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There’s happy news for current homeowners: If you intend to sell your home and buy another in 2009 or 2010, you may be eligible for a federal tax credit of up to $6,500. This is all a part of the Extended Home buyer Tax Credit legislation, passed in November 2009.
Mortgage interest rates are low right now, but don’t expect that to last. When the government quits buying mortgage-backed securities, rates will head up and away.
According to the 2009 Remodeling Cost vs. Value Report – Realtors® report that the smartest home improvement investments may also be some of the least expensive. Results show that small-scale exterior projects are the most profitable at resale.
The Federal Housing Administration has announced a set of policy changes on Wednesday that will effect purchasers.
Given the success of the first-time home buyer tax credit and its extension into 2010, the National Association of Realtors is forecasting that existing home sales will jump 13.6% in 2010 after a 2% increase in 2009.
An update from FHA was released on Friday January 15th, 2010, regarding the 90 day regulation on the resale of a purchase property. Effective February 1st 2010, FHA/ HUD will not require that a seller of a property be on title for 90 days or more in order to sell the property to a borrower acquiring FHA financing. This is an incredible opportunity for many buyers in today’s market who require a loan with a 3.5% down payment - especailly first time home buyers. The change will take effect for a period of one year.
Mortgage application volume increased 14.3% last week compared to the previous week on a seasonally adjusted basis, according to the Mortgage Bankers Association.
Learn which updates add the most value to your home.
#1 TOP BUDGET-FRIENDLY PROJECT: Clean and Conquer Clutter
If you’re on a tight budget, cleaning and decluttering is by far the most cost-effective way to add value to your home. A clean and clutter-free home looks larger and more livable and makes a great first impression on home buyers.
At the tail end of October ’09, when we thought the last first-time home buyer tax credit was coming to a close, there was a new grant program announced in Ohio. In most cases, it went unnoticed and was overshadowed by the mad rush to close on a home by November 30th, the initial due date of the home buyer tax credit.
On November 6, 2009, President Obama signed a bill to extend the tax credit for first-time home buyers through June 30, 2010. The bill also opens up opportunities for others who are not buying a home for the first time.
