New Home Owner Grant Programs – Grants For First Time Home Buyers
If you are considering buying a new home, there’s no better time than now. Housing prices have hit rock bottom, which means there are plenty of places across the country to pick up a property below market value. That’s not to say that home prices couldn’t continue to go down a bit, but over the long-run this is a great buying opportunity.
Not only is this a good time to buy a new home because of the great deal that are out there, but also because of the incredible incentives. Lenders, home sellers, and the like are giving incredible deals to help you make that move.
In addition, there are grant programs available that you may be able to qualify for in your area. These, however, are not necessarily new. But there seems to be more funding, or at least awareness, of these program now more than ever before.
By obtaining a grant for first time home buyers, you could receive free money to go towards the purchase of your home that never has to be paid back. Not only do you get cash for free, but the money awarded is not taxed. First time home buyer grant are not the only types of grants that individuals can apply for.
By searching an online grant database, anyone over the age of 18 can find numerous programs that they may be able to quality to receive. There’s no limit on the number of grants that can be obtained, but it only makes sense to apply for those that you are most likely to qualify for. That way you are not wasting your time or the grant reviewer.
December 24 2010 | Real Estate | Comments Off
New FHA Loan Program Available
There is a new program by the Federal Housing Administration (FHA) that will insure $300 billion worth of payments of mortgage loans starting October 2008 up to September 2011. This is called the hope for homeowners program, which has already been signed into law. The name is apt to give aid to the financially-ailing homeowners in mortgage.
This law allows homeowners to refinance their schemes of up to 90% of the current market value. This gives homeowners the extension to enjoy a low fixed rate loan and a 10% equity share.
The law also features tax credit worth $7500 for first-time or new home buyers to encourage more people to get a new home for their own. Provisions also include capping the loan limit amount to $625,000 in high price places. A $4 billion grant is set aside to renovate homes in difficult or dumped areas to do away with the deserted homes that could cause unsightly neighborhood conditions. Also present is a counseling assistance worth $180 million for people whose homes face foreclosure.
The HOPE program aims to overhaul the FHA policies designed during the period of depression, thereby giving the US Treasury control of lending money to FHLMC and the FNMA until 2009. The main thesis of the program is to support the declining housing market that drags down the country’s economy.
The law also gives the flexibility to cut loan balances of up to 40% wherein the 10% equity is already secured. However, there are restrictions and eligibility. First, you should be currently occupying your mortgaged home. You also have to explain that there was no intention of defaulting the current mortgage. Next, mortgage payments should be at least 31% of your gross monthly income. You must also not have another home aside from your current one. Inquire from your loan servicers for additional details.
For the FHA recognized lenders, mortgaged homes have to be appraised of up to 90% fair market value. Fees and other penalties must be waived by the FHA-certified lenders noting the financial difficulty of the borrower. New FHA loan borrowers should agree to zero equity loans in the period of five years except for home improvements and maintenance.
This law comes as a big help to people who are hit hard by the economic turmoil that spun in the US housing sector, although the program is not isolated to this condition alone. As much as this gives reprieve to the red flag, there are still constraints to consider making this work on the part of the borrower and the lender; considering there are over a million target participants.
For those who want to determine their eligibility for FHA assistance, just contact your nearest HUD-certified counseling outfit at the HUD or you can call up the office of FHA.
December 24 2010 | Real Estate | Comments Off
The Federal Government’s Incentive Program to First Time Home Buyers – Obama’s Stimulus Package
While many believe that over-extended first time home buyers played a large role in creating the current economic crisis, the Federal Government nonetheless is trying to woo even more new home buyers with their current stimulus package. Afraid you can’t afford to buy a house? Worried you won’t qualify for a loan? Never fear – the government will come to your rescue with its ‘First Time Home Buyer Stimulus Package,’ which is being targeted to both first time buyers and those who have not owned a home for at least three years.
Owning your own home remains the American dream. That’s the philosophy behind this program, which includes both pre-owned and newly constructed homes. If successful, it could reduce the current inventory of unsold homes, replenish construction industry coffers and put some unemployed builders back to work. There are three components of the program:
1. Tax credits
2. Down payments funding
3. Lower interest rates
The first stimulus programs were instituted in 2008 at the beginning of the economic downturn. As these programs were found to be insufficient, the government unveiled additional incentives to spur home ownership. The goal was to reinvigorate the real-estate market at a time when people must overcome their fear of spending and of home foreclosure.
