Time Magazine’s September 11 cover story attempts to make a strong case against homeownership in the article found here; but I have actually found my recent conversations with clients (current and pending) to present a story that is quite the opposite. Are you still debating whether or not it is a “good time to buy”? It is never a good
The new forms to submit when claiming the first time homebuyer tax credit have finally been released! Form 5405 will now be needed when submitting a tax claim, and this is likely mainly due to the large numbers of tax fraud we were experiencing in response to the First Time Homebuyer tax credit. Please be sure to file this along with your claim, so you don’t experience any sort of delay in claiming your credit!
…New-home buyers who don’t have a HUD-1 settlement statment must send in a copy of the certificate of occupancy.
…I hope that this will continue through the extension of the credit in 2010, but I would love any feedback you may have!
Before choosing which home improvement project you will take on next, check out this list for a national survey on which improvements are the most valuable and will produce the highest return on investment. The survey is broken down region-by-region and then parsed into large metropolitan areas; the closest to us in terms of size, location, and economy being Richmond. Take a look, you may be surprised at what you find! 2009 Remodeling Cost vs. Value Report
FHA loans used to evoke lots of negative connotations, a few of which were; lots of extra requirements, much longer time to process, and stringent and difficult home inspection standards. … According to the most recent REALTORS® Confidence Index, 39 percent of recent buyers purchased a home with a Federal Housing Administration-insured loan. REALTORS® who took part in the November survey also reported that the number of first-time home buyers continued to climb to 51 percent. “FHA helps provide affordable mortgage financing to home owners, particularly first-time home buyers who are so important in drawing down inventory to help stabilize the current housing market,” said NAR President Vicki Cox Golder. “These recent survey results reaffirm that, despite its current challenges, FHA is a critical part of the American housing fabric.” —NAR [From REALTOR® Magazine-Daily News-4 out of 10 Recent Buyers Used FHA Loans ]
All during the time that we are awaiting closing, mortgage rates will be fluctuating, and if the loan lock deadline passes, you will have to re-apply for the loan and incur any related charges. … It is very unlikely that we will be allowed to occupy the property prior to closing, so you would need to have a backup residence in mind, in case of any delays. If this is your primary home, some sort of temporary living arrangement would need to be made, and it may include moving twice- from your current home to the temporary residence, and the temporary residence to your new home. … Some of the changes that are often arranged in the addenda; tougher restrictions on the Purchaser, shorter timelines for the Purchaser to secure a loan, conduct a home inspection, etc, a larger deposit, deposits to be held in the escrow of the lenders choice, and very few provisions that will allow for the Purchaser to get out of the contract and many ways for the lender/seller to walk. … You will also want to make sure that any liens that may have been held against the previous owners (who may have had difficulty paying many bills, aside from their mortgage) have been released and you will have the ability to purchase the home free and clear of liens and encumbrances.
