Credit & Financing Category
Tax Credit Can Be Used on Closing Costs
August 6th, 2009 Categories: Credit & Financing, First Time Home Buyers
Recently, FHA-approved lenders received the go-ahead to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront, according to eagerly awaited guidance from the U.S. Department of Housing and Urban Development (HUD) on so-called home buyer tax credit loans that was released today.
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What is P.I.T.I. ?
August 2nd, 2009 Categories: Credit & Financing, Diamond Dwellings, First Time Home Buyers
NO! You’re thinking of a Greek pocket bread for sandwiches.
How Can PITI Figure Into Your Monthly Budget?
If you are in the real estate business, you are probably familiar with the acronym: P.I.T.I.
This is one acronym that first-time home buyer should know about and it’s a handy, simple group of letters — that could save you money and help with your monthly budget planning concerning your house payment. Read the rest of this entry »
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Complete Rehab of Apollo Beach FL Home Under $100K!
March 31st, 2009 Categories: Apollo Beach, Credit & Financing, Foreclosures/ Bank Owned, Real Estate Investment
The market has started to heat up even further for foreclosures in the last 30 days. And why not? Foreclosures, also known as bank owned property, offer all price values of homes in all kinds of conditions. Diamond Dwellings in East Hillsborough County covering Brandon, Valrico, Riverview, Apollo Beach and surrounding communities such as Lithia has started to rate our reviewed foreclosure discoveries in three categories as follows:
Gem Dwellings: Houses in this category are either in move in condition or close to it. Most likely the buyer will choose to do some interior painting and carpet cleaning, but other than that or some small alterations by preference, these properties are ready for a new resident.
Diamond Dwellings in the Rough: These homes are rated as a good buy based on area comparables, but will require some minor to major repairs. Examples of minor may be some dry wall repair, medium expense could be a new air conditioner and major expense could be a new roof. Some buyers would walk away from these houses, but others would have the vision to repair or update the home with a rehab loan such as the FHA rehab loan.
The final category would be Lump of Coal Dwellings: These homes are still worth considering, but would require careful consideration and due diligence. They are distressed homes that would likely require a buyer that knows what they are getting into and would work with our agents to negotiate a greatly discounted price in order to bring this property into occupancy status. These homes would likely be of more interest to our investor or contractor clients. They will require some major re-construction of the property.
We are introducing our home review with a home in Apollo Beach, Florida. Apollo beach is located southeast of Tampa and only a few miles southwest of Riverview. This home is a little more than 1300 square feet and is a 3 bedroom 2 bathroom home located close to many water activities that include a beach, boat ramps and marinas.
Please take a look at this 6 minute video of this foreclosed property:
This property now has a pending contract effective 4/5/2009
If you would like to take a look at this property please give me a call at 813-653-1241.
Rick Frissell - Diamond Dwellings Realty.
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Do it yourself or Hire a Pro: Fixer-Uppers offer Opportunity
February 22nd, 2009 Categories: Credit & Financing, First Time Home Buyers, Foreclosures/ Bank Owned
The oft heard phrase “Buyer Beware” is never more appropriate than when considering the purchase of a fixer-upper.You really need to know exactly what you’re getting into before buying.
It’s commonly believed that fixer-upper properties represent easy money that is ripe for the taking – that you can buy it, do a little work on it in your spare time, and then resell quickly for a large profit. Usually, this simply isn’t the case. Although, with proper planning and foresight, good profits can be made by buying “distressed” properties at less than market value, making appropriate improvements and repairs, and then reselling. And for many first time buyers who intend to live in the house while working on it, buying a fixer-upper can be the very best option. It’s less risky buying a fixer-upper when you can live in the house while fixing it. And of course, by living in the house for at least 24 months you should be able to avoid paying regular income taxes on the profits. Read the rest of this entry »
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Economic Stimulus Plan has Benefit if you’re Buying a Home
February 19th, 2009 Categories: Credit & Financing
Expansion of First-time Home Buyer Tax Credit
The tax credit available to first time home buyers was increased from $7,500 to $8,000 for homes purchased between January 1, 2009, and December 1, 2009. Also, the credit no longer needs to be paid back as long as you live in the home without selling it for at least 3 years. The previous version of the credit expired on July 1, 2009, and required home buyers to pay the funds back over a 15 year time frame.
The income limitations remain the same ($75,000 for single tax payers claiming the full credit and $150,000 for married tax payers), as do most other qualification requirements. Also, the credit remains refundable. This means that first-time home buyers who owe less than $8,000 in taxes for the year are still eligible for the full $8,000 credit when they file their tax returns. In that case, the IRS will write you a check for the difference between $8,000 and your actual tax bill. In fact, the credit can be claimed on your 2008 tax returns that you file by April 15, 2009, even if you buy the home in 2009.
There is one catch, though, if you bought the home in 2008, the credit remains $7,500, and it still needs to be paid back over a 15 year timeframe beginning in 2011 when you file your 2010 returns.
Rick Frissell, Agent- Diamond Dwellings Realty- Florida
P.S. This is great news, you may want to forward it to family or friends…..
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