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Energy Audit
A home energy audit is an inspection that can identify cost-effective, energy saving home improvements that will make the home more reliable and less expensive to operate. An energy audit is often used as a factor in applying for an FHA loan.
FHA 203K LOAN
The FHA 203K loan is designed to help build neighborhood revitalization by helping individuals finance the repair and upgrade of their home. To qualify, the structure must be a single-family house, more than a year old with one to four bedrooms. Contact a FHA-approved lender for additional information and qualifications.
First, an energy audit must be completed by a qualified professional, who has been approved by the lender. Based on the audit report, the homeowner can choose which improvements to make. However, installation of smoke detectors and upgrading the heating and cooling system to a more efficient level may also be required.
Second, get bids for the work and establish a firm price with the contractors. The lender will add the amount to the loan.
Third, when closing is completed, the lender sets up an escrow account for he money to be disbursed to the contractor when all work is completed. The mortgage payment may be slightly higher , but the energy savings from the improvements usually offsets the difference.
The road to homeownership
Educate yourself on current market conditions and loans available, as these change with time. Learning about all the options available will help you make the best financial decision.
NINE STEPS TO HOMEOWNERSHIP
- Determine how much you can afford
- Know your rights
- Shop for a loan
- Learn about programs to help you buy
- look for your perfect home
- Make an offer
- Get a home inspection
- Shop for homeowner’s insurance
- Close on your new home
The Basics: Extended Home Buyer Tax Credit 2009/2010
Bringing the Dream of Homeownership Within Reach
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:
- Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
- Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.
Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream. If you have specific questions or need additional information, please contact a tax professional or the Internal Revenue Service at 800-829-1040.
Link to Irs http://www.irs.gov/newsroom/article/0,,id=218336,00.html
Who Qualifies for the Extended Credit?
- First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.
- Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
Which Properties Are Eligible?
The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.
How Much Is Available?
The maximum allowable credit for first-time home buyers is $8,000.
The maximum allowable credit for current homeowners is $6,500.
How is a Buyer’s Credit Amount Determined?
Each home buyer’s tax credit is determined by two additional factors:
- The price of the home.
- The buyer’s income.
Price
Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.
Buyer Income
Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.
These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits.
If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.
The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit.
Can a Buyer Still Qualify If He/She Closes After April 30, 2010?
Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.
Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.
REALTORS® Donate $550K to Haiti Relief and REALTOR® Good Neighbor Winner
Washington, January 21, 2010
The REALTORS® Relief Foundation of the National Association of Realtors® is contributing $550,000 to the relief of victims of the Haiti earthquake, and is calling upon its 1.2 million members to help.
“Realtors® help build communities and there is no better time than now to do that in Haiti,” said NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz. “Our thoughts and feelings go out to the people made homeless by this disaster. Realtors® have a history of helping people, as we did after the 2004 tsunami struck South Asia and in 2005 when Hurricane Katrina ravaged New Orleans and the Gulf Coast.”
The Foundation is donating $500,000 to the Clinton Bush Haiti Fund which is supporting earthquake recovery efforts with immediate relief and long-term support to earthquake survivors. The fund is headed by former U.S. Presidents Bill Clinton and George W. Bush.
A $50,000 contribution has already been made to The Harvest of Haiti, founded by a 2007 winner of REALTOR® Magazine’s Good Neighbor Awards, Patrick Moore. Moore’s humanitarian outreach program in Haiti supports orphans, delivers clean water and provides medical care to more than 3,500 people a year.
Moore, a sales associate with JoAnn Wine & Associates in Fort Gratiot, Mich., is currently planning his 64th trip to Haiti on January 29. While in Haiti, Moore and his team will deliver six month’s worth of food to an orphanage in Anse Rouge as well as focus on helping residents in communities in and around Port-au-Prince.
Part of the funding came from Lowe’s, a partner of NAR’s REALTOR® Benefits Program, who contributed $100,000 that was matched by NAR. Lowe’s is a sponsor of the Good Neighbor Awards.
June 2009 Neighborhood Garage Sale Breaks Record
Wow! What a day! As the 2009 Neighborhood Garage Sale came to a close on Saturday, I couldn’t help but think about what a spectacle we witnessed. Cars after cars after cars streaming into our community in search of treasures. How AWESOME was it? From the Canyon Heights entrance off of Meats & Nohl Ranch Rd, we counted 178 cars in 1.5 hours!
Neighbors talking to neighbors, good laughs, smiling faces, kids selling their wares, cars clogging streets, lots of energy, homes getting organized and some extra cash in everyone’s pockets made 2009’s garage sale event a huge success for our community!! In fact it was our most successful one to date with over 26 homes participating and there was a definite buzz in the air (or was that just me and the 3 Monster Energy drinks I had?!).
I hope all involved enjoyed themselves and found it beneficial. I very much enjoy this yearly event, and look forward to hosting 2010.
Thank you to all who helped make it a great event…it would not have been the same without you. If you have any suggestions for improving our event, please feel free to contact me to share your thoughts.
A few pics from today’s event for you to enjoy!
The 6th Annual Pointe Quissett & Canyon Heights Garage sale is THIS Saturday!
Are you in?
Register HERE for the garage sale.
Must See Video!
I stumbled across this great video on MSN and thought it would be valuable to all of our garage sale participants. Bruce Littlefield, author of Garage Sale America, shares his secrets.
Bruce Littlefield shares his secrets to successful Garage Sales
Is anyone buying a home right now?
Absolutely!
In some housing markets and certain price points, buyers are out in droves, motivated by the ability to afford a home.
Because housing prices have come down so much, people are becoming aware of the cost-savings and benefits of homeownership compared to what they are paying in rent. So much so that in the $400,000 and below price threshold, we are seeing bidding wars. Recently, I was involved in an offer situation where the listing agent had received 55 offers on the property!
We are at a point nationally where the housing affordability has reached record-breaking levels not seen before in the 18 years for which data has been tracked, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI).
These conditions are also favorable to investors, who are absorbing their share of real estate right now, too. This class and strength of buyer has made it difficult to compete for some first-time buyers, who typically only have the minimum down payment requirements of 3.5% to 15% of what’s necessary to purchase a home and offer a 30 – 45 day escrow period to obtain financing. On the other hand, it is not uncommon to have an investor make an all-cash offer with a 7-day escrow!
If you are a first-time buyer, don’t worry. There are ways to get your less than all-cash offer accepted employing certain strategies. Plus, with how relatively inexpensive it is to borrow money (i.e., rates on 15-year and 30-year fixed-rate mortgages are at historic lows), buyers see their dream of home ownership well within reach.
Ready to Buy a Home?
Answer these five questions to decide whether it makes sense to take the plunge.
Today’s housing market may be bad news for borrowers saddled with mortgages they can’t afford and developers stuck with houses or condos they can’t sell. But it can be a golden opportunity for first-time home buyers.
Home prices in the 20 largest metropolitan areas have fallen 17% over the past two years. Meanwhile, the average interest rate on a 30-year fixed-rate mortgage was recently 6.5%, which is low by historical standards.
And, says Elizabeth Blakeslee, regional vice-president for the National Association of Realtors, “there is excellent inventory all over the country.” During the peak of the housing boom, first-time buyers were fretting that they’d never be able to afford a home. Now, it seems, they can take their pick. But just because it’s a buyer’s market doesn’t mean you should dive in. Before you rush to put in a bid on the house down the street, answer the following five questions.
