In November 2009, President Obama signed the Worker, Homeownership, and Business Assistance Act of 2009 which included an extension of the original $8,000 first-time home buyer tax credit and also created a new, $6,500 credit for current homeowners buying a new home.  The credit is available to qualifying buyers who sign a binding sales contract on or before April 30, 2010, and close by June 30, 2010.The original credit was scheduled to expire as of November 30, 2009. (more…)

Once you have found the house of your dreams the next step is to find financing for your purchase.  In doing so you might be surprised by many closing costs involved in finalizing the deal.  Such costs vary from state to state and lender to lender, but the important thing to know is that some costs can be negotiable and some are disputable.  The fees involved in obtaining a mortgage loan are sometimes called “junk fees.”  Some lenders will offer you a low percentage rate but with higher junk fees, so it is important to understand what these fees are so you can decide whether or not the loan is best suited for you. (more…)

There is no one-size-fits-all home loan program.  In fact there are more loan options available to homebuyers now than ever before.  The key to finding the right loan for your needs is to understand the options available and examine which type of loan best fits your specific short and long-term financial needs.

The first place to start the loan process is by looking inward at your present and anticipated future financial situation.  You need to know the answers to the following questions before you can find the optimum loan program suited to your needs. (more…)