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News You Can Use
Chatter about home buyer incentives has sometimes sounded like an infomercial: “Home affordability near all time highs.” “Mortgage rates near all time lows.”
“But wait…there’s more”
Even though the Federal tax credit has expired, did you know that first time home buyers may be eligible for an annual tax credit up to $2000. The Mortgage Credit Certificate allows a homeowner to claim a tax credit…not a deduction… and it can prove very profitable since it may be claimed for the life of the loan.What does that mean? That a buyer with a MCC can potentially save more than they would with any ole $8000 tax credit.If you are buying a home, a MCC can give you long term savings so it’s worth checking out. If you are a Realtor, knowing about the MCC will give you market edge. You can demonstrate the benefits to your buyers and include it in your marketing to enhance interest in your listings. Have questions? Ask me.Featured Listing
Exceptional one level home in a quiet cul-de-sac.
Sales Price: $199,000
MLS: 919499New homeowners will enjoy the open floorplan and wonderful decor. The screened porch and sunroom overlook a private, fenced yard. The 0.37 acre homesite is complete with an irrigation system. In addition to a fabulous home, the community boasts a pool overlooking the lake and awesome lakeside park.
Have You Heard?
Do you know anyone that is active military personnel? Do they know that they (along with their families) can visit over 600 museums nationwide this summer for free? In an effort to show appreciation to those serving our nation, Blue Star Museums is offering this perk between Memorial Day and Labor Day. Locally, the Levine Museum for the New South and the Mint Museum of Art are participating.
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News You Can Use
Who says there are limited lending options these days? Sure, mortgage lending guidelines have tightened but that was a reasonable response to loose lending which resulted in high levels of fraud and loan default. That doesn’t mean all of the exciting programs are gone.
Just this past Friday North Carolina Housing Finance Agency announced they are offering a 3.99% fixed rate program for buyers of eligible NCHFA owned foreclosures. Holy cow. Potential buyers can browse these homes to score an incredible deal. NCHFA is no stranger to offering incredible options to home buyers. In addition to this REO program, their offers range from $8000 down payment assistance to an additional tax credit.
People often wonder why it is important to be fully preapproved before searching for their next home. When a client has the opportunity to look at their “big picture,” they benefit in several ways. By examining all their variables, clients are presented with program options – some they might not have even heard of. As their mortgage adviser, we talk about what they can really afford, weigh the pros/cons of different programs and evaluate what will be a short and long-term smart choice. As a home buyer, having an advocate in your corner before you begin the home search process can really pay off. There are just too many opportunities out there to leave a great one on the table.
Featured Loan Program
Mortgage Credit Certificate
Cunningham & Company along with North Carolina Housing Finance Agency offers the Mortgage Credit Certificate program to help qualified homebuyers obtain a federal tax credit.· Must meet income requirements, sales price, and first-time home buyer guidelines· MCC can be used with almost any type of mortgage, including adjustable rate mortgages.· Eligible buyers can claim 20% of their mortgage interest (up to $2000)Have You Heard?
Lá Fhéile Pádraig Sona Duit! You’ll be hearing that a lot if you venture into town on Saturday the 13th for the 14th Annual St. Patrick’s Day Parade and Charlotte Goes Green Festival. Afterward, be sure to check out the newly restored Ri Ra Irish Pub. After being damaged by a fire last May, they are back in the game and ready for the crowds.Enjoy this info? Would you like to receive Monday Money Matters in your inbox? Subscribe here!
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News You Can Use
Today is Cyber Monday when sales and deals abound. Mortgage rates seem to be joining in with rates at record lows – the lowest we’ve seen this year since April. These low rates are back because bearish traders are nervous about the strength in recent stock market gains and implications of riskier asset holdings (Dubai World anyone?), so they are favoring safer investments and Mortgage Backed Securities reap the rewards. This influx of cash into the MBS market gets passed on in the form of lower rates. Fun fact: did you know a 1% decrease in the interest rate can increase a buyer’s purchasing power by approximately $15,000?
Couple these low rates, add in a homebuyer tax credit and you’ve got a big jump in sales for October – a 24% increase in purchases, compared to last year. As if lower rates and an increase in sales weren’t good enough, it was also reported last week that national home prices rose for the second straight quarter. The American economy certainly isn’t out of the woods yet, but every little bit helps.
So with all this good news, how do we spread the word – how do we make buyers buy or sellers sell? We can’t…what we can do, and what we should do is be a resource for information and help clients weigh their options. In short – be part of the solution.
This week will have important economic reports released each day except Monday. We’ll hear the latest on November’s employment numbers and the ISM Manufacturing index. Let’s see how it all plays out.
Featured Loan Program
Mortgage Credit Certificate
Cunningham & Company along with North Carolina Housing Finance Agents offers the Mortgage Credit Certificate program to help qualified homebuyers obtain a federal tax credit.
- Must meet income requirements, sales price, and first-time home buyer guidelines
- MCC can be used with almost any type of mortgage, including adjustable rate mortgages.
- Eligible buyers can claim 20% of their mortgage interest (up to $2000)
Have you heard?
Have you heard about Charlotte’s premier mom resource - Charlotte Smarty Pants? If you have kids and want to be in the know, check out their Smarty Picks and the blog - and as they say, “get Smarty”
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