First Time Homebuyer Programs You Need To Know About Now

Are you ready to buy a home for the first time? If so, then there are a few first time homebuyer programs that you need to know about before you sign on the dotted line. Most first time homebuyer programs differ from state to state, which means that you can enjoy different first time homebuyer tax breaks on the state level. You should investigate which first time homebuyer programs are available in whatever state you are living in, or planning on buying a home in. However, there are also first time homebuyer programs available on the federal level as well. This means that you can take advantage of federal first time homebuyer programs no matter where you live.

Federal $8,000 tax credit

The most popular first time homebuyer program is the federal $8,000 tax credit. The tax credit applies to qualified first time homebuyers, and is effective from January 1, 2009 to April 30, 2010.  If you purchased a home between the aforementioned time frame and you are a first time homebuyer, then you are eligible to receive an $8,000 tax credit. In order to qualify as a first time homebuyer, you must not have bought or owned a principle residence within the past three years. If you have never bought or owned a home before, then you are definitely a first time homebuyer.

First time homebuyer grants

There are also first time homebuyer grants that you can apply for before you purchase your home. First time homebuyer grants are available both on the state and the federal level. Some of these grants can be found on the Internet. All you need to do is conduct an Internet search on first time homebuyer grants. Once you find a grant that you are eligible for, you will need to apply. Filling out a grant application can be a complicated process if you have never filled one out before. You may want to contact your real estate agent to help you through the process.

It’s a great time to be a first time homebuyer, because of all the first time homebuyer programs available. They were designed to be an incentive for individuals to buy property instead of renting property in order to help turn the housing market around. With first time homebuyer programs, many individuals who have never owned a home before now have a chance to buy and own a home for the very first time. Take advantage of first time homebuyer programs today, and reap the benefits.

Some city dwellers cannot imagine ever leaving the urban landscape.  But just as many yearn for something the city cannot offer.  Space and quiet are popular benefits to suburban life, but they are by no means the only perks.

Green spaces
Green spaces are one of the first things that people think of when they think of the suburbs.  Homes in The Hills Bedminster NJ offer for more green space than the city can boast.  This includes both public green spaces and private.  Yards and gardens are a source of beauty and enjoyment for suburban homeowners.

No crowds
Crowding is a well-publicized problem with urban life.  Anyone who has been stuck in traffic knows that this is one aspect of the city they would be glad to leave behind.  Whether you are on the street or in the stores, pressing crowds are not part of suburban life.  Less congestion means less noise, too.

Community Life
Living in a suburban area offers homeowners a chance to be part of a larger community.  Joining a neighborhood of other families with similar interests and values is a benefit of home sales in The Hills Bedminster NJ.  It’s a comfort to be surrounded by neighbors who care.               

Kid Friendly
Neighborhoods of The Hills are very kid friendly.  In addition to larger yards for playtime, there are parks and trails for outdoor entertainment.  Good schools are another enticing feature that draws city dwellers once they start families.

Lower cost of living
There’s no question that life in the city is expensive.  Home features like fireplaces and decks are either prohibitively expenses in the city or just not available at all.  The cost of square footage in the suburbs is lower, which leaves more of your income free for other things.  You can put the extra towards your savings, college fund or family vacations.

No Sacrifices
Moving to the suburbs does not mean giving up the excitement of city life.  There are plenty of places for fine dining and entertainment right in your own neighborhood.  Plus, it’s close enough to the city to still enjoy all its charms without having to live there.  Transportation is easy with nearby access to the midtown direct train line. 

As you can see, there are plenty of benefits to living in the suburbs.  Get away from the city and come visit the neighborhoods of The Hills.  You’ll find many more features to love.

You can call it sustainability, eco-friendliness or just plain green.  No matter what name you use, the biggest trend in home design is using materials and techniques that are easy on the Earth.  Most design trends are all flash and no substance and they usually don’t last long.  But sales in The Hills Bedminster NJ will be affected by green design for years to come.  If you are building a home or renovating one, keep these ideas in mind to protect your resale value.

