Tax Credit Extended – Repeat Buyers Eligible

Congress passed the Homebuyer Tax Credit Extension. Here are the main facts that you should know:

* The tax credit has been extended to April 30, 2010.

* Repeat buyers who have owned their homes for at least 5 years are now also eligible for a credit of up to $6,500 from the government.

* If you’re a first-time homebuyer you may be eligible for a credit up to $8,000.

* To qualify, buyers have to sign purchase agreements by April 30, 2010 and have 60 days to close by June 30, 2010.

* The credit is available for the purchase of principal homes costing $800,000 or less.

* The new tax credit has increased income limits.

* Individuals with annual incomes up to $125,000 and up to $250,000 for joint filers are now eligible before the credit begins to phase out.

* The credit is equal to 10 percent of the purchase price of a primary residence.

* Taxpayers can claim the credit on their federal income tax returns. If the credit exceeds their tax bill, the government will issue a payment.

* Taxpayers who want immediate refunds can amend their tax returns for 2008 to claim the credit.

* Those who sell their new home or stop using it as their main residence within three years would have to repay the credit.

* You must be at least 18 year of old to claim the credit.

5 Questions to Ask When Looking for a Loan Officer

It really isn’t all about rates.  No matter what lender you go to you’ll likely get similar rates.

When looking for help in getting a mortgage loan, interview multiple loan officers, don’t just go with the first one you talk with! If you talk to more than one, you usually will find one that just seems to be “right” for the job. Finding the “right” loan officer can possibly save you money, but almost certainly will save you time and effort in the qualification process and once you’ve found a home and are in escrow.

Here are 5 simple questions that you can ask loan officers when interviewing them:

How many loans have you closed that are for people in my situation?
In the answer for this question, look for a specific number and listen to the *types* of loans that he/she has experience in. Refinance transactions are different than purchase transactions. Conventional loans are different than FHA loans. To increase the chance that your loan officer will be able to handle your loan smoothly, look for how many similar loans he has personally closed.

Are you a mortgage broker or a mortgage banker?
There are pros and cons for consumers when working with each type. Mortgage brokers often blame the lenders underwriters because they don’t have direct control of the underwriting department. Mortgage bankers often have slower turn times and don’t do as many different types of loans. Neither one is necessarily bad – but it is good to know what you are dealing with up front.

Can you walk me through the steps of the loan process?
A good loan officer should be able to detail out each step of the loan process and give you a good idea of the time frames for each step that you can expect. Pay particular attention to the time frames the loan officer gives because this is where they set your first expectations. If they say that they can get a loan closed in 10 days in this market… be careful. I am not saying that it can’t be done, but that is a sign that the loan officer likes to over-promise and under-deliver.

What problems can you see potentially arising in my situation?
A good loan officer should be able to give you at least 3 things to watch out for in your situation. Even if you have perfect credit and millions of dollars – there are still things that could potentially slow your loan down in the process and a good loan officer knows where the potential problems are for your situation.

Do you offer a float-down option?
Note: this is particularly important when interest rates are falling. A float down option is where after you have locked your loan, if rates go lower, they can “float down” the rate for you at no charge. Few mortgage professionals offer this option, but this is a question that you should ask up front.

If you ask these 5 questions during your first interview of a loan officer, you have a much better chance of “finding good help”.  It will be well worth your up-front investment.

Wait.

Did you notice that one of the questions is not “how much do you charge and what are your rates like?” No, I didn’t forget it. All of the great loan officers will probably talk about that before you even get a chance to ask the question.

HOW TO BUY AN REO

Many entry level buyers are finding it quite a challenge out there…click here for some comic relief

Homes selling for closer to list price

U.S. homebuyers paid 3.3 percent less than listing price, on average, during July — a smaller discount than the 3.5 percent average in June and 4.6 percent in January, listing and valuation site Zillow.com said.

At the market level, Zillow’s July Real Estate Market Reports shows buyers paid the asking price or more in some California markets where sales are heating up.

In the El Centro metropolitan statistical area (MSA), one of 161 tracked by Zillow’s report, buyers paid 1.8 percent more than listing price. In seven California markets — Sacramento, Merced, Modesto, Riverside, Stockton, Yuba City and Fresno — the asking price and sale price were the same, on average.

Zillow attributed declining discounts from listing price to increased sales and a high proportion of foreclosures resales, which are already priced relatively low.