A 10% tax credit is available to those who purchase a home between January 1, 2009 and December 31, 2009. Depending on purchase price, this credit may be up to $8000. The credit must be claimed within two years of buying the home. The tax credit might be used to offset the property taxes and to recover some of the down payment, which is often a barrier to home ownership.
Speaking of down payments, the second incentive introduces the possibility of having to raise a smaller sum. A typical down payment amount is 10% of the sales price — $20,000 on a $200,000 house. If you don’t need to put down so much, the government hopes you’ll spend that savings on home improvements or other investments. They might also offer you a loan with lower points, resulting in lower closing costs or a lower monthly mortgage. This program is restricted to individuals earning up to $75,000, or couples earning up to $150,000.
A final alternative being offered is a tax rebate on the loan’s interest. This is different from a tax credit. Investment property owners are also eligible to take advantage of the tax rebate for expenses that are considered part of the property’s maintenance and therefore an income tax deduction.
The government foresees many positive benefits from the First Time Home Buyer Stimulus programs. Beyond helping people to become homeowners, it is viewed as a way to revitalize the economy, and keep our head up in the eyes of the world.
December 24 2010 | Real Estate | Comments Off
Obama’s First Time Home Buyer Stimulus Program of 2009
Everyone needs a place to call home and for many that dream involves purchasing a home. This is generally the most significant purchase you will make in your lifetime and some people buy a home and live there for their entire life. Whether you are buying your home for yourself alone or for your family, the First Time Home Buyer Stimulus Programs may help you realize your dream.
Interestingly, this government program, though created specifically for the first time home buyer, can actually be used by those who have not enjoyed home ownership in at least the last three years. If you meet this criterion you are eligible to apply for one of the First Time Home Buyer Stimulus Programs enacted by congress in both 2008 and 2009.
Because of the significance of a home purchase, a smooth transaction is desirable on many levels. When you dream about your ideal home you may imagine that it will be located near your work, within walking distance of your kids’ school, or on a lakefront with a mountain view. Whatever your ideal home resembles, you will want to take the time to look for residences that meet your needs. This can be time consuming but enjoyable. So many decisions must be made that you need to give yourself ample time so you don’t end up feeling like you settled for less than what you wanted. Try to imagine the type of home you want – one that’s large enough to accommodate you and your family, that is convenient, and that is move-in ready. Then visualize your home with your furniture in place, what things you might need to purchase, what changes you might want to make, and whether you will have enough storage space. Enjoy yourself because this is the easy part compared to the serious financial considerations that will follow.
Knowing your price range in advance will keep you from looking at homes that fall far below or far above what you can afford. How much down payment can you make and what will your taxes be? Do you have any outstanding debts? If so, pay them so they won’t adversely affect your credit score. This will make it easier to secure a loan.
You can get more information from local lending resources. All mortgage lenders know about the federal programs that came about because of the current economic crisis, and they can guide you as a first time home buyer to secure the financial assistance you need. There are some major benefits involved with these programs – lowered interest rates, tax credits, and assistance with a down payment. Significantly lower interest rates may be available for disabled home buyers or those who are on a low or fixed income.
The First Time Home Buyer Stimulus Programs are being made available as a way to assist first time home buyers, encouraging them and helping them find ways to purchase a first home. This helps not only the new homeowner but has the positive side effect of stimulating the economy while assisting in the purchase of new or existing homes.
December 24 2010 | Real Estate | Comments Off
President Obama’s New Home Mortgage Loan Modification Program – Relief in Troubled Times
The recently changes in the economy has resulted in difficult times for homeowners so the President has introduced changes to the mortgage loan modification process that will help homeowners restructure their mortgages. This is indeed good news in troubled times.
The Making Home Affordable loan modification program began on March 4, 2009. There are two parts to this new plan. First it lets over 4 million homeowners get their loan refinanced. Second, it loosens previously tight guidelines on home loan modifications.
Numerous Americans, facing the realities of the current economic downturn, are facing foreclosure or are finding it difficult to pay off their mortgage. Many Americans are facing lay offs or have to take pay cuts. Naturally, if gross income decreases, the percentage of income that a mortgage takes increases to a point where it cannot be managed. The new plan will allow eligible homeowners loan modifications that reduce their mortgage payments to 31% of their income.
The reduced mortgage payment must remain the same for five years and after that it can be gradually raised until the loan returns to where it was before modification. Homeowners do not have to wait until they are behind in their payments to apply for a home loan modification.
