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If you know someone who is thinking about buying a home, please share with them that there has never been a better time to buy -- with housing prices low and interest rates low, it's an opportunity not to be missed. And let them know that the "Fairy Godmother for First Time Buyers" is ready to help them. I have several Home Buyers Seminars scheduled for January, February, March and April -- January 27 - Dublin Library February 24 - Hilliard Library February 25 - Dublin Library March 16 - Hilliard Library March 23 - Dublin Library What You Will Learn At The Seminar
** LEARN ABOUT THE NEW $8,000 TAX CREDIT FOR BUYING A HOME
** LEARN ABOUT FORECLOSURES & SHORT SALES ** LEARN ABOUT FINANCING A HOME…. - What If I don’t have perfect credit?
- What will my monthly payment be?
- How do I get pre-approved?
- How much do I have to invest?
- How to save over $150,000 over 10 years
** LEARN ABOUT FINDING A HOME… - Do I need a realtor?
- What is available in my price range?
- When should I start looking?
- What if I’m in a lease?
- How can I have a house built?
- Should I have the home inspected?
- What does an inspector do?
Proudly sponsored as a community service
24 HOUR RECORDED INFORMATION
CALL TO RESERVE YOUR SEAT 1-800-282-9871 Ext. 3002
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— Roberta Kayne with Re/Max Affiliates, Dublin, Ohio has earned the nationally recognized Short Sales and Foreclosure Resource certification. The National Association of REALTORS® offers the SFR certification to REALTORS® who want to help both buyers and sellers navigate these complicated transactions, as demand for professional expertise with distressed sales grows. According to a recent NAR survey, nearly one-third of all existing homes sold recently were either short sales or foreclosures. For many real estate professionals, short sales and foreclosures are the new “traditional” transaction. REALTORS® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities. “As leading advocates for homeownership, REALTORS® believe that any family that loses its home to foreclosure is one family too many, but unfortunately, there are situations in which people just cannot afford to keep their homes, and a foreclosure or a short sale results,” said 2009 NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth. “Foreclosures and short sales can offer opportunities for home buyers and benefit the larger community, as well, but it’s extremely important to have the help of a real estate professional like a REALTOR® who has earned the SFR certification for these kinds of purchases.”
The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk, and provides resources to help REALTORS® stay current on national and state-specific information as the market for these distressed properties evolves. For more information about the SFR certification, visit www.REALTORSFR.org.
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 For many Americans, a home is still where the heart is during the holiday season. According to a recent survey conducted by Weichert, Realtors, a new house was the most popular item on consumers’ holiday wish list and the home was the place they most wanted to spend their time during the holidays.
The study found that 51% would choose a new house if they could have just one holiday wish granted this year, while 21% would wish for a new car. Surprisingly, despite today’s challenging job market, only 14% had a new job at the top of their list.
When asked where they would most enjoy spending the holidays, it was clear Americans still equate the holidays with home. A majority of respondents, 55%, said they would most enjoy spending the holidays in their own home, 27% opted for time at a relatives and 3% preferred to visit with close friends. Still, the holiday is seen as a time to get away and vacation for 14% of Americans. However, only 1% of respondents felt they would most enjoy spending the holidays at a restaurant.“The home often serves as the backdrop for many warm holiday memories,” said James M. Weichert, president and founder of Weichert, Realtors, one of the nation’s largest independently owned real estate companies. “From a mantle to hang the stockings to a roof to display the lights to a dining table to gather around, a home offers many ways to celebrate the holidays and share special moments with family and friends.”The survey also revealed that the joy of giving remains the best gift of all during the holiday season. Nearly nine out of 10 respondents said giving a gift that makes someone’s day is more satisfying than getting a gift that lets you know someone cares.
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- Develop a family budget. Instead of budgeting what you’d like to spend, use receipts to create a budget for what you actually spent over the last six months. One advantage of this approach is that it factors in unexpected expenses, such as car repairs, illnesses, etc., as well as predictable costs such as rent.
