I just wanted to take a minute to let you know that there are currently 100% Home Loans still available to you!! We currently have loans available through Rural Development that can give you a 100% loan for the purchase of your new home and the best thing is that this loan does not require you to have Mortgage Insurance, like a traditional loan would, which can save you $40 - $75 per month on your payment.
Whether or not you are a first time homebuyer you can still qualify for a Rural Development loan. Right now there are several great homes available in communities that still qualify for this loan. Below are some bullet points about the program from one of our preferred lenders.
- Up to 102% Financing, No Down payment
- No Mortgage Insurance
- You can finance closing costs & repairs – up to 100% of the home’s appraised value
- No limits on amount or where you get help to pay your closing costs
- Competitive 30 year fixed interest rates – at times have been lower than traditional loan
- Income limits are broad enough to cover most people
- 620+ credit score makes things go fast
- No Purchase Price Limit
Filed under: Real Estate, Market Conditions, For Sale, Announcements, Industry, Finances, Buyer Information, Community Information, KS, Newton, Buying a Home, Buyer's Agent, Team Carbajal, For Sale newton ks, single family home, First time home buyer, $8000, 100% Loan, Rural Development, Home Loan
My big question of the year is why are more people not taking advantage of the potential to receive up to $8000 just for buying a home? I am not sure if it is because people are still scarred from all of the negative news that the national media continues to put out there or if it's because people really don't know about what this program is an how it works.
Well I would like to take this opportunity to put some additional information regarding the tax credit out there.
1. What is the tax credit? - This is a real credit that is being given to first time home buyers. You can receive up
to 10% of the purchase price, maximum of $8000
2. Who qualifies? - This is awesome, if you are a first time home buyer you qualify. First time homebuyer is
defined as someone that has never owned a home OR someone that has not owned a home
for at least 3 years.
3. When do I get the money? - This is another fantastic thing about this credit. You can either wait to receive
your credit when you file your 2009 taxes OR if you would rather not wait you
can file an ammendment for your 2008 taxes and get you credit now!! All you
have to do is fill out form 5405.
4. Is this a true credit? - YES, YES, YES, if you owe money then the credit will pay the government for you. If
you are getting money back then you will be getting up to an additional $8000, real
money, back with your return!!! The best part of this credit is YOU DO NOT HAVE TO
PAY IT BACK!! *If you sell your home before 3 years then you do have to pay back.
5. Are there income limits? - This answer I took directly from the IRS website. Yes. The credit is reduced or
eliminated for higher-income taxpayers. The credit is phased out based on your
modified adjusted gross income (MAGI). For a married couple filing a joint return,
the phase-out range is $150,000 to $170,000. For other taxpayers, the phase-out
range is $75,000 to $95,000. This means that the full credit is available for married
couples filing a joint return whose MAGI is $150,000 or less and for other
taxpayers whose MAGI is $75,000 or less.
6. Is there a time limit? - Yes, you have to close on your new home BEFORE Dec. 1, 2009.
So, there are some answers to some of the most asked questions regarding the $8000 first time homebuyer's tax credit. This is a great program available to buyer's that is coupled with interest rates being at an all time low and in some 100% loans still available. Imagine buying a home in an area where you get a 100% loan, no PMI, an interest rate of 5% and $8000 in cash - I can't imagine a better situation besides getting a home for free but how many times does that happen?
Feel free to contact Team Carbajal for all your Real Estate needs.
Filed under: Real Estate, Market Conditions, Announcements, Industry, Point2, Buyer Information, Community Information, KS, Newton, Buying a Home, Buyer's Agent, Team Carbajal, For Sale newton ks, single family home, tax credit, FAQ, First time home buyer, $8000
Being a parent of 4 children the recent outbreak of the swine flu/H1N1 virus has brought my wife and I back to going over the basics of staying healty with our children. Knowing that many of us out there are bombarded with all the seemenly epidemic statisics that our local news has to offer I though I would post some information from Center for Disease Control, CDC. Below is some info straight from their website, www.cdc.gov.
