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New Mortgage Program for Those With Damaged Credit

FHA has come out with a new mortgage program, designed to afford people who have taken a BIG hit to their credit, to be able to buy a new house.  It’s called the Back to Work program.  And, some local lenders are now making it available.  Here’s how it works…

If you had a short sale, deed-in-lieu, foreclosure, or bankruptcy that was caused by a reduction in household income of 20% or more, that persisted for at least six months and was due to a situation beyond the buyer’s control, then you may be eligible for the Right to Work mortgage program.

To be eligible, one must meet the following conditions:

1) Demonstrate good credit before and after the economic event.

2) Be at least 12 months beyond bankruptcy discharge or deed transfer (short sale, deed-in-lieu or foreclosure).

3) Have no late payments, judgments or collections during the past 12 months.

4) Have a 3.5% cash down payment if your credit score is 600 or better, or a 10% down payment if the score is between 580-599.  (If you do not have a credit score, then a 20% cash down payment will be required.)

5) Have proof that your rent or mortgage payments did not go 30 days late during the past year.

The Right To Work program should help some people to more quickly get beyond past burdens and to be home owners.  If you have questions, be sure to ask me.

 

 

How many showings should you expect?

Now that’s a good question!  And that’s exactly what I said when I was asked this this very question earlier today, while meeting with a homeowner who wants to become a seller.  I mean, you’d think it would be a pretty simple question to answer.  Right?  Haha, LOL!

A few years ago I stumbled on some data from one of the big companies that schedules showing appointments for thousands of realtors.  I did a lil’ math and figured out they were scheduling on average about 2 appointments per month for each property.  Obviously some enjoyed more showings and others less, but 2 per property was the average.

Today, I figured I could just google the question and get the answer without doing any work.  Haha, LOL again.  So, I dug into our local numbers and if I did all the math right… (drumroll, please) I figure the average listing gets 6 showings total while it’s on the market.

That’s probably less than most sellers and realtors would like to see, but that is the average.  And that’s reason for realtors to employ marketing that will drive people to see a house, for homeowners to put a shine on their house (especially the curb appeal), and for all parties to price a property to draw attention and good offers!  And for sure, when someone calls to schedule an appointment, it behooves everyone to do all in their power to make the necessay arrangements to get those buyers inside the house!

Selling a house doesn’t take a village, but it does take a partnership.  And working together we can generate more than 6 showings on average— and that does up the odds of receiving a strong offer that results in a sale.!

 

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6 Tax Deductions for Homeowners

Most people who rent take the standard deduction, while most people who own their own home get to itemize their deductions on their tax return— and usually wind up paying less in income taxes as a result!  For one thing, if you own a house, your home deductions will be large enough that you will be able to take other deductions as well (ie. charity, non-reimbursed work-related expenses, medical bills, and more).  For renters, those deductions are typically money left on the table.

Ok, so just what deductions can a homeowner take?

#1  Mortgage interest.  In the early years of a mortgage, most of the money goes to pay interest, and that is usually all deductible.

#2  Points.  When you take out a mortgage, you sometimes pay points, and these are usually deductible.

#3  Property taxes.

#4  Home office.  If you work from home a certain percentage of your housing costs may be deductible.

#5  Home improvements for medical care.  These must usually be doctor prescribed.

#6  Moving expenses.  Not all moving expenses are deductible, so like everything else on this list- check with your tax professional to develop the best money saving strategy.