The Federal Housing Authority reported yesterday that its capital reserve ratio has fallen to 0.53%. A far cry from the congressional mandate of a 2% reserve ratio. Are we headed “Back to the Future” with another bailout due to bad lending practices that were never turned away from by the US government, no less, after last year’s financial meltdown? Continue Reading…

As reported on www.CNNMoney.com -

President Obama signed an extension and expansion of the first-time homebuyers tax credit on Friday, Nov. 6, 2009.

The $8,000 credit was scheduled to lapse on Dec. 1 but will now be in effect through the end of June. Homebuyers must sign a contract before April 30 and close by June 30. The income limits were also raised: Single buyers can now earn up to $125,000 and still get the full credit while a married couple can earn $225,000.

The bill also made more homeowners eligible to claim the credit on their taxes. First-time buyers — those who have not owned a home in the past three years — still qualify for an $8,000 rebate. But now people who want to trade up can also qualify. Those who have owned and occupied a residence for at least five years out of the past eight can claim a $6,500 tax credit if they close on a purchase by the end of June.

Say, Hello, to Only Eight Steps from Home: Step 2

Step 2: Hire Your Agent

When you’re looking for a real estate professional to help you, know that above all else good agents put their clients first. The seven main roles your real estate agent will perform include the following:

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Say, Hello, to Only Eight Steps from Home: Step 1

This is the first installment of an 8-part series with tips on how to buy your first home from, Only 8 Steps to Home: The Proven Path to Home Ownership, published by Keller Williams Realty. I will post the ensuing installments once or twice a week. Topics will include:

• What will a good real estate agent do for you?
• How do you determine how much house you can truly afford?
• What are the steps involved in financing your purchase?
• How to you effectively search for a home?
• How do you determine a fair price?
• How do you judge whether the home you want to buy is in good shape or not?
• What do you need to do after your offer is accepted?
• How do you protect your investment?

And now, here is Step 1: Decide to Buy:

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• Existing home sales in July, including town homes, condos and co-ops were up 7.2% from June.
• National mortgage interest rates have slid up to 5.15%, but that is still an historic low.
• First time home buyers lead the sales.

Watch this 3:27 minute video to catch some important tips on what you can expect when buying your first home and strategies on how to buy responsibly. Continue Reading…