www.GetHouseHappy.com
Great opportunities for buyers abound.
Frederick County; Average price of homes sold dropped over 21% since last January.
That is 1/5 less than last years prices!
Also, inventory is over one year - how long it would take to sell all properties listed for sale at today's rate of sales. And, inventory is increasing.
All this combines to persent a great advantage for Home Buyers in Frederick County, MD.
Call us - we look forward to helping you in this market.
We can recommend great mortgage lenders, and keep your purchase of your next home as worry free as possible.
Dennis Helmstetter
Real Estate Teams LLC
o: 301-695-3020
c: 240-409-3966
dhelmstetter@mris.com
info from MRIS Trend Indicator
Saturday, February 28, 2009
Monday, February 23, 2009
$7,000 Frederick County Tax Credit
www.GetHouseHappy.com
Homebuyer Assistance Program - Up to $7000
Eligible Homebuyers:
Must be a 1st Time Homebuyer
Total gross income at or below 70% of the Washington MSA median family income limit
Cannot have owned residential property in the last three years
The homebuyer must occupy the home as their primary residence.
Contract Requirements:
No Preapprovals
Ratified contract must be provided at time of application for Homeowner Assistance Program.
Maximum Purchase Price:
No Maximum Purchase Price
Acceptable Use of Funds:
Down payment, additional down payment and closing costs.
Loan Details:
No Interest, deferred-payment loan
Secured by a subordinated or junior lien
No payments
No term on loan repayment
No Prepayment Penalty.
Income Eligibility:
Income limits based on current HUD area median income. (annualized total gross household income)
Household Size HAP, 70% AMI HAP, 50% AMI
1 Person $48,230 $34,450
2 Persons $55,090 $39,350
3 Persons $62,020 $44,300
4 Persons $68,880 $49,200
5 Persons $74,410 $53,150
6 Persons $79,870 $57,050
*Applicants at the 50% median income level qualify for assistance up to $7,000.00
*Applicants at the 70% median income level qualify for assistance up to $5,000.00
Eligible Housing Units:
Property must be located in Frederick County, MD.
Eligible properties include both existing homes and new construction.
Unit types are single family, townhouses, detached or semi-detached homes, condominium
units and modular or manufactured homes with the State seal of approval for code compliance.
Dwelling cost may not exceed maximum dollar limitation established by the partner homebuyer program.
HAP Minimum Investment:
No minimum investment.
Funds may be applied to meet the FHA 3.5% down payment
Homebuyer Assistance Program - Up to $7000
Eligible Homebuyers:
Must be a 1st Time Homebuyer
Total gross income at or below 70% of the Washington MSA median family income limit
Cannot have owned residential property in the last three years
The homebuyer must occupy the home as their primary residence.
Contract Requirements:
No Preapprovals
Ratified contract must be provided at time of application for Homeowner Assistance Program.
Maximum Purchase Price:
No Maximum Purchase Price
Acceptable Use of Funds:
Down payment, additional down payment and closing costs.
Loan Details:
No Interest, deferred-payment loan
Secured by a subordinated or junior lien
No payments
No term on loan repayment
No Prepayment Penalty.
Income Eligibility:
Income limits based on current HUD area median income. (annualized total gross household income)
Household Size HAP, 70% AMI HAP, 50% AMI
1 Person $48,230 $34,450
2 Persons $55,090 $39,350
3 Persons $62,020 $44,300
4 Persons $68,880 $49,200
5 Persons $74,410 $53,150
6 Persons $79,870 $57,050
*Applicants at the 50% median income level qualify for assistance up to $7,000.00
*Applicants at the 70% median income level qualify for assistance up to $5,000.00
Eligible Housing Units:
Property must be located in Frederick County, MD.
Eligible properties include both existing homes and new construction.
Unit types are single family, townhouses, detached or semi-detached homes, condominium
units and modular or manufactured homes with the State seal of approval for code compliance.
Dwelling cost may not exceed maximum dollar limitation established by the partner homebuyer program.
HAP Minimum Investment:
No minimum investment.
Funds may be applied to meet the FHA 3.5% down payment
New Tax Credit - up to $8,000
www.GetHouseHappy.com
Tax Credit – Up To $8000
The American Recovery and Reinvestment Act of 2009
Eligible Homebuyers:
Must be a 1st Time Homebuyer
To qualify, a home purchases must occur on or after January 1, 2009 and before December 1, 2009.
Cannot have owned residential property in the last three years.
The homebuyer must occupy the home as their primary residence.
