The clock is ticking for Lehigh Valleuy buyers who want to take advantage of a $8,000 first-time homebuyer tax credit because all sales must close by the Nov. 30 deadline.

The American Recovery and Reinvestment Act of 2009 authorized a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence between Jan. 1 and Dec. 1 of this year. Eligible buyers include those who haven’t owned a home in the past three years, and who plan to live in the home for 36 months after closing.

The maximum credit is either 10 percent of the purchase price up to $8,000 for a single taxpayer or married couple filing jointly, or $4,000 for married individuals filing separately.

The income limit for single taxpayers is $75,000, while the limit is $150,000 for married taxpayers filing a joint return. The tax credit amount is reduced for buyers with a modified adjusted gross income of more than $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return.

“The American Recovery and Reinvestment Act … extended the first-time home buyer credit into the current year and expanded it from the old amount of $7,500 as the maximum benefit,” said Bill Brunson, Internal Revenue Service spokesman in Phoenix. “That in essence was an interest-free loan that you had 15 years to pay back. This is an $8,000 credit and you’re not required to pay that item back as long as you reside in that home, that’s your principal, primary home, for the next 36 months.”

Taxpayers can claim the credit on their 2008 or 2009 income tax returns, even if they’ve already filed their 2008 returns, he said. IRS Form 1040X can be used to amend your 2008 return, he said.

“Now is a good time to start looking for a new home or to start to close on the paperwork if you qualify for the credit,” Brunson said.

Closing is when all parties sign the papers officially finalizing the deal, and ownership of the property is transferred to the buyer.

FOR MORE INORMATION, OR TO SEE IF YOU CAN STILL QUALIFY – CALL ME TODAY 610-533-4549
Chris Hoffman, Realtor

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Are you thinking about buying a home in the Lehigh Valley? Here are some tips for avoiding some common buying mistakes.

1. Take your time. Be familiar with the local market before making an offer. Preview different homes. This will help you to better understand the marketplace.

2. Ask questions. Ask questions about the listing details, the contract details, and the mortgage details. There are many hidden factors when buying a home. It is your responsibility to uncover them.

3. Know your financial limits. Even if you find your dream home, don’t sacrifice your lifestyle by devoting all of your finances to a home that you can’t afford. Plan for the future such as children, add-ons, amenities, and fix-ups. Pre-approval through a lender can help determine a reasonable target price range and also identify the mortgage programs that can work best for you.

4. Shop for the best mortgage rates. With so many different mortgages available, you should take the time to find the one that best suits your needs. Anyone can get a mortgage regardless of qualifications. However, be wary of the ones that may do more harm than good.

5. Know the neighborhood. Is the neighborhood safe? Are there schools, parks, libraries, coffee shops, etc. nearby? Is it the kind of neighborhood that you want to live in? Also, find out the zoning regulations. This will prevent unforeseen headaches. Is your area zoned for commercial businesses, fire stations, etc?

6. Professionally inspect the house. Speak with inspectors about how they work, what they cost, and what they recommend. In addition, be clear about what is on the inspection report.

7. Surround yourself with trustworthy people. Find the right agent, lender, mortgage broker, title rep, and agent that suit your needs.

8. Remember that what is in writing is what counts. Any negotiations or discussions should be written. Your team consisting of your agent, broker, inspector, etc. should provide you with written contracts.

9. Consider using a Buyer’s Agent. It is advantageous to have a professional real estate professional such as myself on your side. I can provide useful information about the location, property, and local market that will facilitate your buying decision.

If you or anyone you know needs help navigating the buyers market, feel free to call me at (610) 533-4549 or visit my website at http://www.govalleyhomefinder.com/

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Is the stress of buying a home overwhelming you? I would enjoy helping you handle all of the details in order to relieve some of the tension. Here are some tips that might aide in relieving your home-buying stress.

1. Envision where you want to be once the purchase of the house is completed. Write down the details and use it as a tool to get you motivated when the buying process seems to slow you down. The end result should make you feel that your time and energy spent was worth it.

