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Feel free to visit my page often, as you will get market updates, useful information on buying and selling a home and other facts.

The 8,000 tax credit expires at midnight November 31, 2009. That means that if you qualify for the credit and have not settled on a new home by then you will not be eligible to receive the tax credit. So... if you are thinking of buying, if you are not sure if you qualify or if you want a better understanding give me a call. Don't miss out on free government money. REMEMBER... the credit is UP TO $8,000. Go to the government home buyers tax credit page to get more details @ www.federalhousingtaxcredit.com/2009/faq.php .

Don't forget that if you have not owned home in Maryland for the last 3 years you qualify for the credit. That's right, you do not LITERALLY have to be a first time home buyer.

There are some excellent deals available and I have seen buyers walk into their new home with instant equity of $50,000 or more by purchasing a bank owned property.

HUD Secretary Announces Monetization of Tax Credit at NAR Real Estate Summit

WASHINGTON, May 12, 2009

Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, said that the
Federal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a downpayment.

Donovan’s remarks came in an address to several thousand Realtors^® gathered this morning at The Real Estate Summit: Advancing the U.S. Economy, a special daylong session at the Realtors^® Midyear Legislative Meetings & Trade Expo here.

Secretary Donovan said that important changes, which the National Association of Realtors^® has been calling for, will help consumers purchase a home. “We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a downpayment,” Donovan said. According to Donovan, the FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.

Donovan said the Obama administration plans to further stabilize the housing market. “I do think we have some early signs hat the market overall is stabilizing,” said Donovan. “Since January we’ve seen both home sales moving up and down around a relatively stable number and we are seeing the first signs that the rapid decline in home prices is starting to abate.”

NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said, “As the leading advocate for housing issues and homeownership, NAR continues to take a leadership role in promoting ideas for improving our economy by stabilizing the housing and real estate markets. Today we have the best of the best to begin a dialogue, develop solutions and initiate action toward real estate and economic recovery.”

The morning session included a panel discussion that was moderated by CNBC’s Ron Insana. The 13 panelists and Realtors^® in attendance examined cutting-edge solutions necessary to promote and preserve homeownership and real estate development, stimulate the economy, and protect the nation’s taxpayers. They also shared their ideas on what the role and responsibility of the federal government is in the revitalization effort.

The list of distinguished panelists include Dr. Martin Feldstein, professor of Economics from Harvard University; Dr. Barry Bluestone, professor of Political Economy from Northeastern University; John Taylor, CEO of the National Community Reinvestment Coalition; Maria Kong, president of the National Association of Real Estate Brokers; and Sarah Rosen Wartell, executive vice president for the Center for American Progress.

“Right now the Federal Reserve is the market,” said Jay Brinkman, chief economist for the Mortgage Bankers Association. “What will be the effect when the Fed stops buying?” Brinkman explained that an exit strategy must be planned for the long-term; the federal government cannot continue to support the mortgage markets indefinitely.

“We must make sure FHA and the GSEs are supported,” added the Wharton School’s Susan Wachter.

“We are thrilled that so many high-caliber individuals were able to join us today at this important meeting to promote stability in the housing market and the U.S. economy,” McMillan said. “We look forward to an ongoing dialogue and action toward this goal, during our midyear meetings this week and beyond.”

The real estate summit is part of the Realtors^® Midyear Legislative Meetings & Trade Expo here through Saturday. During the week, more than 8,500 Realtors^® will attend meetings, visit lawmakers and inspire action on Capitol Hill.

Sunday Open Houses are starting to look a lot more attractive, and it’s not just because the sellers baked brownies and slapped on another coat of paint. Since 2006, the peak of the housing boom, prices have dropped nationally by 18 percent and the rates on 30-year fixed mortgages have fallen from 6.8 percent to 5.5 percent. That means the average monthly mortgage payment has dropped from more than $1,000 to $894. The bottom line? Says Rich Arzaga, an independent financial adviser who teaches real estate investing at University of California, Berkeley, “Money is cheap, the homes are affordable, and sellers are really very desperate.”

