BREAKING NEWS: Home Buyer Tax Credit Closing Extension..PASSES | Home Buyer Tax Credit, Close By Sept 30

Breaking News…The allowed time to CLOSE a transaction where the buyer is using the home buyer tax credit has been moved FROM the end of June…extended to Sept 30th 2010!

NATIONAL ASSOCIATION OF REALTORS must receive out collective gratitude for playing a part to make this happen.

WASHINGTON — Homebuyers would get an extra three months to complete their purchases and qualify for a generous tax credit under a bill overwhelmingly passed by the House on Tuesday.

Under current law, homebuyers who signed purchase agreements by April 30 have until Wednesday to close on the sale to qualify for tax credits of up to $8,000. The bill would give buyers until Sept. 30 to complete their purchases.

The extended deadline only applies to people who signed purchase agreements by April 30. The National Association of Realtors estimates that about 180,000 homebuyers who already signed purchase agreements are likely to miss the Wednesday deadline.

“We owe this to the people who have essentially followed the rules who are caught by a closing date,” said Rep. Sander Levin, D-Mich., chairman of the House Ways and Means Committee.

The bill passed 409-5. It now goes to the Senate, where Senate Majority Leader Harry Reid, D-Nev., has sponsored a similar measure.

The popular tax credit has helped to stabilize the nation’s slumping housing market. More than 2.6 million taxpayers claimed the tax credit through April — claiming $18.7 billion — according to the Internal Revenue Service.

The Realtors group says the tax credit has generated 1 million new home sales that wouldn’t have happened otherwise.

The tax credit for first-time homebuyers was part of President Barack Obama’s economic recovery package enacted last year. In November, Congress extended the credit and expanded it to longtime owners who bought new homes. First-time buyers were eligible for a tax credit of up to $8,000. Current owners who bought and moved into another home could qualify for a credit of up to $6,500.

The Realtors group has been pushing hard in Congress for the extension. Mortgage lenders, the trade group says, have been swamped with borrowers trying to get approved by the end of the month.

Delays with mortgage lending and appraisal companies have meant that home sales are taking far longer to complete this year.

“A lot of lenders weren’t able to handle the influx of loans that came with the tax credit,” said Lucien Salvant, a spokesman for the National Association of Realtors.

There have been particularly long delays for buyers of so-called short sales — ones in which banks agree to accept less than the total mortgage amount. In Las Vegas, for example, short sales made up nearly a third of all sales last month.

Many banks “just don’t have the process to the point where they can do it in a reasonable amount of time,” said Jack Woodcock, a real estate agent in Las Vegas. Extending the tax credit deadline, he said, would be a welcome relief to those borrowers, many of whom “made their decision based upon that tax credit.”

Source: Associated Press writer Alan Zibel contributed to this report.

Is It Wise To Buy A Home In Henderson That Bank Of America Is Selling?

There are significant tax benefits, including capital gains deductions for property taxes and loan interest. A home appreciates in the long run and acts as a hedge against inflation. It helps diversify your assets, builds equity and provides a means of forced savings as you slowly pay down the principal.

Real estate also is a leveraged investment, unlike most others. If you put 10 percent or $20,000 down on a $200,000 house and it appreciates to $300,000, that translates to a 500 percent return.

On the flip side, homeownership often comes with hefty and unexpected repair bills. And values don’t always go up. Nearly a quarter of all homeowners with a mortgage owed more on their loans than their homes are worth in the last three months of 2009, according to First American CoreLogic.

But, like the proverbial pendulum, what goes down, always comes up…and now that pricing is at what many experts consider “the bottom”, you know what to do.

For more information on how to make your money work harder for you and enjoy home ownership, visit our website: HowToBuyABankHome.com

Working with a Home Inspector In Henderson

The rule of real estate is to get your money’s worth.  When you are looking into finding a place, you will want to make sure that the rule immediately applies.  One way to make sure that you are getting more for your money is by finding the right inspector.  This will allow you to find a property that is worth the up keep. 

The job of an inspector is to find everything that might be a larger problem in the house before you move in.  This will begin by checking the electricity, water supply, plumbing, furnace and heat supplies, and the general build of the home.  They will take a part of their day in order to make sure that everything is built up to standard and that it won’t cause problems before you move in. 