2. Expect the unexpected. Anticipate the hidden costs by researching the real estate and mortgage markets. Hidden extras will vary; some are legitimate while many others, also known as garbage fees, simply are not. If you don’t understand, or you disagree with any fees that arise, you need to find out what they are and if you need to pay them. Remember that you need to perform research in advance. It is usually too late to back out on contracts when the deal is ready to be signed.

3. Find an agent you can trust. The agent will facilitate your buying process. He or she will help you create your buying plan, locate the right home, offer strategies for the current market, deal with offers, and assist you in completing the paperwork. In addition, your agent will guide you through the buying process; and help you with any emotional stress that comes along the way.

4. Know your limits, but at the same time, be flexible. Write down and revert back to your buying plan. When obstacles arise or setbacks occur, pull out your buying plan and get back on track. Make modifications to your buying plan if necessary, but don’t lose sight of your objective. If you are well prepared, you will always have options. There are plenty of agents, mortgage brokers, lenders, etc. who are willing to assist you.

5. Don’t alter your lifestyle. Whether it is during the home-buying phase or after the purchase has been completed, don’t forget or eliminate your daily routine. When purchasing a home, continue doing the things that you normally would be doing. Your main focus may be buying a home, but don’t be completely absorbed by the process or you may lose sight of your objective. A new home should enhance your lifestyle not take away from it.

If you would like help finding the home of your dreams, call me at (610) 533-4549 or visit my website at http://www.govalleyhomefinder.com/

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What is a buyers agent? why do I need to have one? and how do I get one? These are the questions you need to ask yourself if are looking to purchase real estate here in the Lehigh Valley.

The first time you meet with an agent, even if its looking at a property, they should present you with what is called the “Consumer Notice” This is a document required by the state of Pennsylvania whenever a substantive discussion occurs between you and a real estate agent. This is not a contract, but rather just as it is labeled – a consumer notice, the purpose of which is to explain the different kinds of relationships you can have with an agent. Yes, there are differences, BIG differences.

The first thing to note is that, according to state law, unless you establish a “business relationship” in writing, defining what type of relationship, if any exists between you and an agent, that agent DOES NOT WORK FOR YOU.  Just because you contact and agent, discuss your home buying needs, look at homes, etc that agent is under no legal obligation to work for you, or in your best interests.

Once you singe a business relationship document, form that moment forth, that agent is under legal, ethical and moral obligations to provide YOU with very specific duties and owes you a fiduciary duty to work specifically for you, and your best interests. He or she must put forth a good faith effort, disclose any and all information, advise you of the law, and owes you a duty of confidentiality.

This is part of the duties he or she now owes you, and establishes this person as YOUR Buyers Agent. If you are selling a home, then you would establish a ”Seller Agency” relationship.

There is difference, and this why you never want to look at homes on your own and then contact the listing agent, or the listing agents office. Why, BECAUSE THEY WORK FOR THE SELLER. They owe the same duties to the seller that your buyers agent owes to you!

The bottom line is that if you are looking to buy a home, contact an agnet immediately to meet with them, discuss your real estate needs, get prequalified, and establish a business relationship, so that now, you have a real estate agent working for you, and on your behalf. Now you can buy a home here in the Lehigh Valley with proper representation, and know that your needs are being met

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If you are a first time buyer looking to buy a home here in the Lehigh Valley, the first thing you should do is contact an agent

A good agent will never pressure you to move to quickly or buy a home that you really don’t like. Instead he or she will ask you some basic questions over the phone, put you in contact with a mortgage lender, and set up an appointment to meet with you to discuss the home buying process in more detail.

The role of the agent is to help and advise you about buying a home, give you information, and work with you to find the right home for you and your family.

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When you search for a home here in the Lehigh Valley, you may start out searching online, but eventually you will hire a buyer agent to work for you who will send you MLS listings. When you are reading the MLS listing information you need to be aware that this is considered “just an advertisement” and the information contained in the listing is not always reliable or accurate. Whether its details about the home, or a list of appliances that are included, before you write an offer, have your agent verify the information.

Recently a young first time home buyer, with a baby on the way, purchased a small townhome in Emmaus. The MLS listing clearly states, that all appliances were included, including the refrigerator. However, after settlement, when the buyer took possession of the home, the fridge was not there! To some this may not be a big deal, but to this young couple, who were short on cash, this was a big surprise, and not a pleasant one.