Homebuyers in Florida had the most negotiating power in July, Zillow said. Buyers in the Vero Beach metro area paid 10.2 percent less than the last listing price, on average.

Other Florida cities ranking in the top 25 markets for discounts from list price were Sarasota (8.2 percent discount), Naples (7.8 percent), Daytona Beach (7.5 percent), Miami-Fort Lauderdale (7.5 percent), Panama City (7.1 percent), Punta Gorda (7 percent), Melbourne (6.6 percent), Ocala (6.4 percent), Tampa (6.1 percent), Jacksonville (6 percent), Port St. Lucie (5.7 percent), Gainesville (5.5 percent) and Lakeland (5.5 percent).

Zillow reported that 22.8 percent of homes listed for sale on Zillow.com had at least one listing-price reduction as of Sept. 1, with a median reduction of 6.5 percent from the original listing price. Homes listed for sale on Zillow during August were listed for a median 96 days, up from 91 in July.

Source: Inman News

NY Time Touts Highland Park as new LA Cultural District

HIGHLAND PARK in northeast Los Angeles holds many honors: the first town to be annexed by Los Angeles (in 1895), the backdrop for Quentin Tarantino’s “Reservoir Dogs” and a historic trust of Craftsman and Victorian-style homes.

But few would ever confuse Highland Park for a cultural district. Until now. What was once a sleepy strip of garish 99-cent stores and auto parts shops is turning into a thriving neighborhood of cool restaurants and boutiques that draw young trendsetters in skinny jeans, flannel shirts and Converse high tops.

The turnaround started a few years ago, when real estate prices in nearby Silver Lake and Echo Park increased significantly. Priced-out artists, actors and writers were drawn to Highland Park’s walkable streets and its glut of handsome old homes. Not only was it aesthetically appealing, but the area also had parks, hills and a hushed, small-town feel.

Much of the flurry is clustered along a five-block stretch of York Boulevard, the main drag. “It’s an odd mix of artists, young families and traditional Latino culture,” said Matt Schodorf, who recently opened Café de Leche (5000 York Boulevard; 323-551-6828; www.cafedeleche.net), a Latin-style cafe, with his wife, Anya. “The landscape has changed significantly. Now, everything is centered on one street. It’s rare to find a walking culture in L.A.”

A prime example of the area’s youthful do-it-yourself spirit is Orecul77 (5159 York Boulevard; 323-254-2600; www.orecul77.com), a kind of hipster tailor shop where the owner, Tawni Lucero, renovates old dresses into “one-of-a-kind wearable pieces of art.” The funky brightly colored store, which opened last November, charges $55 to $75 for each dress.

Highland Park feels particularly alive at night, when young arrivals gather at places like the York (5018 York Boulevard; 323-255-9675; www.theyorkonyork.com), a stylish gastropub with brick walls and chalkboard menus. On weekends, the L-shaped bar is often five deep with floppy-haired students from Occidental College nearby, local women in short skirts and high heels and artist types from Silver Lake with shaggy beards and trucker hats.

A few doors down is Johnny’s (5006 York Boulevard; 323-551-6959), a dimly lighted bar with a “Cheers”-like vibe and a jukebox that bounces from Iggy and the Stooges to Led Zeppelin. The pool and foosball tables are a major draw, as are the chilled Jägermeister shots ($6). A favorite among York Street business owners, the bar often blurs into unofficial town hall meetings.

“We’re in a city of nearly four million people, but here it feels like a small town,” said Amy O’Connell, an owner of Society of the Spectacle (4563 York Boulevard; 323-255-4300; www.societyspectacle.com), a fashionable eyewear boutique in a converted 1920s bungalow. “I mean, where else in L.A. do people honk as they drive past?”

By JAMIE BRISICK, NY Times Travel Section July 2009

Pending Home Sales On the Rise

Pending sales are a great indicator of activity in a market.  According to the National Association of Realtors, it’s Pending Home Sale Index, a foward looking indicator based on contracts signed in May,  pending sales in May of 2009 were 6.7% higher than May of 2008.  This marks the 4th straight monthly gain – the last time there were 4 consecutive monthly gains was in October of 2004.  The pronounced increase in April and the fact that May sustained this rise does indicate that number of home sales are poised to rise in the coming month or two.

Appraisal Check List

Here are some of the factors that appraisers Joni L. Herndon of Real Property Analysts/Gulf Coast in Tampa, Fla., and John A. Hillas of Hulbert & Associates Inc. in Modesto, Calif., say they consider when determining value.

