Every first time home buyer must make sure they understand the documents they sign, even if those documents are with a real estate agent or broker.
If you are a first time home buyer, you should buy Ilyce's book "Buy, Close and Move In"
along with her best selling book
"100 Questions Every First Time Home Buyer Should Ask."
Ilyce Glink Show - May 2, 2010. On today's Ilyce Glink show we discussed Greece's bailout and what that might mean for American debt going forward, the end of the Home Buyer Tax Credits and what that might mean for the real estate market this summer, and how the closing of a community bank can have a dramatic impact on the overall local community. SAVE THE DATE: Our next real estate investing event will be October 2, 2010, place to be determined. FREE BOOKS and EBOOKS are available at the ThinkGlink.com store. SPECIAL OFFER FOR REAL ESTATE AGENTS AND BROKERS. SEE BELOW!
Ilyce Glink Show Notes - April 25, 2010. This week, we discussed March sales of new homes rocketed up 27 percent, according to the Commerce Dept., the highest rate in years. FDIC regulators closed seven banks in Illinois. The total number of bank failures reached 57 in 2010 so far. Don't forget to order a copy of my new book, BUY CLOSE MOVE IN!, and be sure to take a look at the dozens of ebooks for sale in the ThinkGlink.com store.
Ilyce Glink Show - May 2, 2010. On today's Ilyce Glink show we discussed Greece's bailout and what that might mean for American debt going forward, the end of the Home Buyer Tax Credits and what that might mean for the real estate market this summer, and how the closing of a community bank can have a dramatic impact on the overall local community. SAVE THE DATE: Our next real estate investing event will be October 2, 2010, place to be determined. FREE BOOKS and EBOOKS are available at the ThinkGlink.com store. SPECIAL OFFER FOR REAL ESTATE AGENTS AND BROKERS. See Ilyce's Blog for more details.
No, you weren't seeing things, Ilyce was on Fox 5 Atlanta's Good Day Xtra yesterday. In case you missed it we've got the video here. Watch the video where Ilyce talks about the housing market
Ilyce Glink Show Notes - April 25, 2010. This week, we discussed March sales of new homes rocketed up 27 percent, according to the Commerce Dept., the highest rate in years. FDIC regulators closed seven banks in Illinois. The total number of bank failures reached 57 in 2010 so far. Don't forget to order a copy of my new book, BUY CLOSE MOVE IN!, and be sure to take a look at the dozens of ebooks for sale in the ThinkGlink.com store.
The rule that states a homeowner must have lived in their previous house for five consecutive years out of the last eight years, leaves qualifying for the $6500 home buyer tax credit open to interpretation. According to CCH, which are publishers of tax information, the 5-year period is supposed to be five complete years.However, the IRS has been approving the tax credit for a lot of people who maybe shouldn't qualify, so "5 consecutive years" may leave room for interpretation according to this reader.
The $6500 home buyer tax credit and the $8000 first-time home buyer tax credit is now only available to buyers who purchase their homes on or before June 30, 2010 but have a binding contract in place on or before April 30, 2010.
This buyer was too early to qualify for the $8000 first-time home buyer tax credit. The home buyer tax credit was created to help stabilize the real estate market after the housing bubble burst. A home buyer who purchased a house in 2007 was too early to qualify for the $8000 first-time home buyer tax credit. The $8000 first-time home buyer tax credit is only available to buyers who purchased their first homes in 2008 or through June 30, 2010.
For some first time home buyers the tax credit was in reality a loan and for others the tax credit was more like a gift.
Time is running out, you must have a binding contract signed on or before April 30, 2010.
Mortgage lender requirements are confusing brokers, buyers, and even the lenders who are giving the loans. The new world of mortgage financing requires very strict qualifications for the buyers, and brokers and lenders are having trouble keeping track of the rules. It's very hard to get mortgage financing right now, and some mortgage financing deals are falling through at the last minute because the lenders and brokers don't know what will make the buyer fail to fulfill the mortgage lender requirements. The result of these loan requirements is closing problems and a dry closing.
If you're underwater on your mortgage, the Obama Making Home Affordable program might be able to help you with a Home Affordable Refinance Plan. If you qualify, the Home Affordable Modification Program can have your lender refinance your loan. To qualify for the Home Affordable Modification Program you must be current on your loan, live in the house, the house must be a one to four family building and your loan must be serviced by Fannie Maw or Freddie Mac. Your options are limited with an underwater mortgage.
