I know from experience that real estate transactions are stressful -- I often tell people "you aren't buying a sweater... you can't take it back." BUT, believe it or not, kinks in your plans will often remedy themselves if you just take a step back, sleep on it (or toss and turn relentlessly on it), and look at the big picture. Still, it's nice to know others may have experienced or are currently experiencing the same trials as you, right?
Well guess what? Allen Tate has a wonderful new video series about buying a home. It follows the journey of 2 first time homebuyers and shows the good, the bad, and the ugly as they look, investigate, and learn. I must confess that I just recently took the time to watch the videos, but I would absolutely recommend you do it now. I can't wait to see what the final decision will be! Click here to watch "Adventures in HomeBuying."
Showing posts with label first time homebuyer. Show all posts
Showing posts with label first time homebuyer. Show all posts
Saturday, October 22, 2011
Tuesday, August 17, 2010
Mortgage Loan Application aka I'm Back!!!
You have probably noticed it's been a while since my last post -- 4 weeks in fact! -- but I am back now after basking in the bliss of having a beautiful new baby. Just let me know if you want to see pictures!
Anyway, I am working with several first time buyers or folks who haven't purchased in many years right now, and I often get asked what a lender will need for that first appointment regarding the oh-so-important loan application. Because being expedient in applying and getting the necessary documents together is part of a purchase agreement, it helps to know what to expect up front. The following is a comprehensive list of what most lenders will need:
-- Residence addresses for 2 years
-- Last 2 years of paystubs, W2s, tax returns, etc.
-- Names and addresses of all employers for last 2 years
-- Last 3 months bank statements for all savings & checking accounts
-- Addresses of all real estate owned with lender info, mortgage balance, monthly payment, etc.
-- A check to pay for your credit report and appraisal
-- Copy of purchase contract
-- Copy of divorce decree if applicable
-- Copy of bankruptcy papers if applicable
-- Certificate of eligibiltiy if VA
As always, I am here to help. Call, text, email, or tweet me today!
Anyway, I am working with several first time buyers or folks who haven't purchased in many years right now, and I often get asked what a lender will need for that first appointment regarding the oh-so-important loan application. Because being expedient in applying and getting the necessary documents together is part of a purchase agreement, it helps to know what to expect up front. The following is a comprehensive list of what most lenders will need:
-- Residence addresses for 2 years
-- Last 2 years of paystubs, W2s, tax returns, etc.
-- Names and addresses of all employers for last 2 years
-- Last 3 months bank statements for all savings & checking accounts
-- Addresses of all real estate owned with lender info, mortgage balance, monthly payment, etc.
-- A check to pay for your credit report and appraisal
-- Copy of purchase contract
-- Copy of divorce decree if applicable
-- Copy of bankruptcy papers if applicable
-- Certificate of eligibiltiy if VA
As always, I am here to help. Call, text, email, or tweet me today!
Friday, April 23, 2010
Great Article for First Time Buyers!
http://www.frontdoor.com/Buy/Top-10-Things-to-Know-Before-Buying-Your-First-Home/55558
Thursday, March 4, 2010
Surprising...
Not Much Impact from Repeat Buyer Credit
It sounded like a great idea three months ago: Hand homeowners a $6,500 tax credit to find a new place to live, giving a thrust of energy to the housing market's recovery. So far, however, people are staying put.
http://tinyurl.com/ybl2wph
Taken from NCRealtors.com
It sounded like a great idea three months ago: Hand homeowners a $6,500 tax credit to find a new place to live, giving a thrust of energy to the housing market's recovery. So far, however, people are staying put.
http://tinyurl.com/ybl2wph
Taken from NCRealtors.com
Friday, February 26, 2010
Advice for Those Seeking the Tax Credit
Taxpayers Seeking Homebuyer Tax Credits, Refunds Must File Paper
by Broderick Perkins
Homeowners filing for the home buyer tax credit are not allowed to use electronic filing and must file hard copies due to special documentation requirements.
Earlier this year, the Internal Revenue Service (IRS) deployed new home buyer tax credit forms and instructions requiring forms that will force taxpayers to file on paper, rather than electronically.
Under the new and expanded home buyer tax credit rule , the credit is worth up to $8,000 for first-time home buyers and up to $6,500 for qualifying existing home buyers, in both cases, who buy a primary residence or have one built.
The tax credit is refundable. A credit that is larger than the taxes owed is returned to the taxpayer in the form of a refund.
The home can cost no more than $800,000 and qualifying income is limited to a maximum of $125,000 for single taxpayers and $225,000 for joint taxpayers.
Get the full scoop online from the IRS' "First-Time Homebuyer Credit" page online.
In addition to Form 5405, also include at least one of the following documents:
• A copy of the HUD-1, Settlement Statement, showing all parties' names and signatures, property address, sales price, and date of purchase.