- Reduce your debt. Generally speaking, lenders look for a total debt load of no more than 36 percent of income. Since this figure includes your mortgage, which typically ranges between 25 percent and 28 percent of income, you need to get the rest of installment debt—car loans, student loans, revolving balances on credit cards—down to between 8 percent and 10 percent of your total income.
- Get a handle on expenses. You probably know how much you spend on rent and utilities, but little expenses add up. Try writing down everything you spend for one month. You’ll probably see some great ways to save.
- Increase your income. It may be necessary to take on a second, part-time job to get your income at a high-enough level to qualify for the home you want.
- Save for a downpayment. Although it’s possible to get a mortgage with only 5 percent down—or even less in some cases—you can usually get a better rate and a lower overall cost if you put down more. Shoot for saving a 20 percent downpayment.
- Create a house fund. Don’t just plan on saving whatever’s left toward a downpayment. Instead decide on a certain amount a month you want to save, then put it away as you pay your monthly bills.
- Keep your job. While you don’t need to be in the same job forever to qualify, having a job for less than two years may mean you have to pay a higher interest rate.
- Establish a good credit history. Get a credit card and make payments by the due date. Do the same for all your other bills. Pay off the entire balance promptly.
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Here are the details on the First-Time Home Buyer Tax Credit1. $8,000 for new buyers: The tax credit included in the economic stimulus legislation is much narrower than the $15,000 proposal. This credit is equivalent to 10 percent of the purchase price of the home--although it's capped at $8,000--and applies only to first-time home buyers and principal residences. But unlike an earlier $7,500 home buyer tax credit, this one does not have to be repaid. 2. First time buyers defined: For the purpose of this legislation, a "first-time home buyer" is someone who hasn't owned a principal residence for three years before buying a house. (The date of purchase is considered the day that the title is transferred.) 3. 2009 buyers only: Only those who purchase a home on or after January 1 and before December 1, 2009 are eligible for the credit. Anyone who bought a home last year won't be able to take advantage of it. 4. Income limits: The tax credit is subject to income limitations. Single buyers need a modified adjusted gross income of $75,000 or less to qualify for the full credit, that's $150,000 for married couples. Those earning more than these thresholds may be eligible for reduced credits. 5. Refundable: Because the tax credit is "refundable," qualified buyers can take advantage of it even if they don't have much tax liability. 6. Residency Requirements: Buyers have to own the home for at least three years in order to capitalize on the credit. If they sell the home before then, they will have to return the credit to the government. (Exceptions will be made in certain cases, such as death or divorce.) 7. Tax Returns: A provision permits taxpayers to claim the tax credit for homes purchased during 2009 on their 2008 tax return. Contact Roberta Kayne today to arrange a free consultation on buying a home before the credit expires! homes@RobertaKayne.com . 614-537-4564
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Buyers who use FHA financing soon will be able to use their $8,000 tax credits for settlement fees, escrow charges, higher down payments or to "buy down" the interest rate.The Obama administration has put out the official word: Starting soon, first-time home buyers nationwide will be able to turn their $8,000 federal tax credits into cash for use at closing if they use Federal Housing Administration mortgage financing.
But in its final guidelines to lenders and buyers issued May 29, the Department of Housing and Urban Development clarified that buyers obtaining FHA loans through private lenders would have to invest at least some of their own funds -- whether from personal savings or gifts from relatives -- in the form of a minimum 3.5% down payment.
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//]]> In other words, you'll need equity in the house to participate. This won't be a zero-down plan, with one exception: If you obtain your FHA loan through one of about 10 state housing agency "tax credit monetization" programs, you'll be allowed to pay for your entire down payment with the help of a bridge loan provided by the agency.
Those bridge loans generally are low-interest or no-interest short-term second liens secured by the property, and convert into second mortgages if they are not paid off with the proceeds of the tax credit.
