Tax Credit for First Time Home Buyer Mortgage, $8000 Government Assistance Program for Home Finance
First Time Home Buyer Tax Credit Assistance and Federal Government Home Loan Program with Low Down Payment on FHA Mortgages. Buy Bank Foreclosed Homes at a Discount. Go To http://RealEstateMarketingThisWeek.com
Part 2 (Excerpt)
The median income family can afford twice the median priced home; prices drop over 50%
And now I mentioned Dan Havey is back in the studio with us, Dan has done a lot of great things in the mortgage industry. He left us about a year and a half ago, is that right Dan?
Yes, I left the mortgage industry in October of 2007. Tell us a little bit more about yourself.
As you know I came originally from Wisconsin, where I got a degree in Business Finance and I came out here in 1989 and started working with my brother selling real estate owned-REO, bank owned properties for Fannie Mae, Countrywide, and the Resolution Trust Corporation-RTC which was the government entity that was put in charge of disposing of all the real estate owned by the 1800 S&Ls that had failed. I did that until about 1995 when I moved into the mortgage industry and there for 12 years I worked predominately with bankruptcy attorneys helping their clients get out of bankruptcy and foreclosure. I left the mortgage industry in October of 2007. Now I am working predominately in the arena of marketing for real estate and mortgage companies, helping out companies, just like Im here helping out Michael today, to get people to realize that right now actually is a really good time to buy.
There are a couple of points I want to make and it was something that Michael had said earlier. The first one was that 4% interest rate. Originally Obama said a couple of weeks ago, when he rolled out the mortgage plan, that they were going to take the $200 billion and use it to buy mortgage backed securities, well the article I was reading today said it appears that plan may have changed. Instead of buying the mortgage backs they were actually buying the stock of Fannie and Freddie to help support the company and keep these companies going under. I dont quite understand why being how they own them now.
Well youve got to hand it to the government they have really done a heck of a job helping Fannie Mae out, for instance today the stock is up to $0.41. Wow, doing so well, I remember when it was $150 or so, where it was at the top of the market.
Today, right now is definitely the best time even if rates dont get down to the 4% point. The beauty of it and were going to talk more about this in a later segment, is that we have seen a 51% decline in home values from the peak of the market. So you dont have to have the absolute greatest interest rate in order to be able to buy a house today. The median home price right now is $130,000 in Maricopa County, it was $264,000 just two years ago.
So the median home price is $130,000? We are going to talk a little bit about what a person has to make to actually qualify for that. Well it is definitely well within the means of a median income family. Right now a median income family makes about $64,000 in the state of Arizona according to the US Census Bureau and HUD. I ran some numbers today, I think at 6% interest and at that rate they can buy a $280,000 house. So you can buy twice the median home price if you are making just what the median income family would be in the state of Arizona. So the median household income buys double the median priced house in Maricopa County. That is correct, at 6% interest.
And the reality of it is interest rates are not even that high right now. So for people to be waiting for that perfect interest rate of 4% it doesnt really matter if it gets here or not because right now is such an incredibly fabulous time to be buying a house. There are so many foreclosures out there on the market right now, there are so many short sales out there on the market right now, and the point you made earlier is very important, that people have to get in and get prequalified, know exactly what they can buy. Now in many cases you are going to need a down payment, so get with your mortgage broker, get with Velocity Financial and start working on that program of getting those funds together for the down payment as well.
Dan Havey we talked in the past about whats available for financing these days, interesting to give little pat on the back for Velocity Financial is one of less than 15% of all of the lenders in the state of Arizona that are qualified to do FHA financed homes. Now FHA financing, people used to think it was only for first time home buyers, thats no longer the case. The FHA loan which only requires 3.5% down payment it doesnt matter if you have owned a home before and in many cases you can own another home now so long as your new purchase is going to be your primary residence you can utilize FHA financing and put only 3.5% down.
Duration : 0:6:42
SOLD Rushcutters Bay Real Estate Bayswater Rd 1/67
Unit Beds 1 Bath 1 Price Guide:
Contact agent for details
Auction
Date: Tuesday 5 May 2009
Time: 6:30 PM
Location: Place Auction Room
Inspection Times
Saturday, 25 April 2009
11:00 AM-11:45 AM
Thursday, 30 April 2009
11:00 AM-11:45 AM
Saturday, 2 May 2009
11:00 AM-11:45 AM
Description
Tastefully presented, full of promise and exceptionally well located, this generously-proportioned apartment offers excellent value for money and a great opportunity to secure a quality property in a central lifestyle location. Set within a well-maintained Art Deco complex, it presents ready-made living and plenty of scope to further restyle and add tremendous value. First home buyers will be immediately impressed by this new addition to the market.
• Level street access and security entrance
• High ceilings and polished floors throughout
• Combined lounge & dining plus central atrium
• King-sized bedroom fitted with built-in wardrobes
• Black granite kitchen and full bathroom
• Includes 15sqm (approx) storage room
• Stroll to Rushcutters Bay Park and harbourfront
• Seconds to buzzing cafés, eateries and trains
Council rates: $188.63pq (approx)
Water rates: $136.46pq (approx)
Strata rates: $1006.29pq (approx)
Contact
Richard Bonouvrie
0404 087 091
02 8356 8817
richard@eplace.com.au
Duration : 0:1:26
First National Real Estate video on Inefficient Lighting
First National Real Estate is turning over a new leaf. Watch this video to learn about inefficient lighting around the home and how you can make a difference in your energy consumption by making simply changes.
