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Tag Archives: home

An FHA 203k Specialist can help you buy a home needing renovation

August 27, 2010

Now more than ever, there are large numbers of foreclosed properties that need repair and renovation. There are also many wonderful older homes in well-established neighborhoods offered at great prices to reflect their need for updating and repair. RE-buildUSA and its partners deliver the support, expertise and systems to allow you to more easily use the power of the FHA 203k to bring your home ownership dream to life.

Your REbuildUSA 203k Specialist™ is trained to provide the expertise and support to help you find a great home at a great price that can be improved through the use of the FHA 203k program and enjoy these benefits:

  • Save Time & Money – Use one loan to buy and renovate a great home to meet your needs.
  • Get More Home for Your Money – Take advantage of the excellent prices for homes that need repair and remodeling.
  • Low Down Payment – Enjoy the benefits of homeownership with as little as 3.5% down.
  • Easier Qualification – Less strict FHA qualification requirements benefit those with less than perfect credit.
  • Make the Most of Your Investment – rather than paying a premium for changes made by previous owners, invest in improvements that suit your personal tastes and lifestyle.
  • Earn Additional Equity – Professional installers do the work, and you can earn “sweat equity” in the process.
  • Greater Financial Stability – Rather than experiencing a strain on your budget for major repairs later, you can pay for these improvements over time at a more affordable rate.
  • Live in a More Desirable Location – There are many great homes in wonderful established neighborhoods that offer perfect FHA 203k opportunities.
  • Invest in Your Future – You can use an FHA 203k loan to purchase a 1 to 4 unit property allowing you to renovate a home that also brings you rental income as an excellent long-term investment.

It’s Easy to Get Started
Your RE-buildUSA 203k Specialist will:

  • Help you determine your buying power and get the process started.
  • Help you locate the best home to be renovated for your needs.
  • using the RE-buildUSA project portal, schedule your home inspection and introduce you to your personal Lowe’s renovation consultant
  • Assist you in packaging your renovation bids and financial documents.
  • Help you finalize the purchase to begin renovation of your new home

AND you can enjoy this support at NO additional cost to you! For more information about this program and real estate in the Triangle, please visit www.justcallpowers.com/contacts.html.

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Cap and Trade requirements for selling your home

December 2, 2009

Not long ago I received an email that obviously set out to scare the bejeezus out of every homeowner. This email stated that the Cap and Trade legislation passed by Congress would require EVERY existing home to meet new energy standards before it can be sold.

Ah come on. Homeowners are one of the biggest interest groups out there. The proof for how much power this group wields is the fact that no one dares to interfere with the mortgage interest deduction. We homeowners are a muscular bunch, and no one is going to mess with our ability to sell our homes.

But don’t take my word for the falsity of the claim. Here is what Snopes.com has to say about it–
http://www.snopes.com/politics/business/captrade.asp

For sane and sensible help with selling your home or buying a new one, please visit JustCallPowers.com.

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Home and property values in the Triangle

November 20, 2009

The press is still reporting dismal news on property values. “Property values will be off 40 percent to 50 percent from their peak, vacancies will rise, rents will decrease, and credit will remain scarce,” quotes David Bracken in an article in the Raleigh News & Observer.

Besides what that means for all of us as citizens, it’s enough to make any self-respecting Realtor want to pack up her signs and move to outer Elbonia.

The good news is that statement comes from interviews with 900 real estate professionals across the country. My sympathies go out to all the good folks in California, Arizona, Florida and other markets, but they aren’t us.

In the same article Jim Anthony is quoted as saying, “We don’t have the supply, and we do have the demand. They don’t have the demand, and they have all the supply.”

Average Prices Overall in the four county area of Durham, Johnston, Orange and Wake:

  • May 09 — $234,900
  • Jun 09 — $238,400
  • Jul 09 — $237,500
  • Aug 09 — $237,000
  • Sep 09 — $220,000
  • Oct 09 — $226,200

While prices have not been moving up, North Carolina’s Triangle is holding up well because “the region is widely viewed as having a bright economic future once the recession fades.”

