Jeffrey Tung's Real Estate Blog » buyers

Fannie offers to pay closing cost

Jeff Tung — Mon, 18 Apr 2011 00:03:08 +0000

If you plan to purchase a home in the near future, you might want to speed up the process in order to have 3.5% of your closing cost paid by Fannie Mae. That’s right, Fannie Mae is trying to decrease their inventory of REOs. If you close on a HomePath property by June 30, 2011, you’ll be able to save 3.5% of the purchase price in closing cost. So act now!!!!

Fannie Mae Buyer Incentives Back for Limited Time (brittaj17.wordpress.com)
Fannie Offers Closing Cost Help for REOs (reowablog.wordpress.com)
April 11 to June 30th: Buyers Get 3.5% of their Costs Paid When Purchasing a Qualified Fannie Mae Owned Property (mklenahan.wordpress.com)
Fannie Mae Announces 3.5% Buyer Assistance on REO Properties (saltlakecitymortgage.wordpress.com)
REALTOR Magazine – Fannie Offers Closing Cost Help for REOs (katytx2010.wordpress.com)
Fannie Mae Announces 3.5 Percent Buyer Assistance on HomePath(R) Properties Incentive Part of Continuous Effort to Stabilize Neighborhoods – CNBC (kentuckyfirsttimehomebuyer.com)

Tax benefits for homeowners

Jeff Tung — Sat, 19 Mar 2011 02:31:33 +0000

Home prices declined 3.8% in February compared to last year, however they are up 4.2% from two years ago. Could this be a sign of our recovery or maybe the double dip is about to happen? It’s hard to say but it is a great time to purchase a property. Interest rates are still at all time lows, prices have gone down, there are a lot of properties to choose from, and you still have some tax benefits. When you’re ready, there are a lot of things to consider.

Tax Benefits Help Homeowners(cumminggarealestate.wordpress.com)
5 Tips for Homeowners Filing Taxes(jmetzgerhomes.com)
A Pleasant Tax Surprise for Long-Time Homeowners(turbotax.intuit.com)
Video: Learn About The First-Time Homebuyer’s Credit(turbotax.intuit.com)
5 Tax Tips, Tricks and Traps for Homeowners(thomasperrella.wordpress.com)
Video: Save Taxes by Saving Energy(turbotax.intuit.com)

6 reasons to shop around for the best interest rate available!

Jeff Tung — Thu, 26 Aug 2010 22:30:09 +0000

Everybody has gone shopping for one thing or another so this should apply to mortgage loans too. By taking the time to shop around for the best rates available, you could be saving thousands of dollars during the life time of the loan. So it pays to be aware of the cost associated in obtaining a loan. Not to mention, you will be more confident about affording and purchasing that home that says “buy me”.

After all, purchasing a property could be the most expensive thing you buy in your life time. Why not take the plunge now? With the lowest interest rates ever available and lots of homes to choose from, plus slow economic recovery of the market, this is the best time to do so.

Seven Questions to Ask a Mortgage Lender(brighthub.com)
Jennifer Openshaw: Four ways to lower your mortgage rate(marketwatch.com)
An Autopsy of Fannie Mae and Freddie Mac(economix.blogs.nytimes.com)
Mortgage rates hit low of 4.36 percent(seattletimes.nwsource.com)
Understanding Home Loans (mint.com)

The best time ever to buy a home

Jeff Tung — Mon, 02 Aug 2010 22:52:19 +0000

Have you been thinking about when it may be the best time to purchase a property? Well, here’s 5 reasons why you might want to make that big step now. Don’t forget, real estate has cycles. We are now in a buyer’s cycle and it’s the best time to take advantage of the market place. Remember, not too long ago, the last seller’s market? Do you remember when prices went through the roof and properties were selling like hot cakes? Does multiple offers to buy a home and bidding over the asking price sound familiar? Well, it’s better now. If you can get into a property today, you’ll be able to ride the wave of the next seller’s market.

So how are you going to get the money to take advantage of the opportunity? Unless you have lots of cash to make that purchase, you should see your banker or loan agent to see how much you can borrow. If you need to scrape up some money for a down payment, here’s 7 ways that may help. Good Luck!

How Much Earnest Money is Enough? Or Too Much? (findwell.com)
A Guide to What Is Included in Closing Costs (brighthub.com)
Summer mark downs: big reductions in Marin (sfgate.com)

Did you know FHA loans are assumable?

