Before you put your home up for sale, use the right comparable sales to find the perfect price.
Tuesday, January 31, 2012
Friday, January 27, 2012
There is a new tax credit that is here, and may even be better than the old $8000 tax credit for first-time home buyers!
The CHFA Mortgage Credit Certificate (MCC) program will help you save money each year that you live in your home! With the MCC program you can claim up to 20% of your paid mortgage interest each year as a tax credit on your federal IRS tax returns. The remaining 80% is still eligible for the home mortgage interest deduction.
Every year, you may claim a dollar-for-dollar reduction of income tax liability on 20% of the mortgage interest on your first mortgage, reducing the amount of federal taxes owed.
The CHFA MCC program is for first time homebuyers purchasing a home, non-first time buyers purchasing intargeted areas of Colorado or for eligible veterans purchasing in targeted or non-targeted areas of Colorado.
The CHFA MCC can be used with a CHFA First Mortgage Loan, except CHFA FirstStep and CHFA FirstStep Plus, or the MCC can be issued in conjunction with certain other first mortgage loans independent of CHFA.
These programs have income and purchase price limits. Certain targeted areas have different income and purchase price limits and no first time homebuyer requirements. These areas are determined by census tract. To learn more, please visit our Census Tract Search page.
You could be subject to the Federal Recapture Tax if and when you sell your home.
I know some lenders who waive the $500 fee for you!
Monday, January 23, 2012
Fallen home prices and record-low mortgage rates have pushed housing affordability to a 40-year high. Meanwhile, rental prices are continuing to rise at a fast pace, according to a new report released by Hotpads.com, a rental listing service.
Rental prices in 20 of the largest metro areas increased 3.75% in 2011, and prices are expected to continue to rise in 2012. Meanwhile, home prices fell by 1.83% in 2011, according to the report.
"In a lot of cases it's getting to a point where it makes more sense for people to buy because rent has been going up significantly faster, while home prices have been falling," Paul Gleger, author of the report, told AOL Real Estate.
In Denver, that is definitely the case - it is cheaper to buy and own than to rent.
Friday, January 20, 2012
With so many people talking about what a good time it is to buy right now, I often also hear that one of the most difficult things for buyers is coming up with a down payment.
Well it's back! A loan program happening right now which is an incredible $500 downpayment ONLY program in which you also get to skip mortgage insurance!
If you bought a $200,000 house, a 3.5% downpayment would be $7000. And your monthly mortgage insurance would be $241/month, or $2900/year! This program would save you $6,500 up front, AND $2900/year!
This bodes well for sellers as well, since it brings into play a lot of good buyers who may have not been able to buy because of a downpayment requirement.
The requirements are as follows:
1) Have a 620 credit score or higher
2) Make below $62,500 per year
3) Be a first-time home buyer
4) Be purchasing the property to live in (not to rent out)
And that is it! If you want more information on this loan program, give me a call or shoot me an email! It's time to stop renting, and starting OWNING!