Seller Incentives and concessions. Most of today’s buyers expect to pay the lowest possible price and still get some extras. Sellers and home builders are offering money toward closing costs, remodeling and decorating, upgrades, and association dues. The price set initially may not be the final price once concessions are factored out. Appraisers care about that final number.

Closing date. Forget what comparable neighborhood houses sold for a few months back. Appraisers want prices from the most recently closed transactions. “If a sale was more than 45 days ago, even 35, the price may be irrelevant,” Hillas says.

Condition and curb appeal. Appraisers typically find several properties with similar interior and exterior features to determine value. When markets are healthy, blemishes matter less, but when markets soften, problems—a dated kitchen or barren lawn—can reduce prices and deter buyers. “The difference in value is not just the repair costs but the time and hassle to make them. It’s better for sellers to do work in advance,” Hillas says.

Foreclosures. Appraisers technically shouldn’t consider neighborhood foreclosures when valuing a home, since foreclosures don’t meet the Appraisal Institute’s definition of a property reasonably exposed in a competitive market, says Herndon. “But when several neighborhood homes are abandoned, it’s hard not to caution sellers that this is a troubling trend and may affect home values,” she says.

Changing demographics. If a house is in an up-and-coming area, the value can be expected to rise. A location that’s perceived as safe also may help attract the increasing number of single female buyers.

Economic clouds. If there’s an oversupply of comparable homes for sale, or if the local job market is suffering, buyers may be hesitant to invest. Hillas advises setting prices aggressively from the get-go.

Chemistry. It’s hard to account for those times when buyers fall in love with a house, despite a high price, poor condition, or tough economy. “Emotional attachment is a factor that can’t be predicted,” says Herndon. Hillas agrees, “It’s what makes it harder to appraise homes versus commercial buildings, where buyers care more about the bottom line.”

10 Popular Kitchen and Bath Trends

See what David Alderman, vice president of the National Kitchen & Bath Association, discovered in touring the floor at NKBA’s recent annual convention.

Green. With the green wave spreading, manufacturers are bringing out more products like stainless steel and glass that can be reused when life cycles are up. Plus, growing in popularity are more products that save energy, conserve water, and are made locally.

Beyond granite. Granite countertops may still reign because they’re practical, but glass, stainless steel, and mahogany are gaining a foothold.

Black and white kitchens. The all-white kitchen is being tweaked with crisp black. One example: white cabinets on the perimeter, black on the island.

Faster, healthier. Steam ovens will captivate health-conscious buyers who also desire moist food cooked quickly.

Less space. With many people now opting to downsize, manufacturers are debuting smaller 15” refrigerators and 18” dishwashers. Less space also means fewer multiples—one instead of two sinks. Mirrored backsplashes and higher vaulted ceilings also help to magnify space.

Greater value. To keep prices down for cost-conscious, value-oriented home owners, manufacturers are limiting selections but maintaining quality.

Multiple levels. The two-tiered island in multiple colors has gained ground to provide an upper-level eating and serving ledge that conceals dishes in the sink on the lower level. Wine coolers are often built in for entertaining pleasure.

Less maintenance. Since saving time and expense are on home owners’ minds, manufacturers now deliver longer warranties on everything from equipment to hinges and finishes.

More modern. Simple, straight contemporary lines, floating cabinets, and no toe kicks offer the hot contemporary look.

Dual, more private. Toilets with dual flushes are catching on, as is placing a toilet in its own private cubicle.

For more information, go to www.NKBA.org.

$8000 Tax Credit – get it upfront and use for down payment or closing costs

Potential first-time buyers have yet another reason to consider purchasing a home: the monetization of the $8000 tax credit. This article outlines four ways First Time Home buyers can get access to those funds for upfront costs such as down payment and closing costs.  Click here to read the full article.

Estimates indicate most homes are undervalued by 12.2%

10 Most Undervalued U.S. Cities

Housing research organization IHS Global Insight estimates that the average U.S. home is undervalued by 12.2 percent, and many previously pricey communities are undervalued by considerably more.

A recent study released by IHS used home prices, interest rates, area incomes, population density, and historic premiums and discounts to analyze housing values. It examined 330 markets and found homes are underpriced in 248 of them.

