The Joys of Real Estate

Buyers who already own a home are also eligible for a tax credit on the purchase of a home. The $6,500 maximum credit will be available to existing homeowners who have lived in their current residence for five of the prior eight years. The legislation does set forth several provision including, limiting eligibility for existing homeowners to homes worth $800,000.  It is important to remember ...

The Federal Reserve announced it will maintain its target for the federal funds rate in the 0 percent to 0.25 percent range, and expects economic conditions to warrant exceptionally low levels of the federal funds rate for an extended period of time. “Information ... suggests that economic activity continues to strengthen and that deterioration in the labor market is abating,” the Fed said in ...

Homeowners with loans insured by the Federal Housing Administration (FHA) experiencing financial hardship now are eligible for loss mitigation assistance prior to defaulting on their mortgage, the Dept. of Housing and Urban Development announced.  Previously, borrowers with FHA-insured loans were not eligible for such assistance until after they had missed payments.

Time is running out to obtain the $8,000 first-time homebuyer tax credit.  From information that we are able to gather there are no extensions or other plans being considered for the future.  It is important to remember that homes must have signed purchase contracts by April 30, 2010 and the sale must be closed by June 30, 2010.

FHA loans have been very popular recently as they enable home owners to purchase property with very little down payment.  It has been very popular for first time home buyers.  However, there was a rule that made it difficult sometimes to use the FHA loan. This difficulty occurred when a home that was to be purchase had been acquired by the seller less than 90 days earlier than the scheduled c ...