Apparently, if you go by the letter of the law, if it is not written into the actual contract, the agreement of sale, the refrigerator does not have to stay. It doesn’t matter what the MLS listing says. The buyer and the buyer agent assumed since the MLS listing clearly stated that it WAS included, that it would be there. When the listing agent lists the property, he or she will ask the seller what appliances, if any are to be included with the sale. Then the listing agent will enter the information into the MLS. But some agents, have “assistants” who enter the information for them, and others are just careless and sloppy when entering the data, partly because they know cannot be held accountable for what is says.

This is a great system isn’t it? what ever happened to truth in advertising? The buyer in this case actually called the listing agent to question him about this, the listing agent said tough luck, your agent should have wrote it in the contract. Great reply isn’t it? Obviously this was a mistake, not done on purpose, but you would think the listing agent would have the integrity and the moral, ethic desire to make some kind of effort to make things right. But no. His response is simply “tough luck” you agent should have wrote it in the contract. Legally, this is partly true, but all Realtors have an ethic, moral obligation to deal in good faith and do all they can to make things right.

The moral of the story is that when you are buying a house, you CANNOT count on the information in the MLS listing, you CANNOT count on the seller OR the sellers agent to deal in good faith. you cannot count on the association of Realtors, or the MLS, to stand by the inofrmation that is published, you must, therefore, count on your own good judgement, and YOUR buyers agent to do everything they can to look out for you and your best interests, because nobody else will. You CAN include the MLS listing, and the Sellers disclosure, and pretty much anything you want, in the agreement of sale, and your agent can write in specific appliances and or fixtures to be sure everything is as you expect.

Good Luck in your next home purchase!

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WASHINGTON) – HUD has announced that consumers may now use the $8,000 first-time home buyer tax credit to help cover their downpayment and closing costs on FHA-insured mortgages.
The move will allow FHA-approved lenders; federal, state and local government agencies; and FHA-approved non-profit organizations to supply home buyers short-term or “bridge loans” up to the amount of the $8,000 first-time home buyer tax credit.

Previously, the home buyer would have been unable to access the tax credit until they filed their next annual tax return or an amended 2008 tax return and received the refund from the IRS.

Housing industry leaders are applauding the move as certain to help boost the number of first-time home buyers coming into the market.

If you are planning to buy a home her ein the Lehigh Valley, an dyou would like more informnation on how to use the $8,000 tax credit for yoru down payment – CALL ME 610-533-4549 to see if you qualify! Chris Hoffman, Keller Williams Real Estate. www.GoValleyHomeFinder.com

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If your are looking for a mortgage in the Lehigh Valley, we wanted to let you know about http://lehighvalleymortgageloans.com/. This is a great new site, specifically set up for Lehigh Valley home buyers looking to get pre-qualified for a low interest mortgage.

http://lehighvalleymortgageloans.com/ is a direct lender, dealing in FHA, USDA, VA, Conventional, and self-employed mortgage loans. Zero down, and low down payments are available to qualified buyers.

The whole process takes about 24 hours and is 100% FREE. All you have to do is visit the site and fill out the quick, easy online form. Within 24 hours you will be contacted and given your mortgage pre-approval to use when making an offer on your home of choice.

Click Here: 

LEHIGH VALLEY MORTGAGE LOANS

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The answer depends upon the mortgage program and a buyer’s specific qualifications.  Both Veteran’s Administration (VA) and USDA Guaranteed Rural Housing still allow zero down payment home loans.  You read that right, zero down payment and from a program insured by the Federal Government.  FHA loans remain at a minimum 3% down payment and some conventional (non-government insured) home loan programs allow 3% down.  Down payment funds can be gifts or grants with many loan programs.  There are several grants available in the Lehigh Valley.  Having a down payment is important and the more the better, so start saving now, but you can still buy a home with minimal or no down payment.
 
Call the mortgage line, Dan Thierry at Dominion Mortgage at 610-614-1903 or visit www.dominionrates.com.

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