Successful Classes

Well my first ever first-time homebuyer classes are finished (for now) and I feel that they were successful at getting some valuable information out there for first-timers. This is such a great time to buy your first home. I've asked a number of Realtors who have been in the business for over 30 years and they believe this is the best opportunity since they've been in real estate. This is a time when I wish I could be buying my first home. I mean look at all the bonuses:

- $8000 tax credit (see previous post)
- Rural development loan (see previous post)
- A large inventory of houses on the market
- Nearing historic low interest rates

If you missed the class but would still like more information on any of the above I'd love to sit down and discuss these with you. You can contact me at trfinch@gmail.com or give me a call at 937-423-3316.

Homebuyers Class Sign-up Reminder

Remember to sign-up for the free first-time homebuyer class offered by Leis Realty and National City Mortgage in Greenville, Ohio. The dates are Wed. Mar. 25th and Mon. Mar. 30th from 6:30 - 8:00 at the Chestnut Village Center in the Brethren Home Retirement Community. This is free but you need to sign up because of limited seating. You can email me at trfinch@gmail.com or Diane Hill at diane.hill@ncmc.com or you may call Leis Realty at 937-538-5750 ext. 245. Make sure, if leaving a message, that you include your name, phone # or email and the date you wish to attend. More information can be seen in one of my earlier posts. See you there.

New First-Time Homebuyer Loan

I just listened to a presentation on the new USDA Rural Development Guaranteed Rural Housing Loan at a meeting yesterday and it looks like the ideal type of loan for first-time homebuyers in the Darke County, Ohio area.

Some of the details are:

- No down payment required
- 30 year fixed rate
- 102% LTV (loan to value) means you might be able to get some of your closing costs paid too
- No mortgage insurance
- No cash contribution required from the borrower
- Unrestricted gifts from others and no need to document the source of the gift
- No maximum loan amount
- No reserve requirement

A designated "rural area" include open country and places with a population of 10,000 or less and under certain conditions, towns and cities between 10,000 and 25,000 residents. Every town and rural area in Darke County falls within these requirements. If you need further questions answered, leave me a comment or give me a call and I can give you the names of some of the banks and mortgage companies that offer this loan program.

This loan program will also be explained at the First-time Homebuyer Class offered Mar. 25th & Mar. 30th (See previous post for more information about this class). Hope to see you there.

Todd Finch
trfinch@gmail.com
937-423-3316

Free First-Time Homebuyer Class Offered

Does the thought of buying your first home leave you feeling overwhelmed or confused? Well, help is on the way. On Wednesday March 25 & Monday March 30 from 6:30 – 8:00 at Chestnut Village Center in Greenville, Leis Realty and National City Mortgage will be offering a free class for anyone wanting more information on the home buying process.

The timing for buying that first home could not be better with a large number of homes on the market, low interest rates, lower home prices, and of course the $8000 tax credit offered to first-time homebuyers. Home ownership offers many advantages over renting. It is a strong investment (yes, even now), and it comes with many tax advantages. You also have control over your environment, pride of ownership, and independence. Since historically, homes appreciate in value over time, every time you make a payment you get a step closer to paying off your home and you build equity, unlike rent.

The process of financing and purchasing your first home can be overwhelming, frightening, and confusing. We will attempt to provide you with some valuable information to help you on your way to probably, your biggest investment. Topics covered will include:

- Prequalifying and preapproval for a home loan

- Credit rating

- Using a realtor

- Making an offer

- Disclosures

- Equal opportunity

- The new stimulus tax credit

- The steps to closing on your first home

The class is free, but you need to pre-register because seating is limited. To reserve your place call Todd Finch at Leis Realty at 937-548-5750 ext. 245 or Diane Hill at National City Mortgage 937-548-1300. If you prefer to email, contact Todd at trfinch@gmail.com or Diane at diane.hill@ncmc.com . When registering please leave your name, address and phone number along with which class you’re signing up for. If you have questions, leave those as well and we will return your call.

Looking For That Move-up Home?

