The tax credit is for first time home buyers only,  which the IRS defines  as someone who has not owned a principal residence during the three-year period prior to the purchase. The credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.

Pittsburgh Real Estate For Sale

What is also great? The tax credit can be taken for THIS YEAR, but simply submitting and amendment to your 2009 taxes, so you should get your tax credit before the end of the summer. The tax credit is for 10% of the home’s purchase price up to a maximum of $8,000 on homes priced at $800,000 or less. That is quite a nice sum of money to put towards your house, decorating your house, or even saving for a rainy day or a new roof down the road.

For homes purchased on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit. Additionally, so long as a binding contract is signed by April 30, 2010, the IRS will also grant the tax credit, so long as you close by June 30, 2010.

Relocate to Pittsburgh

So while I don’t want you to feel pressured or rushed into buying Pittsburgh homes for sale, if you are certain you will be buying a home in the next few months, it would be a shame to miss out on the tax credit by only a few days.  If you have questions, or want to put your Pittsburgh MLS home search into high gear, simply contact me, Jim Dolanch, your trusted Pittsburgh real estate agent, to learn more about Pittsburgh PA home buying and make sure you can get the Federal Housing Tax Credit.

Until next time,

Jim

Pittsburgh Homes For Sale

First off, when you start browsing the Pittsburgh MLS home search through www.jimdolanch.com, you have the choice of also browsing Pittsburgh real estate for sale by area or zip code, so if there are certain community or area amenities and aspects you would like to enjoy, be sure to learn more about Pittsburgh area communities. By spending a little bit of time researching the areas, you can narrow down your home search by seeing homes that are only in the communities that interest you.

Pittsburgh Real Estate Financing

Second off, you must think about what kind of financing you will be using. If you are an “empty nester” you may be coming to the home buying table with a full cash offer, or if you are a first time home buyer, you may have 10% down. If you are a Pittsburgh first time home buyer, you may not have much credit history on your side; however, if what you have is in fantastic order, you can still get a great rate. As a second or third (or fourth) time home buyer, you do come to the bale with a boost up on the credit, as you have already proven yourself as a responsible home owner, capable of making reliable Pittsburgh real estate mortgage payments.

All of these aspects change the way your lender or bank will set up or mortgage, what interest rate you have, and  how much you can borrow.However, if your credit is questionable, now is the time to get it in order. A good year (or more!) of solid, reliable credit can do wonders to your home buying power, approval with lenders, and your mortgage rates. The longer you have a positive credit score, the more power you have to pick and choose your mortgage, your lender, and your rates.For even more guidance, you can request my Pittsburgh Home Buying Guide or contact me.

Selling Pittsburgh Real Estate

Lastly, For most home buyers, selling Pittsburgh property is the very first step that must be done before getting serious about buying a new home. How do you work out this process? What if a home you love comes on the market, but you  haven’t gotten an offer on yours yet, or the offer isn’t settled yet? With the help of an expert Pittsburgh real estate agent, you can easily make and offer that is contingent on the selling of your current home.

Pittsburgh Real Estate Questions and Answers

Do you have other Pittsburgh real estate questions? Feel free to contact me, Jim Dolanch, your expert Pittsburgh Realtor, to learn everything and anything about the Pittsburgh area.

Until next time,

Jim

Pittsburgh Homes For Sale

If you know you will be moving in 2 years, then an Adjustable Rate Mortgage makes the most sense for you, as you will be able to get a very low introductory interest rate and low payment until you move. If you plan to be staying put for a long time, then you will want a Fixed Rate Mortgage.

Pittsburgh Home Mortgage

What is the point of buying if you’ll be moving in  2 years? For one, you get equity out of the home, and will most often be able to sell it for at least a little more than you bought it for, giving you more to put down on your next home purchase. Also, having been a home owner gives your credit score a huge boost and opens you up to better fixed mortgage rates on your next home.

Search Pittsburgh MLS

Ready to quit renting and start owning? Begin by browsing Pittsburgh area homes for sale, and contact me, Jim Dolanch, your expert Pittsburgh real estate agent, for answers to any and all questions you have about Pittsburgh and real estate.

Until next time,
Jim

In the Peters Township area, it is actually cheaper to buy a home than it is to pay rent! For added value, you don’t have noisy upstairs neighbors and you have a yard for pets, children and entertaining friends!

