Thinking About Buying Your First Home?

Thinking about purchasing a home of your own? Keep these critical considerations in mind:
How long you plan to live in the home. If you purchase a home and get a job transfer or decide to move after only a short time, you may end up paying money in order to sell it. The value of your home may not have appreciated enough to cover the costs that you paid to buy the home and the costs that it would take you to sell your home.
The length of time that it will take to cover those costs depends on various economic factors in the area of the home. Most parts of the country have an average of 5% appreciation per year. In this case, you should plan to stay in your home at least 3-4 years to cover buying and selling costs. If the area you buy your home in experiences an economic up turn, the length of the time to cover these costs could be shortened, and the opposite is also true.
How long the home will meet your needs.What features do you require in a home to satisfy your lifestyle now? Five years from now? Depending on how long you plan to stay in your home, you'll need to ensure that the home has the amenities that you'll need. For example, a two-bedroom dwelling may be perfect for a young couple with no children. However, if they start a family, they could quickly outgrow the space. Therefore, they should consider a home with room to grow. Could the basement be turned into a den and extra bedrooms? Could the attic be turned into a master suite? Having an idea of what you'll need will help you find a home that will satisfy you for years to come.
Your financial health - your credit and home affordability.Is now the right time financially for you to buy a home? Would you rate your financial picture as healthy? Is your credit good? While you can always find a lender to lend you money, solid lenders are more skeptical if your credit history is not good. Generally, a couple of blemishes on a credit report will make you a good credit risk and could qualify you for the lowest interest rates. If you have more than a couple of blemishes on your report, lenders like Quicken Loans may still provide you with a loan, but you may just have to pay a higher interest rate and fees.
Some say that you should refrain from borrowing as much as you qualify for because it is wiser not to stretch your financial boundaries. The other school of thought says you should stretch to buy as much home as you can afford, because with regular pay raises and increased earning potential, the big payment today will seem like less of a payment tomorrow. This is a decision only you can make. Are you in a position where you expect to make more money soon? Would you rather be conservative and fairly certain that you can make your payment without stretching financially? Make sure that whatever you do, it's within your comfort zone.
To determine how much home you can afford, talk to a lender or go online and use a "home affordability" calculator. Good calculators will give you a range of what you may qualify for. Then call a lender. While some may say that the "28/36" rule applies, in today's home mortgage market, lenders are making loans customized to a particular person's situation. The "28/36" rule means that your monthly housing costs can't exceed 28 percent of your income and your total debt load can't exceed 36 percent of your total monthly income. Depending on your assets, credit history, job potential and other factors, lenders can push the ratios up to 40-60% or higher. While we're not advocating you purchase a home utilizing the higher ratios, its important for you to know your options.
Where the money for the transaction will come from.Typically homebuyers will need some money for a down payment and closing costs. However, with today's broad range of loan options, having a lot of money saved for a down payment is not always necessary - if you can prove that you are a good financial risk to a lender. If your credit isn't stellar but you have managed to save 10-20% for a down payment, you will still appear to be a very good financial risk to a lender.
The ongoing costs of home ownership.Maintenance, improvements, taxes and insurance are all costs that are added to a monthly house payment. If you buy a condominium, townhouse or in certain communities, a monthly homeowner's association fee might be required. If these additional costs are a concern, you can make choices to lower or avoid these fees. Be sure to make your realtor and your lender aware of your desire to limit these costs.
If you are still unsure if you should buy a home after making these considerations, you may want to consult with an accountant or financial planner to help you assess how a home purchase fits into your overall financial goals

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Save up to $29,000 on New Homes

Save up to $29,000 on New Homes on a Deal of a Lifetime is back and better than ever. This time around you'll save up to $29,000 on select ready to move-in homes with 100% financing available. Spend up to $5000 in Mad Money on specified homes.


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Help For Military Home Owners!

The financial strain affecting so many military families required to move in a bad housing market may soon be alleviated in the newly passed $787 billion stimulus package.