What You Can Do to Stay Healthy
- Stay informed. This website will be updated regularly as information becomes available.
- Influenza is thought to spread mainly person-to-person through coughing or sneezing of infected people.
- Take everyday actions to stay healthy.
- Cover your nose and mouth with a tissue when you cough or sneeze. Throw the tissue in the trash after you use it.
- Wash your hands often with soap and water, especially after you cough or sneeze. Alcohol-based hands cleaners are also effective.
- Avoid touching your eyes, nose or mouth. Germs spread that way.
- Stay home if you get sick. CDC recommends that you stay home from work or school and limit contact with others to keep from infecting them.
- Follow public health advice regarding school closures, avoiding crowds and other social distancing measures.
- Find healthy ways to deal with stress and anxiety.
- Call 1-800-CDC-INFO for more information.
Filed under: Market Conditions, Announcements, Industry, Community Information, Newton, Team Carbajal, church, flu, virus, swine flu, H1N1
well kept home
• 1,424 sq. ft., 1 bath, 2 bdrm single story - 
MLS® $49,000 - Short Sale
Marion, Bourbon County - This home must be sold as a short sale. It is a great home, perfect for a small family in a quiet community. It has an open floor plan and a covered front porch. It sits on a corner lot, which is fenced in.
Property information
Marion, Bourbon County - Announcing a price reduction on 214 Miller, a 1,424 sq. ft., 1 bath, 2 bdrm single story. Now MLS® $49,000 - Short Sale.
Property information
stainless steel appliances stay!
• 1,521 sq. ft., 1 bath, 3 bdrm 2 story "there is an unfinished attic" - MLS® $85,000 - Nicely updated home
Southeast Newton, Newton - This home has been beautifully updated, the kitchen has new ceramic tile and stainless steel appliances. So much thought and work was put into updated this home, the backsplash, and the counter tops match perfectly with the paint color and the re-finished cabinets. The hardwood floors compliment the home and are found throughout. The bathroom was tastefully updated with a new sink, and fixtures. You must take a look at this home to really appreciate all of the work that was done to it.
Property information
Southeast Newton, Newton - Announcing a price reduction on 211 SE 4th St., a 1,521 sq. ft., 1 bath, 3 bdrm 2 story "there is an unfinished attic". Now MLS® $85,000 - Nicely updated home.
Property information
When is the last time you had somebody offer you money and then tell you that you did not have to pay any of it back?
Well whether it's been a long time since that happened or if it has never happened to you Team Carbajal has the key to help you with this scenario. From now until the end of the year if you are a first time home buyer, or it's been 3 or more years since you've bought a home, you may qualify for an $8,000 tax credit and not have to pay anything back!
Recently he U.S. Government passed another stimulus package which included a $8,000 grant for first time home buyers. This coupled with the fact that interest rates are at an all time low makes it the perfect time to buy. If you are on the fence whether or not to purchase a home right now this should give you that extra shove you need to make the move.
Most economic experts agree that once interest rates begin to go back up it will be a long time before we see these types of low interest rates again. Another thing that works in your favor is that in the Wichita, KS market there are several communities that still qualify for 100% financing, with no Private Mortgage Insurance which can save you $40-$75 on your monthly payment, through the Rural Development program backed by the USDA. Also, if you decide you would like to build a new home in Park City you could qualify for a $3,500 grant from the city and the builders in some of the new developments. If you are thinking about buying a home in Hesston, KS then you will get several ammenities from the city, such as a free one year membership at the local gym and a one year subscription to the local newspaper and many more.
So, let's recap, If you get off the sidelines and decide to buy a house now you could possibly get:
1. $8,000 that you don't have to repay
2. $3,500 grant
3. $2,000 in ammenities
4. Save $40-$75 on your monthly payment
5. A NEW HOME!!
Wow, could this possibly get any better? Oh wait, I almost forgot to mention that the FREE $8,000 credit can be used on this years taxes, so if you don't want to wait until 2010 to get your money you can ammend your 2008 taxes and get it NOW!!
