As the new year of 2010 begins, many folks are starting to look for new homes. Builders have dropped prices and increased incentives. In addition, there are some very attractive choices. From the very affordable townhomes to our urban condominiums to luxurious homes, the experts are saying NOW it the time to buy a home. Interest rates remain low and don’t forget about the extended federal $8000 tax credit for first time home buyers only available until April 30th 2010, but you will have until June 30th to close in order to receive the credit.

New home prices are very attractive and the builders have “new designs, new features & new communities” creating NEW EXCITEMENT.

Come back and visit floridahomes-info.com often, as we will be adding the new communities to our site shortly.

Having a good credit score is vital to buying a home, getting a cell phone, buying a car and even renting an apartment.  So here are five common questions about credit scores, specifically FICO scores which is the widely most used rating.

FICO scores range from 300 being the worst to 850 being the very best.

1)  How do you establish a credit history and a FICO score?  Answer: You need at least one credit account.  It can be a credit card, auto loan, mortgage for example, open for at least six months and reported to one of the three main credit bureaus: Equifax, Experian and TransUnion.  Other bills, such as your rent or utilities generally are not reported to the bureaus.  Good news is by law you are entitled to one FREE credit report every 12 months for each of the three credit bureaus at www.annualcreditreport.com.  This is the only site that we are aware of where you can access your credit reports for FREE.  However, you will have to pay for your credit score (FICO).  Not sure the cost, but you can also go to www.myfico.com and buy your scores for $15.95 each.

2)  Does carrying a credit card balance improve my rating?  Answer: There is no advantage to carry a balance on your credit card, but if you do make sure it stays low at least no more than 1/3 of your credit available.  Nearly a third of your FICO score is based on your credit utilization, or the percentage of  your credit limit you use.  So, as earlier mentioned ideally you should have no more than a 30% balance of your available credit.

3)  Does it help my score if I were to close an old credit card?  Answer: Generally no, and it may hurt your credit scroe by raising your utilization ratio because you have less credit available.  15% of your FICO score is based on your credit history.  Charge a small sum to your card(s) every few months to keep it active and pay off the balance right away.

4)  Will my score drop if I check my credit report?  Answer: Not is you check your credit, but it will hurt your score by opening several accounts so open new accounts sparingly.  However, there is one exception… If you are shopping for a mortgage or auto loan, FICO generally counts any applications made within a 45 day period as one.  FICO recognizes that you have to submit multiple applications as you shop for loan terms.

5)  How do late payments affect my score?  Answer: After you are 30 days overdue on a bill, your score could drop 60 to 110 points.  Your payment history makes up the majority portion of your FICO score, so try no to be late.  If you do fall behind or you just forgot, get back on track as quickly as possible.

The key here is to make sure you pay at least the minimum due on time each and every month.

If you are looking for a nice home to rent in the Hwy 192 and Hwy27 area, call today to schedule an appointment. Located in the Legacy Park area just off Hwy 27, this home for rent offers convenience to Disney, area schools, Clermont and the Four Corners and much more.

A  nice sized formal living room and dining room combo, family room, eat in kitchen, 4 bedrooms, 2 baths, 2 car garage and all appliances, it’s a steal at ONLY $950.00 a month with one month security. Call toll free 877-858-5003!

DON’T MISS OUT… It’s final; the president signed the bill to extend the $8000 tax credit and expand a tax credit to current home owners up to $6500.

There are thousands of bank owned foreclosures and brand new home inventory discounts just waiting for an owner. Don’t wait and loose out on this extension. There are VA and USDA loans that require no money down. They are legitimate loans backed by the government and most lenders offer them to those that don’t have enough for a down payment. Don’t forget about the FHA loans. They only require 3.5% down. Now is the time to buy. This may be your only opportunity to take advantage of the tax credits currently being offered. It’s unlikely they will be extended again. And think about how much home you can buy today vs. a couple of years ago.  Prices are down; interest rates are low; thousands of bank owned properties on market; and builders have new home inventory that they are wheeling and dealing.  There are some really great buys out there.  Don’t wait and miss out!  You only have until April 30, 2010 to get your contract to purchase signed and close no later than July 2010.  I know this sounds like you have a lot of time, but you don’t.  So, act now before it’s to late.  Give us a call.  We can help!

If you have any questions or concerns or want to learn more about what is currently on the market today in the Tampa, FL area be sure to call Kim Bromley 813-493-2272 and/or the main office in Orlando, FL at 877-858-5003. We will be happy to help you any way that we can to get you into a home and take advantage of the tax credits, low interest rates and great prices.

It’s official. President Obama has signed the bill that extends the tax credit for first time home buyers to April 30, 2010.

In addition to the $8000 tax credit extension for first time home buyers, the program has been expanded to current home owners looking to move up into a new home. Their tax credit is worth up to $6500.

The US House of Representatives just voted 403 -12 to extend and expand the homebuyer tax credit.  It has been sent to the President for his signature.  This is great news!

Following are the tax credit changes;

1) First time home buyer will receive up to $8000 tax credit filing jointly and $4000 single.

2) Eligibility: Same as before… You can not have had an interest in aprincipal residence for 3 years prior to purchasing

3) As current Homeowners…  You will be entitled to a $6500 tax credit filing jointly or $3250 single.

4) You must be in a written binding contract to purchase no later than April 30, 2010, but not necessarily have closed and taken possession.  The purchaser will have until July 1, 2010 to close.

Those are a few of the requirements with this new extension and expansion.  Be sure to read up on all the conditions before you enter into a purchase contract.  This is great news!  Be sure to call or email us with any questions.  We are here to help you.

