Sunday, August 16, 2009
45 lessons to pass on or just enjoy!!
I read an entry from an agent who does a Radio Show and loved it so I'll share it with his Web Reference: http://MikesRealEstateShow.com It's called 45 Lessons: ENJOY! 1. Life isn’t fair, but it’s still good 2. When in doubt, just take the next small step. 3. Life is too short to waste time hating anyone. 4. Don’t take yourself so seriously. No one else does. 5. Pay off your credit cards every month. 6. You don’t have to win every argument. Agree to disagree. 7. Cry with someone. It’s more healing than crying alone. 8. It’s OK to get angry with God. He can take it. 9. Save for retirement starting with your first paycheck. 10. Love your parents because they will be gone before you know it. 11. Make peace with your past so it won’t screw up the present. 12. It’s OK to let your children see you cry 13. Don’t compare your life to others’. You have no idea what their journey is all about. 14. If a relationship has to be a secret, you shouldn’t be in it. 15. Everything can change in the blink of an eye.But don’t worry;God never blinks. 16. Take a deep breath. It calms the mind. 17. Get rid of anything that isn’t useful, beautiful or joyful. 18. Whatever doesn’t kill you really does make you stronger. 19. It’s never too late to have a happy childhood. But the second one is up to you and no one else. 20. When it comes to going after what you love in life, don’t take no for an answer. 21. Burn the candles, use the nice sheets, wear the fancy lingerie.Don’t save it for a special occasion. Today is special. 22. Over prepare, then go with the flow. 23. Be eccentric now. Don’t wait for old age to wear purple. 24. The most important sex organ is the brain. 25. No one is in charge of your happiness but you. 26. Frame every so-called disaster with these words:In five years,will this matter? 27. Always choose life. 28. Forgive everyone everything. 29. What other people think of you is none of your business. 30. Time heals almost everything. Give time time. 31. However good or bad a situation is, it will change. 32. Your job won’t take care of you when you are sick. Your friends and parents will. Stay in touch. 33. Believe in miracles. 34. God loves you because of who God is, not because of anything you did or didn’t do. 35. Don’t audit life. Show up and make the most of it now. 36. Growing old beats the alternative — dying young. 37. Your children get only one childhood. 38. All that truly matters in the end is that you loved. 39. Get outside every day. Miracles are waiting everywhere. 40. If we all threw our problems in a pile and saw everyone else’s,we’d grab ours back. 41. Envy is a waste of time. You already have all you need. 42. The best is yet to come. 43. No matter how you feel, get up, dress up and show up. 44. Yield. 45. Life isn’t tied with a bow, but it’s still a gift.
Thursday, August 13, 2009
Opportunities Around for First Time Home Buyers
If you have recently decided to move from renter to homeowner, you are not alone. First-time homebuyers made up 41 percent of the market, according the National Association of REALTORS®’ 2008 Profile of Home Buyers and Sellers. And price declines in many markets around the country have created unique opportunities for those considering home ownership for the first time.
As a homeowner, you have security and stability, the freedom to decorate and remodel, potential to build equity and tax benefits. And with interest rates still at historically low levels – 5.22% for the typical, 30-year fixed-rate mortgage (as of early August 2009), combined with ample inventory, now is a great time to buy.
Plus, there are several incentives and programs available specifically for first-time homebuyers.
First-Time Homebuyer Credit
One program that is a great financial opportunity is the highly publicized First-time Homebuyer Credit, which was part of the Housing and Economic Recovery Act of 2008. This federal initiative allows first-time homebuyers to take up to an $8,000 tax credit, which doesn’t have to be repaid, toward a new or resale property purchased prior to Dec. 1, 2009. For new construction, the purchase date is considered to be the date you first occupy the home.
Under this program, a first-time homebuyer is considered to be anyone who has not owned a principal home within the last three years. If you are married, both spouses must meet this criterion. However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer. In addition, ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer. You are also eligible to claim first-time buyer status if you owned a principal residence outside of the United States within the last three years.
The actual tax credit may vary depending on the purchase price and your income. The credit is generally equal to 10 percent of the home’s purchase price, not to exceed $8,000. In addition, the income limit to receive full credit is $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return.