Jeff Tung — Wed, 07 Jul 2010 02:45:39 +0000

FHA loans have been around for a long time, however, it is more popular these days then ever before. Borrowers can qualify for a loan with as little as 3.5% of the sales price. Here are some things to know about these types of loans. With the way the economy is today, these programs can help you.

The Seven Things All Borrowers Should Know About FHA Loans(prweb.com)
Partners Eligible for FHA Financing(pinkbananaworld.com)
Mortgages: Changes in Mobile-Home Lending(nytimes.com)
Requirements Mortgage Loan(themortgagepot.com)
FHA Streamline Refinance Guidelines 2010(fhaloanadvice.com)
Average Homeowner In Obama Foreclosure Program Deeply Underwater, Drawing Calls From GOP To Cut Off Help(huffingtonpost.com)

Tax credit has been extended

Jeff Tung — Thu, 01 Jul 2010 22:57:11 +0000

Great news!! Congress has finally approved a extension for those of you who have been in escrow since April 30th.

Things to consider when buying a home

Jeff Tung — Mon, 28 Jun 2010 21:21:57 +0000

You’re renting now and your lease is about to expire, do you want to stay for another year or do you think you might want to take advantage of the best buying opportunity since 1968? Well before you make a decision to purchase, there are a few things to consider before you start shopping. Once you understand what’s involved, you will feel better about making a decision to pursue the “Great American Dream of Home-ownership”.

Why Homes Are Now The Cheapest Since 1968(businessinsider.com)
Top 10 Cities to Buy vs Rent (mint.com)
Should I Rent or Buy? (rentersinsurance.org)

10 reasons to buy now

Jeff Tung — Sat, 26 Jun 2010 03:33:56 +0000

Even though the federal tax credit may not make a come back, there are lots of reasons why it is still a great time to purchase a property.

One of the most important factor that affects most buyers is interest rates. As the rate gets higher, the amount of money a person can qualify for would be less. Interest rates have been really low historically speaking and with the problems we are facing today, the rates will go back up. I don’t think interest rates will ever be lower then what they are today. 30 years ago, I thought I would never see rates as low as they are today. We could see rates as high as 18%, just like it was in 1981, or even more.

10 things to know if you’re buying a home now (boston.com)
What Happens After the Tax Credit is gone? (movephilly.blogspot.com)
Friday Rant: Tax Credit Stimulus for House Buying — And the Point Was? (spendmatters.com)
Does the Housing Market Need a Pep Rally? (blogs.wsj.com)
Interest rates fall on surprise drop in home sales (seattletimes.nwsource.com)
Summary Box: Drop in homes sales boosts Treasurys (sfgate.com)
Summary Box: Treasurys gain as Fed holds rates low (sfgate.com)
Interest Rates Fall on Surprise Drop in Home Sales (abcnews.go.com)

Are you thinking about buying instead of renting?

Jeff Tung — Tue, 15 Jun 2010 00:12:19 +0000

With all the talk about more foreclosures and short sales coming in record numbers, you might have thought about buying a home instead of renting. There are a few things to consider when you do make the purchase. Although home ownership offers a lot of benefits, (i.e. tax shelter, appreciation, etc.), it may not be a good time for you now.

76% think renting beats homeownership (lansner.freedomblogging.com)
Maybe you shouldn’t own a house(beliefnet.com)
Should you rent or buy?(money.cnn.com)

How much should you spend on a fixer?

Jeff Tung — Thu, 03 Jun 2010 22:02:52 +0000

Are you planning to repair the fixer upper you just bought? Have you had that overwhelming feeling when you shop for kitchen cabinets, refrigerator, tile, etc.? Well, there are a lot of things to consider. You can spend more money then what you can get in return.

Marvelous Magnetic Kitchen Cabinets Flickr Find (apartmenttherapy.com)
How to Transform Cabinets with Fabric Wallpaper Little Green Notebook (apartmenttherapy.com)
Repurposed Orphaned Drawers (apartmenttherapy.com)
Top Tools Under Ten Bucks (monicaricci.typepad.com)
DIY Kitchen Upgrades (apartmenttherapy.com)
Fjeldborg’s Old Meets New Kitchen (thekitchn.com)
Alissa’s Athens Renovation House Call (apartmenttherapy.com)
Muji Cleaning System Best Products (apartmenttherapy.com)
Stuff on my readers’ fridges (timesunion.com)
Vynebar Reveals New Vertical Wine Racks for Any Lifestyle (eon.businesswire.com)

Jeffrey Tung's Real Estate Blog » buyers

Fannie offers to pay closing cost

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