some information on what qualifies under this loan.
For help finding a home that will qualify give me a call.

What improvements are eligible under the new Streamlined (k) program?

The Streamlined (k) program is intended to facilitate uncomplicated rehabilitation and/or improvements to a home for which plans, consultants, engineers and/or architects are not required. The Streamlined (k) program includes the discretionary improvements and/or repairs shown below:

• Repair/Replacement of roofs, gutters and downspouts
• Repair/Replacement/upgrade of existing HVAC systems
• Repair/Replacement/upgrade of plumbing and electrical systems
• Repair/Replacement of flooring
• Minor remodeling, such as kitchens, which does not involve structural repairs
• Painting, both exterior and interior
• Weatherization, including storm windows and doors, insulation, weather stripping, etc.
• Purchase and installation of appliances, including free-standing ranges, refrigerators, washers/dryers, dishwashers and microwave ovens
• Accessibility improvements for persons with disabilities
• Lead-based paint stabilization or abatement of lead-based paint hazards
• Repair/replace/add exterior decks, patios, porches
• Basement finishing and remodeling, which does not involve structural repairs
• Basement waterproofing
• Window and door replacements and exterior wall re-siding
• Septic system and/or well repair or replacement

What are the minimum and maximum amounts for repair costs under this program?

Given the need for homeowners to make minor repairs without exhausting personal savings, and in consideration of the increasing cost of materials, the minimum repair cost of $5,000 is eliminated and the ceiling is now raised to $35,000. This revised maximum repair/rehabilitation amount recognizes the cost of making older homes more energy efficient. Note that as described below, when the repairs exceed $15,000, the mortgagee must perform or obtain an inspection to determine that all listed repairs were completed.

Can this program be used for repairs and improvements on purchases of HUD Homes?

Like the regular Section 203(k) program, Streamlined (k) may be used for single-family housing sold by HUD. REO properties that have been designated by FHA’s Management and Marketing contractor (M&M) as “insurable” with repair escrow ($5,000 or less in required repairs) or “uninsurable” (with more than $5,000 but no more than $35,000 in required repairs) are eligible for the Streamlined (k) program provided that the repairs qualify as eligible work items outlined in this Mortgagee Letter.

For questions give me a call or send an e mail. I will be happy to help you find a home, or help you find a great lender.

Have a great week,
Cindie Stewart
817-881-7653

Dallas Art Fair

For more information visit http://www.dallasartfair.com/enews/7/index.html

Tips and Tools for Real Estate Professionals

I got this this morning in my email and it was just too good not to pass on or blog about... Thank you Jewel Harmon!

ABC's for Success

Avoid negative sources-people, places, habits
Believe in yourself
Consider things from all angles
Don't give up and don't give in
Enjoy life today, yesterday's gone and tomorrow may not come
Family & friends are hidden treasures
Give more than you planned to
Hang on to your dreams
Ignore those who try to discourage you
Just do it!
Keep on trying, no matter how hard, it will get easier
Love yourself first, and the most
Make it happen
Never lie, cheat or steal-always strike a fair deal
Open your eyes and see things for what they really are
Practice makes perfect
Quitters never win and winners never quit
Read, study and learn about everything important in your life
Stop procrastinating!
Take control of your destiny
Understand yourself in order to better understand others
Visualize it
Want it more than anything
Xcellerate your efforts
You are unique-there is only one YOU
Zero in on your target and go for it!

Sent by - Call her for your Home Warranty Needs!
Jewel Harmon
Senior Account Manager
Fidelity Home Warranty
(817) 501-6988
jewel.harmon@fnf.com

Obama our 44th President

Well, change in theory is great. He is not God and his plate is a heavy one. I wish him and our government the best.
It is easy to look like a champ and end in a pile. Americans in general love a hero and will turn around and kick a singer off the "Idol".
Honestly, he looked a little scared today. I am sure the pressure of it all is weighing on him as it settles on his shoulder. That position looks great from where we sit.
Not sure why anyone would want the position in good or bad times. It really takes someone special to try and then to be the President of the United States of America.
I am just very happy to have been born here. There is no other place in the world that we as men and women could do and have what we have. (Including animals which we spend millions of dollars a year on.)
I know others will say sure there is. I travel way to much and I can tell you there is not!
I am blessed and so is Obama. He was born an American and that is how he was able to get where he is now.
In most African countries his odds of living past the age of 12 would be huge much less grow up to be a leader. Sad that not just in Africa, but many other countries this is the case.
Again, I wish them all the best!
God Bless America and Americans period!

Now, what does the change of the year make a real difference or is it a state of mind? Something, about having a clean slate makes us feel more secure

Now, what does the change of the year make a real difference or is it a state of mind? Something, about having a clean slate makes us feel more secure or renewed. But, does it really happen or is it more of the same stuff different day covered up with new a new attitude?I am a weird fish and believe that a number makes a difference. The number 8 alone makes me feel like you chase your own tail and never get out of the loop. Just look at it and do you see what I mean. The number 9 looks like you revist some of the old stuff but you break free from the loop to maybe do something different or make changes that don't have you chasing your tail.

I suppose it is a silly thought, but I am hoping that the banking, insurance, government, real estate, the world for that matter loop around on the good stuff for a while and then break free and do something different and hopefully it will be better changes then we saw ourselves do last year.

Have a wonderful new and successful year.

Real Estate Outlook: Sales Picking Up Tempo

Here's a key question about the current market: Do you look at home prices to figure out where we are in the real estate recovery cycle, or do you focus on sales?

In an economy where an estimated 35 to 40 percent of all home transactions are foreclosures or short sales - distress situations in other words -- prices won't really guide you much beyond the conclusion that: We're still "correcting” the excesses of the boom years, still peeling back those wild and unsustainable hyperinflationary price run ups.

So it's no surprise that median prices are down, year to year, in a majority of large markets across the country.

Sales statistics, on the other hand, tell you how fast buyers are responding to those lower prices -- and greatly improved affordability.

Right now, in market after market, sales are picking up tempo -- especially in places where prices once spiraled out of control.

Third quarter sales of existing homes in the U.S. were up by 2.6 percent over second quarter 2008 levels, according to the National Association of Realtors' latest study.

That's not spectacular -- but let's face it: It's forward movement … and we're in a recession.
In the Western states, sales were up by 13.1 percent in the third quarter! In Florida, sales jumped by 5 percent from year earlier levels, while median selling prices were down by 20 percent.

In a majority of Florida's metropolitan markets, sales were up, year over year. For example, Orlando sales were 10 percent higher this October than the year before. Sales were up strongly as well in hard-hit Ft. Myers and much of the west coast of the state, and Fort Lauderdale, north of Miami.

Similar recent upturns in sales are occurring in many of the California markets where prices have plummeted during the past two years.

No question that a high proportion of these sales are distress situations.

But that's what the bottom of a real estate cycle looks like: Value-savvy buyers see the opportunities, move in and mop up the mess left over after the big party.

Happily, in this cycle, they're getting real help from the capital markets: Mortgage money is at historically-attractive low levels, and is readily available to anyone with a downpayment and reasonable credit.

Rates fell again last week to an average 6.16 percent for 30-year fixed loans, according to the Mortgage Bankers Association, and to 5.87 percent on average for 15 year loans.
If you can spot the opportunities -- and have the resources -- it's not a bad time to be a buyer.

Written by Kenneth R. Harney

Call or email today! -- Whether buying or selling, our experience will help you get the bet deal!