Did you know that the home buyers tax credit is still available to military families?

Did you know that the home buyer’s tax credit is still available for military families?
Members of the military and certain other federal employees serving outside the US have an extra year to buy a principal residence in the US and qualify for the home buyers tax credit.  The military families need to enter into a binding contract by April 30, 2011 and to close by June 30 of next year.   This applies to any individual who served on qualified official extended duty service outside the US for 90 days during the period Dec 31, 2008 and ending May 1, 2010. Do you know of anyone that would fall into this category who wants to take advantage of the home buyers tax credit?
Improved affordability may lead to opportunities for someone you know to take advantage of current home prices and low interest rates. So who else might be possible buyers in today’s market?

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Someone who is ready to downsize
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Someone whose family has outgrown their current residence
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A young couple who wants to start building equity
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Someone whose family status has change due to marriage or divorce
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Someone who wants to take advantage of the buyers market to acquire a vacation home
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Someone who is relocating with a new job
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Someone who is close to retiring or has already

Who do you know who wants to take advantage of the affordable real estate options out there? Is that you? One of your relatives?  If you know of someone, yourself included, who wants to buy or sell real estate,  Give me a call!

Home Buyers- Do YOU have your TOP 5 list?

Along with the excitement of buying a home, whether it is your first or fifth, can also come some confusion….unless you take the time to make yourself a top 5 list. Some professionals may even say that should be a top 3 list…thinking that 5 becomes too hard to fulfill.

So what is your top 5 list? This is a list of “must have items” that your new home should be equipped with. Beyond the obvious bedrooms,kitchen,bathroom and garage!  This can range from a fireplace to brick siding, the point is that if you do not have a top 5 list you can be looking at homes for a very long time and find that you cannot make a decision!  You Top 5 list needs to be the top 5 things that you are looking for in your next new home and you need to stick to that list! In the long run it will make your life easier and the life of your Realtor may just be a bit easier too!
You may not have thought about having a Top 5 list and you may not even know what your Top 5 list would include beyond the fact that you want 3 bedrooms!

An example of a Top 5 list would be as follows:

Specific school district

4 bedrooms or 3 and an office

Island in kitchen

large master bath with garden or jacuzzi tub and separate shower

At least 1/2 and acre lot

The above is just an example of a Top 5 List….your Top 5 List may be different, it could include sq. footage or the exact neighborhood or of course the price ( the price is usually a given based on your finances but it is your list!) ! Make it anyway you want it just make sure they are the 5 most important things you want in your next new home!

If after working with your Top 5 list for a couple of weeks you find that your next new home is still evading your grasp then you may want to make that a Top 3 list and pick your 3 most important “must have items”!

Have fun home shopping! And stick to your list! ( well you know…UNLESS you walk into that one particular home that when you walk through the door you feel ….ahhhhhhhhhhhh! Then by all means….TO HECK WITH THE LIST!!”  haha

Interested in buying a Home? Call Chris 317 271-1700

203K Loan…….what is it?

Traditionally when a homebuyer wanted to purchase a home that needed work he would have to go through a complex set of steps including multiple loans, possibly high interest rates and ultimately a permanent loan to pay off the interim loans acquired to pay for construction as well as the original home price.

The section 203K program was designed to address this situation.  The borrower can get just one loan with this new program, it can be a fixed or adjusted rate loan and can be used for the acquisition as well as the rehab of the property.  To determine the amount of the loan the lender will consider the value of the property after the work has been completed.

For more information on this new program click on the Renovation Generation link below or give Chris a call at 317 271-1700

Renovation Generation – 203K Loans FAQ