So, let Team Carbajal help you get your FREE $8,000, we're begging you - LET US HELP YOU GET YOUR MONEY!!
Filed under: Real Estate, Market Conditions, Announcements, Finances, Buyer Information, Community Information, KS, Newton, Buying a Home, Buyer's Agent, Team Carbajal, For Sale newton ks, single family home
Great for a small family
• 874 sq. ft., 1 bath, 2 bdrm 1 1/2 story "One bedroom up stairs" - MLS® $44,900 - Great investment property
Southeast Newton, Newton - This home has been updated with newer carpet and a new deck and privacy fence.
Property information
Southeast Newton, Newton - Announcing a price reduction on 317 Allison, a 874 sq. ft., 1 bath, 2 bdrm 1 1/2 story "One bedroom up stairs". Now MLS® $44,900 - Great investment property.
Property information
• 11,090 sq. ft. single story - MLS® $130,000 - Price Reduced!
Southeast Newton, Newton
Property information
Southeast Newton, Newton - Announcing a price reduction on 300 S. woodlawn, a 11,090 sq. ft. single story. Now MLS® $130,000 - Price Reduced!.
Property information
Here’s a warning for potential borrowers: Nervous lenders have tough new rules and are paperwork crazy."Borrowers are going to have to prove they are the borrower they say they are," says Keith Gumbinger, vice president of HSH Associates, a mortgage-industry publisher in Pompton Plains, N.J.Gumbinger says homebuyers should consider these things before they apply for a loan.1. Down payments are critical. Borrowers should expect to put down at least 10 percent for a “conforming loan” – a mortgage that Fannie Mae and Freddie Mac will purchase.2. Credit scores count. A 720 on the 850-point FICO rating scale will get a borrower access to the best rates. Rich Bira, branch manager of FCM Direct Lender in Chicago, says: "A score between 720 and 739 gets 0.125 percent added to the rate, a score between 700 and 719 gets 0.375 percent added to the rate, and a score between 680 and 699 gets 0.5 percent added to the rate.”3. Consider VA and FHA. Borrowers without down payments or with less than stellar credit scores should consider these government-insured loans offered through the Federal Housing Administration of the Veterans Administration. 4. Unearth the records. Before applying, borrowers should organize tax, banking and other records that prove income, savings and debts. They should also expect to be patient about what may seem to be endless requests for information.5. Get rid of debts. Limiting debts, including what borrowers expect to pay for the mortgage, to less than 43 percent of gross income is important.Source: Chicago Tribune, Mary Umberger (02/15/09)
Tuesday's bond market has opened sharply higher following more bailout news from the Fed that is being received as very favorable for bonds and mortgage rates. The stock markets are in negative territory with the Dow down 5 points and the Nasdaq down 18 points. The bond market is currently up 50/32, which will likely improve this morning's mortgage rates by approximately .750 of a discount point over yesterday's rates.
There were two important pieces of economic data released this morning, giving us mixed results. The first revision to the 3rd Quarter Gross Domestic Product (GDP) came in at ?0.5%, which was close to latest forecasts. This means that economic activity during the 3rd quarter was weaker than analysts had predicted last month but close to their latest projections. Accordingly, this data has not had much of an impact on this morning's mortgage rates.
November's Consumer Confidence Index (CCI) was also released this morning, showing a reading of 44.9. This was much higher than the 39.5 reading that was expected, indicating that consumers were more optimistic about their own financial situations than many had thought. This is considered negative news for bonds and mortgage rates because rising confidence usually means consumers are more apt to make large purchases in the near future.
Today's news from the Fed amounts to a more direct support of the mortgage market than the previous moves. In short, the Fed is going to pump $600 billion directly into mortgage lending that should significantly increase cash flow to make new loans to homeowners and homebuyers. The previous announcements were directed more at shoring up the banking side of financial system and somewhat ignored the mortgage side. Today's news is being considered great for future mortgage activity, and therefore, hopefully will help stabilize home prices.