Despite the high percentage of undervalued areas, IHS says “it is too early to call a bottoming,” as “job losses continue, housing inventories remain elevated, and consumers remain wary in light of economic uncertainty.”

Here are the 10 most undervalued areas:

1. Vero Beach, Fla., -42.5 percent
2. Houma, La., -41.4 percent
3. Las Vegas, -40.9 percent
4. Merced, Calif., -40.1 percent
5. Cape Coral, Fla., -39.1 percent
6. Houston, -36.9 percent
7. Midland, Texas, -34.8 percent
8. Lafayette, La., -34.4 percent
9. Vallejo, Calif., -34.3 percent
10. Stockton, Calif., -34.3 percent

Source: CNNMoney.com, Les Christie (06/04/2009)

The outlook us UP

EHS – Existing-home Sales: 4.57 million

Seasonally adjusted annual rate, which is the actual rate of sales for the month, multiplied by 12 and adjusted for seasonal sales differences.

PHSI – Pending Home Sales Index: 84.6

The Pending Home Sales Index measures housing contract activity. An index of 100 is equal to the level of activity during 2001, the benchmark year.

Source: NAR Research

Sales Dip, But Outlook Is Up

The pace of existing-home sales slowed 3 percent in March to 4.57 million units, giving up some of the gains it had seen in February. Yet the easing could be short-lived because NAR’s forward-looking Pending Home Sales Index is up. The index gained 3.2 percent to a level of 84.6. NAR says first-time buyers make up half of those in the market, drawn by low rates and the first-time buyer tax credit.

*Numbers are adjusted from figures published in the May 2009 issue.

Buyer Traffic Drives Optimism

Practitioners’ expectations for sales activity over the next six months continue to trend up. In April, practitioners said they expected improved conditions, led by gains in buyer traffic. Confidence has been on an upward swing since December.

Results are based on 2,758 responses to 6,000 surveys sent to large and small real estate offices. The survey asks practitioners to indicate whether conditions are strong (100 points), moderate (50), or weak (0). Responses are averaged to derive results.

Lawrence Yun// <![CDATA[// | June 2009

Homeowership Still Pays

Many Americans have taken a hit to their home equity over the past couple of years, and some may wonder if it’s really the smartest financial decision to own a home. Good news—a recent analysis of Federal Reserve data by the NATIONAL ASSOCIATION OF REALTORS® shows the answer is yes.

In comparison with renters, home owners have much greater household wealth, says NAR’s April commentary on the Fed’s Survey of Consumer Finances. Owners’ wealth exceeds that of renters by a factor of 50-to-1: a median of $205,200 versus a median of $4,200. The main wealth difference between the two is home equity, of course. No news there. But even for households who’ve owned their home only since 2003, home equity gains are the rule rather than the exception—and in some cases, equity gains have been significant. Households who bought five years ago in Honolulu, for instance, already average nearly $272,000 in equity. In Northern California (San Francisco and Oakland), the comparable figure is $105,000.

Times are tougher for home owners in a handful of economically struggling markets like Detroit and other parts of the industrial Midwest. Households in these areas who’ve owned their home for five years or less are facing negative equity, although typically not a lot. Hardest hit are households in Detroit who have been owners only since 2003; they’re underwater by a typical $39,000. That’s significant. But in other markets where equity is negative, the numbers tend to be much smaller—$1,000 in Indianapolis, for example.

Yet the doom and gloom ends there. In all 150 markets tracked by NAR, including hard-hit markets, households who’ve owned their home for 10, 15, and 20 years have uniformly enjoyed strong equity gains despite the recent downturn. In Honolulu, 20-year owners have accumulated $485,000 in equity; in Northern California, the comparable figure is $481,000.

Even markets in the hard-hit industrial Midwest are holding up well. In Detroit, equity for 10-year owners is more than $10,000; that figure jumps to $60,000 for 15-year owners and to $78,000 for 20-year owners. In Indianapolis, the 10-, 15-, and 20-year equity gains are $19,000, $47,000, and $68,000, respectively.

The data clearly show that homeownership remains the biggest store of wealth for the typical household, even when markets are buffeted by some admittedly very rocky years.

By Robert Freedman | June 2009

$8,000 tax credit proposed to be used for downpayment or closing cost

Reporting from Washington — The Obama administration has put out the official word: Starting soon, first-time home buyers nationwide will be able to turn their $8,000 federal tax credits into cash for use at closing if they use Federal Housing Administration mortgage financing.

