Think Green, Bee Green
The.Green.Real.Estate.Report.
Accredited Buyer's Representative (ABRŪ) designation
Top 10 Reasons to Buy in Today's Market.
First Time Home Buyer Video
FHA Mortgage Program Video
1. You do not have to have stellar credit or 20% down.
2. You do need at least 3.5% down and a 580-600 credit score and your debt ratio must work for the lenders.
3. FHA financing is the main type of home financing currently due to the low 3.5% down payment requirement.
4. VA financing is hot and you can get 100% financing.
5. Friends and family can help you with the down payment.
6. Subsidies and grants are available for qualified individuals.
7. There is an $8000 tax credit available for first time homebuyers!!! A tax credit if ou buy before April 30 2010 ** You must be in contract by April 30th to qualify for the June 20th absolute deadline! Tax credit is now over:(
8. Due to declining markets and home prices buyers can actually afford a single family home once again, especially here in Palm Beach County.
9. Average rental prices are between $1000-$1500 per month in Palm Beach County which if someone is paying that, they can find a condo, townhouse and in some cases single family homes. Benefit of buying vs. renting...tax credits and tax write offs.
10. First, Last and Security is typically the average down payment going FHA or pretty darn close!
Bonus Reasons to Buy:
*The sellers are paying most or all of the buyers closing costs!!! Less cash you need to bring to the closing table.
*Energy Efficiency FHA and VA mortgages are available (and so are the tax credits!)
If you are interested in hearing more about how I am stimulating the real estate market one transaction at a time and successfully selling homes in a declining market, please contact me directly. I do webinars for Realtors and workshops for Realtor associations as well as workshops for first time homebuyers.
Contact Michele for more information on workshops and seminars at 561-926-4643 or michelebee@michelebellisari.com
**Housing Stimulus $8000.00
First Time Home Buyer Tax Credit
Federal Housing Tax Credit for First Time Home Buyers
Please click on the above link for frequently asked questions.
There's a nice windfall for some homebuyers in the economic stimulus bill awaiting President Obama's signature on Tuesday. First-time buyers can claim a credit worth $8,000 - or 10% of the home's value, whichever is less - on their 2008 or 2009 taxes. A big plus is that the credit is refundable, meaning tax filers see a refund of the full $8,000 ven if their total tax bill - the amount of witholding they paid during the year plus anything extra they had to pony up when they filed their returns - was less than that amount.
If his total tax liability came to $6,000, but he had $7,000 withheld from his payroll, he would normally receive a $1,000 refund. With this credit, his refund would total $9,000.
To qualify for the credit, the purchase must be made between Jan. 1, 2009 and April. 30, 2010. Buyers may not have owned a home for the past three years to qualify as "first time" buyer. They must also live in the house for at least three years, or they will be obligated to pay back the credit.
Additionally, there are income restrictions: To qualify, buyers must make less than $75,000 for singles or $150,000 for couples. (Higher-income buyers may receive a partial credit.) Married couples both need to be first time home buyers.
Applying for the credit will be easy - or at least as easy as doing your income taxes. Just claim it on your return. No other forms or papers have to be filed. Taxpayers who have already completed their returns can file amended returns for 2008 to claim the credit.
********************************************************
What The Lender Will Need From You
What Won't Work In Today's Real Estate Market
1. You cannot go stated income loans anymore.
2. If you are in a trade and you make tons of money in tips BUT you do not show enough income you will not get a loan.
Examples:
175K Property with 500.00 of revolving/installment debt per month including student loans-you need to show a minimum of 50K-56K in taxable income.
If you go up in price you need to show more income if you go down in price your income requirements are lower.
If your debt load is low then your income can be lower.
The point of this little example is this...you have to have income that is taxable and on your tax returns, you have to have enough money to cover a down payment of 3.5% (which can be gifted by family or you can check with your 401K as there is a first time home buyer provision with many 401K plans), you should have $1000.00 set aside for inspections, appraisals and surveys.
Be Prepared to Give The Lender the Following for Pre Approvals:
Full Legal Name
Address
Social Security #
Date of Birth
Gross Annual Income
And The Following:
1.)Current Pay stubs for the past 30 days.
2.)2007 & 2008 Tax Returns with all W-2's and schedules
3.)Bank Statements for the most current 2 months.
4.)401k/Retirement account statements for the most recent month/qtr.
5.)Copy of your Driver's License.