For FHA lender-supplied cash advances, you'll be able to use the $8,000 tax credit -- or whatever-size credit you qualify to receive -- for settlement fees, escrow charges, higher down payments or to "buy down" your interest rate to cut monthly payments.
How will this all work in practical terms? How do you apply? Here's a quick guide: To start, you'll need to qualify as a first-time buyer under the generous definition permitted by Congress -- that is, you cannot have owned a principal residence during the previous three years, and your household gross income cannot exceed $95,000 for single taxpayers or $170,000 for married couples filing jointly. To get the process rolling, you'll have to write a contract on a house you can afford to buy and apply for a mortgage through an FHA-approved lender. There are more than 12,000 lenders with that designation. Large banks or bank-affiliated mortgage lenders are more likely to be geared up for the program in the near future, according to industry experts. Home builders, who have advocated credit-monetization programs for months, are likely to be major participants. The tax credit program requires all eligible purchases be closed no later than Nov. 30. Besides the usual mortgage application information, the lender is likely to require some extra paperwork, based on FHA guidelines: * A filled-out IRS Form 5405, which is your request to the federal government to send you a tax credit check. You can file an amendment to your 2008 return and get the credit within a matter of weeks, or you can file for it on your 2009 taxes. Most buyers are expected to opt for the amended return route. Form 5405 is available for download at www.irs.gov. * Proof that you have no outstanding judgments, liens, unpaid taxes or other obligations that could reduce or eliminate the tax credit you're seeking. * Confirmation from your employer that you are not subject to wage garnishments, which could also affect the amount of the credit. Your lender will be strictly limited on what it can charge for providing you tax credit money in advance. According to FHA guidelines, fees must be reasonable and nominal -- generally no more than 2.5% of the expected tax credit. For example, if you're in line to receive the full $8,000 credit, that would mean the most you could be charged for the cash in advance typically would be $200. A senior HUD official said that the agency wanted to keep these fees as low as feasible to avoid abuses or gouging, and that HUD would be monitoring transactions to make sure participating lenders were adhering to the guidelines.
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NEW HOMEBUYERS CAN NOW REDUCE THEIR TAX LIABILITY WITH OHFA'S NEW MORTGAGE CREDIT CERTIFICATE Ohioans can now buy a home and lower their tax liability with a Mortgage Credit Certificate (MCC) from the Ohio Housing Finance Agency (OHFA). OHFA has launched its MCC Program to encourage new homeownership, allowing qualified first-time homebuyers to take a direct tax credit for a portion of their mortgage interest up to $2,000 per year for the life of the mortgage. “The MCC Program is just one of the ways OHFA is continuing to provide resources that make sustainable, quality housing available to homebuyers,” said Doug Garver, Executive Director of the Agency. “By using this credit, Ohioans can reduce their tax burden and keep more of their hard-earned money.” The MCC Program provides for a credit between 20 and 30 percent, depending on whether the property is in a target area, non-target area, or if it is a Real Estate Owned property. Borrowers are eligible for the MCC Program by being approved for a mortgage and meeting certain requirements, including income limits, maximum home sale price, limited prior homeownership interest, and purchasing the home as a primary residence. In addition, the recently passed American Recovery and Reinvestment Act provides an $8,000 tax credit for homes that are closed between January 1, 2009 and November 30, 2009. This credit can be used in conjunction with OHFA’s First-Time Homebuyer Program or the MCC Program. MCCs are available on a first-come, first-served basis through participating lenders and are not transferable. To locate a lender in your area, visit the Homeownership section of OHFA’s web site at www.ohiohome.org. OHFA utilizes federal and state resources to provide housing opportunities for families and individuals through programs designed to create, preserve, and manage affordable housing throughout the State of Ohio. The Agency is a self-supporting quasi-public agency governed by an eleven-member board, nine of whom are appointed by the Governor and confirmed by the Senate. Two additional seats on the board, by statute, are reserved for the Director of Development and the Director of Commerce, or their designees, and both serve as ex officio voting members. Reprinted from OHFA's website www.ohiohome.org
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If you know someone who is thinking about buying a home, please share with them that there has never been a better time to buy -- with housing prices low and interest rates low, it's an opportunity not to be missed. And let them know that the "Fairy Godmother for First Time Buyers" is ready to help them. What You Will Learn At The Seminar ** LEARN ABOUT THE NEW $8,000 TAX CREDIT FOR BUYING A HOME ** LEARN ABOUT FORECLOSURES & SHORT SALES ** LEARN ABOUT FINANCING A HOME…. - How much can I afford?