The stimulus — signed into law by President Obama on Feb. 17 — features a provision titled the Military Homeowners Assistance Program (HAP). HAP benefits (normally payable only at BRAC locations) will be extended to certain military homeowners who bought homes before July 1, 2006 and who sell the homes before Sept. 30, 2012, according to MOAA.com.

HAP was originally written in response to rising foreclosures and the credit crisis, and seeks to add more than $400 million to help military homeowners who are in the middle of foreclosure, or unable to sell their homes in the event of a permanent change of station order.

What’s more, HAP will not only provide help to military homeowners who receive PCS orders and are unable to sell their homes, but will also assist wounded warriors who must relocate due to medical reasons, and surviving spouses of fallen servicemembers who are also forced to move.
to learn more visit www.recovery.org

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HOT Columbia Homes For Sale

Check here daily for all of Columbia SC Real Esate and Hot properties for Sale.
Contact me to today to view any of these Homes for sale. First Time Home buyers find out about the down payment assistance programs that are available to you. Get a loan with NO money down. Also $8000.00 Tax Credit that you don't have to pay back.


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You Can't Beat this Deal! Two for One Deal!

"First Impreessions" Employment Workshop: find out new techniques and useful catch phrases while brushing up on your resume writing; learn keys to a successful interview; and hear about various ways to begin job search.

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"First Time Home Buyers" Seminar: learn from experienced professional how to prepare yourself for purchase; and learn more about the $8,000,00 Tax credit for First Time Home Buyers that does not have to be repaid. Learn how to finance your home with NO money down. Learn about VA loans, FHA loans and Conventional Loans.


No is the time to Buy a Home


Come join us and get a wealth of knowledge at one location


Location: Changing Lives Christian Center
438 Rabon RD
Columbia SC 29223

Date: March 28, 2009


First Impressions Employment Seminar starts at (9:30am-1130am)


First Time Home Buyers Starts at (11:30am - 1:30 am)

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15 Step First Time Home Buyer Guide

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Complete First Time Home Buyer Guide.
The home buying process can be quite complex, even for those who have been through it a few times. For the first time home buyer, the process can seem impossible. This guide breaks down the home buying process into 15 steps, with information and resources provided to make each step achievable. Also, most states offer first time home buyer grants and low interest loans for those within specific income limits. For most people, these programs can make the difference between being able to afford your first home or not. Here are the 15 steps to buying your first home:

1. Establish good credit.The first step in the home buying process is establishing good credit. Banks and mortgage lenders will not lend to first time home buyers unless the borrower has a history of borrowing money and paying it back in a timely manner. If you have absolutely no credit references, you will need to get some. The most basic way to do this is to visit a local bank and deposit a small amount, let's say $500. You would then apply for a $500 loan, using the money that you deposited as security for the loan. This is the simplest, quickest way to establish a good credit report. If the loan term is for 6 months, make payments for the first 3 months, then pay the entire loan off. Repeat the process with larger and larger amounts. This will build up an excellent track record. Do this repeatedly, and you'll progress to a point where you don't need to deposit any money as security, your track record will be strong enough to be able to borrow with just your signature. Unless you are independently wealthy, or come from a wealthy family, the process of becoming a first time home buyer starts with establishing a good credit history. At the same time that you are building your credit with bank loans as just described, you should also be using credit cards responsibly as well. This means paying off the entire balance every month.