Energy Efficiency
Conserving energy and reducing its use are great ways to go green.  They also save money.  One way to conserve energy is to find energy efficient materials and appliances.  Look for the Energy Star rating on appliances, electronics, insulation and even doors and windows.  Energy ratings are like the MPG ratings on a car.  They tell you approximately what to expect from average use.  Choose well-rated appliances that will give you the best performance while using the least amount of power.  Try compact florescent bulbs to conserve energy and reduce your usage with a programmable thermostat.

Water Conservation
Conserving water is important for the plant’s future as well as your present finances.  You can conserve water both inside and out.  Indoors, you can purchase low flow toilets and shower heads to reduce your environmental impact.  Tankless water heaters reduce both your water and energy usage.  Outside, choose plants and grasses that don’t have high water requirements.  Use mulch in planting beds to retain moisture.

Sustainable Materials
When following the green trend, homes in The Hills Bedminster NJ should be constructed with sustainable materials.  Plenty of building materials are now made either entirely of recycled materials or at least in part.  Look for ways to incorporate recycled brick, decking and trim.  Ask your contractor about recyclable building materials and how to incorporate them into your construction or remodeling job.  You can also reduce the amount of toxins in your home environment with low VOC paints.

Recycled Finishes
Your home’s fine finishes can also be made of recycled materials to minimize your carbon footprint.  Countertops made of recycled stone are both beautiful and eco-smart.  Synthetic stone looks just as good are equally durable, but they don’t have to be mined from the Earth.  Bamboo makes a beautiful floor and is very sustainable.

Think about incorporating the hot new trend in your home in The Hills.  When you resell, you’ll be glad you did.

Living in a condo has many advantages:  you have the joys of home ownership without a lot of the headaches.  The Hills offers condo living at its finest with great selection and amenities, as well as negotiable prices. 

Choosing to live in a condo is a choice that is right for a variety of people: families, singles, professionals, couples of all ages are taking advantage of this lifestyle.  Here are some of the reasons why condos have become so popular and make such a great home for so many people:

• Condominium association fees (which are paid monthly) pay for a variety of features, such as maintenance, landscaping, homeowners’ insurance, trash pickup, and more.  These are all items that you would have to pay for as a single family homeowner.  Sharing the costs with others in the condo community cuts the individual cost to you.
• There are amenities that would be hard to afford on your own, such as tennis courts, pools, fitness facilities, laundry services, garage or underground parking, and easy access to downtown areas.  Often, security is also included.
• Condos appreciate in value, sometimes at a greater rate than houses. 
• Living in a condo is ideal for people who don’t have time to do routine things like mow the lawn, plant flowers, shovel the walkways, and other things that take homeowners’ time. 
• You live in a community.  This is very attractive to many people for many reasons, such as security, close neighbors, and people who share a common interest.

What could be better than living in a condo?  Living in a condo in the Hills.  The Hills is a residential community in Bedminster and Basking Ridge, New Jersey, which features graceful single family homes, duplexes, townhouses, and condos.  There is a great variety of condos at prices that are reasonable and negotiable. 

The Hills has several developments of condos with one or two bedrooms, pools, jogging and biking paths, clubhouses, tennis courts, and more.  Each development has from 170 to 200 condominiums, attractively landscaped and beautifully situated.  Prices start from only $240,000.

In addition to the amenities offered by the Hills condos, the surrounding communities are also very inviting to homeowners.  There are excellent schools, restaurants, golf courses, and more.  Living in the Hills community is a great investment in your future:  condos have consistently been shown to appreciate in value.  Condo owners are afforded all the advantages of homeownership, but have the added benefits of having maintenance, landscaping, and other tasks taken care of for them. 

Condos are great for a wide variety of people, and may be the perfect choice for you.  The Hills can offer beautiful living at affordable prices.