Find out if you qualify for a mortgage by contacting a Peters Township expert REALTOR and if you do, we can guide you on the journey to owning your own Peters Township real estate for less than you are paying to rent!

Until next time,
Jim

Pittsburgh Short Sales

When you are trying to sell your home, but can not sell it for what you owe on it, then you are caught in a short sale. Short sales can be maddeningly frustrating for all involved, because each one has to be approved by the mortgage lenders and that whole process can take a very long time.

Lenders can often take weeks or, in worst cases, months, to respond to a short sale offer. Why? Because they are getting overloaded with requests AND in a short sale, they are getting paid less than what was originally promised. So even though someone may be able to prove hardship in making their Peters Township home payments, the lenders still aren’t super excited to lose the money, even though in the long run they could up getting less if it goes to foreclosure.

So what is a home owner to do? Make sure you work with an Expert Peters Township Realtor, who understands the short sale process for your area inside and out.

Because even when things do go smoothly and your short sale is approved, there can still be mistakes in how long it takes the paperwork to get back to you, making it impossible to close in time and forcing you to start over. Unless you contact an expert Pittsburgh REALTOR and let me help with every step of the process.

Short sales can be frustrating, but don’t worry; the real estate team at JimDolanch.com is here to help you every step of the way.

Are you thinking about how to start the short sale process, or what to see if a short sale might be an option so you can avoid foreclosure? Then contact us, your expert Peters Township, PA real estate agents, with all of your questions and concerns.

Until next time,
Jim

So what does this all mean to you? It has almost become cliché, but this is truly likely to be the best opportunity for you to purchase the Pittsburgh Area home of your dreams at an affordable fixed monthly payment. A change of even .25% in a mortgage rate can save you thousands of dollars over the life of the loan – as well as make the monthly payment more affordable each month.

What’s the catch?

There really isn’t one!

However rates are constantly changing and will not stay at these lows forever. If you’ve already been looking for a new home for a while, it may be time to wrap up your search. Just beginning your new home search? Then turn off the TV and hop in your car or better yet – contact us, the Jim Dolanch Team and put us to work for you!   We can make your search easier and quicker! 
You can be planting spring flowers in your new yard very soon!   You don’t want to miss this chance!

Until next time,

Jim

What’s Going On In The Mortgage Industry – In Layman’s Terms

The issues that impact certain mortgage companies are mostly related to the relaxed credit rules of subprime lenders over the last six years. Those in the real estate industry have carelessly tossed around terms like subprime barrowers, however many consumers aren’t sure what a subprime borrower is or what the term subprime actually means. A subprime barrower is someone who “typically” has a mediocre to poor credit score and is often challenged with having little or no money for a down payment. Hence they must accept a higher interest rate due to the potential risk of walking away from the loan.

Where There Is a Need – The Vacuum Will Be Filled

Recognizing a need for a mortgage product to help these buyers afford a home, the mortgage industry several years ago began to relax their lending rules to accommodate these new found home buyers. In exchange for the risk the lenders faced with loaning money to buyers with less than stellar buying power, lenders charged higher interest rates for these loans. Many subprime borrowers selected the adjustable rate mortgage (ARM) product as a means to finance their new home as it offered the lowest possible monthly payment at the outset of the life of the loan. When combined with home values in some areas declining, and virtually no equity built in the home, many homeowners who desire to sell their homes are now upside down in the value of their home versus what is owed on the loan.

To Make Matters Worse

Plus, many borrowers who selected an ARM saw their monthly payments rise dramatically to levels they could no longer afford. The interest rates on these subprime loans are now adjusting to higher rates, making them unaffordable to many investors and homeowners, thus causing delinquent mortgage payments and home foreclosures. As a result, national home foreclosure rates are at an all-time high.

Ready For The Good News?

Here is the good news – borrowers with good credit can secure a new mortgage and mortgage products are available to them today just as they were a year ago. Fannie/Freddie/FHA/and VA mortgages are fully available; underwriting is unchanged, and loans are being funded for closings. In fact, in many areas of the country mortgage applications are increasing, according to a recent report from the Mortgage Bankers Association. Subprime loans are still available, however they are more difficult to find and their rates and terms have become much tighter.

Home buyers have more homes to choose from and mortgage financing with historic low rates is still available for buyers with good credit histories. Sellers are also becoming more realistic in the pricing of their property, and more open to negotiations.

Any questions or comments?