Posted by Kim Adamof on Wed, May 27, 2009 @ 08:58 AM
Cleveland Area (40/42) of Johnston County features this beautiful building called The Landmark.
This unincorporated area of Johnston County is just on the line of Johnston and Wake counties.
Great home prices, large lots, pool communities, brick homes, plus more.
Homes for sale in the Cleveland Area.
Posted by Kim Adamof on Mon, Jan 19, 2009 @ 09:45 AM
I received a call today from a man wanting to buy a foreclosure. Seems he signed up on a Foreclosure Website because they told him there is government money out there for him to be able to buy a home.
I cautioned him because there are also scammers trying to "sell" him a foreclosure. Please be careful with what people tell you because it could end up costing you more money than you need to spend.
Your first step to buying a home is going to your banker and getting prequalified. Questions you need to determine. How are you going to pay for the house, FHA, VA or Conventional loan? How much money do you have to put down? What is your credit score?
Yes there is government money out there but it's based on your credit score. In order to qualify for a loan your credit score needs to be at least in the 600s. I'd personally recommend you learn how to improve your credit score all the way up to 700 to get the BEST rates. This will allow you to buy a nicer house for the same amount of money than if your credit score was lower and you got a higher interest rate.
Also TELL the banker how much money you want to COMFORTABLY pay monthly as a mortgage payment. Don't let them tell you how much you qualify for (my personal opinion again). The banker will tell you that $xxx Sales Price will get you the monthly mortgage payment you want. Then you'll know how much to stay UNDER when searching for a house.
After you determine that you can qualify for a loan, then narrow down the area you want to live in. I can set up your email address to receive daily updates on houses for sale that meet your criteria. Start searching for houses for sale.
My next suggestion is that you drive by the houses to make sure you like the lot and location. We realtors take nice photos of the listing but we won't show you the neighbors or the area :)
After you narrow down your search to about 10-20 houses that possibly meet your needs, email me your showing list. We'll set up a time to meet and go out and look inside houses. We'll evaluate each house and it's potential for your family. I like to scale houses from 1-10 (one being you'd never buy it and 10 being you want it now - no 5's, its not fair).
Once you've narrowed down your list to about 3, we'll take a second look to decide which one you'd like to make an offer on. In the meantime, I will do research on each potential house so that you'll know that the price is in line with the neighborhood and there is no issues to worry about.
Then we'll meet to write up an offer. Once the negotiations are done, you'll be officially under contract and we start inspections. I can go on and on but it starts with getting prequalified. Good luck and stay in touch with me. I'd love to help.
Posted by Kim Adamof on Sun, Jan 11, 2009 @ 07:00 AM
First-time homebuyers should begin planning now to take advantage of a new tax credit. Available for a limited time, the credit:
- Applies to home purchases after April 8, 2008, and before July 1, 2009.
- Reduces a taxpayer's tax bill or increases his or her refund, dollar for dollar.
- Is fully refundable, meaning that the credit will be paid out to eligible taxpayers, even
if they owe no tax or the credit is more than the tax that they owe.
The credit operates much like an interest-free loan because it must be repaid in equal installments over a 15-year period. Taxpayers will claim the credit on new IRS Form 5405, First-Time Homebuyer Credit.
Only the purchase of a main home located in the United States qualifies. Vacation homes and rental property are not eligible. For a home that you construct, the purchase date is the first date you occupy the home.
Taxpayers who owned a main home at any time during the three years prior to the date of purchase are not eligible for the credit. This means that first-time homebuyers and those who have not owned a home in the three years prior to a purchase can qualify for the credit.
If you make an eligible purchase in 2008, you claim the first-time homebuyer credit on your 2008 tax return. If you make an eligible purchase in 2009, you can choose to claim the credit on either your original or amended 2008 return, or on your 2009 return.
The credit is 10 percent of the purchase price of the home, with a maximum available credit of $7,500 for either a single taxpayer or a married couple filing jointly. The limit is $3,750 for a married person filing a separate return. In most cases, the maximum credit will be available for homes costing $75,000 or more. The credit normally must be repaid over a 15-year period starting the second year after the year the credit is claimed.
The credit is reduced or eliminated for higher-income taxpayers. The credit is phased out based on your modified adjusted gross income. In general, for a married couple filing a joint return the phase-out begins at $150,000 and is completely phased out at $170,000. For other taxpayers, the phase-out range is between $75,000 and $95,000.
Not everyone will qualify for the credit. There are other rules that may impact your eligibility and decision to claim the First-Time Homebuyer Credit. Get all the information at IRS.gov.