If you are a first-time homebuyer or a homeowner looking to move up or possibly downsize from your current home, the next two months may be the best chance for you to make the move!  The government is still offering the $8,000 tax credit for first-time homebuyers through April 30, 2010.  You don't need to have closed by then, just be under contract.  If you've owned your home for at least five of the last eight years, you too are eligible for a $6,500 tax credit, courtesy of the Federal government if you go under contract by April 30, 2010.  There is no requirement that you even sell your current home, just that you are purchasing a new primary residence. 

Another reason to act sooner ra...

If money seems to be escaping through drafty windows, doors, and skylights, this federal tax credit might make energy-efficient replacements more affordable.

Does it feel like money is escaping through your home's drafty windows, doors, and skylights? You might be able to keep at least some of that cash in your pocket by taking advantage of federal energy tax credits for retrofitting your house with qualified energy-efficient replacements. You can claim a tax credit of up to $1,500 for upgrading the windows, exterior doors, and skylights in your primary residence during 2009 and 2010.

The credit is based on 30% of the cost of materials, so a $5,000 purchase would max it out. But a tax c...

BUY A HOME FOR $200,000 AND RECEIVE $25,000!

As the saying goes, "If it sounds too good to be true, it probably is".  In most instances you can live by that rule, but when you are dealing with the Federal government, you just never know.  Fannie Mae's Homepath Financing Program ("HomePath") is not only for real, but it will allow a first-time homebuyer to receive as much as $24,500 when purchasing a home for as little as $200,000.  Here is how it works:

*  Your down payment needs to be only 3.0%, rather than FHA's required 3.5% which saves you $1,000.

*  No upfront or monthly mortgage insurance is required.  That saves you $3,500 at the time of closing and $88.00 a month for the next f...

According to recent figures released by the Federal Housing Finance Agency (FHFA) few struggling homeowners have successfully permanently modified their home loans through President Obama's Making Home Affordable Program.  This program was originally touted as providing assistance to between 4 and 5 million people wishing to avoid preventable foreclosures by modifying their home loans.  Through December of 2009, only 66,465 homeowners have permanently had their loans modified.  That is only 8.4% of the 902,620 trial loans that were deemed eligible to qualify for the program.  The original stimulus program passed by Congress and signed into law by President Obama on March 4, 2009, establis...

The Federal Housing Administration will raise the minimum down payment for its least credit-worthy borrowers, the agency announced Tuesday.

The change is among a number of major changes the FHA is making to ensure its long-term financial soundness.

Borrowers with credit-rating scores below 580 will be required to put down at least 10 percent. Those with a credit score above 580 will be able to continue to put down only 3.5 percent. The changes are intended to shore up the agency's finances.

The FHA also will increase its upfront mortgage insurance premium from 1.75 percent to 2.25 percent. The agency is expected to seek congressional approval to raise annual mortgage insurance premiums, pai...

On Friday, January 15, 2010 HUD Secretary Shaun Donovan announced that sellers will no longer be required to hold properties for 90 days in order to allow for buyers to secure FHA loans requiring mortgage insurance.  This temporary measure is scheduled to begin 02/01/2010 and continue for a one year period, unless otherwise extended or withdrawn by the commissioner.  This new measure is to help stabilize neighborhoods where foreclosure activity is high.

In order to assure that predatory practics are not not allowed, there are several requirements that must be met in order for the 90 day rule to be waived:

1. All transactions must be arms-length with no identity of interest between the bu...

In years past, conventional wisdom was to wait until Spring to put your home on the market if you were looking to sell.  That is not the case in today’s real estate environment.  With the government still handing out $8,000 first time homebuyer tax credits as well as the $6,500 incentive for those who have lived in their current home for five years or more, now is the time to list your home.  Existing home/condo inventory is down nearly 5,000 units since January of 2008 and Showing Services throughout the Metro area are reporting record number of showing requests set, not seen since August of 2009.  Home prices don’t show any sign of increasing over the next several months, so there is no...

The S&P's/Case-Shiller report released on December 29, 2009 shows that Denver had the lowest year over year home price decline of the 20 metro areas tracked.  The Denver market showed a decline of only 0.1% followed by the Dallas area with a decline of 0.6%.  The worst cities were Las Vegas with a decline of 26.6% followed closely by Phoenix with a drop of 18.1%.  For the 19th straight month, no area in the 20-city index posted a year over year price gain.  Housing prices nationwide are currently reported at near 2003 levels.

Despite the strong sales number of existing homes over the last several months, there is still a very real concern that the housing market may be in for a second di...

For a third straight year, the agents of Sterling Real Estate donated a check to the Denver Children's Home to help provide Christmas gifts to the many needy children currently being assisted by Denver's oldest non-profit organization.  Several years ago, the agents of Sterling Real Estate Group were given the option to have $5.00 deducted from each closing and donated to a local charity.  This year the sum of $1,300 was collected and presented to Dr. Jerry Yeager, the Executive Director of the Denver Children's Home.  Ninety-eight percent of the children treated there are from homes below the federal poverty level and many of them have already failed to successfully complete other mental...

On November 6, 2009, H.R. 3548 was signed into law by the president. This bill provided a federal extension of unemployment insurance along with the extension of the First Time Homebuyer Credit. Also enacted was a new $6,500 tax credit for taxpayers who have lived in the same principal residence for five of the last eight years. Here is a brief outline of some of the changes:

1. The expiration date for the $8,000 tax credit is now available for taxpayers who enter into a binding written contract by April 30, 2010 and close on the purchase by June 30, 2010. In this case the maximum tax credit available would remain at $8,000, or $4,000 if married and filing separately;

2. For taxpayers w...

A Kiddie Condo Loan can be a great investment strategy for both college students and parents alike. Despite their relative obscurity, these loans can provide significant financial and lifestyle benefits. Savvy parents can purchase a property for their college bound students and obtain an FHA loan for as little as 3.5% down. Their child, if a first-time homebuyer, can also qualify for the $8,000 tax credit if the home is purchased on or before December 1, 2009. In addition, the child can live in a more comfortable environment than the college dorms. The "Kiddie Condo" loan program allows the college student to co-borrow with a blood relative (eg. parent, grandparent, sibling, etc.) who ass...