- What If I don’t have perfect credit?
- What will my monthly payment be?
- How do I get pre-approved?
- How much do I have to invest?
- How to save over $150,000 over 10 years!
** LEARN ABOUT FINDING A HOME… - Do I need a realtor?
- What is available in my price range?
- When should I start looking?
- What if I’m in a lease?
- How can I have a house built?
- Should I have the home inspected?
- What does an inspector do?
Proudly sponsored as a community service 24 HOUR RECORDED INFORMATION CALL TO RESERVE YOUR SEAT 1-800-282-9871 Ext. 3002
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Spring is almost here! There is a lot of exciting news in the real estate world, the most important of which is the First Time Buyer Tax Credit and also the low, low interest rates -- around 5% or less!
If you know someone who is thinking about buying a home, please share with them that there has never been a better time to buy -- with housing prices low and interest rates low, it's an opportunity not to be missed. And let them know that the "Fairy Godmother for First Time Buyers" is ready to help them.
I have several Home Buyers Seminars scheduled for March and April -- March 24, April 7 and April 20. Check my website for times and locations. How is the local real estate market? Here are the latest home sale statistics for Central Ohio: There are currently 15,049 homes on the market. There were about 860 single-family homes and condominiums sold during February, down from 970 sold in January. In 2008, the average number of homes sold was 1,790 per month. So, as you can see, inventory is up and sales are down. What does that mean? At the rate of about 900 homes selling per month, there is a 16 month inventory of homes on the market. But....the Spring selling season is coming, and more homes will be sold, especially with the new government incentives for first time buyers! On a personal note, I just recently did a photography job of a home for an interior designer, Dee Hodgkiss. She wanted photos for her postcard and press release; the photos are on my photo website. I am working on my book "Poetic Justice" -- a book with my brother's poetry and my photographs. If you would like to see some of my photos, my photography website is: www.KaynePhotography.com. I am still uploading photos to it -- I'd love for you to browse through the photos! They are all for sale and can be enlarged, matted, framed and shipped or delivered.
Have a great week! Connect with me on FACEBOOK, TWITTER and LINKED IN...
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Here are the details on the First-Time HomeBuyer Tax Credit 1. $8,000 for new buyers: The tax credit included in the economic stimulus legislation is much narrower than the $15,000 proposal. This credit is equivalent to 10 percent of the purchase price of the home--although it's capped at $8,000--and applies only to first-time home buyers and principal residences. But unlike an earlier $7,500 home buyer tax credit, this one does not have to be repaid. 2. First time buyers defined: For the purpose of this legislation, a "first-time home buyer" is someone who hasn't owned a principal residence for three years before buying a house. (The date of purchase is considered the day that the title is transferred.) 3. 2009 buyers only: Only those who purchase a home on or after January 1 and before December 1, 2009 are eligible for the credit. Anyone who bought a home last year won't be able to take advantage of it. 4. Income limits: The tax credit is subject to income limitations. Single buyers need a modified adjusted gross income of $75,000 or less to qualify for the full credit, that's $150,000 for married couples. Those earning more than these thresholds may be eligible for reduced credits. 5. Refundable: Because the tax credit is "refundable," qualified buyers can take advantage of it even if they don't have much tax liability. 6. Residency Requirements: Buyers have to own the home for at least three years in order to capitalize on the credit. If they sell the home before then, they will have to return the credit to the government. (Exceptions will be made in certain cases, such as death or divorce.) 7. Tax Returns: A provision permits taxpayers to claim the tax credit for homes purchased during 2009 on their 2008 tax return.