That doesn’t mean you should run out and buy a house today; you can take your time to find the perfect home. The market is likely to bump along the bottom for a while, say analysts, and some markets may not hit their absolute rock-bottom prices for weeks or months-or even, in some vulnerable markets, years. But if you’re a first-time home buyer or a preretiree looking to line up your place in the sun (and you’re lucky enough to be able to afford one in this economy), start shopping now. Here’s why.

Good deals for snowbirds. Retirement hot spots like Florida, Nevada and Arizona have been particularly hard hit with falling prices. There are more than 21,000 homes for sale in Vegas; more than 5,000 in Boca Raton, almost 15,000 in Phoenix. That means lots of choice and room to bargain on price. If you’re intending to move to one of those areas, it makes sense to vacation there this winter and start checking out the market. In the three to five years it takes you to relocate, prices and rates are likely to solidify. There are already signs of slowing inventories and firming prices in some spots, like San Diego. But be careful: if you buy into a condo development that has many empty units, you can expect your monthly condo fees to rise significantly, to cover all those no-shows. And don’t count on rental income in those communities-in-crisis.

A bird in the hand. Don’t wait for the government-backed 4.5 percent rate that Treasury Department sources floated recently. It may never materialize, what with opposition from troubled banks and existing homeowners, and skepticism that it is the economic tool most needed now. Current rates are grazing their 45-year lows as it is, says Keith Gumbinger of HSH Associates, a mortgage-research firm. And they are as likely to head back up as they are to fall further.

Free money. First-time home buyers who ink their contracts before July 1, 2009, can claim a $7,500 tax credit to help them muster up a down payment. It’s really a zero-interest loan, repayable over 15 years with your annual income taxes. First-time home buyers can also withdraw money from their Individual Retirement Accounts penalty-free (but not tax-free) to make a down payment. They can also take some tax-free money out of their Roth IRAs to buy a home.

But some serious prep work is in order. As the sick housing market heads into typically slow winter, there’s time to amass a down payment (10 percent is good, 20 percent is much, much better) and get your low credit score up over 680, the new minimum level to qualify for a decent loan now. First-time and second-home buyers should take their time to explore what’s out there, and an extra moment to enjoy the one other advantage they have now. They can buy when they want, without worrying about selling a house in this market.

Earlier this week the FEDS unexpectedly cut interst rates 3/4 of a percent. Many people may think that this automatically drops the current martgage rates, but it takes a while for us to see this trickle down to the housing market. The FEDS will be having their scheduled meeting the beginning of the week and it should be interesting to see what they do.

For all people looking to buy at this time. IT IS a good time to get a great deal. In many cases I am getting all closing paid for my clients and/or getting them their new home for thousands less than the asking price. Don't be afraid to make the investment, things can only improve and real estate is still a good investment in your future.

Interest rates have climbed over the past few weeks but they are still running around 4.0 to 6.24 %. Just to keep the fearful buyer up to date. Deals are out there. The last 2 contracts I wrote for nuyers this month worked out perfect for them. One buyer wroye on a home priced at 389,000. It had been on the market for 5 months . We put in an offer for 375,000 and asked for 8,500 in closing and the seller signed the offer. lat week I wrote an offer for first time home buyers that have been looking since November. The home was listed at 279,000. we offered them 275,000 and asked them to pay the buyers closing of 10,500. We settle in 3 weeks. So, as you can see the possibllities are endless and I would be more than happy to negotiate for you too. Send me an email or call me if you are looking and have any questions before you take the plunge

There are new FHA guidelines that will take effect as of tomorrow. While FHA is the safest and easiest way to get a loan right now. You should know the guidelines. But, remember that FHA is not credit score driven and even a low credit score or past bad credit can still get you a loan with FHA.

