How will the stimulus help me buy a home?

Homeowners looking to save energy, makers of solar panels and wind turbines and companies hoping to bring the electric grid into the computer age all stand to reap major benefits.

The package contains more than $42 billion in energy-related investments from tax credits to homeowners to loan guarantees for renewable energy projects and direct government grants for makers of wind turbines and next-generation batteries.

There’s a 30 percent tax credit of up to $1,500 for the purchase of a highly efficient residential air conditioners, heat pumps or furnaces. The credit also can be used by homeowners to replace leaky windows or put more insulation into the attic. About $300 million would go for rebates to get people to buy efficient appliances.

The package includes $20 billion aimed at “green” jobs to make wind turbines, solar panels and improve energy efficiency in schools and federal buildings. It includes $6 billion in loan guarantees for renewable energy projects as well as tax breaks or direct grants covering 30 percent of wind and solar energy investments. Another $5 billion is marked to help low-income homeowners make energy improvements.

What will the stimulus package do to help you buy a home?  The have given money to the bank to get the foreclosures and short sales off the books.  Tha banks are moving much quicker on helping sell short sales before they cost the bank $$$ to do a foreclosure.

Here in Ocala short sale are plenty.  The home prices have come down to below 2003 sales price.  Many  short sale homes in Ocala qualify for  100% financing.  If you have 620 credit score you could qualify.  Call Rhonda to help you find the right financing and home for you, 352-266-2637.

Bank owned homes, Are they taking over the market?

What is happening in the Ocala real estate market? Rhonda gives statistics on what is selling. She tells you how many Bank owned closed and how many short sales closed.

Tremendous Housing Opportunity|Buying cheaper than renting

“Current pricing, rates and incentives, such as the First Time Homebuyer Tax Credit, provide tremendous opportunities for first-time home buyers to get into the market,” said Tom Kunz, Century 21 Real Estate president and CEO. “Our research shows that while consumers still have concerns about the future of the economy, many are actively considering their options as we move into the spring selling season.”

Among the survey’s other key findings:

* Bargains in the marketplace are providing additional options for buyers to consider. 56 percent of potential first-time home buyers are considering purchasing a foreclosed or short sale home, and 63 percent are open to purchasing either a “fixer-upper” or “as-is” home.

* When asked to rate the features that they look for when choosing a home, price is the primary consideration with 87 percent saying this feature is “very important,” followed closely by neighborhood safety (80 percent) and the condition of the home (71 percent).

* Having enough money for a down payment is a top concern of potential first-time home buyers as nearly half (46 percent) said they are “very worried” about the issue.

* Most respondents (86 percent) are in the market for single family homes.

Source Realtor.org

The real estate market in Ocala, Florida is jumping. With all the Bank owned foreclosures and short sales available, the first time home buyer is able to buy for the price of renting. Interest rates are in the low 4 % to high 5%. First time home buyers or renters have a great opportunity to buy a home with many homes priced below $100,000 and with 100% financing available through USDA. If you are wondering if you can afford to buy, give Rhonda a call. I will help you get your self qualified or help you know what you need to do to fix your credit so by the end of the year you should be able to purchase a home. Call Rhonda 352-266-2637

Don’t forget that first time home buyers get a tax credit of $8,000. If you stay in the home for over 3 years you do not have to pay it back. A first time home buyer is anyone that has not owned in the last 3 years.

Ocala Loan Modification

A Loan Modification is a permanent change in one or more of the terms of a mortgagor’s loan, allows the loan to be reinstated, and results in a payment the mortgagor can afford.

Question 1: In utilizing the Loan Modification option to bring an asset current, can the mortgagee include all fees and corporate advances?
Answer: Mortgagee Letter 2008-21 states in part: Legal fees and related foreclosure costs for work actually completed and applicable to the current default episode may be capitalized into the modified principal balance.

Question 2: May a mortgagee perform an interior inspection of the property if they have concerns about property condition?
Answer: Yes, the mortgagee may conduct any review it deems necessary to verify that the property has no physical conditions which adversely impact the mortgagor’s continued ability to support the modified mortgage payment.

Question 3: Can a mortgagee include late charges in the Loan Modification?
Answer: Mortgagee Letter 2008-21 states that accrued late charges should be waived by the mortgagee at the time of the Loan Modification.

Here’s some good news for homeowners facing tough financial times: You no longer have to miss two to three months of payments before your mortgage company can modify your loan terms. Starting immediately, Fannie Mae will allow borrowers who face imminent financial difficulties to request early loan alterations, even if they’ve never been late.
Fannie’s policy change has the potential to help thousands of people who are losing jobs or facing layoffs as the recession crunches onward.

Most lenders and loan servicers traditionally have declined to intervene in mortgage problems until borrowers are 60 to 90 days late.
At that point, loss-mitigation staffs can try to work out solutions through rescheduling of back payments, forbearance, extending the loan term and other techniques.

Under Fannie Mae’s revised approach, servicers of the company’s loans will be required to inform borrowers that if they are reasonably certain that changes in their income will cause them to miss mortgage payments, they might qualify for a loan modification in advance.
Borrowers who qualify will enter into a trial period — usually four months — of reduced payments. If they make payments on time during the trial, the modified mortgage terms could be made permanent.

Loan modification’s or short sales? Some people need more than a modification. If you have questions call Rhonda 352-266-2637
Originally posted on RhondaBuckner.com

Ocala/Marion County Market Update|Ocala Market Predictions

What is selling in Ocala Marion County Florida, Feb 20, 2009 Rhonda Buckner gives her opinion and statistics on what is selling and some financial bonuses for purchasing a new home now.

You can reach Rhonda at 352-266-2637 or Email Bucknerhomes@gmail.com

Ocala Real Estate Market Updates

A great video from Rhonda Buckner on the Market in Ocala, FL as of February 20,2009. Rhonda tells you statistic on what is selling. Contact Rhonda for more information or see great properties at Www.BucknerHomes.com.