Real Estate Blog

1234 ... 33next→Total blog posts: 163
  • Understanding Fha Tax Credit For Home Buyers

    Tuesday 18 August 2009
    author: Ray Heinson

    According to the Obama administration and happening fairly soon, first-time homebuyers throughout the country will have the capability to convert their $8,000 federal tax credits into cash to use at loan closing subject to them using FHA mortgage financing.

    The Department of Housing and Urban Development made it clear that buyers securing FHA loans from private mortgage brokers will have to put up some of their own savings or cash of a minimum of 3 1/2 percent. This can be from individual savings or even gifts from relatives. So this is not a zero-down mortgage.

    A quick instructional overview of the process follows:
    In the beginning, you must be eligible as a first-time homebuyer which means you did not own a principal residence within the last three years, and your household gross income is not greater than $95,000 for single tax filers or $170,000 for married couples who file their taxes jointly.

    To start, you'll have to make a purchase offer on a home you can afford and apply for a home loan through an FHA-approved lender. That will not be hard, because there are greater than ten-thousand lenders who are FHA approved. The biggest banks or mortgage lenders are probably more apt to offer FHA financing. Homebuilders may also be involved in the program. It is advised to get started quickly on your home shopping because the tax credit initiative mandates that all qualifying transactions to be finalized no later than November 30, 2009.

    The lender will often times need additional documentation from purchasers, using FHA guidelines which involve a completed IRS Form 5405, which is a request to the federal government to send you a tax credit check, evidence there is not any judgments, liens, unpaid taxes or other monetary obligations still outstanding that may decrease or wipe out the tax credit, proof from your employer that you are not subject to garnishment of salary.
  • Looking for Second Homes: The Need to Know

    Monday 17 August 2009
    author: Victoria San

    Buying second homes may have been a frenzy several years ago. Now that market conditions have changed, people are having second thoughts before grabbing the opportunity. If you buy one, you can avail of it in a much cheaper price. However, since the values are dropping, your equity will also go down with it. Aside from that, mortgage for second homes may cost more. In addition, the interest rates have also skyrocketed, thus making monthly payments more expensive.

    Despite the lowdown of second home purchases, some people still go for it. Second homes are very beneficial for some people. It can be used for several reasons:

    • It helps frequent vacationers to get a cheaper accommodation when they visit their favorite destination for getaways.
    • It becomes a gathering venue for family and friends. It can also become a temporary home for them if they are away from home.
    • It becomes a retirement home. People who wants peace and quiet during old age usually invest on properties away from the city.
    • It becomes an investment home where it could be resold or made available for rent in exchange for income.

  • Can I Purchase a House through Rent-to-Own

    Sunday 16 August 2009
    author: Roby Smith

    The answer is yes. You can purchase a house through this manner. Curious how this is possible? You may have heard of this before as lease to own or lease purchases. With this, the buyer is able to lease the house with an option to purchase it in the future. However, there is a period designated for the purchase. It will usually last about three years or less. If you want to own a property through this, read on.

    What is required of the buyer?

    The buyer will have to pay an option fee. An option fee is paid so that the buyer will have the freedom to choose if he is going to purchase the property or terminate the transaction. The amount of payment to be paid depends on what the parties have agreed. This is usually a pre-determined percentage of the total value of the estate.
    In addition to the option fee, the buyer or the renter will have to pay rent premiums. This is separate from the payment for the monthly rent. However, this will be credited to the value of the property. One downfall of this is that, once the buyer is unable to purchase the property during the option period, he loses both the option fee and the premium payments.

  • What Are The Colorado Foreclosure Laws?

    Thursday 13 August 2009

    For some many years Colorado foreclosure has become a regular fixture of news highlights due to its high percentages in the foreclosure of its properties in the city. For that matter, residents of Colorado should take heed in the laws pertaining to its foreclosure.

    Generally, Colorado foreclosures laws can be divided into two different laws; namely the Colorado Judicial Law and Colorado Non-Judicial Law. The former will apply if you have no power of the sale that is included in the mortgage agreement and the lender can choose to file a lawsuit in the court in order to obtain an official order to get the mortgaged property foreclosed. Subsequently, the court will issue an order that the mortgage is set for auction and the money obtained from the auction would be used to pay off the mortgage with the bank. On the contrary, the Non-Judicial Law is one where a public trustee or an appointed firm will act on behalf of the lender. These appointed parties have the full power to execute the foreclosure property including the sale of the property. The above is but a brief outline and introduction to the laws of Colorado foreclosures. Needless to say, foreclosures are a rising phenomenon in Colorado and with the current economic condition showing no signs of improvement, the condition is expected to persist. Having mentioned that, there are many ways for you to stop foreclosure of your home if you know how to go about it. Truth is, foreclosure is a complicated process which involves a lot of time, effort and parties. Banks and mortgage lenders are only keen on getting their monthly repayments and if you show that you have the potential to work something out, you might just be able to prevent your home from being foreclosed.

  • All About Buying Real Estate

    Tuesday 30 June 2009

    Buying a home is an exciting experience for all the family members. There are plenty of options for finding the right house. However, if you plan to use a real estate agent to help you, you should be aware of certain things. No matter how professional the agents are, they tend to omit important information from the conversations. There are a few vital things that might help you in making prudent decisions.

    The first thing you should remember while dealing with an estate agent is that they are primarily an over hyped salesman and their main aim is selling the house. They will leave no stones unturned to make you believe the good things about the bad ones. Though it is a fact that all of them are not liars, but it is always better to remember their roles. After all you are the buyer and they are the sellers and be sure to remember that you have an upper hand over them. Even though you may think that you need an agent, they are after all negotiators and care only about selling. They are only interested for their commission.

1234 ... 33next→Total blog posts: 163