When homeowners face delinquency on their mortgages, or even foreclosure, it is easy for them to feel all alone.  The inability to pay for your home is devastating – but, unfortunately, it is more common than ever before.  If you have an adjustable rate mortgage, your mortgage payments may have shot up to levels you can’t afford.  This, combined with slow economic growth, can make paying for your home difficult but maybe not impossible.

When you are facing mortgage payment problems or foreclosure, your lender or lenders may be the last people you want to talk to.  This is certainly understandable, but they should be one of your first stops when tackling this problem. Something that you need to remember is that the bank does not want to own your house.  They don’t want to take it away.  This isn’t necessarily because they are altruistic but because they would rather hold money than property.  If they foreclose on your house, they are stuck with a property that they cannot sell for enough to recoup on your loans. Whatever their reasoning, foreclosure is something that neither party wants.

The first step is to talk to your lender.  Present yourself as a reliable, honest person.  You are not missing mortgage payments because you’re a degenerate gambler or you would rather spend your money on clothes and shoes.  Maybe you are ill or injured which prevents you from working; maybe your job has been downsized; maybe you’ve recently gotten divorced; maybe you have a variable rate mortgage that is out of control.  For these reasons, you might be able to work out a deal with your lender. 

Explain your hardships and provide documentation.  This may include pay stubs, income statements, bank statements, or other financial records.  The key is to do this early: if you find you can’t make a payment or have already missed one or two, contact your lender.  Don’t ignore calls or letters.  Your lender can actually help you keep your home if you act early.

Your lender will probably send you a loan workout package, which contains forms and instructions.  Fill these out fully and truthfully and send it back quickly.  The faster you do this, the more options you have to pursue.  Some of these options include forebearance (in which you are given a reprieve from making payments for a specified period of time), a repayment plan, or reinstatement (in which your lender accepts the total repayment in one lump sum by a certain date).  You may also be able to modify your mortgage or get an interest-free loan from your mortgage guarantor.  These options may save you from having to foreclose on your house.

If you are hesitant to talk to the bank, then immediately contact a housing consultant that is approved by HUD.  These consultants can provide advice on steps you can take.  The HUD website has a list of HUD-approved counselors.

With either option, act immediately.  Don’t wait until you are months behind on your mortgage payments.  This decreases the options that are available to you.  Losing your home is traumatic, but if you contact your lender, speak truthfully, and work out a plan, you may avoid having to deal with that.   An important thing to remember is that the bank is not the enemy.  They don’t want your house; they would rather have you live there and pay them money.  The amount and payment schedule, though, can be negotiated.  Don’t let things go until it’s too late.  Act now and save your home.

Timing the housing market is tricky under most circumstances.  But the United States is currently experiencing a housing “crisis,” in which properties are being sold for less than the sellers owe on their mortgages.  Record numbers of homeowners face mortgage delinquency and even foreclosure.  There is a positive side, though, to this situation.  People interested in buying homes are seeing prices that are much lower than they were even a year ago.  Is it the right time for you to buy a home?

It could be a great time to buy a home.  If you are currently renting or leasing, buying might make sense if you plan on living in the home for more than a few years.  Say you are interested in a property that lists for $500,000.  If you offer $450,000 and stand firm, you have a good chance of getting the house.  If the seller is motivated and needs to unload the property, the buyer stands to gain.  Now, after you buy the property, the value may continue to go down in the current market, so if you wanted to sell after only a year or so, you probably couldn’t recoup your $450,000.  If you waited for three to five years, the market will probably have had time to rebound and you can list your home at a higher price. 

The downside to the current market for buyers is that it may be more difficult to get financing. Previously, banks were awarding mortgages to people with sub-stellar credit. Now, the bar has been raised.  The interest rates for mortgages are also very unstable currently.  Many people may want to purchase a home but are hesitant to do so because of the great fluctuating economy, inflation, and other factors.  If you think now is the time for you to buy a home, consider the following:

First, make sure your finances are in good shape.  Check your credit score: if it’s below about 700, you’ll find it hard to get a low-interest mortgage.  A good first step is to pay off (or at least substantially down) your debt.  Pay off high interest debt first, like credit cards, and then attack lower interest items, like student loans.  Also be prepared to put down a sizeable down payment, if you decide to purchase a house.  Lenders are no longer as willing to let people move into properties without 15% or even 20% down payments.