If there is something that the inspector says is wrong with your home, you will have the ability to ask for repairs or money back for the home.  There are several who will save thousands of dollars by having an inspector look at what is in the home and how it needs to be changed.  Because of this, you will want to make sure that the right inspector is coming to your home. 

Most likely, your real estate agent will have a specific inspector that they like to work with.  However, you can find one on your own and have them inspect the home as contract work.  You want to make sure that they will do a thorough job and that they have your best interests in mind.  This will help you to walk into your home without any surprises and with potential replacements before you move in. 

Working with an inspector is an essential part to buying a home.  It will help to determine and define the quality of the home and can help you to get the best deal in the end.  Before you sign the final papers, make sure that the inspector you have worked with has looked through everything.  This will help you to begin making your house into a home. 

I’ve got a GREAT home inspector for you! Contact me today and I”l give you Paul’s information and you can ask all the questions you need.

How To Get A FREE Loan Pre-Qualification

If you are like most, you know that it would be beneficial to just have money handed over your way.  You work hard at what you do and are financially stable.  You know that it is time for you to move into a new place and want to make sure that you have the best opportunities available for you.  The first investigation to make in order to step forward is through a loan pre-qualification. 

Loan pre-qualifications will determine if you have the financial ability to invest in real estate in the beginning.  By having the right pre-qualification, you can be guaranteed a specific amount of money and will have the ability to move into the home of your dreams. 

The first thing that is determined with loan pre-qualification is how much you make each year from your job.  By finding this, it will allow for lenders to know how much you will be able to put into a loan in relation to other expenses that you may have.  Things such as personal debt and car loans, as well as credit card expenses will be calculated in this figure to show the first step to finding the right loan. 

After these specific points have been added up, the time frame in which you will pay your loans will be factored in.  This will give the companies an idea of how much you can pay and how this will relate to the debt and finances that you have coming in and out of your pocket.  This will be defined by using formulas that will relate how much money you are making in relation to how much you can pay to balance out your loan.  Usually, pre-qualification formulas will divide things by factoring in ratios for standards of living. 

If you want to make sure that you have the right loan, then becoming pre-qualified is the first step that you will need to take.  This will enable you to move forward with what you want and need for your loan.  By knowing what to expect, you can prepare for the process of getting a loan and can move into the property that you want.

If you want a free prequalification, simply click on this link: Nikki Purple and tell her your future real estate agent sent you!

How to Pick your Lender for your First Home or Refinancing

Your lender is one person that can make or break you with finances towards your home.  Before you become involved with anyone that will involve your money, you need to make sure that they are going to offer you the best.  Once you know some basic concepts, you can begin to find a lender that will fit your needs. 

The first set of characteristics that you will want to look for with a lender is with the type of loans that they will offer and the policies that are set next to them.  The loan that is offered to you should fit your individual financial needs and give you the benefit of the financial world.  This doesn’t just include the loan types, it also includes the extra fees that are attached to loans and how these will differ with you.  You should also ask about things such as pre-payment penalties and rate locks that may be attached to your loan. 

You will also want to know how your lender will benefit you.  Sometimes, you can get discount points added to your loan, as well as lender guarantees.  These will help to lower the rate of your loan and will help you to gain credit.  You want to make sure that no matter what the loan, that you are not going to be penalized for anything and that you benefit from what you are getting. 

The main idea when finding a lender for your home or to refinance is to make sure that you will get exactly what you want from the loan.  This includes everything from the type of loan that you will get to the timing and type of funding that will be offered to you.  With any situation, go with your list of questions ready and be willing to listen to possibilities.  However, if you aren’t satisfied, you can find a lender that will listen to you better. 

Even if it is your first time buying a house or if you are trying to get a little extra money, you should always walk into a lenders office and know exactly what you are getting into.  In the long run, this will make a difference in your abilities to stay in a place and benefit from what is being offered.     

Here’s a link to Nikki Purple , whoIMHO is the BEST in the business, because she’s been trained juet like I was – “Old School”. When you call her, tell her your future realtor sent you!

MERIT Realty Reports FHLMC (FreddieMac) Has More Than 350 Foreclosed Homes Available In Las Vegas & Henderson

Why Buy A Las Vegas Or Henderson Short Sale Or Foreclosure Property?

While homeownership comes with many responsibilities that you need to be aware of, most financial advisers say there are also many advantages.