2. Raise your credit score.A high credit score is one of the most important elements to the first time home buyer. Home buyers with high credit scores are able to get the lowest interest rates on home mortgages. As a first time home buyer, it is doubly important to have a high credit score. Here are the basic tactics for getting a high credit score. A. Always pay your bills on time. B. Keep your credit card balances at zero, or at least very low.C. Make more than the minimum monthly payments. D. Negotiate to remove negative items from your credit report.E. Borrow great credit from a relative or close friend.
For more in depth information on raising your credit score, we suggest you send for an excellent free kit. Improving your credit score will likely take a minimum of 2 months, but will be well worth the wait. By getting a higher credit score, you will greatly increase your chances of approval on the loan as well as qualify for the lowest rates given only to those people who have the best credit rating. This complete kit is available for free. You simply pay $1.97 for shipping. We highly recommend the Free Credit Repair Kit for those in need of improving their credit score.
3. Save for a down payment & closing costs.When buying your first home, you'll need money for a down payment as well as closing costs. This applies to previous home owners as well as first time home buyers. Lenders want borrowers to have a vested interest in the property. If you've put your own money into the house, you will be less likely to walk simply away from the property. It is very important to start saving immediately. Set aside a certain amount every pay period and stick to it. Learn to live on what remains. Save now for your future, and your future will take care of you. It will be very, very beneficial to save every week, even if it is a meager amount. We strongly suggest that you open an account and discipline yourself to set aside a certain amount every week. It is a habit that will pay dividends the rest of your life. The highest rate savings account that we are currently aware of is at Washington Mutual. Switch to WaMu Free Checking and High-Yield Savings, with a 5.0% APY. Start banking with only $1 or more. Learn more. . Yes, you can open a checking account for as little as one dollar. The savings account currently pays interest at the annual percentage rate of 5.0 % per year. Even if you only save $10 per week, it is a great habit to develop. We highly suggest you discipline yourself to save a certain amount each and every week.

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Beware of Foreclosure Rescue Scams - Help Is Free!

Home owners be aware of the scams thats out there. There is never a fee to get assistance or information about Making Home Affordable from your lender or a HUD-approved housing counselor.
Beware of any person or organization that asks you to pay a fee in exchange for housing counseling services or modification of a delinquent loan. Do not pay – walk away!
Beware of anyone who says they can “save” your home if you sign or transfer over the deed to your house. Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.
Never make your mortgage payments to anyone other than your mortgage company without their approval.
Need urgent help? Contact the Homeowner’s HOPE Hotline: (888) 995-HOPE

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Foreclosure Avoidance Counseling

HUD-approved housing counseling agencies are available to provide you with the information and assistance you need to avoid foreclosure. As part of President Obama's comprehensive Homeowner Affordability and Stability Plan (HASP), you may be eligible for a special Making Home Affordable loan modification or refinance, to reduce your monthly payments and help you keep your home.If you need help understanding the Making Home Affordable programs, you can use this search tool to find a counseling agency in your area that will provide you with free foreclosure prevention services. If you are eligible for the loan modification or refinance program, the counselor will work with you to compile an intake package for your servicer.Foreclosure prevention counseling services are provided free of charge by nonprofit housing counseling agencies working in partnership with the Federal Government. These agencies are funded, in part, by HUD and Neighbor Works America. There is no need to pay a private company for these services. Visit http://www.hud.gov/ for more Info

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Actice Duty Military

Questions & Answers for Reservists, Guardsmen and Other Military Personnel
Information by State Esta página en español Print version

regarding mortgage payment relief and protection from foreclosure provided by the Servicemembers Civil Relief Act (formerly known as The Soldiers' and Sailors' Civil Relief Act of 1940).