Foreclosures are rising, and many people see this as a great opportunity to swoop in and get a great deal on a house.  Be cautious, though.  While prices may be good, it still may not be a great deal.  Look out for neighborhoods with a high concentration of foreclosures.  This can mean that there is some economic problem in the area, which will also affect you if you purchase a home there.  It can also lower the value of your home, making it harder to sell.

Another thing to be careful of is rushing into a commitment.  You may be afraid that if you wait too long, prices will start going back up.  But if you rush into buying, you may end up paying more for a home that isn’t worth it.  And then you’re basically stuck with it until you can find a buyer who will pay what you need them to.  Take your time and research properties that you are interested in.  It can be helpful if you find out what the seller bought the home for and how much he/she still owes.  This is public information, and your realtor can help you access it.  Then you can make an offer – and don’t be afraid to make yours low.  In this market, you may be surprised what sellers will agree to.

The decision to buy a home is so important – take the time to prepare and research.  If you are committed to buying, this may be a great time, just don’t rush into anything.  It is your market; take advantage of it.

It is no secret that it is currently a buyers’ market for houses and condos.  Sellers are facing the prospect of listing their properties for less than they bought them for, and sometimes less than what they owe on their mortgages.  If you bought your current two bedroom condo for $500,000, you may looking at a market where prices are in the $300,000-$400,000 range or even less. So what do you do if you want to sell your condo?

One option is to list it for the price you want and hope it sells.  This involves playing up your condo’s advantages and making it extremely attractive to buyers.  Condos come with amenities like pools, maintenance, security, gyms, tennis courts, and a condominium association.  There is a definite advantage to living in a condo because you get these features that you may not have been able to afford on your own. 

If you are selling, you also need to make your condo look as good as possible.  Clean, clean, clean before you have potential buyers visit.  Have some plants, make the lighting inviting, make sure small repairs are taken care of, make it smell nice.  Anything you can do to make your condo seem homey is necessary.  You need to convince people that this could be their home. 

If your home isn’t selling, enlist the aid of an experienced realtor.  They know the market, as well as tips to showcase your condo. You can get advice on covering some of the closing costs or financing costs for an interested buyer, review your asking price, or discover new ways to advertise your condo.  Reviewing your asking price is particularly important – you may need to come down in order to sell.  You may also have to include financial incentives to buyers.

If you find that selling at this time is not the most financially prudent thing to do, you can pursue a lease option. This is an area where an experienced realtor can help you. In a lease option, you locate an interested party.  This party may not want to purchase for a number of reasons, but leasing may be ideal.  This is a basic overview of how this works:

• The owner agrees to lease the condo for a specified period, usually one to three years.
• At the end of the lease period, the lessee has the option of buying the home at a preset price.

This allows owners to settle their property sooner in down markets. It also benefits the lessee because a lot of the time, a portion of their rent can go towards the down payment if they decide to purchase the condo at the end of the lease period.

Condos are more susceptible and sensitive to fluctuations in the housing market, so a leasing option may be the best way to handle the sale of your condo.  Work with your realtor to try to sell your condo; but if you find the price is not right, try leasing.

In the current housing market, you may be hesitant to sell your property.  Will it sell?  Will I get the price that I am asking for or that I need?  These questions can keep sellers up at night.  For owners of properties in the Hills, Irene Trokan can handle your property, get it sold, and offer a very flexible commission.

Irene Trokan is an experienced realtor.  She has been licensed in New Jersey since 1978 and in New York since 2000.  As a member of the North Central Jersey Association of Realtors, the Garden State Multiple Listing Service, and the National Association of Realtors, Irene is knowledgeable in all areas of realty.  When working to sell your home, you can be assured that Irene works tirelessly and with great enthusiasm and professionalism.  Irene’s extensive experiences in inventory, pricing, area, and marketing are a valuable asset to Hills homeowners who are interested in selling their properties. 