• You’ll have a place that is yours!
  Homeownership provides shelter and security for you and your family. You can pass your home down to your children, and their children, creating security for generations to come.
• You may have some tax benefits with homeownership. 
  Homeownership can reduce the federal income taxes you pay. You can deduct the interest on your home mortgage and property taxes you pay on your home on the tax returns you file each year. These tax savings may offset a portion of the cost of owning your home. While tax savings can reduce the cost of homeownership over time, you still need to make sure you can afford the monthly mortgage payments.
• Your monthly payments will remain stable if you choose a fixed-rate mortgage!  
  If you choose a mortgage with a fixed-interest rate (one that stays the same for the life of the loan, say 30 years), you’ll pay the same mortgage payment each month for the entire 30 years of the loan (but remember if your taxes go up, your escrow will go up – increasing your monthly payment).
• You’ll contribute to your nest egg!
  Owning a home can be a way to build long-term financial security and independence.

But remember with all the benefits of homeownership comes responsibilities too – a mortgage, upkeep of a home and repair bills just to name a few.

How lenders assess mortgage applications has changed a lot since 2007. What was acceptable a few years ago may not be so today. The following are some common homeownership myths:

Myth: It’s a bad time to buy a house.
Fact: Mortgage rates for fixed-rate mortgages are at historical lows, creating stable payments and long-term savings for today’s homebuyers and house prices have fallen at a record pace. Additionally, there is some financial relief for first-time homebuyers through the recently enacted Housing and Economic Recovery Act of 2008 and foreclosures have increased to record levels, leaving lots of housing supply on the market with unequalled demand. The combination of these factors generally equals greater affordability, and makes now a good time for many to consider homeownership.

Myth: Buying a house is just too risky; I’ll end up in foreclosure.
Fact:The recent news on foreclosures is understandably frightening. Certainly if you lose your job, go through a divorce, or suffer an illness, you could have real trouble paying your mortgage, or rent for that matter. In recent years, we’ve even seen an increase in excessive obligation–just too many bills–as a reason for delinquency. While you can’t always solve for the unexpected twists and turns of life, good budgeting and responsible credit practices can decrease the likelihood of a foreclosure. Also if you have trouble paying the mortgage, contact your lender immediately!

Myth: You can’t buy a home in the U.S. if you’re not a citizen.
Fact:If you’re a permanent or non-permanent resident alien, you can purchase a home in the U.S. In order to qualify for a loan you typically need to be a permanent resident alien with a valid USCIS card or, a “Green Card” and Social Security number. If you are a temporary resident alien with a valid work permit and Social Security number and have been in the United States continuously for the last 2 years, with steady employment and good credit history you may also qualify for a loan.

To acces all FHLMC and other lender owned properties in Las Vegas and Henderson, visit this website: HowToBuyABankHome.com

MERIT Realty Reports Wells Fargo Has 216 Foreclosed Homes In Las Vegas

That’s right. As of January 2010, MERIT Realty shows Wells Fargo Bank has 216 homes, townhomes and condominiums available for sale in Las Vegas and Henderson. 

Many of them can be purchased with FHA financing which means minimum down payments of only 3.5% for 30 year fixed rate mortgages. 

Once you’ve found a home you want to buy, you’ll need to negotiate a price with the seller and agree to a purchase contract, then it’s off to CLOSING!

Making an Offer

Unlike many major purchases which have a specific price tag, homes sell for whatever amount the buyer and seller negotiate. Your real estate agent should help you determine the appropriate amount for your initial offer. When you make the offer, keep these things in mind:

• Put it in writing. All negotiations should be handled in writing—not verbally—to ensure that there is a clear understanding between the parties. If you must negotiate verbally, at least follow up in writi
• Have your preapproval from your lender to give you maximum leverage. Sellers require offers from buyers whose financing is already secured.
• Be prepared to submit an earnest money deposit (also called a “good faith” deposit) to show your commitment to the transaction. This deposit, the amount of which varies by locality, will go into an escrow account until the transaction is complete.