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Thinking about buying? Don't know where to start? Here's a great seminar to help you along the way! Next one is being held at the Dublin Library on Saturday, November 22 at 10am to 12pm. Questions you will get answered... FINANCING A HOME - How much can I afford?
- What If I don’t have perfect credit?
- What will my monthly payment be?
- How do I get pre-approved?
- How much do I have to invest?
- What's this new tax credit of $7500?
- How can I save $155,000 over 10 years?
FINDING A HOME… - Do I need a realtor?
- What is available in my price range?
- When should I start looking?
- What if I’m in a lease?
- How can I have a house built?
- Should I have the home inspected?
- What does an inspector do
And many more questions. Free pre-qualification; Free credit report. Call 24 hours a day! 1-800-282-9871 ext. 3009 for more information or to register. Can't make it this month? Seminars are held monthly - call for schedule or stay tuned.
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The $7,500 home ownership tax credit that the federal government created earlier this year as part of the Housing and Economic Recovery Act (H.R. 3221) is another tool at your disposal to jump off the fence and get into the real estate market. When you combine the tax credit with today’s low interest rates, wide selection of for-sale inventory, and affordable home prices, many of the pieces are in place for you to buy now. But tax credits can be confusing. To help you understand how the credit works and why it would help, here are the details. 1. Buyers have until July 2009 to make a purchase that qualifies. The tax credit was passed in July of this year as part of the Housing and Economic Recovery Act (H.R. 3221). It’s worth up to $7,500 and can be taken in a single tax year. Authorization for the credit ends July 1, 2009, so if you wait to buy in the first half of 2009 you can take the credit on your 2009 tax return. Taxpayers can take the credit on their 2008 tax return if they bought their house this year after April 9. 2. Buyers don't really have to be "first-timers." The tax credit is actually available to any individual or household that hasn’t owned a home for at least three years. And the NATIONAL ASSOCIATION OF REALTORS® has asked Congress to expand the credit to all buyers, not just those who haven't owned a primary residence in recent years. 3. Even if buyers exceed the income limit, they can benefit from the credit. The actual credit amount is set as a percentage of the home purchase amount. That percentage amount is 10 percent, so you can get 10 percent of the home price credited against your tax liability, up to a maximum $7,500. Sounds like a great deal. But what if you make more money than the income limit of $75,000 for individuals and $150,000 for households? Good news: Individuals whose income exceeds the $75,000 limit but don't make more than $95,000 can still take the credit but on a reduced basis. The same thing applies to households earning up to $170,000. By the way, any house is eligible as long as it’s a primary residence and is in the United States. 4. Think of it as an interest-free loan. The federal government requires the tax credit to be paid back in small, 6.67-percent increments over 15 years, although repayment will be no more than $500 yearly and payments will not start until 2011. For that reason, some analysts have likened the credit to a 15-year, interest-free loan to help make home buying affordable. NAR is pushing congress to remove the repayment provision, making this tax credit a true tax credit rather than an interest-free loan. 5. You don't have to be authorized before making a home purchase. There is no pre-purchase authorization, application, or other approval process. Eligible buyers simply have to claim the credit on their IRS Form 1040 tax return and/or any form that the IRS might devise. 6. New-home construction qualifies. For a home that a buyer constructs, the purchase date is the first date the buyer occupies the home.However, any home that is not a primary residence, such as a vacation home or income property, does not qualify. Have more questions, call Roberta Kayne at 614-537-4564, or email me at homes@RobertaKayne.com
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• 1,890 sq. ft., 3 bath, 3 bdrm 2 story -  MLS® $198,000 Grant Run Estates, Grove City - Lovely Joshua built home with lemonade front porch, Great Room, Eating Area in Kitchen w/Bay Window, Dining Room, 1st Floor Den & Laundry, 3 good size Bedrooms up, Master Bath w/dual sink vanity, walk-in shower & soaking tub, walk in closet, large bsmt ready to finish w/concrete cap on crawl. Property information
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Hilliard Schools!