But in its final guidelines to lenders and buyers issued May 29, the Department of Housing and Urban Development clarified that buyers obtaining FHA loans through private lenders would have to invest at least some of their own funds — whether from personal savings or gifts from relatives — in the form of a minimum 3.5% down payment.   Read entire article.

What are Title Insurance Policies – Do You Need Title Insurance?

To understand title policy insurance in America, let’s look at chain-of-title and how title companies search the public records. Title insurance companies aren’t really concerned with where dinosaurs once roamed, whether our ancestors trekked across the Bering Straight or where American Indian tribes settled. Title searches begin with when the United States government stole the land, I mean claimed it — from the U. S. patent — and move forward from that point.

Because humans are involved in recording deed transfers and plotting land parcels, a lot can go wrong. You want title insurance because it will protect you against defects and human error.

Property Searches and Public Records

• Property transfers were first recorded alphabetically in separate Grantor and Grantee books.
• The books are heavy to lift and dusty.
• County records are often maintained at local courthouses or the Clerk of Registrars.
• Today, most records are stored on the computer.

Division of Land

• Early deeds involved large chunks of land known as Townships.
• Townships contain 36 sections and are six miles by six miles.
• Sections measure one mile by one mile and contain 640 acres.
• Half of a section is 320 acres.
• 1/4 of a section is 160 acres.
• 1/4 section of 1/4 section is 40 acres.
• An acre is 43,560 square feet

Title Search Basics

• Title searches start with the most recent deed, searching the grantee’s name (the person now holding title) backwards in time, until the deed when the grantee acquired the property is located.
• That grantor’s name is then searched backwards in time in the grantee’s book to find when the grantor acquired title as a grantee.
• This process continues, and over time, the property description involves larger and larger parcels of land.
• Eventually, the searcher finds the U. S. Patent.

Other Factors Affecting Title

Deeds establish chain-of-title, but sometimes those chains are broken. In addition, title searchers also look for reconveyances (proof that the encumbrances are paid off), and they look for easements, rights-of-way, CC&Rs, other elements affecting title to the property. Here are more records that are searched to piece title together:

• Marriage records
• Death certificates
• Tax sales

Title Insurance Coverage

Depending on the title company, consumers can choose among a variety of options, but the top three choices are Owners, Lender’s and Extended Coverage.

• Basic Owner’s Title Policy Coverage:

1. Clear title to the property
2. Incorrect signatures on documents
3. Forgery, fraud
4. Defective recordation
5. Restrictive covenants
6. Encumbrances or judgments

• Basic Lender’s Title Policy Coverage:

1. Mechanic’s liens and unrecorded liens
2. Unrecorded easements and access rights
3. Defects and other unrecorded documents

• Extended Owner’s Coverage

1. Building permit violations from previous owners
2. Subdivision maps
3. Covenant violations from previous owners
4. Living trusts
5. Structure damage from mineral extractions
6. Variety of encroachments and forgeries after title insurance is issued

How Long Are Title Policies Good For?

Forever, theoretically. If you are planning to resell the property within a couple years, ask your title company about “binder” coverage. Most companies will sell you a binder policy for 10% more. A binder is good for two years, often can be extended beyond that time, and the fee charged for the new buyer’s policy will be the difference between what you bought the property for and the price at which it sold. In other words, you will get a credit for the amount of coverage you purchased under your own Owner’s Title policy.

How Often Are Title Policy Insurance Premiums Paid?

Once. The fee is due when you buy. You will never pay it again. Title policy insurance is the best insurance policy you can ever buy

By Elizabeth Weintraub, About.com

$10,000 Tax Credit for New Home Purchases

The State of California approved a $10,000 tax credit for the purchasers of a newly constructed home in the state of California.

1. The tax credit is good for 5 percent of the value of the newly constructed home, up to $10,000. (That would mean any home priced over $200,000 would qualify for the full credit.)

2. The tax credit will be available between March 1, 2009 and March 1, 2010, or when the funding authority runs out. (The Legislature has earmarked $100 million for this credit. That means at least 10,000 new home sales.

3. The tax credit will be allocated by the Franchise Tax Board and will be available to new homebuyers over a three-year period.

4. The new home purchaser must live in the home for at least two years.

5. There are no income limitations for the purchaser.

6. There is no “first time buyer” restriction.

7. There is no repayment requirement (unless the purchaser sells or rents out the home before two years have past from the close of escrow).

