http://lexhomes.com/zrealestateman Got Questions? Who ya gonna call? Fri, 26 Mar 2010 16:00:02 +0000 http://backend.userland.com/rss092 en [1] [1] http://lexhomes.com/zrealestateman/wp-content/uploads/2010/03/Ferry-Ride-still.jpg http://lexhomes.com/zrealestateman/?p=455 http://lexhomes.com/zrealestateman/?p=437 In a continued effort to lessen their own risk, FHA guidelines will be changing effective on or after April 5, 2010.  FHA is increasing the up-front mortgage insurance premium from 1.75% to 2.25%. The new premium is effective for all purchase and refinance transactions.  In essence this will result in a higher total loan amount, after the borrower makes the required 3.5% down payment. If you are an FHA buyer and go under contract before April 5th, your lender must assign the FHA Case number for the transaction by April 4th at the latest in order to secure the lower mortgage insurance premium on the buyer's FHA loan. There are also rumors that FHA may also increase the required down payment of 3.5% to 5%, and may also lower the maximum allowable seller concessions from 6% to 3%.  These changes have not been officially anounced by FHA but are possibly on the horizon.  These factors are some GOOD ADDITIONAL REASON TO ACT NOW!  Remember, the deadline for the First -Time Home Buyer $8000 Tax Refund is obtaining a contract by April 30th, so if you really want to save on the MIP upfront as well as obtain your refund, IT'S TIME TO GET MOVING ON YOUR HOME PURCHASE! Thanks to Jesse Hardin at Flagstar Lending for this info update! https://www.flagstarloans.com/home.aspx?lo=jhardin [1]   [1] https://www.flagstarloans.com/home.aspx?lo=jhardin http://lexhomes.com/zrealestateman/?p=429 For your convenience, here's just a  few pieces of key information with updated information on the Home-Buyer's tax Credits: --The old law has been extended, and now has a DEADLINE of HAVING A WRITTEN ACCEPTED CONTRACT BY THE END OF APRIL  30TH, 2010.  Your new 'first time' property MUST CLOSE BY END OF JUNE 30TH, 2010. --Credit remains at 10% of the pruchase price, up to a maximum of $8000.  What else is new? --The price of the house is now capped; no credit is available for any home costing more than $800,000. --There is a NEW TAX CREDIT FOR REPEAT BUYERS!  If you have lived in your primary residence for 5 consecutive years (out of the past 8 years), you can qualify for a Tax Credit of as much as 10% of the purchase price, up to a maximum of $6500.  The new home does NOT have to cost more than the old one! --Income Limits for qualifying are roughly between $125,000 and $145 for modified adjusted gross income and $225K-$245K for married couples. NOTE : The new laws are stringent regarding Fraud!  As with the old law, people taking the Tax Credit are not allowed to buy a home from "a lineal ancestor or descendant," or "from a spouse or the spouse's lineal relatives." For full article and further details:  http://online.wsj.com/article/SB10001424052748703808904574529512997057836.html?mod=rss_Taxes [1] Need help finding your First Home?  Contact us! [1] http://online.wsj.com/article/SB10001424052748703808904574529512997057836.html?mod=rss_Taxes http://lexhomes.com/zrealestateman/?p=424 It's time to 'think outside of the box' for commission structures! In almost 25 years of being a licensed Realtor, I've heard pretty much all of the comments there are about Realtors, often not very positive. There are LOTS of diligent, hard-working Realtors out there!  What most of the public does not see is how hard those Realtors work and pay for, the clients whose transactions are ~not~ successful. We willingly offer ourselves to market properties over long periods of time at our own expense, occasionally (although not often in a market like we have been experiencing) having a quick 'lucky' sale. That's when the complaints come in about 'how much money' is being made for so little effort. What if the property owner shared in the RISK and was able to capture part of the REWARD via a different type of commission structure? Help us and we will help you!  Our new LexHome Risk/Reward Seller Program addresses this issue exactly!  Watch for details on our main site at www.LexHome.com [1], or contact us today... [1] http://www.LexHome.com http://lexhomes.com/zrealestateman/?p=415 [caption id="attachment_421" align="aligncenter" width="300" caption="Great house for 1st Time Buyer Tax Refund Program!"] [1][/caption] [1] http://www.youtube.com/watch?v=0as2S3lnqCM http://lexhomes.com/zrealestateman/?p=408 http://lexhomes.com/zrealestateman/?p=403 [1](November 23, 2009 Release) Highlights • Existing home sales rose 10.1 percent to an annualized pace of 6.10 million units in October from a month earlier. The annualized home sales in October is now 23.5 percent above its pace from a year ago. • The three month average for existing home sales is 5.58 million annualized units. Read more from the original source: Existing Home Sales (NAR) [2] [1] http://lexhomes.com/zrealestateman/wp-content/uploads/2009/12/existing-home-sales-mortgage-rates.jpg [2] http://www.realestateeconomywatch.com/2009/11/existing-home-sales-nar-7/ http://lexhomes.com/zrealestateman/?p=380 [1]This video gives people moving from out of the area a terrific overview of Lexington, KY, including insight into its physical and economic climate, industries, schools, horse and other industries, as well as some of the types of homes for sale in the area. Click here to download video [2] [1] http://lexhomes.com/zrealestateman/wp-content/uploads/2009/12/thumbmynewcity.jpg [2] http://lexhomes.com/zrealestateman http://lexhome.com/frame.shtml?http://nationalrealtyconnection.com/LexingtonKY.wmv http://lexhomes.com/zrealestateman/?p=342 [caption id="attachment_419" align="aligncenter" width="480" caption="1st Time Home Buyer Incentives"] [1][/caption] [1] http://www.youtube.com/watch?v=JB7kVLkol7M http://lexhomes.com/zrealestateman/?p=338