The Brainerd Lakes Real Estate Blog

Helping make real estate dreams come true RISMEDIA, July 1, 2010--FHA Pros, LLC, a national FHA condo approval service, has developed a list of facts speaking to the top misconceptions associated with FHA loans in order to help home buyers better navigate an already confusing market. FHA loans are mortgages issued by qualified lenders and insured by the Federal Housing Administration (FHA). “We have seen home buyer interest in FHA loans go from practically zero three years ago to upwards of 87 percent today,” said Christopher Gardner, founder and president of FHA Pros, LLC. “Despite this rapid rise in popularity, many buyers still do not fully understand the benefits of these loans, and we believe it’s time to change that.” 1. FHA Loans Are Not Only For Lower-Income Borrowers. FHA loans are available to everyone. In fact, even Bill Gates can get one. There is no maximum income restriction associated with FHA loans. Borrowers do need to substantiate income and asse...

Helping make real estate dreams come true The $6,500 Move-Up / Repeat Home Buyer Tax Credit * To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years. * The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase. * The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500. * The tax credit applies only to homes priced at $800,000 or less. * The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010. * Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit. Have you received a Noti...

photo Flickr Time for Balance - Again! Home inspections are a must, and I see that buyers and some agents have shifted their views of them since the economy took a turn down. I tell my buyer clients that the inspection is not intended to provide a laundry list of items that the seller is required to fix. It is done to educate the buyer and point out any issues that the buyer may not know otherwise. Some issues are minor, while some are major. One cracked tile in the bathroom does not mean the whole floor has to be replaced ... unless ... it is found that water has consistently seeped through and ruined the subflooring. Then we would request a replacement or credit. If an inspection issue is health, safety, or structural related, I would ask the seller to repair before closing. After all, if the seller refuses to repair it, it must now be disclosed in the property disclosure. That will certainly deter future buyers. Other agents are encouraging their clients to put in an o...