From the category archives:

Financing and Mortgage News

Real Estate Ownership – Benefits of Buying Your Home

February 26, 2010

What are the reasons for owning real estate?  In a nutshell here are 7 reasons for home ownership…

1. Tax breaks. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, as well as some of the costs involved in buying your home.  If you buy [...]

0 comments Read the full article →

First Time Homebuyer Credit Questions and Answers

January 30, 2010

The IRS has posted questions and answers about the homebuyer tax credit.  Basically, you qualify if

You haven’t owned a home in the last 3 years
You purchase a home as your primary residence between 4/8/08 and 5/1/10
You close on the home before July 1, 2010
Combined income for a married couple phases out between $ 225,000 to [...]

0 comments Read the full article →

Congress Extends Home Buyer Tax Credit

November 5, 2009

Congress voted today to extend the home buyer tax credit.  Here’s how to qualify for the $ 8000 savings:

Sign a contract to purchase by 4/30/10 and close by June 30

Buy a home for less than $ 800,000

You must be a first time buyer — i.e. if you haven’t owned a home for 3 years, you [...]

1 comment Read the full article →

5% Down Payments on Condos

September 10, 2009

As of September 1, Wells Fargo is offering condo loan programs with as little as 5% down.  Since the Sept ‘08 meltdown, condominium financing has been difficult, and  for a time, the only low down payment programs were FHA loans.   FHA financing was not available in all buildings, however, so many buyers, while willing [...]

0 comments Read the full article →

2009 First Time Buyer Tax Credit Explained

March 28, 2009

This video from Pat Callan, President of the Illinois Association of Realtors, discusses key housing provisions in the American Recovery and Reinvestment Act.   In it, he talks about how Illinois residents can benefit from the $8,000 first-time homebuyer tax credit, increased Illinois FHA loan limits and energy-efficient housing tax credits.

Links:

Tax Credits for Energy Efficiency
First Time [...]

0 comments Read the full article →

Fingerprints Required for Cook County Sellers

March 27, 2009

This Glenn Beck video from Fox News gives information on the new fingerprinting law that goes into effect June 1 in Cook County:

0 comments Read the full article →

First Time Buyer Tax Credit Explained

February 18, 2009

On February 17, President Obama signed the American Recovery and Reinvestment Act of 2009, a $780 billion plan to stimulate the economy and move the housing industry.
Included in this plan is the first time buyer tax credit. Here, the National Association of Realtors spells out just what the plan includes, and what is different [...]

0 comments Read the full article →