For help in buying or selling your home, please contact me. Visit JustCallPowers.com.

[Raleigh News & Observer, 11/19/09, and Market Update, Triangle MLS, 10/09]

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Foreclosure home for sale in Clayton, NC

November 16, 2009

If you are looking for a foreclosed home to buy in Clayton, North Carolina, you owe it to yourself to take a look at this one:

  • 1908 sf
  • .33 acre
  • 3 bedroom/2-1/2 baths
  • Bonus room
  • Side load 2-car garage
  • Level lot with large backyard
  • Alarm system
  • 9′ ceilings
  • Crown molding and chair rails downstairs
  • Hardwoods in foyer, dining room and kitchen
  • $158,900

Conveniently located in Clayton, North Carolina, close to Talecris and Novo Nordisk. To learn more, please drop me an email at linda (at) justcallpowers.com.

Visit www.justcallpowers.com to learn more about the area.

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Homebuyers’ tax credit now includes more people

November 14, 2009

The original first-time homebuyers’ tax credit was set to expire on November 30, 2009, but thanks to Congress it has been extended and expanded. President Obama signed it into law on November 9th.

Don’t forget the dates (and please don’t wait until March 30th to begin the home-buying process) –

Homes must be purchased (closed) before May 1, 2010. Typically it takes about 30 days to close a home in North Carolina. To take care of odd things that can go wrong and push the closing past 30 days, if a home is under contract by April 30, 2010, it will qualify for the tax credit provided it closes before July 1, 2010.

Who qualifies and what tax credit they qualify for –

  • First-time homebuyers are defined as those who have not owned a home in the past 3 years. They may be eligible for up to $8,000.
  • Homeowners who have been living in their current home for five consecutive years out of the last eight and are purchasing a replacement home. They may be eligible for up to $6,500.
  • All U.S. citizens who file taxes are eligible to participate in the program.

Income limitations –

  • To receive the full tax credit, single or head-of-household taxpayers must make less than $125,000 (modified adjusted gross income). For married couples filing jointly the limit is $225,000.
  • Between $125,000 and $145,000 for singles and $225,000 and $245,000 for marrieds, homebuyers receive a partial credit.
  • If single and married homebuyers make more than $145,000 and $245,000 respectively, tough luck. They don’t qualify.

Property limitations –

So long as the property sells for less than $800,000 and will be used as the buyer’s principal residence, it will qualify. This includes new and existing homes, and they can be single-family detached, condos or townhomes. The property cannot be a vacation home or rental property.

Click here to view the entire article from www.rismedia.com.

If I can help you purchase your new home in the Triangle, please visit www.JustCallPowers.com.

After you have purchased your new home and run up your credit card with all your new purchases, I can help you pay off your mortgage and all of your debt in about half the time. Please visit www.myhomefreeandclear.com.

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First time home buyers tax credit in North Carolina

September 12, 2009

Time is running out. To take advantage of the Federal Government’s $8,000 tax credit for first-time home buyers, you have to close on your new home by November 30, 2009.

For more information on the tax credit, here is an excellent article on the subject — http://homebuying.about.com/od/buyingahome/a/21808_taxcredit.htm

There’s also money available at excellent rates. For example, a USDA loan on a property that qualifies is 4.875% at this moment. Locations that qualify are Holly Springs and Fuquay Varina. It’s also possible to put these loans together with $0 down. There are restrictions, but give me a call and let’s talk. Please visit — www.justcallpowers.com.

For an additional way to save a pile of money on your new home, please visit www.myhomefreeandclear.com.

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Triangle home prices fall again

August 14, 2009

The News & Observer reported on August 13, 2009 that the median home price in the Raleigh-Cary area fell .9 percent to $211,300 in the second quarter of 2009. In Durham the drop was .2 percent to $185,500.

This is better than national numbers, but we did not experience the boom either. Nationally prices declined by a “record 15.6 percent from a year earlier” to $174,100. The cause of all this is the downward pressure on prices caused by the huge numbers of foreclosures.

