February 15, 2010 at 07:10 AM · Posted under Mickey Koch
Starting March 1, 2010 WHEDA loans are back in Wisconsin! The WHEDA Fannie Mae Advantage allows buyers to bring less cash to the closing table and will allow them to have lower monthly payments than most conventional loan options.
With as little $1000 minimum contribution the borrower may finance up to 100% of the purchase price with a low 30 year fixed rate. Buyers also still may qualify for the $8000 Federal First-Time Home Buyers Tax Credit if they enter into a contract by April 30, 2010 and close by June 30, 2010.
Buyers must be first time home buyers, must complete the pre-purchase home buyer education course, must owner occupy the property but single family homes and duplexes are allowed. Purchase price and income limits apply.
What does this mean? It means that affordable loan products with low or no down payment options are back. Buyers with good credit can once again get into that home of their dreams with less cash up front.
Get all of the latest information here.
Posted by:
Mickey Koch
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November 16, 2009 at 09:54 AM · Posted under Lisa Rossetto-Glowacki
As a Realtor®, every year I receive this question from countless homeowners. Should I move or improve my house? What is my house worth? Is this a good time to sell my house and buy another? Gaze at your crystal ball of real estate and tell me what I should do! (Well, they don’t always come out and say this, but some do!)
If I could accurately predict the future of real estate, I’d be wealthy, as I could probably also predict the future of the stock market! Let’s consider a few important facts:
The government extended AND expanded the first-time home buyer’s tax credit. If you have not owned a house in 3 years, you could qualify for $8,000. If you have owned a home at least 5 of the last 8 years, you could qualify for $6,500. Income limits are $125,000/individual and $225,000/joint. The max purchase price is $800,000. The offer must be accepted by end of April, 2010 and must close within 60 days after that.
Interest rates are at historic lows! 5% or lower in many cases. They have been artificially held low due to the government purchasing bank mortgages and taking the risk from them. The government has indicated that they will not continue to purchase these mortgages after March, 2010. All indications are that after that, interest rates will rise sharply and dramatically over the 6% level.
Real estate inventories are plentiful and, in many cases, are priced at levels of 3-5 years ago. Many are in beautiful, move-in condition. Can you say bargains galore?
If you have a house to sell, as a seller, you can take advantage of buyers coming out of the woodwork to take advantage of this tax credit. There will be many more buyers this year than next year.
Put all of this together, and I think you’re looking right into a crystal ball that says, buy, buy, buy real estate now, now now!
Posted by:
Lisa Rossetto
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