Who Is Eligible?
The provisions of the Act apply to active duty military personnel who had a mortgage obligation prior to enlistment or prior to being ordered to active duty. This includes members of the Army, Navy, Marine Corps, Air Force, Coast Guard; commissioned officers of the Public Health Service and the National Oceanic and Atmospheric Administration who are engaged in active service; reservists ordered to report for military service; persons ordered to report for induction under the Military Selective Service Act; and guardsmen called to active service for more than 30 consecutive days. In limited situations, dependents of servicemembers are also entitled to protections.
Am I Entitled To Debt Payment Relief?
The Act limits the interest that may be charged on mortgages incurred by a service member (including debts incurred jointly with a spouse) before he or she entered into active military service. Mortgage lenders must, at your request, reduce the interest rate to no more than six percent per year during the period of active military service and recalculate your payments to reflect the lower rate. This provision applies to both conventional and government-insured mortgages.
Is The Interest Rate Limitation Automatic?
No. To request this temporary interest rate reduction, you must submit a written request to your mortgage lender and include a copy of your military orders. The request may be submitted as soon as the orders are issued but must be provided to a mortgage lender no later than 180 days after the date of your release from active duty military service.
Am I Eligible Even if I Can Afford To Pay My Mortgage At A Higher Interest Rate?
If a mortgage lender believes that military service has not affected your ability to repay your mortgage, they have the right to ask a court to grant relief from the interest rate reduction. This is not very common.
What If I Can't Afford to Pay My Mortgage Even At the Lower Rate?
Your mortgage lender may allow you to stop paying the principal amount due on your loan during the period of active duty service. Lenders are not required to do this but they generally try to work with service members to keep them in their homes. You will still owe this amount but will not have to repay it until after your complete your active duty service.
Additionally, most lenders have other programs to assist borrowers who cannot make their mortgage payments. If you or your spouse find yourself in this position at any time before or after active duty service, contact your lender immediately and ask about loss mitigation options. Borrowers with FHA insured loans who are having difficulty making mortgage payments may also be eligible for special forbearance and other loss mitigation options. More information about help for homeowners who are unable to make payments on a mortgage is available on the HUD website at http://www.hud.gov/offices/hsg/sfh/econ/econ.cfm.
Am I Protected against Foreclosure?
Mortgage lenders may not foreclose, or seize property for a failure to pay a mortgage debt, while a service member is on active duty or within 90 days after the period of military service unless they have the approval of a court. In a court proceeding, the lender would be required to show that the service member's ability to repay the debt was not affected by his or her military service.
What Information Do I Need To Provide To My Lender?
When you or your representative contact your mortgage lender, you should provide the following information:

Notice that you have been called to active duty;

A copy of the orders from the military notifying you of your activation;

Your FHA case number; and

Evidence that the debt precedes your activation date.
HUD has reminded FHA lenders of their obligation to follow the Act. If notified that a borrower is on active military duty, the lender must advise the borrower or representative of the adjusted amount due, provide adjusted coupons or billings, and ensure that the adjusted payments are not returned as insufficient payments.
Will My Payments Change Later? Will I Need To Pay Back The Interest Rate "Subsidy" At A Later Date?
The change in interest rate is not a subsidy. Interest in excess of 6 percent per year that would otherwise have been charged is forgiven. However, the reduction in the interest rate and monthly payment amount only applies during the period of active duty. Once the period of active military service ends, the interest rate will revert back to the original interest rate, and the payment will be recalculated accordingly.
How Long Does The Benefit Last? Does The Period Begin And End With My Tour Of Duty?
Interest rate reductions are only for the period of active military service. Other benefits, such as postponement of monthly principal payments on the loan and restrictions on foreclosure may begin immediately upon assignment to active military service and end on the third month following the term of active duty assignment.
How Can I Learn More About Relief Available To Active Duty Military Personnel?
Read more information about the Servicemembers Civil Relief Act, sponsored by the Legal Assistance Policy Division, Office of The Judge Advocate General, U.S. Army.
Servicemembers who have questions about the SCRA or the protections that they may be entitled to may contact their unit judge advocate or installation legal assistance officer. Dependents of servicemembers can also contact or visit local military legal assistance offices where they reside. A military legal assistance office locator for each branch of the armed forces is available at http://www.hud.gov/utilities/intercept.cfm?http://legalassistance.law.af.mil/content/locator.php

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Avoid Foreclosure

HUD-approved housing counseling agencies are available to provide you with the information and assistance you need to avoid foreclosure. As part of President Obama's comprehensive Homeowner Affordability and Stability Plan (HASP), you may be eligible for a special Making Home Affordable loan modification or refinance, to reduce your monthly payments and help you keep your home.If you need help understanding the Making Home Affordable programs, you can use this search tool to find a counseling agency in your area that will provide you with free foreclosure prevention services. If you are eligible for the loan modification or refinance program, the counselor will work with you to compile an intake package for your servicer.Foreclosure prevention counseling services are provided free of charge by nonprofit housing counseling agencies working in partnership with the Federal Government. These agencies are funded, in part, by HUD and NeighborWorks® America. There is no need to pay a private company for these services.Please select a state from the list below and click the “Go to this page” link, or select a state from the map below. This will take you to a page with additional search criteria to help you find a conveniently located housing counseling agency.