Duration : 0:1:57
[Whistler real estate] MUST SEE!! First Snow in Whistler!!
http://www.whistler-realestate.com The first snow in Whistler for the year in the Valley on November 6th, 2008. What a great way to start the year – buy or sell your Whistler property before the winter crowds arrive when Whistler and Blackcomb open in two weeks. The Linnell Group of Realtors can handle all of your Whistler real estate needs!
Duration : 0:0:49
Property Update for Tuesday 06 April 2010.flv
This week we focus on NSW for our new series looking at suburbs with the lowest days on market. Kristy Sheppard from Mortgage Choice talks to us about the 2010 Mortgage Choice First Homebuyers Survey, and in our tax tip we look at how to handle the cost associated with getting a bank guarantee instead of paying a normal deposit.
Duration : 0:6:46
First National Real Estate – Solar Power around the home
First National Real Estate is turning over a new leaf. Watch this video to learn more about solar power benefits for your home, and what government and local support is currently available in your area.
Duration : 0:1:57
Real Estate investments / turn-key cashflow available now
this video is for those of you who may have spent money going to realestate seminars to learn to buy investment properties but for some reason or another,you may have not yet been able to utilize the valuable info to aquire passive income properties into your investment portfolio.By now if you have gone to these seminars you already know how to analyse cashflow deals,and I am presenting you now with below market value properties that once rented would cashflow positive,and are in high demand rental areas.now,the “no money down” strategies that take much negotiation,time and effort,you may have learned won`t be necessary.these properties are pretty much handed to you on a silver platter with conventional lending in place and all the “rehab” work already done,some properties are already rented.we will guide you through the purchase and the rental process,because we want to build a relationship with you to help you aquire multiple properites over time once you realize how easy it is.If you already own multiple rental properties or if this is your first investment these are awesome deals that could yeild a high return on investment. visit www.cashflow-kcmo.com to see pics inside and out of these properties. properties available on first come first serve basis.
www.cashflow-kcmo.com
email:info@cashflow-kcmo.com
Duration : 0:1:33
Las Vegas Waterfront Real Estate
The Ballen Group of Coldwell Banker Wardley Las Vegas Real Estate Presents: Ownership is a breeze in this 2 story, 3 bedroom 2370 s/f home on the Water in the gated community of the Lakes. You’ll enjoy a luxurious gathering room with Pergo floors, double-sided fireplace for cold nights, dramatic dining room, master suite with separate shower, dual sinks, walk-in closet for your wardrobe, his-and-her closets, convenient laundry, first-rate kitchen with microwave, pantry, custom cabinets, dishwasher, gas range, refrigerator, appliances included, breakfast area, double sinks, granite countertops, boat dock, 2-car garage, exterior lighting, gated community, Milgard windows, fishing, balcony, boat parking, tennis court, fenced back yard, gated entry, mature plants, club house, 2nd Master, and a Loft. Yacht Club Included with Ownership, Fantastic Fishing. Located directly west of the Strip and south of Summerlin, this lush community was built in the mid-1980’s around several large man-made lakes and offers a variety of water sports. Original residents were on the fringes of what was then the city of Las Vegas, but now The Lakes is in the hub of activity close to the Strip. There are lots of green belt areas and jogging trails for residents, and great shopping and schools are located close by.
Duration : 0:4:5
Home For Sale in Montclair, NJ $ 299,000 – Realty Times
Enjoy the largest 2-bedroom unit, nearly 1000 sq. ft., in this very pretty garden-apartment complex.
Its got a sparkling new kitchen and bath, hardwood floors, new double-paned windows, living room built-ins, in-wall A/C and ample closets.
The handy basement affords plentiful storage and a bright laundry room.
From this central Montclair Center location, youll be able to appreciate the full extent of downtown life dozens of restaurants, art museum, library, cafes and boutiques on scenic Church St., Whole Foods Supermarket, and the fabulous new Wellmont Theater live-event schedule thats just blocks away.
Theres garage parking available at $30 per month in the development and on-site outdoor parking is free.
Maintenance on this unit includes heat and water. Best of all, youll have your choice of convenient bus or train transportation to Manhattan or Newark!Its a wonderful choice whether youre looking for your first place or downsizing from a larger home!
Duration : 0:0:58
Manhattan New York Property – investment condo yield / cap rate
This first episode talks about the cap rate, or net rental yield, of a Manhattan condo. The cap rate allows one to compare a real estate investment vs other alternatives. It excludes leverage, which is good because different people have different leverage tolerances.
Castle Avenue Partners at Charles Rutenberg Realty is a Manhattan real estate broker and property manager. We help clients build a real estate portfolio, from buying the first primary residence to investment properties. Visit our website at www.castle-avenue.com.
Duration : 0:1:36