Citizenship: Some homebuyers, who are not citizens, may also qualify. Anyone who is not a nonresident alien (as defined by IRS), who has not owned a principal residence in the past 3 years and who meets the income limits test may claim the tax credit for a qualified home purchase.
Loan Details:
Buyers must actually close on the sale of the home on or after January 1, 2009 and before December 1, 2009.
The tax credit does not have to be repaid – unlike the $7500 tax credit offered in the 2008 Housing & Economic Recovery Act.
The Tax credit is totally refundable.
The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8000.00
The tax credit allows home buyers to participate in the mortgage revenue bond program.
Permits state housing finance agencies to help buyers at closing by advancing the credit amount as a loan using tax-exempt bond proceeds.
Buyers must use the residence as a principal residence for at least 3 years or face recapture of the tax credit amount.
Income Eligibility:
Married Couple filing a joint, with incomes up to $150,000.00, qualify for the full tax credit.
Single or head-of-household, with incomes up to $75,000.00, qualify for the full tax credit.
The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) of more than $75,000 for single tax payers and $150,000 for marked taxpayers filing a joint return. The tax credit amount is reduced to zero for taxpayers with MAGI of more than $95,000 (single) and $170,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts.
Eligible Housing Units:
Eligible properties include both existing homes and new construction.
Any type of home. Unit types include single family homes, townhouses and condominiums & manufactured homes.
How Do I claim The Tax Credit? – Do I Need To Complete A Form or Application?
You claim the tax credit on your federal income tax return.
Complete IRS Form 5405 to determine your tax credit amount – Claim this amount on line 69 of the 1040 return.
Transaction Details - Who Cannot Take The Credit:
Non-resident aliens are not eligible for the tax credit.
You stop using your home as your principal residence.
Your income exceeds the phase-out range.
Claiming The Credit For a Home Purchased in 2009 on Your 2008 Tax Return:
The law allows qualified tax payers to "elect" to treat qualified home purchases in 2009 as if purchased before Dec. 31, 2008.
Tax payers who have already filed their 2008 Tax Return may file an amended 2008 return claiming the tax credit.
You should contact a professional tax consultant to determine how to arrange this.
What If A Buyer Has Already Filed to Receive the $7500 Tax Credit & Want to claim the new $8000 Tax Credit Instead?
Home buyers in this situation may file an amended 2008 tax return with a 1040X form. You should consult with a tax advisor to ensure you file this return properly.
If you purchased a home in 2008, you may still qualify for he $7500 Tax Credit.
Accessing the money ($8000) allocable to the credit sooner than waiting for the 2009 Tax Return.
Prospective homebuyers who believe they qualify for the tax credit are permitted to reduce their income tax withholding.
Reducing tax withholding (up to the amount of the credit) will enable the buyer to accumulate cash by raising his/her take home pay.
This money can then be applied to the downpayment.
Buyers should adjust their withholding amount on their W-4 with their employer or through their quarterly estimated tax withholding.
Tax Credit – Up To $8000
The American Recovery and Reinvestment Act of 2009
Eligible Homebuyers:
Must be a 1st Time Homebuyer
To qualify, a home purchases must occur on or after January 1, 2009 and before December 1, 2009.
Cannot have owned residential property in the last three years.
The homebuyer must occupy the home as their primary residence.
Citizenship: Some homebuyers, who are not citizens, may also qualify. Anyone who is not a nonresident alien (as defined by IRS), who has not owned a principal residence in the past 3 years and who meets the income limits test may claim the tax credit for a qualified home purchase.
Loan Details:
Buyers must actually close on the sale of the home on or after January 1, 2009 and before December 1, 2009.
The tax credit does not have to be repaid – unlike the $7500 tax credit offered in the 2008 Housing & Economic Recovery Act.
The Tax credit is totally refundable.
The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8000.00
The tax credit allows home buyers to participate in the mortgage revenue bond program.
Permits state housing finance agencies to help buyers at closing by advancing the credit amount as a loan using tax-exempt bond proceeds.
Buyers must use the residence as a principal residence for at least 3 years or face recapture of the tax credit amount.
Income Eligibility:
Married Couple filing a joint, with incomes up to $150,000.00, qualify for the full tax credit.
Single or head-of-household, with incomes up to $75,000.00, qualify for the full tax credit.
The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) of more than $75,000 for single tax payers and $150,000 for marked taxpayers filing a joint return. The tax credit amount is reduced to zero for taxpayers with MAGI of more than $95,000 (single) and $170,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts.
Eligible Housing Units:
Eligible properties include both existing homes and new construction.
Any type of home. Unit types include single family homes, townhouses and condominiums & manufactured homes.
