FHA allows $8,000 to be used as downpayment

Consumers across the country can now take advantage of a Federal Housing Administration program to allow qualified home buyers to apply the $8,000 tax credit when purchasing a home. FHA will now permit its lenders to provide a short-term bridge loan that will let qualified home buyers use the tax credit to either make a larger downpayment above the FHA required 3.5 percent, cover closing costs, or buy down their interest rate.

This will help many potential buyers break into the homeownership role and take advantage of today's low interest rates and competitive housing prices.

The deadline is December 1, 2009!

Home Buyer Seminar

HOME BUYER ADVANTAGE WORKSHOP

January 2009

hosted by hbc services

Date: Wednesday, January 21st and 28th

Time: 5:30 pm

Location: Waukesha County Administration Building

Room 355

This is a 2 day seminar. I will be the guest realtor speaker on the 21st, and speaking with me will be a mortgage lender. On the 28th the speakers will be a mortgage lender and a homeowners insurance agent. Attendance at both classes is required to complete the course.

For many first time buyers, the mortgage you're obtaining will require you to take a homebuyer education course. This class meets requirements of most lenders. Along with homebuyer education, hbc services offers credit counseling, foreclosure prevention, and has government funded downpayment grants and assistance to qualifying buyers.

Classes are free to attend, however childcare is not available.

RSVP to Rose Sura at 262-522-1230

or

call me!

How To Catch A Home Buyer's Attention

What cracks me up most is when I'm searching thru the MLS for properties for my buyers and I see "broker bonus" or extra commission paid to the selling agent. Anything from a higher commission to a flat amount (I've seen thousands of $$) to be paid to the selling agent at close.

This is not a good incentive to get your house sold. The AGENT isn't the one buying the house, the BUYER is. Don't get me wrong, I'd LOVE to receive that extra amount for doing my job, but if I have a buyer and another agent has a house listed that match their criteria, I'm going to show it to them. The extra $2,000 in commission is not going to enable me to make their mind up to buy that house. And I'm certainly not going to push someone into buying a house that isn't perfect for them.

What incentives work? Practical ones that focus on the home price and monthly mortgage payments:

1. Reasonable asking price. Have the most bang for the buck. Be "below assessed value".

2. Offer downpayment assistance.

3. Offer to pay all or some of the closing costs.

4. Buy mortgage points for the buyer to make the transaction more affordable.

5. Include a home warranty.

You can advertise your incentive to bring buyers in if you are not having much action, or you can use them once you have an interested party to sweeten the deal.