There is an extra incentive for homeowners. Every on-time payment results in a payment to the principal on the loan. If a homeowner has a perfect record of payments for five years, they can have $1,000 per year applied to their mortgage. Lenders also receive bonuses to encourage them to work with homeowners and modify loans.
Every mortgage is not eligible for modification.
* The person living in the home must hold the mortgage
* Short-term investors and speculators cannot apply for modifications
* The borrower must prove the paperwork needed to prove his income
* The loan must have been negotiated before 2009
* A homeowner may only receive one modification
* All applications must be submitted before Dec. 31, 2012
* The loan must be insured by either Fannie Mae or Freddie Mac.
Borrowers can get a second chance at paying their mortgage loan thanks to the home loan modification program. Monthly payments can be reduced and homeowners can relax during these uncertain times.
December 24 2010 | Real Estate | Comments Off
How to Take Advantage of the New Home Renovation Tax Credit Program
Recently in Canada, there has been significant media exposure on the tax savings opportunity offered by the Home Renovation Tax Credit Program (HRTC). The initiative is not only designed to spur the Canadian economy, but to also offer an once-in-a-lifetime opportunity to put some money back into your pocket for expenses that would not otherwise be eligible for tax credits.
This is especially true if you were already planning to carry out home renovations, either out of necessity, or, more wisely, to maintain or increase your property value.
However, as inviting as the HRTC program may be, it is valid only for renovation expenses incurred between January 27th, 2009 and February 1st, 2010; thus, if you have not yet taken advantage of the program, act now because time is running out.
In these days of tight cash, taking advantage of this opportunity may not be as simple as one would think. Borrowing from the bank for a home renovation loan can be both a difficult and frustrating experience, and if your credit is less than perfect it may become impossible.
It is at this point that creative solutions may come in handy. Instead of trying the traditional bank loan road in vain, or giving up on the opportunity to increase the value of your property and at the same time claiming home renovations deductible expenses on your 2009 income tax return, if you own your vehicle or mobile home, you are well positioned to apply for and obtain a title loan.
A title loan offers a very practical way to obtain the cash you need to carry out your home renovations. Moreover, title loan lenders do not need your credit to be perfect to qualify you for the loan and the process is quick, at the contrary of the banks that keep you biting your nails for days only to turn you down at the last minute.
The beauty of all of this is that by obtaining your loan, you’ll be able to increase your home value through the home renovations without need to disburse savings or hard earned cash; you’ll be able to pay back the loan through convenient monthly payments that are within your budget and by doing so rebuild your credit. As an added bonus, you’ll be able to claim tax credits on your home renovation expenses – money that could be used to repay your loan. Talk about killing three birds with one stone!
December 24 2010 | Real Estate | Comments Off
Jamaica Real Estate – Hidden Investments With Substantial Returns
In Jamaica’s existing economic dilemma Jamaica real estate seems to be, if not the single best investment opportunity in the country but many argue in the Caribbean. Most investment managers will always cite that real estate should play a crucial role in planning of an investment portfolio. This is specifically because property rarely losses value and normally appreciates at a steady pace. This had been true of the North American realty until early 2008 when property prices crashed leaving many owners holding mortgages well in excess of property values.
Though this scenario was the precursor to the plethora of foreclosures across the USA, this problem was not felt in Jamaica. Property prices continued their steady rise of at least 3.5% per annum. Despite cumbersome legislature which seemed designed more as a hindrance to the buy and sell process, property sales were still on the rise. As more and more global investors have taken up some of the many offers in the Jamaican realty market, there is still some lack of real transparency and due to such a high demand, prices have still remained buoyant.
In Jamaica, property investors who are seeking short-term returns often target developments. These investors purchase pre-construction (i.e. before the dwelling is completed) and then quickly resell the property within a few days after completion, earning significant returns on their initial capital investment.
Others that are planning ahead for retirement, might have much different investment objectives in mind and hence invest in already developed properties to garner rental income revenues and still earn based on capital appreciation of the property. When the property has substantial equity, the investor can access that equity to purchase another lot of residential property, repeating the cycle as they go along. However the prospect of investing in Jamaica properties is certainly not as easy as it may seem initially.
Barrier to entry into the market include the sizable capital investment required ranging from JMD$8 million to JMD$14 million (just about USD$120,000). On the open market in Jamaica that price could purchase a two bedroom apartment or townhouse.