How Do I claim The Tax Credit? – Do I Need To Complete A Form or Application?
You claim the tax credit on your federal income tax return.
Complete IRS Form 5405 to determine your tax credit amount – Claim this amount on line 69 of the 1040 return.
Transaction Details - Who Cannot Take The Credit:
Non-resident aliens are not eligible for the tax credit.
You stop using your home as your principal residence.
Your income exceeds the phase-out range.
Claiming The Credit For a Home Purchased in 2009 on Your 2008 Tax Return:
The law allows qualified tax payers to "elect" to treat qualified home purchases in 2009 as if purchased before Dec. 31, 2008.
Tax payers who have already filed their 2008 Tax Return may file an amended 2008 return claiming the tax credit.
You should contact a professional tax consultant to determine how to arrange this.
What If A Buyer Has Already Filed to Receive the $7500 Tax Credit & Want to claim the new $8000 Tax Credit Instead?
Home buyers in this situation may file an amended 2008 tax return with a 1040X form. You should consult with a tax advisor to ensure you file this return properly.
If you purchased a home in 2008, you may still qualify for he $7500 Tax Credit.
Accessing the money ($8000) allocable to the credit sooner than waiting for the 2009 Tax Return.
Prospective homebuyers who believe they qualify for the tax credit are permitted to reduce their income tax withholding.
Reducing tax withholding (up to the amount of the credit) will enable the buyer to accumulate cash by raising his/her take home pay.
This money can then be applied to the downpayment.
Buyers should adjust their withholding amount on their W-4 with their employer or through their quarterly estimated tax withholding.
New Trends in Home Design
Looking Back to Look Forward in Home Designby Peter L. Mosca
Many housing industry experts predict that the new home of tomorrow will be smaller and smaller. AVID Home Studios, a residential home design firm from Matthews (NC), decided to look back to US Census Data in order to see whether or not those predictions are backed up by events of past economic downturns. If the current recessionary period is anything like those from the past, AVID found, rapidly changing demographic and economic forces can play havoc on future markets catching many home builders off guard with homes "that don't sell." Those changing forces, the company claims, sometimes alter the design of homes -- for better or worse.
"Taking a line from our fractured financial system, we would like to declare that past performances do not guarantee future results," stated Craig Sherrett, Sales and Marketing Director of AVID. "But if history teaches us anything, the current recession will probably not impact new home design. Monetary and financial pressures of the past 35 years seem to have little lasting effect on the houses we want to live in."
Over the past 35 years, economists generally recognize five economic recessions or crises: the 1973 oil embargo, the recession of the early 1980's, the recession of the early 1990's, the recession of the early 2000's, and the current recession that started in 2007. Each of these events had short and long-term influences over the way homes are designed and built, and AVID looked at the following areas: Size, Sleeping Conditions, Facilities, Parking, Stories, Energy, and Appearance.
Size: Most people think that recessions lead to smaller homes. Think again. Historical statistics show that past recessions have merely slowed the trend for larger and larger homes. With the exception of a slight decline in the late 1970's, home sizes have steadily increased. The average home today is fifty percent larger than one-built 25 years ago.
Sleeping Conditions: The recession of the early 1980's seems to be the only influence negatively on the number of bedrooms in newly constructed homes. By the end of the 1980's, that effect was corrected and a general trend toward homes with four or more bedrooms continues to this day.
More Facilities: The events of the early 1980's had influence on the number of bathrooms in new homes, too. The end of the economic challenges quickly reversed a trend of building more homes with only 1 full bathroom. Prior to 1985, data for homes with three or more bathrooms is not available. But, like bedroom allocations, a continued trend toward more bathrooms has continued for almost twenty years.
More Parking: The early eighties also affected the type of garage designed into new homes. The number of homes built with no garages increased to the detriment of homes with two car garages. But that trend quickly revered after the negative economic affects subsided. For the past fifteen years, almost two thirds of all new homes built have two car garages.
Up, not out!: As the size of new homes steadily increased over the past 35 years, so too has the number of multiple storied construction. Again, the eighties recession seems to have the most effect, but for the last fifteen years the market is almost evenly split between single and multiple story homes with a slight deviation occurring since 2001. Even with a retiring baby-boom generation, the number of homes built on one floor seems to be counterintuitive.
Burn, baby burn!: The energy crisis of the early 1970's seems to have the most affect on the inclusion of a fireplace in newly constructed homes. Were we intending to burn our fireplaces instead of our furnaces? Maybe so, but the recession of the early 1980's reversed this trend and today the market is almost evenly split between homes with and without fireplaces. Even with the housing booms in warmer climates, we continue to want the warmth and glow of a fire.
