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First-time homebuyers.. When is the best time to purchase?? When is the real estate market going to be groomed to make the perfect purchase?? First of all, timing the market is tough in any investment and may keep you on the fence for just long enough to miss the perfect wave of opportunity.. Our real estate market is setting up to rebound strongly (debatable when that rebound will occur..), but the Federal Government is stepping in and encouraging you to move forward and commit to buying a home.. Why are they doing this? The Economy is slow and with a pool of first time homebuyers waiting on the sidelines for the market to come back, the Feds are trying to Speed this process up & get you back in the buying circuit..

Below are the details and the article I’ve received from the Sarasota Realtors Organization covering the details of this new Bill..

WASHINGTON – Aug. 1, 2008 – A provision of the recently-passed federal housing recovery bill gives first-time buyers an interest-free loan of up to $7,500 in the form of an income tax credit.

The credit equals 10 percent of a home’s cost up to $7,500, and applies to any single-family residence (including condos and co-ops) to be used as a buyer’s principal residence.

First-time homebuyers, defined as those who have not owned a home for at least three years, will claim the tax credit the first year they file federal taxes and receive the money as a reduction of their federal tax liability. The money must be repaid at the rate of 6.67 percent of the total credit each year for 15 years, essentially making it an interest-free loan. If a home is sold before the 15-year pay-off, the balance of the credit is recaptured at resale.

The credit was included in the new law as a way to entice first-time buyers to get off the fence and commit to a purchase.

Other provisions:
 
• Income limits: Full credit goes to individuals making $75,000 per year or less ($150,000 for couples). The credit amount phases out for higher incomes.
 
• Effective dates: The new law is retroactive back to April 9, 2008. It terminates on June 30, 2009.
 
• Alternative Minimum Tax: Credit can be used against the AMT and the credit will not throw any individual into AMT territory.

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Glamorous Bach Model Offers Grand Circular Entry, Gorgeous Lake Views, Soaring 12-Ft. Ceilings, & Huge Master Suite with Sitting Area*Property Is In Pristine Condition & Shows As If It Were New with Neutral Subtle Decor*Upgraded 18×18 Tile & Tall Wood Cabinets*Wall Sliders Open to Expansive Lake Views*A Rare Opportunity At This Price*For the Discriminating Buyer Looking For Spacious Elegant Home

Contact Justin Shirley w/ Shirley International Realty Inc. for Showings and More Information, @ 941-448-4872

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Today’s Rates: 

 30-Year Fixed Mortgage- 5.75%

15-Year Fixed Mortgage - 5.27%

5/1 ARM - 5.67%

30-Year Fixed Jumbo Mortage- 7.16%

5/1 Jumbo ARM- 6.36%

When one door closes, one typically opens. With the slumping real estate, but showing signs of vitality, there is a real opportunity to finally buy that vacation home on the beach for a reasonable price. Also, due to the slowing economy the Federal government has put Sarasota and Bradenton Real Estate Homeowners in a position to refinance their mortgage and pay less interest, lowering mortgage payments. Shirley International Realty Inc. is licensed  as a mortgage broker & can refinance your mortgage. Listed below are the benefits of a refinance. 

Put Cash in Your Pocket:

 Refinancing your mortgage takes the equity in your home and puts cash in your pocket. In a slumping market many homeowners are looking to protect their cash by using the equity in their home to refinance, putting that cash in their pocket while simultaneously locking in a lower rate, lowering monthly payments.

Lower Your Monthly Payments:

When you refinance your mortgage to a new lower rate, less interest paid on your mortgage will result in lower monthly payments.. This is a great tool for investors to increase their cash-flow capabilities and non-investor homeowners to save on outgoing expenses.

Shorten the Length of Your Mortgage:

When you refinance, you have the option to shorten the length of your mortgage and establish a new payment plan. For example, if you are on a 30-year conventional fully amortized payment plan, it may be in your best interest to shorten that plan to a 15-year payoff plan. This may not be congruent with lowering your monthly payment, but in the long run paying less in interest will save you money.

Exchange an Adjustable-Rate for a Fixed-Rate:

This is where the real opportunity is, given our current market conditions, to save some money. Take advantage of the recent basis point cut by locking in today’s low fixed rates, compared to the adjustable, unstable, and unpredictable movement of future rate changes.

Say Goodbye to PMI!

If your loan to value is any higher than 80%, you are probably suffering from Private Mortgage Insurance. This is a fee added to your monthly mortgage payments, penalizing you for not putting at least 20% cash down on your mortgage when you purchased your property. If you have that 20% equity currently in your home, your refinance will eliminate that PMI payment and save you $100-$500/month.

Your home is like a Cash Cow.. Talk to Shirley International Realty Inc. about reorganizing your mortgage to tap into that milk!

Justin

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