• For mobile home buyers who don't get a settlement statement, a copy of the executed retail sales contract showing all parties' names and signatures, property address, purchase price and date of purchase.
• For new home buyers who don't get a settlement statement, a copy of the certificate of occupancy showing the owner’s name, property address and date of the certificate.
Existing home owners applying for the $6,500 maximum tax credit must additionally prove they lived in their old home for the required period.
Information courtesy of Realty Times
by Broderick Perkins
Homeowners filing for the home buyer tax credit are not allowed to use electronic filing and must file hard copies due to special documentation requirements.
Earlier this year, the Internal Revenue Service (IRS) deployed new home buyer tax credit forms and instructions requiring forms that will force taxpayers to file on paper, rather than electronically.
Under the new and expanded home buyer tax credit rule , the credit is worth up to $8,000 for first-time home buyers and up to $6,500 for qualifying existing home buyers, in both cases, who buy a primary residence or have one built.
The tax credit is refundable. A credit that is larger than the taxes owed is returned to the taxpayer in the form of a refund.
The home can cost no more than $800,000 and qualifying income is limited to a maximum of $125,000 for single taxpayers and $225,000 for joint taxpayers.
Get the full scoop online from the IRS' "First-Time Homebuyer Credit" page online.
In addition to Form 5405, also include at least one of the following documents:
• A copy of the HUD-1, Settlement Statement, showing all parties' names and signatures, property address, sales price, and date of purchase.
• For mobile home buyers who don't get a settlement statement, a copy of the executed retail sales contract showing all parties' names and signatures, property address, purchase price and date of purchase.
• For new home buyers who don't get a settlement statement, a copy of the certificate of occupancy showing the owner’s name, property address and date of the certificate.
Existing home owners applying for the $6,500 maximum tax credit must additionally prove they lived in their old home for the required period.
Information courtesy of Realty Times
Thursday, October 1, 2009
Pending Home Sales Up!
From Realtor.org Pressroom:
Record Streak Continues for Pending Home Sales
Washington, October 01, 2009
Pending home sales have increased for seven straight months, the longest in the series of the index which began in 2001, according to the National Association of Realtors®.
The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in August, rose 6.4 percent to 103.8 from a reading of 97.6 in July, and is 12.4 percent above August 2008 when it was 92.4. The index is at the highest level since March 2007 when it was 104.5.
Lawrence Yun, NAR chief economist, said not all contracts are turning into closed sales within an expected timeframe. “The rise in pending home sales shows buyers are returning to the market and signing contracts, but deals are not necessarily closing because of long delays related to short sales, and issues regarding complex new appraisal rules,” he said. “No doubt many first-time buyers are rushing to beat the deadline for the $8,000 tax credit, which expires at the end of next month.”
Record Streak Continues for Pending Home Sales
Washington, October 01, 2009
Pending home sales have increased for seven straight months, the longest in the series of the index which began in 2001, according to the National Association of Realtors®.
The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in August, rose 6.4 percent to 103.8 from a reading of 97.6 in July, and is 12.4 percent above August 2008 when it was 92.4. The index is at the highest level since March 2007 when it was 104.5.
Lawrence Yun, NAR chief economist, said not all contracts are turning into closed sales within an expected timeframe. “The rise in pending home sales shows buyers are returning to the market and signing contracts, but deals are not necessarily closing because of long delays related to short sales, and issues regarding complex new appraisal rules,” he said. “No doubt many first-time buyers are rushing to beat the deadline for the $8,000 tax credit, which expires at the end of next month.”
Friday, August 21, 2009
$8000 Tax Credit Q&A
The deadline is fast approaching to take advantage of the 2009 first time home buyer tax credit, so I am getting more and more questions about it. I thought I would take a second to explain some basic principles. Of course, if you have more questions, consult your lender or tax adviser, but here goes...
The credit is available to first time buyers who purchase on or before November 30, 2009. "Purchase" is defined as when closing occurs and title transfers. A first time buyer is defined as someone who has not owned a principal residence during the 3 years prior to the purchase. For a married couple to qualify, both people must meet this condition. It is not automatically $8000 for everyone -- the credit is equal to 10% of the home's purchase price up to $8000. Income limits do apply, and unlike the tax credit enacted in July 2008, this one does not have to be repaid. However, buyers must use the home as a principal residence for at least 3 years or face recapture of the credit amount.
The credit is available to first time buyers who purchase on or before November 30, 2009. "Purchase" is defined as when closing occurs and title transfers. A first time buyer is defined as someone who has not owned a principal residence during the 3 years prior to the purchase. For a married couple to qualify, both people must meet this condition. It is not automatically $8000 for everyone -- the credit is equal to 10% of the home's purchase price up to $8000. Income limits do apply, and unlike the tax credit enacted in July 2008, this one does not have to be repaid. However, buyers must use the home as a principal residence for at least 3 years or face recapture of the credit amount.
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