The Way We Look: External siding had considerable changes over the past 35 years. Maintenance free vinyl siding took tremendous market share from an industry dominated by wood. It should be no surprise that low cost, easily installed, low maintenance building products are quickly accepted. Quickly in the building industry is a relative term as it took 20 years for vinyl siding to become the market leader (prior to 1992, vinyl siding sales were included in the "Other" category). Again the economic recession of the early 1980's seemed to affect the market most. Out of this recession new products and technologies were introduced to meet unfulfilled needs in the market. Primarily, vinyl siding products began to take market share from all of the other categories dominating the market in the early years of the new millennium. Recently, that domination is threatened by the introduction of fiber cement siding in the last part of the 1990's.
"These continued increases aren't just to satisfy personal egos, although that will continue to influence the market," states Bill Elliott, AVID's COO. "An aging population combined with improved health care means people live longer. Challenging economic conditions means that they may not have the money to do it."
In the future, AVID predicts that the three basic home characteristics - square footage, number of bedrooms and number of bathrooms – will not change drastically. In fact, AVID predicts the average home size will continue to increase, more four-bedroom homes will be built and those homes will have even more bathrooms. Plus, AVID continued, technology will play a large part of the new home design. New product developments spurred from stricter building codes, energy codes and manufacturer differentiation will allow larger homes to be built for less.
Many housing industry experts predict that the new home of tomorrow will be smaller and smaller. AVID Home Studios, a residential home design firm from Matthews (NC), decided to look back to US Census Data in order to see whether or not those predictions are backed up by events of past economic downturns. If the current recessionary period is anything like those from the past, AVID found, rapidly changing demographic and economic forces can play havoc on future markets catching many home builders off guard with homes "that don't sell." Those changing forces, the company claims, sometimes alter the design of homes -- for better or worse.
"Taking a line from our fractured financial system, we would like to declare that past performances do not guarantee future results," stated Craig Sherrett, Sales and Marketing Director of AVID. "But if history teaches us anything, the current recession will probably not impact new home design. Monetary and financial pressures of the past 35 years seem to have little lasting effect on the houses we want to live in."
Over the past 35 years, economists generally recognize five economic recessions or crises: the 1973 oil embargo, the recession of the early 1980's, the recession of the early 1990's, the recession of the early 2000's, and the current recession that started in 2007. Each of these events had short and long-term influences over the way homes are designed and built, and AVID looked at the following areas: Size, Sleeping Conditions, Facilities, Parking, Stories, Energy, and Appearance.
Size: Most people think that recessions lead to smaller homes. Think again. Historical statistics show that past recessions have merely slowed the trend for larger and larger homes. With the exception of a slight decline in the late 1970's, home sizes have steadily increased. The average home today is fifty percent larger than one-built 25 years ago.
Sleeping Conditions: The recession of the early 1980's seems to be the only influence negatively on the number of bedrooms in newly constructed homes. By the end of the 1980's, that effect was corrected and a general trend toward homes with four or more bedrooms continues to this day.
More Facilities: The events of the early 1980's had influence on the number of bathrooms in new homes, too. The end of the economic challenges quickly reversed a trend of building more homes with only 1 full bathroom. Prior to 1985, data for homes with three or more bathrooms is not available. But, like bedroom allocations, a continued trend toward more bathrooms has continued for almost twenty years.
More Parking: The early eighties also affected the type of garage designed into new homes. The number of homes built with no garages increased to the detriment of homes with two car garages. But that trend quickly revered after the negative economic affects subsided. For the past fifteen years, almost two thirds of all new homes built have two car garages.
Up, not out!: As the size of new homes steadily increased over the past 35 years, so too has the number of multiple storied construction. Again, the eighties recession seems to have the most effect, but for the last fifteen years the market is almost evenly split between single and multiple story homes with a slight deviation occurring since 2001. Even with a retiring baby-boom generation, the number of homes built on one floor seems to be counterintuitive.
Burn, baby burn!: The energy crisis of the early 1970's seems to have the most affect on the inclusion of a fireplace in newly constructed homes. Were we intending to burn our fireplaces instead of our furnaces? Maybe so, but the recession of the early 1980's reversed this trend and today the market is almost evenly split between homes with and without fireplaces. Even with the housing booms in warmer climates, we continue to want the warmth and glow of a fire.