According to Rismedia, by a vote of 85 to 2, the Senate paved the way for the seven month extension and expansion of the tax credit for homebuyers. Fantastic news! It looks promising that President Obama will sign this week.

The $8000 homebuyer tax credit will be extended to April 30, 2010 and just as fantastic, a current homeowner can move-up into a new home and receive a maximum tax credit worth $6500. There are some qualifying factors, such as the homeowner(s) have to have lived in their current home for five of the prior eight years and couples can not earn in excess of $225,000 annual income. There are other stipulatons that you may want to review prior to getting into a contract to purchase. It’s a great opportunity for anyone wanting to buy at this time. It’s a known fact that the tax credit has improved the housing market considerably, and has driven existing home sales to the highest level in over two years.

There seems to still be some criminal schemes out there so “buyer beware” of your lender. Be sure to work with a mortgage lender that you know is reputable. The IRS has already identified 167 suspected criminal schemes and have opened close to 107,000 examinations of potential civil violations of the first-time homebuyer tax credit.

Please don’t hesitate to contact us with any questions. If we don’t have the answer, we will find it for you. We would be happy to help you find the kind of home you are looking for. Just give us a call 877-858-5003 or send us an email info@floridahomes-info.com.

Be sure to visit our site often, as we are consistently updating real estate market information for you.

Sounds good, but it’s not a done deal just yet.    According to the Florida Association of  Realtors Senators did reach a compromise to extend the $8000 tax credit, a much needed vote to boost the housing industry to pull out of its two-year-old downturn.

In addition, lawmakers in Washington also added a $6500 tax credit for other primary home buyers and raised the qualifying income limit to $125,000 for single taxpayers and $225, 000 for joint taxpayers.

With the Senate compromise, home buyers must have purchase contracts in hand no later than April 30, 2010, but will have until June 30, 2010 to close on their property, if need be.

We’ll keep you updated on the final out come of the tax credit extension and the proposed new opportunity for home buyers to once again purchase a home under a tax credit program.

Homeowners, are you thinking of selling your home?  If you owe more on your mortgage than the appraised value, you’ll come up short.  That’s where a short sale for your home could be somewhat beneficial.  It can help avoid foreclosure if you can’t make the mortgage, but it’s important that you know what you are getting yourself into.

1)  You have to prove you can’t pay your mortgage.  You lender may require any or all of the following documents.  Current appraisal of your property; comparable sales within a reasonable distance from your home and a letter that details your financial hardship.  If you are able to convince your lender that your hardship meets their requirements, your lender may allow you to sell your home as a short sale and forgive the remaining mortgage debt.  The key word here is may…

2) Even with an approved short sale from your lender there could be some ramifications.  For example, you may still face taxes and judgments.  Your lender may decide to sue you for the remaining amount owed after the short sale.  It is important that you try to negotiate the terms of debt forgiveness and make sure you get it all in writing.  If you have any questions, please consult a real estate attorney for the answers you should have before making this important decision.  The bank should state the note was satisfied; however, we are being told that the federal government considers forgiven debt as taxable income.  Make sure you know the facts, not just opinions.

3) Your credit score is another issue altogether.  Supposedly, your credit score will not plummet.  The credit score is not supposed to take the hit as it would if a property went into foreclosure.  This is something else that should be verified so you know exactly where you stand with your credit.

4) If you have a second mortgage on your property there could be even more complications.  Typically properties with second mortgages take much longer… even months and then may fall apart at the very end.  In some cases the bank that holds the second mortgage may get nothing from the sale.

For buyer’s, if you are not in a hurry, it’s a way to get a good bargain.  For you upside-down homeowners, it’s a possible way to avoid foreclosure.  More than half of the homes on the market are short sales.  Since the bank (third party) must approve the sale it is now taking longer than ever.  But, in the end there’s a good chance a buyer can get a good bargain and the seller has the chance to sell without going into foreclosure.

If you are an upside-down homeowner wanting to sell your home, it’s worth checking out!

Would you like to buy a home, but have no money down?  November 30^th is approaching quickly and the $8000 tax credit is scheduled to expire.  Home buyers wanting to buy a home, but have no money down may have an option.  The government insured 100% USDA loan is available.  However; there are some restrictions, such as income limits and location, but don’t let that discourage you.  It is very worthwhile for you to take the time to check this loan out.   Following is some information concerning the USDA home loan guidelines.

Good credit and steady income are not always enough to qualify for a home loan from a commercial lending institution.  But there is another option.  More and more families and individuals may be eligible to live the American Dream of owning a home. With a USDA guaranteed home loan your dream could come true and you could get an $8000 tax credit.

To be eligible you must…

1. Have adequate and dependable income.
2. Be a U.S. Citizen, qualified alien, or be legally admitted in the U.S. for permanent residence.
3. Have an adjusted annual household income that meets the income limits established for the area.
4. Have a credit history that indicates the ability to meet obligations as they come due.
5. Have repayment ability based on the following ratios: Principal, Interest, Taxes and Insurance aka (PITI).

If you are not currently working with a mortgage consultant, bank or any other lender, you can visit our finance page located on our web site at http://www.floridahomes-info.com/orlando/finance/finance-lenders.php and choose one of the mortgage consultants we have listed.  They will be happy to answer your questions and even pre-qualify you without obligation.  For those of you that are interested in Tampa area homes, please visit http://www.floridahomes-info.com/tampa/finance/lenders.php

Through the years our home buyers have utilized their mortgage services and have been very pleased with the service provided.  We feel confident they will help guide you through the home buying process, in the direction, best suited for your home buying needs.

Please don’t forget; if you are already working with a mortgage consultant be sure to ask about the NO money down USDA loan.  It’s well worth it!