• 1,160 sq. ft., 1 bath, 3 bdrm single story - MLS® $124,000 - Beacon, Hilliard - WOW!! Fabulous Renovated One Story Home In Hilliard
•3 Bedrooms – 1 Bathroom
•1160 Square Feet
•Built in 1971
•Taxes $2,263 per year
•NEW One Car Attached Garage with Opener & Keypad
Garage added on in 10/07 & New Garage Door
•ALL NEW Kitchen & Eating Area
New Flooring, Countertops, Sink, Garbage Disposal, Dishwasher
&Cabinets
•New Roof
•New Windows
•New Air Conditioning Unit
•New Concrete Driveway
•New Back Doors
•New Six Panel Doors Throughout
•New Storm Door
•New Shutters
•New Water Heater
•New Mohawk Laminate Flooring Throughout!! (Less Allergens!)
•New Wood Trim throughout
•New Paint Inside and Outside
•New Light Fixtures & Ceiling Fans
•1st Floor Laundry – Separate from Kitchen with New Ceramic Tile Floor
•Gas Range, Dishwasher, Refrigerator
•Bathroom Updated with New Vanity, Light Fixture & Mirror &
Ceramic Tile Floor
•New Deck and Fenced Back Yard
•Forced Air Gas Heat, Central Air
•Fresh paint in neutral designer colors
•New Mailbox
•New Landscaping in Front
•Immediate Possession!
•Home & Gas Warranties in Place
Property information
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Buying a home is certainly one of the most rewarding experiences most of us ever have; it's also one of the most challenging. If you’re buying for the first time, the process may seem overwhelming. And even if you’ve been through it several times, every move is different and presents new challenges. Here are some advantages of using a Realtor®.
(1) You Have Representation
(2) You don’t have to “go it alone.” A Realtor will act as your guide, consultant and advisor and can help you through each step of the process and make the process of finding, buying, and moving into your new home as smooth, quick, and enjoyable as it can be.
(3) A Realtor can SAVE YOU TIME AND MONEY!
(4) A Realtor can show you any property listed or for sale on the market, whether it is our real estate company or any other real estate company in the area. Any Realtor can show you properties listed by RE/MAX, Coldwell Banker, HER, Century 21, etc., along with being able to represent you on new builds with Dominion or any other builder, and For Sale By Owner properties.
(5) A Realtor’s services are Free of Charge to you as a buyer. Our services are paid for by the seller.
(6) A Realtor has the training, the know-how, the tools and the experience – (1) to advise you as to the resale value and marketability of your home, (2) to make sure that the homes you look at fit the specifications you are desiring, (3) to assist you in finding financing, homes, neighborhoods, inspection companies, insurance companies.
(7) A Realtor is a valuable source of information about market trends, resale value, marketability, appreciation rates, neighborhoods and especially information about homes for sale throughout the areas in which you're interested.
(8) A Realtor has legal and ethical (fiduciary) duties to you of Loyalty, Obedience, Disclosure, Confidentiality, Reasonable Care and Diligence and Accounting, acting in your best interests at all times.
(9) A Realtor will give their time, attention and expertise to help you to secure the property you want, where you want it and in a price range that you have selected and can afford. A thorough review of your requirements and proper screening of available properties will save you time and money.
(10) A Realtor can negotiate price, terms, conditions, etc. on your behalf, to get you the best possible price and terms for your home – saving you time and money.
In order to get the process moving, set up a Buyer Consultation Interview with us today! Call Roberta Kayne at 614-537-4564 or email at homes@robertakayne.com !
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