Another of the major risks in Jamaican real estate investing is purchasing in desolate location, there might be no demand or little demand because of factors such as crime, water and power supply and communication hindrances.
Jamaica property Investors should stick with the Kingston and tourist trafficked environs such as Montego Bay and Negril where?U.S. dollar rentals are much more possible than in any other region island wide.
Though regardless of your property and real estate investment objectives, one must not forget there is a cost to own property. While investing in the stock market or mutual fund market, Jamaica real estate has operating costs, these include monthly maintenance, property insurance, ongoing repairs, Jamaica property taxes and management fees if you utilize a property manager.
December 04 2010 | Real Estate | Comments Off
Locksmith Key Codes
Keycodes are used by locksmiths to create keys. These key codes are made up of characters that have both numbers and letters; hence, they are called alphanumeric key codes. If you observe the locks on your desks or filing cabinets or their keys, you will notice that they have certain letters and numbers stamped on them; these numbers and letters are key codes. Key codes are generated in a random manner and provide an identity to a key that is different from that of other keys. Locksmiths have the skills to decipher any lock’s keycoder and make a key to fit the lock.
There are several types of key codes used. One type is the direct digit keycode. Each digit on this type of key coder corresponds to a cut in the key. The value of the digit indicates the depth of the cut. Many lock manufacturers print the kay code on the key. Since each digit corresponds to a pin on the key, digit key codes are generally long codes. The second type of keycoder is one in which there is a pattern between the code and the key. Mathematical tricks are used in this type of key code and hence this code isn’t a straightforward one where each digit corresponds to the depth of the cut. There is a third type of code which is quite complex and requires a codebook to decipher it. Since there is no pattern to the cuts on the key, the locksmith must have a codebook. One example of a codebook is the Reed Codebooks. This particular brand has a volume for each type of lock. In this day of computers, locksmiths can buy computer programs that have information on keycodes. This software is quite secure as it’s copy-protected. There are different types of computer programs with different features and they come with demo disks to assist the locksmith in understanding them.
Locksmith key codes are usually categorized into 2 types; blind codes and bitting codes. Most key codes are blind key codes and a codebook or computer program is required to translate this blind code into a bitting code. However, for security purposes, only licensed locksmiths can have access to these codebooks and computer programs. Locksmiths can also create their own blind code systems for high security clients by using the technique of blind coding. Bitting codes are those codes that are translated by the locksmiths from the blind codes. Locksmiths use the bitting codes on blank keys to make the new key. The blind code provides the setting and information required for the bitting code. Once the locksmith gets the bitting code, he can then set his code machine to that particular setting and cut the new key.
The locksmith key coding system is in widespread use. It provides maximum security as this system ensures that there is only one code for one key. Computers will never generate a code that has been created once and, hence, keys cannot be duplicated by error. You are this way assured that your property is safe as only you have the keys to the locks that protect it.
December 03 2010 | Real Estate | Comments Off
Locksmith License Requirements
A locksmith is not a person who just duplicates existing keys. He runs or is an employee of a business that installs, repairs, opens locks and makes keys for locks. There are two ways to become a locksmith. One is to attend trade school and the other is to obtain a certificate from the Associated Locksmiths of America or the ALOA. 13 states in the US require locksmith licensing. Hence, you should confirm with your state’s business services department, the various pre-requisites you have to fulfill, to becoming a licensed locksmith. Some counties also require a license and hence it’s advisable to check with your nearest county licensing department. The same is true for many cities. You may contact your city licensing department to find out if you really need to acquire a license. It’s better to obtain different levels of certification from the ALOA if a license isn’t required by your state, as this can improve your prospects.
If you want to run a locksmith business, you would require a locksmith business license. On the other hand, if you want to work as an employee, you need to acquire a locksmith employee license. The name of the manager of the business must be mentioned in the locksmith business license application form. Each applicant in the business would be evaluated individually. For both the locksmith business and the locksmith employee licenses, you would have to undergo a criminal background check through the Department of Justice and the Federal Bureau of Investigation. Generally, you wouldn’t be issued a license, if you have been previously convicted of any crime. In addition to these two licenses, you need an alarm system installer license if you intend to install alarm systems. Licensing requirements vary among different states and some states require you to take a licensing exam while others require the payment of a licensing fee, to become a locksmith.