There are four important reports scheduled to be posted tomorrow morning. October's Durable Goods Orders is the first and will be posted early morning. This data helps us measure manufacturing strength by tracking orders for big-ticket items. It is expected to show a 2.5% drop in new orders. A larger decline would be good news for the bond market and mortgage rates.
The second is October's Personal Income and Outlays data. This data is thought to measure consumers' ability to spend and their current spending habits. It is expected to show that income rose 0.1% and that spending fell 0.7%. Smaller than expected readings would be good news for bonds and could lead to improvements in mortgage rates.
The revised November reading to the University of Michigan Index of Consumer Sentiment will also be posted late tomorrow morning. Analysts are expecting to see little change to the preliminary reading of 57.9. Unless we see a significant variance from the forecasted reading, I don't think this data will cause much movement in mortgage rates tomorrow.
The fourth is October's New Home Sales, but I don't expect it to have any impact on the bond or mortgage markets. Keep in mind that the bond market will close early tomorrow ahead of the Thanksgiving Day holiday, so we may see additional volatility as traders protect themselves over the long weekend. Many traders will by keeping a skeleton staff Friday, meaning tomorrow is really the last relevant trading day until Monday morning.
If I were considering financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Lock if my closing was taking place between 8 and 20 days... Float if my closing was taking place between 21 and 60 days... Float if my closing was taking place over 60 days from now... This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.
--
Lani L. Yardley
Mortgage Specialist
Primary Residential Mortgage
9415 E. Harry, Suite 304
Wichita KS 67207
cell: 316-214-8714
fax: 316-491-7136
lyardley4@cox.net
I just wanted to take some time and give everybody an update on how the Real Estate Market is going in our area.
If you pay attention to all the doom and gloom that we are hit with every single day from every news source available you would probably be under the impression that the entire nation is going through forclosure and now is not the right time to buy a house. Well, I would not blame you for feeling this way. However, when it comes to our little piece of the world this could not be further from the truth. Sure, lenders are tightening up and you have to jump through some addtitional hoops to get a home loan these days but believe it or not banks are still lending money and people in Newton, Hesston, Halstead, Burrton, Wichita and all the surrounding areas are still buying homes!! Right now in Kansas we have a Rural Development program that will give you a 100% loan, if the location of the home qualifies, without having to have private mortgage insurance. Kansas currently has another program that will pay up to 20% of your loan. Currently FHA has great rates and still only requires that you bring 3.5% down payment, which means you are getting a 96.5% loan!!
Currently in Newton there are over 100 homes available on the market. The average sale price of these homes was over $118k, which is a little scewed because we have had our share of forclosures which brings this number down. From October 2008 - Current there have been 42 homes bought, that's more than one per day, out of which 11 were new built homes with an average sales price of $200k.
Currently in Wichita there are over 2,000 homes available and the average sales price is a little over $136k. Also, from October '08 - today there have been over 600 homes purchased out of which 80 of these homes were new built homes with an average sales price of $216k.
So, what do these numbers tell us? They remind us that when you hear the news talking about the decline of the Real Estate Market we need to remember that it is not an all inclusive term. Each state is a sub-market with several cities and towns making up more sub-markets within their respective state. We have to take time to look at our own individual market and make our decision whether or not to buy a house based on what we find is going on in our own back yard.
In my opinion, any time is a good time to invest in your future and buy a home. With so many homes on the market currently a buyer can truly take a little time and really find the house of their dreams. Not only that but with high supply a buyer is more equipt to be able to bargain down the price or bargain for the seller to cover all closing costs and pre-paid items!! In my opinion, currently, sellers are more apt to look at any offer and take it seriously becaue they know that today's buyer has a lot to choose from and if the seller is not flexible they could loose that one opportunity to sell their house and move on to the next chapter of their life.
So, if you live in our area or are considering moving to our area, don't worry things in our Real Estate Market are still going great. If you would like to sit down and discuss what options are available to assist you don't hesitate to contact Team Carbajal and we will be more than happy to lend you a helping hand!!