IF YOU HAVE QUESTIONS ABOUT WHETHER OR NOT YOU WOULD QUALIFY FOR AN FHA LOAN FEEL FREE TO GIVE ME A CALL. EACH SITUATION IS UNIQUE AND YOU MAY BE ABLE TO BUY FOR THE SAME PRICE AS RENTING.

FHA down payment has gone from 3% to 3.5 %. This down payment can be in the form of a gift from a family memeber or employer. Mosy counties in Maryland have increased their loan limits from 362,000. for an FHA loan to 629,000 to 729,000. loan limit. This is almost double in what you can borrow to purchase a home under FHA.

You do not have to have perfect credit for an FHA loan. There are many factors that the underwriters consider for this loan. Even if you filed bankruptcy and it has been over 2 years since your discharge you may qualify for a loan through FHA.

Many people do not understand the term short sale and many realtors list these properties, but have not followed the proper steps to get a home up for short sale to the table in under 45 days. Be prepared in most short slae cases to wait 3 to 4 months before you reach the settlement table. This is not the fault of the bank who has to approve the sale in most caes it is the listing agent. Not all listing agents have the understanding of a short sale and have listed a property for less without getting approval from the bank to list it at that price. so... know what you are dealing with and ask the right questions. Be sure that your buyers agent helping you find your property also understands a short sale or you could be out in limbo for months wth this process.

Please keep in mind that I am a certified short sale specialist in Maryland and whether you are buying or selling your home feel free to give me a call. I can help you through the process and get you to setllement quickly.

So... a short sale is the sale of a house in which the proceeds fall short of what the owner still owes on the mortgage. Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments. so, if a seller owes 350,000. on the mortgage but homes in his neighborhood have dropped to 300,000 in this market we are currently in the seller can list the house for 299,000 and the bank will forgive the rest owed.

Feel free to visit my page often as you will get market updates, useful information on buying and selling a home and other facts.

IF YOU HAVE QUESTIONS ABOUT WHETHER OR NOT YOU WOULD QUALIFY FOR AN FHA LOAN FEEL FREE TO GIVE ME A CALL. EACH SITUATION IS UNIQUE AND YOU MAY BE ABLE TO BUY FOR THE SAME PRICE AS RENTING.

Are you looking in Maryland for free lists of Foreclosures? Give me a call or send me an email. I would be happy to send you a copy of the foreclosures currently out there. Many of my clients have been able to get some great deals and walk into equity even in this economy.

I have come to realize that many buyers out there think they need thousands of dollors to get into a home. I am here to tell you..... NOT TRUE.

There are still great programs out there for buyers even with the current bank problems. 2 programs that I am finding out many buyers do not even know that we have here in Maryland are the CDA and RDA loans. These are both 100% financing loans perfect for people with no money to put down.

Maryland school teachers, Fire Fighters and Police Officers can all benefit from the Home Keys program where you are given a grant for your closing costs and down payment.

Rates are still low so if you are looking to buy give me a call today. You have many options that may work for you.

GREAT NEWS in the current Mortgage Industry. Rates this afternoon are posting the lowest they have been in 4 years at around 5.7 %. If you are looking to buy now is the time to get lowest fixed interest rates along with some great deals to be had out there on homes.

Give me a call or shoot me an email to get you moved before the end of the year or start 2009 off in your new home.

If you are in the market to buy in Maryland things are looking up for buyers to get a great low rate mortgage. The Treasury Secretary has requested and will most likely get passed a move for rates to be set at a fixed rate for a 30 year mortgage at 4.5%. That's right I said you can get a fixed rate mortgage at 4.5%. This shoud take effect before the end of Decemberof 2008. Unfortunetly this rate will not be passed on for those looking to refiance their already existing mortgage. This rate is for purchases only.

Send me your questions if you want to know more about buying in this market. There are still 100% financing loans through RDA and even though FHA requires 3.5% down in many cases the seller is willing to pay the buyers closing costs.