Do You Dare to Repair?

While looking for information about FHA education, I happened across mention of a "pamphlet" that they recommend - Dare to Repair by Julie Sussman and Stephanie Glakas-Tenet.

Sounded interesting, so I went to Amazon.com to check it out. It is actually a paperback titled Dare to Repair: A Do-it-Herself Guide to Fixing (Almost) Anything in the Home. I think it could be useful to any first-time homeowner as there are always little items that come up needing attention.

Here is one Amazon.com Editorial Review:

"Whether you identify with riot grrrls or Rosie the Riveter, you'll love the tackle-it-yourself empowerment style of Dare to Repair. Covering simple tasks like unclogging bathroom sinks and switching directions on a ceiling fan along with more intimidating projects such as patching holes in drywall or creating a circuit map, this no-nonsense guide will walk you through those simple steps of maintaining, and perhaps even improving, your home. Forget about Martha and her hot-glue-gun projects--this is about drain snakes, electrical tape, and the kind of screwdrivers you can't order from a bartender.

"Authors Julie Sussman and Stephanie Glakas-Tenet mix goofy "Your fridge is running? Better catch it!" jokes with a very matter-of-fact tone that assumes from the start you're woman enough for the job. Sections are arranged by general category (electricity, plumbing, etc.), and every entry is accompanied by clear illustrations of items and processes. For women who live alone or are starting up a business, this is a serious money-saving guide; for those of us with roommates, there's no quicker way to impress than to whip out your toolbox and get down to business. --Jill Lightner "

Connecticut Buyers Be Aware!

Many first time home buyers in the state of Connecticut are using CHFA financing. Today I got a copy of a commitment letter on the CHFA loan on a two-family where I represent the seller. The buyer was to supply proof that he had attended the 3 hour landlord counseling. This was the first time the buyer or mortgage person had heard about this requirement-so closing will be delayed a week or so. Unfortunately, as I represent the seller, it was not my place to remind the buyer that this was a requirement of the loan; but you can be sure that in the future, I will be sure that all buyer agents will be reminded!!

So buyers, when you sit down with your mortgage broker, please be sure to ask about any require education that you must attend as a condition of your loan so you can get it done as early in the process as possible. Here is a quick summary of require education:

3 Hour - Homebuyer Education Class

CHFA's three-hour class provides an overview of the financial and practical steps involved in buying and maintaining a home for CHFA loan applicants under the Downpayment Assistance Program, the Homeownership Program and the Home of Your Own Loan Program. CHFA requires that applicants of the Downpayment Assistance, Home of Your Own Program, and Homeownership Loan Programs attend this class as part of their loan process.

8 Hour - Homebuyer Education Class

CHFA's eight-hour homebuyer class provides in-depth instruction on the steps towards homeownership to anyone interested in buying their first home. It is also mandatory for CHFA loan applicants under the Section 8 Housing Choice Voucher Homeownership Program. Individual financial and credit counseling sessions are also available.

Landlord Education and Housing Counseling Services

CHFA's Landlord Education and Housing Counseling Services provides, free of charge, an overview on the range of financial and practical topics that a homebuyer should understand before completing the 2-4 family homeownership process. This class is required for those purchasing a 2-4 family home under the CHFA Homebuyer Mortgage Program.

For Full information on CHFA education requirements, here is a link to the education section of their website:

http://www.chfa.org/Homeownership/for%20Homebuyers/Homebuyer%20Education/default.aspx

What is Happening with the First Time Homebuyer’s Credit?

As of November 4, 2009, the Senate and House are working on a compromise measure to extend and expand the $8,000 tax credit for homebuyers.

The homebuyers’ credit — scheduled to expire November 30 — is proposed to be extended to cover homes under contract by April 30 that close by June 30, 2010. Additionally, homebuyers who have lived in their prior residence for at least five years could receive a credit of $6,500.

Income limits for eligibility would be raised, allowing many more people qualify for the program. Under the new legislation, individuals with income up to $125,000 a year and couples earning up to $225,000 would be eligible. The current income limits are $75,000 for individuals and $150,000 for couples. Under both the House and Senate versions, smaller amounts are available to people of slightly higher incomes until the credit phases out.

This is in no way a “done deal,” but at least it looks encouraging. I will update as further details are made available. As always, details of the current plan are available on my website at www.AnyHomes.com.

$8,000 Tax Credit for First Time Home Buyers can soon to be use for down payment on FHA loans

PRESS RELEASE:

HUD Secretary Announces Monetization of Tax Credit at NAR Real Estate Summit
WASHINGTON, May 12, 2009

Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, said that theFederal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a downpayment.

Donovan’s remarks came in an address to several thousand Realtors® gathered this morning at The Real Estate Summit: Advancing the U.S. Economy, a special daylong session at the Realtors Midyear Legislative Meetings and Trade Expo.

Secretary Donovan said that important changes, which the National Association of Realtors® has been calling for, will help consumers purchase a home. “We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a downpayment,” Donovan said. According to Donovan, the FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.

Donovan said the Obama administration plans to further stabilize the housing market. “I do think we have some early signs that the market overall is stabilizing,” said Donovan. “Since January we’ve seen both home sales moving up and down around a relatively stable number and we are seeing the first signs that the rapid decline in home prices is starting to abate.”

Click Here to Read the Full Report.