For complete details, visit www.irs.gov and www.federalhousingtaxcredit.com. As always, consult with your tax advisor on how this tax credit may affect you.
State Programs
Many states also have first-time homeowner programs. Under these programs, first-time homebuyers may be eligible for grants for down payments and closing costs. Some states even offer various tax deductions and credits. For instance in Babylon, NY. There is a first time home buyer program which provided a $15,000.00 interest free loan to be used to assist with closing costs. That program issued 70 loans and had more applicants than funds to continue the program. There are talks of extending the program once additional funding becomes available.
Mortgage Loans
As a first-time homebuyer, you don’t have the advantage of using the equity in a previous property to help bridge costs associated with down payment, closing and other fees. Many financial institutions have mortgage products with you in mind. In addition, the Federal Housing Administration (FHA) offers mortgage programs in which your down payment can be as low as 3.5% of the purchase price, and allows most of your closing costs and fees to be included in the loan. Although FHA does not directly loan to consumers, you can work with a FHA-approved lender. For more information, visit www.hud.gov.
Workshops
Besides financial assistance, there are workshops specifically geared toward first-time homebuyers. They provide a wealth of information about the home-buying process, such as how to search for a home, setting up a budget, choosing a real estate professional, loan products, and so on.
The transition from renter to homebuyer is a large step and is arguably one of the largest investments you’ll make, so make sure you take advantage of all the assistance available to make the road to homeownership that much easier.
Nunzio Zappola can be reached at (631) 422-7510. Prudential Douglas Elliman is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.
As a homeowner, you have security and stability, the freedom to decorate and remodel, potential to build equity and tax benefits. And with interest rates still at historically low levels – 5.22% for the typical, 30-year fixed-rate mortgage (as of early August 2009), combined with ample inventory, now is a great time to buy.
Plus, there are several incentives and programs available specifically for first-time homebuyers.
First-Time Homebuyer Credit
One program that is a great financial opportunity is the highly publicized First-time Homebuyer Credit, which was part of the Housing and Economic Recovery Act of 2008. This federal initiative allows first-time homebuyers to take up to an $8,000 tax credit, which doesn’t have to be repaid, toward a new or resale property purchased prior to Dec. 1, 2009. For new construction, the purchase date is considered to be the date you first occupy the home.
Under this program, a first-time homebuyer is considered to be anyone who has not owned a principal home within the last three years. If you are married, both spouses must meet this criterion. However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer. In addition, ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer. You are also eligible to claim first-time buyer status if you owned a principal residence outside of the United States within the last three years.
The actual tax credit may vary depending on the purchase price and your income. The credit is generally equal to 10 percent of the home’s purchase price, not to exceed $8,000. In addition, the income limit to receive full credit is $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return.
For complete details, visit www.irs.gov and www.federalhousingtaxcredit.com. As always, consult with your tax advisor on how this tax credit may affect you.
State Programs
Many states also have first-time homeowner programs. Under these programs, first-time homebuyers may be eligible for grants for down payments and closing costs. Some states even offer various tax deductions and credits. For instance in Babylon, NY. There is a first time home buyer program which provided a $15,000.00 interest free loan to be used to assist with closing costs. That program issued 70 loans and had more applicants than funds to continue the program. There are talks of extending the program once additional funding becomes available.
Mortgage Loans
As a first-time homebuyer, you don’t have the advantage of using the equity in a previous property to help bridge costs associated with down payment, closing and other fees. Many financial institutions have mortgage products with you in mind. In addition, the Federal Housing Administration (FHA) offers mortgage programs in which your down payment can be as low as 3.5% of the purchase price, and allows most of your closing costs and fees to be included in the loan. Although FHA does not directly loan to consumers, you can work with a FHA-approved lender. For more information, visit www.hud.gov.
Workshops
Besides financial assistance, there are workshops specifically geared toward first-time homebuyers. They provide a wealth of information about the home-buying process, such as how to search for a home, setting up a budget, choosing a real estate professional, loan products, and so on.
The transition from renter to homebuyer is a large step and is arguably one of the largest investments you’ll make, so make sure you take advantage of all the assistance available to make the road to homeownership that much easier.
Nunzio Zappola can be reached at (631) 422-7510. Prudential Douglas Elliman is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.
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