The Contract

The purchase contract, or purchase agreement, is a signed agreement between the buyer and seller describing all the terms of the transaction. Like other contracts, this document represents a legally binding agreement, so approach it with care. Your real estate agent is the only person qualified to prepare the contract for you and keep you legally protected. Purchase agreements typically include these items:

• The home address and legal description of the property.
• The sales price and the amount of the loan, down payment, and deposit.
• The names of both parties and their respective agents, brokers, or attorneys.
• Any applicable time limits. These may apply to the buyer’s acquisition of financing, the seller’s response to the offer, the closing, or the transition of occupancy.
• Any conditions or contingencies that must be met in order to complete the transaction. For example, the contract may be contingent on the buyer’s ability to obtain financing, the home being appraised at a certain value, the results of a home inspection, or the sale of the buyer’s current home.

Remember that no two real estate transactions are exactly alike. Buyers and sellers bring different backgrounds, interests, and agendas to the negotiating table, and the purchase contract will reflect those differences. 

Closing

The closing is the final phase of your homebuying and mortgage process, so now your new home is just a few steps away. If you haven’t already, make sure you do the following:

• Review your loan commitment with your lender to make sure you understand all the requirements.
• Set the closing time and date based on your sales contract and the loan commitment expiration.
• Confirm that a survey of your property has been ordered. Check with your closing agent or attorney.
• Make preparations to move (notify your landlord, complete change of address forms, arrange for utilities to be disconnected at your current address and made available at your new home, and plan your actual move).
• Conduct a final walk-through inspection of your home-to-be.
• Make sure you’ve satisfied all the requirements of your agreement with the seller.
• Get a certified or cashiers check from the bank for your closing costs. Cash or personal checks are generally not accepted.

On closing day, ownership of the property will be transferred from the seller to you, and you will sign documents that acknowledge your rights to the property you have purchased, your agreement to repay the money you have borrowed, and the lender’s right to the property if you default on the loan. The escrow officer and title company will coordinate and distribute all the paperwork and funds, according to the terms agreed upon by you and the seller.

Then, it will be all yours!

For free access to all properties listed as foreclosures OR short sales in Las Vegas and Henderson, visit our website: HowToBuyABankHome.com

Tips For Buying Your First Home In Henderson – Short Sale Or Foreclosure

For a first time home buyer, the process can get quite overwhelming, giving you the feeling that the financial decisions are rapidly spinning out of control.  When it comes to real estate, most people don’t have a lot of experience or know a lot about it.  In all actuality, buying a home is actually a simple process.  All you need to do is understand the basics, which will go a long way in helping you buy your very first home. 

The first thing you should know is to avoid pre payment penalties at all costs.  What this means, is that if you buy the home then later want to sell it before the balance of your mortgage is due, you’ll have to pay a penalty.  You can find a variety of great loans that don’t include these types of penalties.  If you find a loan that does include pre payment penalties, you should immediately turn it down and look for another loan. 

You should also be on the lookout for good ARM’s.  If you have a good ARM, then your interest rate and monthly payment will adjust at the exact same time.  This will make sure that your interest doesn’t affect your monthly payment.  If your interest rate does affect your payment, then you will notice the unpaid interest reflecting the overall amount of your loan balance. 

You’ll also want to get pre approved for your house as well.  This lets the seller know that you are serious about buying, and will normally work in your favor to give an edge – which is especially handy if there are several others interested in purchasing the home.  Getting pre approved will also save you a lot of time as well.  If you can’t get approved for a loan, you shouldn’t waste your time inspecting it, trying to get a good interest rate, or negotiating with the seller for your ideal price. 

Before you purchase a home, you should always be aware of how much you can afford.  Before you attempt to purchase a home, you should always go over your budget and figure out how much money you can spend on a mortgage payment.  If you manage your money smart and know your finances, this shouldn’t take you hardly any time at all.  On the other hand, if you don’t know your finances, this will take you a long time indeed. 

If you’ve already purchase your first home, you should always avoid taking any type of home equity loan.  These loans can be very tempting when you get in an emergency and need cash, although most home equity loans add up to more than the value of your home.  You should never, under any circumstances take a home equity loan, as there are many other ways that you can clear up your personal problems without having to jeopardize your home. 

Keep in mind that the above are just a few basic tips and that there are many other things you’ll need to know before you buy your very first house.  You’ll need to be familiar with private mortgage insurance, special loan programs, fixed rate and adjustable rate mortgage, and several other things.  Buying a home is an easy process, once you know a bit about it.  If you familiarize yourself with buying a home and learn all that you can about what is involved, you’ll find the home buying process to be easier than you ever thought possible.

