Can I buy a home with no down payment?

14 02 2010

Yes you can.  And get a low interest rate.  And pay no monthly mortgage insurance.  And negotiate for the seller to pay closing costs.  This sounds awesome; what’s the catch?

Your new home must be in a rural area.  Before you write this off, realize that Guthrie, some parts of Deer Creek, Yukon, Mustang, Piedmont, Jones, and Oklahoma City qualify as a rural area.  In fact, 90% of Oklahoma qualifies as rural.

How do I find out if a property or an area qualifies?  Just click here to visit the USDA property eligibility website.  Click on the Single Family housing link under the Property Eligibility section and either input the address or search through the map for eligible areas.

How do I know if I qualify?  Because there are many specific guidelines for this program, and because they change often. please call me at 405.249.5993 for a simple phone consultation.  We’ll talk about what you want, and I’ll let you if I can help you.

Can  buy a new home with this program?  Yes, I work with builders who build new homes in eligible areas for you and your family; please contact me to see the model homes.

Can I buy a home with this program and still get the tax credit?  Yes, as long as you buy before the credit expires.

Is the no monthly mortgage insurance a big deal?  If buying 3% more home for the same monthly payment with no down payment is important to you, then yes.

So please contact me at  405.249.5993 to buy a great home in a safe area with no down payment.

All I ask is that you invite me over when you have your big Oklahoma country breakfast.

Window of opportunity for low rates just reopened

9 02 2010

Rates took a huge dive on Feb 4th, 2010.  Click on the video below to see why this window of opportunity just opened, and how you can save tens of thousands on your home.

The secret way to deduct points on a REFINANCE.

9 02 2010

I learn something new every day.  Or at least I hope I do.  And today I learned that there is a way to deduct the points paid on a refinance in the year of the refinance. This is huge.  Let me explain.

I’ve read the IRS publications on deducting points and asked every CPA I meet about this.  Every one of them said the same thing: you can deduct points paid on a purchase in the year of the purchase, but on a refinance, you must evenly divide them over the life of the loan.

This means $3,000 in points on a 30 year refinance would be $3,000 / 30 = $100 tax deduction per year.  Nothing to get excited about.

But I ran across an article in Kiplinger Financial today that stated that if the money saved on a refinance is used to improve, remodel, or repair the home, then you can deduct the total points paid in one calendar year, even if you don’t claim the deduction until, say, the 4th year after the refinance.

So you can save money with a refinance and wait until the year you need a whopper deduction.  Then fix up your home that year, and claim your points that year as a large deduction.  The IRS wants you to love your home.  The trick is knowing how to do it the smart way, so you can save the most money and minimize your taxes.

Please contact me for a personal refinance assessment.

I’ll show you the costs, benefits, and tax consequences and let you choose which is best for you.

For the full Kiplinger financial report, search for Kiplinger Tax letter dated Aug 24, 2005.

I am not a CPA and am not licensed to give tax advice.  Please consult your CPA.

You’ll FLIP over the new FHA changes!

8 02 2010

Good news for investors, first-time homebuyers, and property flippers!

HUD waived the 90 day seasoning rule until Feb 1st, 2011 (unless extended.) This means that you can use FHA financing to buy a property bought less than 90 days earlier.  This will help many first-time homebuyers and help investors repair and sell foreclosed properties sooner. 

Here’s the quick details:

All transactions must be arms-length (you can’t buy a home from your relative), and there can be no identity of interest (you can’t operate as the buyer/seller and the realtor, appraiser, or lender).  If the new sale price is more than 20% more than what the seller acquired the property for, lenders will require a second appraisal and a home inspection. This is not for reverse mortgages.

To read the text of this waiver and specific details: