David Verbera's Blog » 2009 » October

Senators agree to extend homebuyer tax credit

David Verbera — Thu, 29 Oct 2009 22:13:12 +0000

Below is the latest information regarding the first-time home buyers tax credit:

“WASHINGTON (AP) — Senators agreed Wednesday to extend a popular tax credit for first-time homebuyers and to offer a reduced credit to some repeat buyers.

The tax credit provides up to $8,000 to first-time homebuyers but is set to expire at the end of November. The Commerce Department said Wednesday that new home sales fell 3.6 percent in September, and some industry representatives blamed uncertainty about the tax credit.

Senators agreed to extend the existing tax credit for first-time homebuyers while offering a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years, said Regan Lachapelle, a spokeswoman for Senate Majority Leader Harry Reid, D-Nev.

The tax credits would be available to homebuyers who sign sales agreements by the end of April. They would have until the end of June to close on their new homes, according to a summary of the legislation being circulated among lawmakers.”

Please feel free to comment on the above article. I’d love to hear what first buyers or soon to be buyers are thingkng about the credit.

Mortgages, 620 the new magic number!

David Verbera — Fri, 23 Oct 2009 00:00:19 +0000

Qualifying for a mortgage under current lender standards is more difficult nowadays than in years past. Beginning Nov. 1 or Dec. 12, depending on the type of loan, Fannie Mae is tightening its lending standards to the 620 credit score benchmark—including loans backed by the Federal Housing Administration and Veterans Affairs. Borrowers with credit scores of less than 620 will find it very difficult to qualify for a mortgage. However, to qualify for the best rates, consumers generally need credit scores of 720 and must have verifiable, steady income.

As for loan type, most real estate professionals agree that a fixed-rate mortgage is the best choice for buyers and refinancers.

What do you want from a Realtor?

David Verbera — Fri, 16 Oct 2009 17:18:00 +0000

Today’s question is focused on your needs. Too often Realtor just focus on what they think thier client wants or needs instead of listing to thier client. Today’s question gives you the opportunity to really state what it is that you want from a Realtor. Don’t be shy. You need to be heard so I invite you to please comment on today’s question of the week.