You must apply for this credit within a week of closing escrow.

Click here for more details and how and when to apply for the tax credit.

C.A.R. Launches Mortgage Protection Program

 On Thursday, April 2, 2009 the Housing Affordability Fund has launched a new program designed to provide peace of mind to first-time buyers who are hesitant to enter the housing market due to concerns about potential job loss, and subsequently being unable to meet their monthly mortgage obligations.

Through the C.A.R. Housing Affordability Fund’s Mortgage Protection Program, first-time home buyers who lose their jobs due to layoffs may be eligible to receive up to $1,500 per month, for six months, to help make their mortgage payments. A qualified co-buyer also can participate in the program, and receive a monthly benefit of $750 per month for up to six months. Program benefits also include coverage for accidental disability and a $10,000 death benefit.

 To qualify for the Mortgage Protection Program, Applicants must:

 · Be a first-time home buyer – someone who has not owned
a home in the last three years.

· Open escrow April 2, 2009, or later, and close on or before Dec. 31, 2009

· Use a California REALTOR® in the transaction

· Purchase the property in California

· Be a W-2 employee (cannot be self-employed)

 For more information to to get an application call (800) 941-2297.

6 Reasons Why It’s Still a Good Time to Buy

The housing market is looking healthier. Here are six reasons why now is the time to jump into the market.
2. People have to live somewhere. About 800,000 new households are formed each year in this country, ensuring that the housing market will tighten, even if the economy doesn’t soar.

1. Uncle Sam is willing to help. First-time buyers (defined as anyone who hasn’t owned a home in the last three years) are entitled to a maximum $8,000 tax credit; interest rates are at record lows; and the Federal Reserve is doing its best to make mortgage loans available.

3. Borrowers leverage their investment. If you put $10,000 into the stock market and it earns 10 percent, you’ve earned $1,000. If you put $10,000 down on a home and its values increases 10 percent, you’ve made $10,000.

4. When prices come back up, you’ll have instant equity. In parts of the country where foreclosures have driven down prices, better times will mean the price of the home you buy will rise rapidly.

5. Mortgage costs stay the same. If you get a fixed-rate mortgage, the monthly payment stays the same – while everything else, including rent, goes upward.

6. You own it. There is something comforting in the notion that your home is your own. You can paint it any color you want, let the dog run in the back yard and hang a swing for the kids in the front.

Source: The Wall Street Journal, June Fletcher (03/27/2009)

Low-ball offers

These days, it’s tempting to make a low-ball offer, but if you’re serious about the home, then it’s important to be smart.  Here are some things buyers should consider when contemplating such an offer:

• What is the nature of the market in the area? In many neighborhoods, bank-owned homes are getting multiple offers and selling at or above asking price.  Ask your Realtor for statistics on bank-owned homes – asking vs. selling price.
• Use foreclosures as comps carefully. Look realistically at the prices foreclosures/REOs in the neighborhood brought. Foreclosures aren’t good comps if the homes were stripped of appliances, pipes, HVAC, etc.
• Examine details of short sales critically. How many liens were there against low-selling short sales? If there were no secondary liens, the lender had considerable flexibility.
• Establish realistic time frames. Even in the best of circumstances, foreclosures & especially short sales can take a long time. Will the seller play the waiting game? How long have houses whose owners have equity stayed on the market? What is your timeframe for buying?

If you make a low-ball offer, the bank probably won’t be in any rush to take it. They’ll likely just keep soliciting offers without coming back with a counter. Ultimately, the property is likely to sell for a higher price and, chances are, you won’t know it until the deal is done.   When submitting an offer, ask yourself how you’ll will feel if your Realtor calls you and tells you another offer was accepted.  

Housing is becoming more affordable

In positive news, NAR’s Housing Affordability Index jumped 13.6% in January to 166.8, a record high.  This index indicates that the relationship between home prices, mortgage interest rates and family income is the best that it has ever been since the index began in 1970

Enhanced Tax Credit Provides Opportunity for First Time Home Buyers

In its effort to stimulate the economy and revive the housing market, Congress has enacted legislation providing a tax credit of up to $8,000 for first-time home buyers.    Time is of the essence for buyers who want to take advantage of this opportunity.  Only homes purchased on or after January 1, 2009 and BEFORE December 1, 2009 are eleigible.

Click here for more details on eligibility.