“Total sales rose nationally 3.8 percent to a seasonally adjusted annual volume of 4.76 million from the first quarter and fell 2.9 percent from 2008’s second quarter.”

If you are considering the purchase of a home in the Triangle, please visit — www.JustCallPowers.com

Once you buy or refinance a home, you can save tens of thousands of dollars by paying it off early — www.MyHomeFreeAndClear.com

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Keeping your home with mortgage loan modification

June 8, 2009

One of the mortgage phrases making the rounds these days is “loan modification.” If you are having trouble making your mortgage payments, this is one of the things you are advised to do. But how?

Here are some pointers –

  1. Beware of scams with companies asking for money in advance.
  2. Visit the HUD website (www.hud.gov) and look for the “Making Home Affordable Program: Refinancing and Modification Options.” (Regardless of your situation, there is much good advice on this site.)
  3. Sit down with a pen and paper and draw an accurate picture of your current and future financial situation. You will need to show how you plan to repay the modified loan, and you need to demonstrate your understanding of your current and projected income and expenses. While you are doing this, determine if your situation is long-term or short-term.
  4. If your immediate predicament is short-term, ask if your lender might postpone payments for a short period, and be prepared to show how and when you will be able to resume making your payments.
  5. If you don’t see a way out in the short-term and your situation is likely to be with you for a while, you need loan modification. You will make an offer to your lender, and you will need to show how you will be able to repay the modified loan. There are incentive programs for your lender. Make sure they are familiar with them. (Again, visit the HUD website.)
  6. None of this will be free. Your lender will charge you fees and there may be penalties if you have missed payments. Make sure your lender explains everything. You need to have a solid understanding about the handling of these items. Will they be forgiven, reduced or added to the end of the modified loan?
  7. Lastly, here’s a stalling tactic that can sometimes prod lenders to the negotiating table. Ask your lender to “produce the note.” Mortgages and the companies that made the loans have been bought and sold and chopped and diced. Often the promissory note underlying the mortgage is not readily available. That promissory note is the legal I.O.U.

Now for the good part: Once your loan has been modified and your debt is squared away and manageable, it’s time to think about putting an end to the misery of indebtedness once and for all. Let me show you how you can expedite the repayment of your debts and thus avoid paying tens and maybe even hundreds of thousands of dollars in interest. This is the ultimate way to get out from under and build a strong financial future for your family. — www.myhomefreeandclear.com

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Low home prices benefit first-time home buyers

May 21, 2009

The Housing Opportunity Index shows that “72.5% of all new and existing homes sold in the first quarter of 2009 were were affordable to families earning the national median income of $64,000, up from 62.4% during the previous quarter and up from 53.8% during the first quarter of 2008.” [Rismedia, May 20, 2009]

The downturn in prices has been horrible for current homeowners, but this is outstanding news for first-time home buyers. Couple this with the $8,000 tax credit, and this just may be the opportunity of a lifetime.

For help in buying your first home in the Triangle (North Carolina), please visit — http://www.justcallpowers.com

If you are currently underwater with your current home and would like to find a way to build equity even in a down market, please visit — http://www.myhomefreeandclear.com

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Information on home mortgages

September 29, 2007

Mortgage loans are among the more complicated things on the planet. There are so many options, and lenders keep coming up with different programs. With the meltdown of the subprime market, I think everyone has learned that they really can’t take this lightly. Yes, I know that reading mortgage documents is right up there in popularity with insurance policies, but understanding what you are getting into is very important. Fortunately the National Association of Realtors has come up with simple English explanations.

I’ve taken the liberty of adding links to them on my website. There are five brochures in two formats. One is a pretty pdf file that might be difficult to print. The other is a simple text-based file, also in pdf format. Both have exactly the same information.

The brochures available –

  • Learn how to avoid foreclosure and keep your home
  • How to avoid predatory lending
  • Specialty (non-traditional) mortgages
  • Traditional mortgages — understanding your options

Go to JustCallPowers.com and click on the “You” button. The list of brochures will be at the bottom of the page.

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