Previous clients have this to say about their experience with Irene:

• “[Irene’s] prompt and professional approach made the entire process smooth and seamless.” Peter S from Basking Ridge
• “She is a very thorough and competent agent who will represent your client well.” Elaine R
• “She is hard working, imaginative and has great interpersonal skills. Both your organization and your client can have confidence in her extensive years of experience in real estate. She is always professional and up to date in her field, even in this unsettled market, which she well understands. She is reachable and addresses concerns in a fast, direct manner and puts clients at ease.” Pamela M

Especially important is Irene’s knowledge and experience with turbulent markets.  Homeowners need a realtor who can work confidently and intelligently even in this difficult housing market.  Irene is such an agent.  Not only is she able to sell your property, her commission is very flexible. 

Irene can help you decide what your home is worth – the market value and what price you should be asking, create multiple listings for your property, and give you valuable advice on how to make your home attractive to buyers. 

Another advantage that Hills homeowners have is location, location, location.  The Hills offers beautiful homes in lush surroundings.  There are a lot of amenities involved in living in the Hills, and Irene can capitalize on these in order to help sell your home.

Selling your home in the current market can be frustrating and worrisome: Irene Trokan lends you her experience and professionalism in order to make the process easier – and less expensive- for you.

What is a Short Sale?

If you bought your home several years ago, you may find yourself in the unenviable and extremely difficult position of owing more on your mortgage than your home is actually worth.  This problem is compounded if you have had to refinance your mortgage or even take out a second mortgage.  When homes sell for less than the owner owes on the mortgage, it is called a short sale. 

Even further exacerbating this dilemma is the current mortgage crisis in the United States.  Record numbers of homeowners are delinquent on their mortgage payments and face foreclosure.  While this is not bad news for buyers, it is not great for you as an owner.  So what do you do if you are facing delinquency or foreclosure?  A short sale, while far from ideal, is probably your best option.

When you are considering a short sale, there are several things you need to do.  First, you need to approach your lender.  A short sale is not ideal for the lender either because they have to accept less money for the property than you owe them.  However, lenders would probably rather recoup a large portion of their money through a short sale than have the property go into foreclosure.  With a foreclosure, they have real estate instead of money, which can be hard to convert.  So, a short sale may be in the best interest of everyone involved.

You have to prove to the lenders that you cannot pay your loans.  This can be because of illness, loss of job, divorce, or other circumstances.  You may have to provide pay stubs, bank statements, income statements, and other supporting documents.  Another thing to be aware of is that sometimes lenders may make you pay the balance of the loans after the sale of your home.  If they don’t, the IRS considers the forgiveness of the balance to be taxable income, so you’ll have to report that on your tax return. 

If you are in a situation where a short sale is necessary, consult a real estate agent.  Many have experience in these kinds of sales and so can understand your situation and even your feelings.  You may also want to consult an attorney for advice. 

Are there any ways to avoid both a foreclosure and a short sale if you find you are unable to pay your mortgage?  You can try to sell your home on your own before either becomes imminent.  You could also try renegotiating your loans – remember that the lenders don’t really want you to foreclose either.  Another thing you can try is a lease option/equity share arrangement.  In this option, you find someone to take over your payments for you (sort of like subletting an apartment).   The lessee gets the advantages of owning a home, and you get away from burdensome payments.  At the end of the lease period, you sell the home and split the equity. 

Having a home and facing the possibility of having to sell if for not only less than you bought it for but less than you owe on the mortgage is disheartening.  Foreclosure should be your last resort because it mars your credit report for years, making it hard to get another property or other loans.   If you have explored other options, but foreclosure is looming, strongly consider a short sale.  An experienced real estate agent can help you with all the necessary steps and make the process a bit easier for you.