I am going to cover different loan programs that are being offered as of now over the next few days. With new RESPA rules loan programs have been changing along with how they are offered.
I first will discuss FHA loans as they are known as of today. This is becoming the most popular loan out there today in the York, PA area. The most important factor is the amount of money down that is required by HUD. As a buyer you will need to have at least 3.5% down of your own in the transaction. The Seller can contribute up to 6% of the sale price towards the Buyers closing costs as of today. That will be changing shortly to 3% in april. You can see why it is one of the most popular loans in the market. You can get into a $200,000 house for as little as $7,000! With the rates hovering around 5% +/- and the tax credit of between $6,500 for a current married homeowner or $8,000 for a first time homeowner (not owned a home in the last 3 years) you can practically get in for no money down. Keep in mind there is an up front mortgage insurance premium that you can add either to the mortgage amount or pay it at time of settlement. There is also a monthly fee that is added to your mortgage payment.
For more information call us at The Pilgrim Team. 717-757-5955
Showing posts with label tax credit. Show all posts
Showing posts with label tax credit. Show all posts
Friday, February 12, 2010
Friday, November 06, 2009
Home Buyer Tax Credit Extended with Changes
This is what I just received from NAR.
Charles McMillan, 2009 NAR President
As of today – Thursday, November
– that bill has passed and will be sent to President Obama for his signature.
We have posted a side-by-side comparison of the changes on Realtor.org. Let me summarize the changes quickly now:
When the President signs the bill, the expiration date for the credit will move to April 30, 2010.
First-time buyers who have not had interest in a principle residence for three years are still eligible, and the maximum amount remains the same – $8,000 for married couples, $4,000 for those filing separately.
Current homeowners, who have consecutively maintained the home they want to sell as their primary residence for five of the last eight years, are also eligible. However, the maximum amount for those homeowners is lower: $6,500 for married couples and $3,200 for those filing separately.
The tax credit may not used to purchase a home for more than $800,000. All buyers who want to get the credit must include documentation of the purchase on their tax returns.
Charles McMillan, 2009 NAR President
As of today – Thursday, November
– that bill has passed and will be sent to President Obama for his signature.
We have posted a side-by-side comparison of the changes on Realtor.org. Let me summarize the changes quickly now:
When the President signs the bill, the expiration date for the credit will move to April 30, 2010.
First-time buyers who have not had interest in a principle residence for three years are still eligible, and the maximum amount remains the same – $8,000 for married couples, $4,000 for those filing separately.
Current homeowners, who have consecutively maintained the home they want to sell as their primary residence for five of the last eight years, are also eligible. However, the maximum amount for those homeowners is lower: $6,500 for married couples and $3,200 for those filing separately.
The tax credit may not used to purchase a home for more than $800,000. All buyers who want to get the credit must include documentation of the purchase on their tax returns.
Thursday, October 15, 2009
Extend The Home Buyer $8,000 Tax Credit
Extend the Home Buyer $8,000 Tax Credit
Thursday, October 15, 2009
by Jerry
The $8,000 tax credit is set to expire November 30th. Currently Congress is deliberating on to either let it expire or possibly extend the credit with modifications. The talk is that they could raise the credit to as high as $15,000 for all buyers (this means not just for 1st time home buyers). With the state of the economy nationally and the fact that local economy (Useful Information about York PA) is so depended on real estate related goods I believe if anything that needs a continued stimulus is real estate. I wouldn't have said that before this all started but since the government started down this road they have to finish what they started and don't let this vehicle run out of gas now. If they don't extend this to all home buyers it could be devastating nationally.
Thursday, October 15, 2009
by Jerry
The $8,000 tax credit is set to expire November 30th. Currently Congress is deliberating on to either let it expire or possibly extend the credit with modifications. The talk is that they could raise the credit to as high as $15,000 for all buyers (this means not just for 1st time home buyers). With the state of the economy nationally and the fact that local economy (Useful Information about York PA) is so depended on real estate related goods I believe if anything that needs a continued stimulus is real estate. I wouldn't have said that before this all started but since the government started down this road they have to finish what they started and don't let this vehicle run out of gas now. If they don't extend this to all home buyers it could be devastating nationally.
Tuesday, July 28, 2009
$8,000 Tax Credit
Tuesday, July 28, 2009
by Jerry
York County first time home buyers have been out in force taking advantage of the $8,000 tax credit. Time is running out for buyers. If you would like to buy a home and are short of a down payment or closing costs, you can also take advantage of historically low mortgage interest rates. Buyers must settle on a home by November 30, 2009 in order to take advantage of this.
by Jerry
York County first time home buyers have been out in force taking advantage of the $8,000 tax credit. Time is running out for buyers. If you would like to buy a home and are short of a down payment or closing costs, you can also take advantage of historically low mortgage interest rates. Buyers must settle on a home by November 30, 2009 in order to take advantage of this.
