President George W. Bush signed into law a bipartisan housing stimulus bill Wednesday that is expected to bring greater stability to housing markets nationwide.
The bill, strongly supported by the NATIONAL ASSOCIATION OF REALTORS®, will help some 400,000 home owners refinance into affordable, government backed loans and offer a temporary first-time home buyer tax credit, which is expected to serve as an attractive incentive to buyers and help reduce high inventories of unsold homes.
The temporary first-time home buyer tax credit would offer $7,500 for the purchase of any home and an be used for purchases between April 9, 2008, and July 1, 2009.
The bill — H.R. 3221, the Housing and Economic Recovery Act of 2008 — also includes reform of Fannie Mae and Freddie Mac, FHA modernization, and permanent increases in conforming and FHA loan limits.
"These are all designed to help the housing and mortgage industries and boost the U.S. economy," NAR President Dick Gaylord said in a statement. “NAR has been a leading advocate for many of these changes long before the current housing and economic downturn. We are pleased that the president and Congress worked together to enact meaningful legislation that protects and enables families in this country to continue to strive for and enjoy the dream of homeownership.”
Source: NAR, Associated Press (7/30/08)
Wednesday, July 30, 2008
Tuesday, July 22, 2008
Good Credit Is Step One for Buyers
Potential home buyers inevitably must confront their credit scores.
Here’s a primer for those who have never faced this issue before:
A credit score, commonly known as a FICO score, is derived from a history of taking on debt and paying it off.
FICO scores range between 300 and 850, with the highest reflecting the best credit risk. The median FICO score nationally is around 720-723, according to Fair Isaac, the company for which FICO scores are named.
Except for a first-time buyers or those who have a large down payment, lenders will want to see a FICO score of 680 or higher, says Robert Satnick, chairman of the California Mortgage Bankers Association.
To get their FICO score, potential home buyers can go to Myfico.com, a unit of Fair Isaac. Obtaining a FICO score and a credit report from one of the three credit bureaus that collect this history costs $15.95; the combination of all three scores and the FICO report costs $47.85.
The credit factors that determine the score are: a person's payment history (35 percent of the score), how much they owe (30 percent), the mix of credit and installment loans they have (10 percent), the length of their credit history (15 percent), and whether they have applied for new credit recently (10 percent).
Source: The Associated Press, Alex Veiga (07/21/2008)
Here’s a primer for those who have never faced this issue before:
A credit score, commonly known as a FICO score, is derived from a history of taking on debt and paying it off.
FICO scores range between 300 and 850, with the highest reflecting the best credit risk. The median FICO score nationally is around 720-723, according to Fair Isaac, the company for which FICO scores are named.
Except for a first-time buyers or those who have a large down payment, lenders will want to see a FICO score of 680 or higher, says Robert Satnick, chairman of the California Mortgage Bankers Association.
To get their FICO score, potential home buyers can go to Myfico.com, a unit of Fair Isaac. Obtaining a FICO score and a credit report from one of the three credit bureaus that collect this history costs $15.95; the combination of all three scores and the FICO report costs $47.85.
The credit factors that determine the score are: a person's payment history (35 percent of the score), how much they owe (30 percent), the mix of credit and installment loans they have (10 percent), the length of their credit history (15 percent), and whether they have applied for new credit recently (10 percent).
Source: The Associated Press, Alex Veiga (07/21/2008)
Charleston is a Walkable City
Historic Charleston rates a 77 out of 100 for walkable cities. Get more information on Walkable Cities at www.walkscore.com.
Monday, July 7, 2008
Active Adult Developments Get Makeover
Active adult communities, aimed at residents older than 55, have to work hard at keeping up with their customers.
Developers of these communities are now offering features like home offices, state-of-the art, distance-learning centers and athletic facilities for the most physically fit user.
Pulte Homes Inc.'s Del Webb brand is a U.S. leader, with 60 communities in 20 states. About 288,000 people were living in Del Webb communities across the country at the end of 2007.
Caryn Klebba, spokeswoman for Del Webb, says the company's research shows that half the residents of each Del Webb community are still working in some capacity, and three-fourths still exercise at least three times a week.
Stephan and Lisa LaCount, who operate ActiveAdultLiving.com, a Web site that lists more than 3,000 active adult communities, say that no matter where the homes are located, the key to their success is offering an attractive lifestyle and a wealth of amenities.
Source: The Associated Press, Adrian Sainz (07/03/08)
Developers of these communities are now offering features like home offices, state-of-the art, distance-learning centers and athletic facilities for the most physically fit user.
Pulte Homes Inc.'s Del Webb brand is a U.S. leader, with 60 communities in 20 states. About 288,000 people were living in Del Webb communities across the country at the end of 2007.
Caryn Klebba, spokeswoman for Del Webb, says the company's research shows that half the residents of each Del Webb community are still working in some capacity, and three-fourths still exercise at least three times a week.
Stephan and Lisa LaCount, who operate ActiveAdultLiving.com, a Web site that lists more than 3,000 active adult communities, say that no matter where the homes are located, the key to their success is offering an attractive lifestyle and a wealth of amenities.
Source: The Associated Press, Adrian Sainz (07/03/08)
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