1245 Holly Hilly Drive, Greenville, OH

Absolutely gorgeous open floor plan. When you walk into the tiled floor foyer you'll find the bright living room with a beautiful, large circle top window to your right and an incredible dining room to your left. Straight ahead you'll be drawn to the fireplace in the large family room with cathedral ceiling and skylights. To the left of the family room you enter the extra large kitchen flooded in morning light from the large bow window in the eat-in area. Adjacent to the kitchen is the bedroom/den with an attached half bath plus the laundry room. When you get to the master suite you can't help but notice the beautiful tray ceiling above the bed and the large open bathroom with separate tub and shower. Ample storage for clothes in the master bedroom can be found in the walk-in closet. The basement includes two separate entrances and is where you'll find two bedrooms and a full bath plus lots of extra square footage for anything your heart desires. Other features of this house include: 9' high x 9" thick poured concrete basement walls, surround sound system in the family room, all appliances stay in the kitchen, 20 x 24 deck and 10 x 12 utility barn. You won't want to miss seeing this incredible home before it's too late.

For more information on this great home visit www.darkecountyproperties.com then give me a call (937-423-3316) or email (trfinch@gmail.com) me with any questions or to set up a showing.

$8000 Tax Credit Simplified

If you were or are confused about the $8000 tax credit you're not alone. Hopefully I can clear some things up for those of you who are looking at the possibility of choosing this as an option.

First, the original tax credit was $7500 for first time homebuyers but it was more like an interest free loan. The government basically was loaning this money but it would have to be paid back over the next 15 years every time you filed your taxes ($500 a year). The House and Senate differed over what this tax credit would be, the House said $7500 and the Senate wanted $15,000 (there were more details than that). The final plan signed by President Obama would in effect give a first time homebuyer a $8000 true tax credit that would not have to be repaid. Here are the simplified details:

- $8000 tax credit for first time homebuyers
- A first time homebuyer is anyone that has not owned a home for the last three years
- This credit would be 10% of the purchase price of the house up to a maximum of $8000
- Only available to individuals with incomes up to $75,000 or married couples with incomes up
to $150,000.
- Only for the purchase of a home from Jan. 1, 2009 to Nov. 30, 2009
- It is based on your tax liability * See examples below
- Cannot be used as a downpayment because you have to purchase the home then file your
taxes to get it
- You can file an amended return to get this credit if you've already filed your taxes for 2008
- You must live in the house for three years or you'll have to pay back the credit

Tax Scenario #1: Your federal withhold is $4500 and at the end of the year when you file your taxes you owe nothing and are not getting a refund. You will then be able to claim the entire $8000.

Tax Scenario #2: After filing your taxes you've discovered that you would be getting a $2000 refund. Your final credit would then be $10,000.

Tax Scenario #3: You've finished figuring your taxes and you discover that you owe $1500 to the federal government. Your credit would then be reduced by what you owe and you then would get a $6500 credit.


Now the question might be how can I claim this? My suggestion as always, when dealing with taxes and the federal government, would be to consult your tax professional. You can find more information using the following link

http://www.federalhousingtaxcredit.com/2009/home2.html

If I can be of any help finding that first home for you so you can take advantage of this credit please give me a call (937) 423-3316 or email me at trfinch@gmail.com and I will do my best. Any questions or comments I'd love to hear them, just comment below.

Just Listed - Great Family Home in Greenville

Perfect setting for a family with children in Greenville, Ohio. This home has plenty of room plus a private location on a dead end street right behind the YMCA. Large addition in 2003 included a new master bedroom, full bath, and laundry room. A fenced-in back yard for young children or pets completes this great family home. Almost 1500 sq. ft. of living space plus a partial finished basement with lots of storage. You won't want to miss the opportunity to see this place. You check out all the pictures and more details at www.darkecountyproperties.com



OPEN HOUSE SUNDAY MARCH 1st from 2:00 - 3:30


You can always email me(trfinch@gmail.com), call me (937-423-3316) or better yet leave me a comment. I'd love to hear from you.