Monday, June 22, 2009
York County PA Home Market Statistics
York PA Housing Statistics
Single Family Homes:
Jan-May 08' SOLD Units - 938 represents a 14% decrease over the same time period in '08. It also represents a 33% decrease over '07.
Time on Market for sold homes in '09 for same time period was 85 days.
Homes that are currently Active (unsold) have been on the markey 120 days.
The Median home price dropped form a high in '07 of $221,013 to $211,335 in '08 to $188,588 a 33% decline.
What these statistics mean for Buyers is obvious. If you have the means to buy a home NOW is the time. The low interest rates couples with the more affordable home prices in York County PA. The $8,000 dollar tax rebate will run out Dec 1st of this year.
For Home Sellers the home must be priced to the market or it will become another unsold statistic. You will need to choose a Realtor with an A+ marketing program that will give your home maximum exposure to potential home buyers. List your home with Jerry Pilgirm and you will get just that.
Single Family Homes:
Jan-May 08' SOLD Units - 938 represents a 14% decrease over the same time period in '08. It also represents a 33% decrease over '07.
Time on Market for sold homes in '09 for same time period was 85 days.
Homes that are currently Active (unsold) have been on the markey 120 days.
The Median home price dropped form a high in '07 of $221,013 to $211,335 in '08 to $188,588 a 33% decline.
What these statistics mean for Buyers is obvious. If you have the means to buy a home NOW is the time. The low interest rates couples with the more affordable home prices in York County PA. The $8,000 dollar tax rebate will run out Dec 1st of this year.
For Home Sellers the home must be priced to the market or it will become another unsold statistic. You will need to choose a Realtor with an A+ marketing program that will give your home maximum exposure to potential home buyers. List your home with Jerry Pilgirm and you will get just that.
Wednesday, May 06, 2009
Home Buyers Seminar
York, Pa-- "The Pilgrim Team" at Professional Realty Associates is pleased to announce they are hosting a FREE informative Home Buyer Seminar. Anyone considering purchasing or investing in real estate should attend this special event. Learn about first time home buyer programs and the $8,000 tax credit. Take advantage of very low interest rates and how to buy short sales and foreclosures and save $1,000's of dollars!
Where: Tuesday May 19th at 7:00pm
at Perkins Family Restaurant (meeting room)
2500 E. Market St, York PA 17402
With Guest Speakers to include:
Maximum Realty Settlement Services will discuss the settlement process and how title insurance benefits you.
Steven Gohn of Credit Bureau of York will discuss how a person's credit score is an integral part of financing a home. He will suggest ways to improve their credit ratings, score and repair credit if necessary.
Tim Leiphart, V.P.National City Mortgage will inform us about new loan guidelines and taking advantage of the new First Time Home Buyer's Credit.
Jerry Pilgrim, Professional Realty Associates will speak to buyers interested in purchasing Homes for sale in york pa and what to expect when purchasing foreclosures and short sales.
Anyone who attends will receive a buyer’s orientation book and prizes.
All Attendees who purchase a home with us will receive a Free 1 yr. Home Warranty.
For more information or to make reservations for the Free seminar call Professional Realty Associates at 717-757-5955 or visit our webpage at www.PilgrimTeam.com and click the link to register online. http://www.pilgrimteam.com/home-buyers-seminar.aspx
Where: Tuesday May 19th at 7:00pm
at Perkins Family Restaurant (meeting room)
2500 E. Market St, York PA 17402
With Guest Speakers to include:
Maximum Realty Settlement Services will discuss the settlement process and how title insurance benefits you.
Steven Gohn of Credit Bureau of York will discuss how a person's credit score is an integral part of financing a home. He will suggest ways to improve their credit ratings, score and repair credit if necessary.
Tim Leiphart, V.P.National City Mortgage will inform us about new loan guidelines and taking advantage of the new First Time Home Buyer's Credit.
Jerry Pilgrim, Professional Realty Associates will speak to buyers interested in purchasing Homes for sale in york pa and what to expect when purchasing foreclosures and short sales.
Anyone who attends will receive a buyer’s orientation book and prizes.
All Attendees who purchase a home with us will receive a Free 1 yr. Home Warranty.
For more information or to make reservations for the Free seminar call Professional Realty Associates at 717-757-5955 or visit our webpage at www.PilgrimTeam.com and click the link to register online. http://www.pilgrimteam.com/home-buyers-seminar.aspx
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