Visit http://www.hud.gov/

How to price to sell and still make a profit

The asking price you set for your home significantly affects whether you will profit in the sale, how much you will profit and how long your home will sit on the market. Your real estate agent's knowledge of the overall market and what's selling - or not selling - will be invaluable in helping you determine the price. The objective is to find a price that the market will bear but won't leave money on the table. Here are some points to consider: Time. Time is not on your side when it comes to real estate. Although many factors influence the outcome, perhaps time is the biggest determinant in whether or not you see a profit and how much you profit. Studies show that the longer a house stays on the market, the less likely it is to sell for the original asking price. Therefore, if your goal is to make money, think about a price that will encourage buyer activity (read: fair market value).Value vs. Cost. Pricing your home to sell in a timely fashion requires some objectivity. It's important that you not confuse value with cost - in other words, how much you value your home versus what buyers are willing to pay for it. Don't place too much emphasis on home improvements when calculating your price, because buyers may not share your taste. For instance, not everyone wants hardwood floors or granite countertops. Keep it simple. Because time is of the essence, make it easy for the buyers. Remain flexible on when your agent can schedule showings. Also, avoid putting contingencies on the sale. Though a desirable move-in date makes for a smoother transition between homes, it could cause you to lose the sale altogether.

GUARANTEED RURAL HOUSING PROGRAMDON’T JUST FINANCE IT, REPAIR IT

Now Home buyers can obtain mortgage financing that covers home improvements such as a new roof, new well, new septic system, new appliances, new flooring, orupdated plumbing and electrical systems. The USDA Guaranteed Rural Housing program provides home buyers the ability to purchase their new home and finance necessary repairs at closing.

Decicding how much you can afford

Deciding how much house you can afford
Your lender decides what you can borrow but you decide what you can afford.
Lenders are careful, but they make qualification decisions based on averages and formulas. They won’t understand the nuances of your lifestyle and spending patterns quite as well as you do. So, leave a little room for the unexpected – for all the new opportunities your home will give you to spend money, from furnishings, to landscaping, to repairs.
Historically, banks use a ratio called 28/36 to decide how much borrowers could borrow. An approved housing payment couldn’t be more than 28 percent of the buyer’s gross monthly income, and his or her total debt load, including car payments, student loans, and credit card payments, couldn’t be more than 36 percent. (In Canada lenders apply similar formulas to determine how much a buyer can afford. The Gross Debt Service ratio, or GDS, is not to exceed 32 percent of the buyer’s gross monthly income, and the Total Debt Service ration, or TDS, is not to exceed 40 percent of the buyer’s total debt load.) As home prices have risen, some lenders have responded by stretching these rations to as high as 50 percent. No matter how expensive your market though, we urge you to think carefully before stretching your budget quite so much.
Deciding how much you can afford should involve some careful attention to how your financial profile will change in the upcoming years. In the long run, your own peace of mind and security will matter most.

Qusetions to ask your Realtor

1. Eight important questions to ask your agentQualifications are important. However, finding a solid, professional agent means getting beyond the resume, and into what makes an agent effective. Use the following questions as your starting point in hiring your licensed, professional real estate agent:
   
2. Why did you become a real estate agent?
   
3. Why should I work with you?
   
4. What do you do better than other real estate agents?
   
5. What process will you use to help me find the right home for my particular wants and needs?
   
6. What are the most common things that go wrong in a transaction and how would you handle them?
   
7. What are some mistakes that you think people make when buying their first home?
   
8. What other professionals do you suggest we work with and what are their credentials?
   Can you provide me with references or testimonials from past clients?

First Time Home Buyer Tax Credit

make homeownership a goal this year., The new stimulus package sweetens the deal for homebuyers who purchase a residence on or after January 1, 2009, and before December 1, 2009. The incentive is for first-time homebuyers who remain in their home for at least three years. It provides a credit for 10 percent of the home purchase price, up to an $8,000 limit. The credit can be taken on your 2008 or 2009 tax return.
If you close on a home after the April 15 tax deadline, you can apply for an extension provided that you close on your home before the extension deadline of October 15. The full credit applies to those first-time homebuyers whose modified adjusted income is less than $75,000 or $150,000 (filing jointly).