For more information on buying your first home and to learn of all the first time home buyer mortgage programs, please visit our website: HowToBuyABankHome.com

Knowing When You’re Ready To Buy A Henderson Short Sale or Foreclosure

All across the United States, millions of people looking to a buy home – either now or in the future.  Over the last few years, lower interest rates have come along, making it more affordable than ever to buy a home.  When most people stop and give it some thought - buying a home makes a lot more sense than renting a home or an apartment. 

In order to buy a house, you’ll need to start saving your money and have enough for the closing costs and a down payment.  Your down payment will normally need to be around 3.5% of the price or the value of the property – whichever is lower, under FHA lending guidelines.  To be on the safe side, you should always try to have 20% to put down.  If you aren’t able to put 20% down, you’ll need to buy some private mortgage insurance, which will cost you more in terms of your monthly payment. 

In most cases, the closing costs will run you around 3% of the property price.  Before you purchase the home, you should always get an appraisal.  It won’t be the exact price, although it will be really close.  You should always plan to save up a bit more money than you need, just to be on the safe side.  It’s always best to have more than enough than not enough. 

You’ll know you’re ready to buy a home when you know exactly how much you can afford, and you’re willing to stick with your plan.  When you buy a home and get your monthly mortgage payment, it shouldn’t be any more than 25 – 33% of your total monthly income.  Although there are lenders out there who will say that you can afford to pay more, you should never let them talk you into doing so – but stick to your budget instead.

Keep in mind that there is always more money involved with a home other than the mortgage payment.  You also have to pay for utilities, homeowners insurance, property taxes, and maintenance.  Owning and caring for a home requires a lot of responsibility.  If you’ve never owned a home before, it can take a bit of time to get used to. 

Before you fill out any applications, you should always look over your credit report with your lender and check for any errors.  Although you may think you don’t, you can easily get an error on your credit report and not even realize it.  If you have an error on your credit report, it can cost you a lot of money in interest rates.  An error will decrease your credit score, which will put you in a higher interest bracket and ultimately cost you a lot more money in the end.  

If you check your credit report early enough, you may leave yourself enough time to fix any problems and get your credit back on track.  Rebuilding credit can take time though, sometimes even years.  You should always plan ahead – and give yourself plenty of time to fix your credit. 

Buying a home will require a bit of commitment on your behalf.  You should always strive to get the best possible deals, which means knowing your credit and where you stand.  This way, you can get the best interest rates.  

For more information on buying a Henderson short sale or foreclosure, please visit our website: HowToByABankHome.com

Helpful Steps To Take When Buying Your First Home In Las Vegas With MERIT Realty

You can buy your first home without the big stash of cash many believe they require. Much of the time it needs only some expenses and a lot of gumption, plus some simple preparation backed by resolve to possess your own house. You can take the following measures to see if you can do it:

• Calculate your expendable income. This is the amount you can spend and still meet all your monthly obligations. Divide a lined pad paper by drawing a vertical line down the middle. On the left-hand side write down your normal incomes, recording the origins and amounts. If necessary average values over a year or semester period. Do not include occasional windfalls.

On the right side of the column, write your normal household expenses, beginning with the fixed expenses such as rent, utilities, phone, car expenses, etc. Calculate your average food expenses over a three-month period. The variation between the incomes and expenses is your usable income. Compute for two: actual, this simple income-less expenses amount, and potential disposable income, actual plus every expense item you can live without. Now you know the amount of amortization you can afford to purchase your home.

You can streamline this financial process for free by visiting an awesome MERIT Realty site, HowToBuyABankHome.com and ask for a free mortgage consultation.

• Search for your home. Write down the areas you wish to live in, and the probable cost of your home based on your disposable income. Browse through magazines or other papers where you can get possible homes for sale in the places of your choice. Ads of homes for sale with photographs will be a tremendous help. If you like any likely prospect, go to it casually or formally to get an idea how it should look like. A great source of homes available for first time home buyers is HowTOBuyABankHome.com

• Consult your family, friends and those who can help you determine what or which is the best deal. Their first-hand or actual experiences can grant you some elements to use in making a decision. It will be your largest financial onus for a great number of years, so the more informed you are, the more educated will be your ultimate decision.

• Finally, seek out a competent professional that can get you a great home in a great Las Vegas neighborhood. MERIT Realty has an excellent one that can be reached at HowToBuyABankHome.com