FHA is trying to achieve balance of managing their risk while providing access to underserved consumers.  The government mortgage insurer now backs approximately half of all home loans to the nation’s minorities. 

The changes that are coming are:

- Raising upfront Mortgage Insurance Premium (MIP) from 1.75% to 2.25%

- For borrower’s with a FICO score over 580, the down payment percentage will remain at 3.5% however for borrower’s under 580, they will need 10% down

- Reduce closing cost assistance from 6% to 3%

For more information about these changes, visit http://www.cnbc.com/id/34947047 or call your local lender.  As always, if I can assist, you can call me at 717-623-8508.

Willow Brook is an upscale, luxury planned community located in Lower Paxton Township (Dauphin County).  The final phase of building in underway however all existing inventory has been price reduced!

- Three floor plans to choose from (1,644 – 2,159 square feet), including a first floor master suite option

- All plans offer 3 Bedrooms and 2.5 Baths

- Full basement

- Two car garage

- Central Dauphin School District

- Priced from $217,400

- Very affordable homeowner association fees ($170 per quarter)

For more information or a private tour, please contact me at 717-623-8508. 

According to the Mortgage Bankers Association, mortgage rates continue to decline, with 30-year fixed rates reaching their lowest level since May 2009.

- 30-year fixed rate mortgages decreased to 4.79% from 4.82%

- 15-year fixed rate mortgages decreased to 4.27% from 4.32%

- 1-year ARMs decreased to 6.56% from 6.66%

NOW is a great time to buy…low interest rates AND a tax credit for first time buyers as well as ”repeat buyers”.  Call me at 717-623-8508 for more details!

There are a lot of questions surrounding the expanded home buyer’s tax credit.  One of the questions I receive most often is “Do I qualify to receive the tax credit?”  To better understand the eligibility requirements and some of the other most frequently asked questions, watch the attached video.

RE/MAX Agents Know the 2009-2010 Tax Credit:

Even if you don’t live in Central PA or want to buy a home here, I can still help! Feel free to contact me at Michelle@HarrisburgHouses.net or 717-623-8508.

On November 6, President Obama signed legislation that extends and expands the U.S. tax credit for home buyers.  Not all the details have been disclosed but attached below are the basics of the program.

In addition to the tax credit, interest rates remain historically low and there’s plenty of homes to choose from.  Don’t miss out on this limited opportunity.  Call me today at 717-623-8508 to get started!

For more information regarding the home buyer’s tax credit, click on the link below.

Home Buyer’s Tax Credit

Congress approved the extension of the first time buyer’s tax credit until April 2010.  Consumers buying a home for the first time in three years are eligible to receive up to $8,000 if they are under contract by April 30, 2010 and close on or before June 30. 

The most significant change is that a “repeat buyers” who are buying a new primary residence are eligible to receive a tax credit up to $6,500 beginning December 1 if they owned their home for five consecutive years in the previous eight. 

If you are considering making a real estate change, please contact me at Michelle@HarrisburgHouses.net or 717-623-8508. 

I’ll be posting my listings and other pertinent real estate information on my Facebook fan page.  Feel free to dialogue with me about what you heard on the evening news to see if it applies to our local market.  Real estate is local and just because home values in Las Vegas are down 50% doesn’t mean that the same is true for the Harrisburg area.   

If you want to be “in the know”, become a fan of “Michelle Leo Realtor”.  See you on Facebook!

It’s not final yet but we are definately one major step closer to officially extending the first time buyer tax credit.  The most significant change is that more buyers will be able to qualify for a tax credit due to the “repeat buyers” addition.  If passed, it will allow for current homeowners to claim up to $6,500 if the home they are vacating has been their primary residence for 5 consecutive years out of the last 8 years. 

For more details, read the full article:  http://www.usnews.com/money/blogs/the-home-front/2009/10/29/first-time-home-buyer-tax-credit-gets-obama-nod.html 

According to Fulton Research Inc. and reported by The Central Penn Business Journal, median sale prices of properties decreased in September compared to one year ago in Dauphin, Lancaster and York Counties.  However, the median sales price increased in Lebanon County.

Data was not available for Cumberland County.

For the complete article, please visit http://www.centralpennbusiness.com/daily.asp?eDate=10/23/2009&utm_source=Listrak&utm_medium=Email&utm_term=%2fdaily.asp%3feDate%3d10%2f23%2f2009%2373251&utm_content=mleo%40capitalareahomes.com&utm_campaign=Business+Journal+Daily#73251 

According to the National Association of Realtors, 45% of home sales from January to July 2009 were first time buyers between the ages of 25 – 45.  These first time buyers took advantage of the tax credit (up to $8000), low interest rates, and high inventory levels. 

If you’re credit is 620 or higher, it’s time to get into the real estate game – especially if you’re a first time buyer!  Why pay off somebody else’s mortgage when you can build up your OWN self worth?  For more information, please contact me at Michelle@HarrisburgHouses.net or 717-623-8508.