To be eligible for an apprenticeship with a locksmith business, you should complete a course in basiclocksmithing. Although it’s not mandatory for locksmiths to obtain certificates, completion certificates for approved courses are offered by the ALOA and the Safe and Vault Technicians Association. Upon completion of the course and passing the exam, you earn the title of a certified locksmith. Moreover, membership to the ALOA and the Safe and Vault Technicians Association can help you get the latest industry updates and you can thus have the opportunity to pursue your education. Similarly, bonding is optional in many states but since only a person with exemplary character is allowed to post a bond by bonding agencies, you can boost a customer’s confidence by acquiring certificates and becoming a bonded locksmith.
In addition to acquiring the appropriate license and obtaining course completion certificates, it’s essential to acquire the requisite practical skills in all aspects of lock repair and design. As a trained locksmith, you might be called upon to install, remove, modify or repair any locking device. You should thus have in-depth knowledge about cutting new keys and resetting combinations. Hence, it’s important to work as an apprentice to get hands-on experience. Locksmiths have plenty of job opportunities even in economically difficult times and locksmithing is an excellent career choice for those who have keen interest in this field.
December 03 2010 | Real Estate | Comments Off
Community Association Board of Directors – TEAMWORK Matters!
Working together is necessary in order to accomplish anything worthwhile. In fact, our world is designed to require cooperation. The seed salesman, the farmer, the tractor-maker, the harvesters, the truck drivers, the processors, the grocery stores, clerks, the car makers (after all, shoppers have to get to the market), the buyer and the cook all have to be involved just to get a home cooked meal on your table. This process is critical in business, and just as critical in an Homeowners Association Board of Directors or Condominium Association Board of Directors.
The story is told of an out-of-towner who drove his car into a ditch in a desolated area. Luckily, a local farmer came to help with his big strong horse named Buddy. He hitched Buddy up to the car and yelled, “Pull, Nellie, pull!” Buddy didn’t move. Then the farmer hollered, “Pull, Buster, pull!” Buddy didn’t respond. Once more the farmer commanded, “Pull, Coco, pull!” Nothing. Then the farmer nonchalantly said, “Pull, Buddy, pull!” And the horse easily dragged the car out of the ditch. The motorist was most appreciative and very curious. He asked the farmer why he called his horse by the wrong name three times. The farmer said, “Oh, Buddy is blind and if he thought he was the only one pulling, he wouldn’t even try.”
Think of Three Factors in Effective Team Work
First, we must pull the load together. When we feel we are working alone, we tend to give up. When others are assisting us our energy and motivation is multiplied. In a local HOA, it is important for every member of every committee in the organization to do his or her part fully. Also, the various committees should communicate and cooperate with each other. Pulling together will not just get you out of a ditch, it can keep you from running your organization into the ditch to start with!
The second act in Team Work is to remove the pride factor. The Atlanta Braves won 14 division titles in Major League Baseball. That has never been done in professional baseball. In fact, it has never been done by anyone or any team in any professional sport. When asked how they could have accomplished this feat, one person said, “Throughout that entire run, we never cared who got the credit. We all gave our best and we pulled for each other. No one blamed anyone who failed in a particular game and no one gloated if he was the star of a game. We were a TEAM and that is all that mattered.”
No organization can succeed for very long is one person has to get all the attention and always get his or her way. The word TEAM has been said to mean: Together Everyone Achieves More. Indeed, no one of us knows as much as all of us together. The Second act in Team Work is to pull your own weight. An indifferent, lazy or uncommitted team member can pull down the work of the entire team. Usually, a apathetic member on the team causes everyone else to work harder and sometimes leads to discouragement for the entire effort.
Lastly, the third act in Team Work is to complete the task at hand. Some people start out well but quit before they get to the finish line. For many years I was a runner. I ran up to 40 miles a week and competed in 5K, 10K and half-marathon races in North Carolina, South Carolina and Georgia. As I neared 60 years of age, I was running a half-marathon near Atlanta. I became tired around the 10 mile mark, but I had 3.1 miles left to get to the finish line. I stopped running for the first time in a race. I just slowed down and started walking for one of the few times in my life while in a race. Some runners passed me and sensed my exhaustion. One person yelled to me and said, “Come on, you can do it. Don’t stop!” I started to run slowly again. Then, I picked up pace. Soon I was back to my normal self. In fact, before reaching the end of the race, I passed the group of runners who had encouraged me, much to their surprise! Team work requires going all the way trough to the end of the task or time of service. If someone becomes weary, some words or encouragement can help.
November 29 2010 | Real Estate | Comments Off