The Way We Look: External siding had considerable changes over the past 35 years. Maintenance free vinyl siding took tremendous market share from an industry dominated by wood. It should be no surprise that low cost, easily installed, low maintenance building products are quickly accepted. Quickly in the building industry is a relative term as it took 20 years for vinyl siding to become the market leader (prior to 1992, vinyl siding sales were included in the "Other" category). Again the economic recession of the early 1980's seemed to affect the market most. Out of this recession new products and technologies were introduced to meet unfulfilled needs in the market. Primarily, vinyl siding products began to take market share from all of the other categories dominating the market in the early years of the new millennium. Recently, that domination is threatened by the introduction of fiber cement siding in the last part of the 1990's.
"These continued increases aren't just to satisfy personal egos, although that will continue to influence the market," states Bill Elliott, AVID's COO. "An aging population combined with improved health care means people live longer. Challenging economic conditions means that they may not have the money to do it."
In the future, AVID predicts that the three basic home characteristics - square footage, number of bedrooms and number of bathrooms – will not change drastically. In fact, AVID predicts the average home size will continue to increase, more four-bedroom homes will be built and those homes will have even more bathrooms. Plus, AVID continued, technology will play a large part of the new home design. New product developments spurred from stricter building codes, energy codes and manufacturer differentiation will allow larger homes to be built for less.
Wednesday, February 18, 2009
FHA Loans for Frederick County Home Buyers
FHA Loans allow many more people to purchase their home because the home buyer only needs 3.5% down, instead of 10% or 20% down with conventional loans.
Also, it is permissible to have the home SELLER pay closing costs - up to 6%, and have the 3.5% Down payment gifted to the Home Buyer(s).
For additional information contact me:
Dennis Helmstetter
Real Estate Teams LLC
o: 301-695-3020
c: 240-409-3966
dhelmstetter@mris.com
Also, it is permissible to have the home SELLER pay closing costs - up to 6%, and have the 3.5% Down payment gifted to the Home Buyer(s).
For additional information contact me:
Dennis Helmstetter
Real Estate Teams LLC
o: 301-695-3020
c: 240-409-3966
dhelmstetter@mris.com
Rural Housing for Home Buyers
Federal Government has provided funding for Home Buyers in Frederick County, Montgomery, Carrol County, Washington County MD (any nationwide)- to obtain guaranteed loans and direct housing loans for qualified home buyers.
Call me for additional information;
Dennis Helmstetter
Real Estate Teams LLC
o: 301-695-3020
c: 240-409-3966
Call me for additional information;
Dennis Helmstetter
Real Estate Teams LLC
o: 301-695-3020
c: 240-409-3966
Fannie Mae - Home Loan Limits Extended
The higher Home Loan Limits for Frederick County and Montgomery Home Buyers have been reinstated.
The upper limit is again $729,750 for FHA, Fannie Mae, and Freddie Mac home loans.
Home Buyers in surrounding counties - Howard, Carroll. Anne Arundle, Prince Georges, Baltimore, and Washington - may be eligible for these higher limits.
Only extended for the year 2009!
Check with your mortgage lender if you have questions, or contact me for a few great mortgage lender referrals.
Dennis Helmstetter
Real Estate Teams LLC
o:301-695-3020
c: 204-409-3966
dhelmstetter@mris.com
The upper limit is again $729,750 for FHA, Fannie Mae, and Freddie Mac home loans.
Home Buyers in surrounding counties - Howard, Carroll. Anne Arundle, Prince Georges, Baltimore, and Washington - may be eligible for these higher limits.
Only extended for the year 2009!
Check with your mortgage lender if you have questions, or contact me for a few great mortgage lender referrals.
Dennis Helmstetter
Real Estate Teams LLC
o:301-695-3020
c: 204-409-3966
dhelmstetter@mris.com
First Time Home Buyer Tax Credit
Up to $8,000 Credit for Home Purchases from Today through end of 2009!
Reduces your taxes owed for 2009 - any unused amount is REFUNDABLE - and will increase your 2009 tax refund!
First time home buyers - which means cannot have owned a "principle residence" for only the last three - 3 - years!
Can be combined with state and local Bond Programs!
NO REPAYMENT, must only hold home for three years, and purchase in 2009!
Retroactive to Jan. 1st, 2009!
Up to $8,000 Credit for Home Purchases from Today through end of 2009!
Reduces your taxes owed for 2009 - any unused amount is REFUNDABLE - and will increase your 2009 tax refund!
First time home buyers - which means cannot have owned a "principle residence" for only the last three - 3 - years!
Can be combined with state and local Bond Programs!
NO REPAYMENT, must only hold home for three years, and purchase in 2009!
Retroactive to Jan. 1st, 2009!
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