Dan and Linda Downs of Pine Acres Reaineer Farmin LaRue will be hosing the annual Reindeer Owners & Breeders Association (ROBA) Conference from March 25th, 26th & 27th. They have a new building on the farm complete with conference room and kitchen to accommodate this event.
Multiple speakers are scheduled to speak on their area of expertise, including Mike Jablonski of Hamburg, New York, Greg Finstad from University of Alaska at Fairbanks, Daryl Simon of Lake Crystal, Minnesota, along with many other ROBA members from throughout the country.
For more information about Pine Acres Reindeer in Larue feel free to contact Dan or Linda Downs at 740.382.9343 and be sure to check out their website.
FHA has announced that they are going to be making some changes to their lending policies in the coming months. Here is a brief explination of what they are and how they will effect you as a home buyer using FHA financing.
1. Increased mortgage insurance. The mortgage insurance premium (referred to as private mortgage insurance by many people) will be increased from 1.75% to 2.25%. This change will add some cost to purchasing a home, but will not overburden consumers since the mortgage insurance is paid over the life of the loan, rather than upfront at closing. This can be rolled into the loan amount so it does not increase the out of pocket amount to the borrower.
2. New down payment and credit score requirements. According to the new policy, home buyers who have a credit score of at least 580 may still be able to purchase a home with 3.5% down, but those with credit scores of less than 580 will be required to put down at least 10%. This change is designed to help the FHA balance its risk, while still providing affordable down payments for consumers with a history of good credit and responsibility.
3. Reduced seller concession. Basically, this change means that the person selling the home will now only be able to offer the home buyer 3% to help defray closing costs, as opposed to 6% under the previous policy.
In addition to these changes, the new policies contain a series of new measures aimed at increasing lender enforcement.
These changes will become effective on April 5, 2010. The bottom line is that the changes will impact some home buyers more than others. But in the end, FHA is still committed to providing affordable home loans and is still a great solution for the right buyer.
Thanks to Dennis Reed at Bank of America for this info, he can be reached at 614-778-8185 or emailed dennis.reed@bankofamerica.com (tell him I sent ya!)
The Marion County Auditor’s office is currently accepting applications for those that apply for the Homestead Exemption Tax Rollback. Every senior citizen 65 years or older or permanently disabled homeowner will receive an exemption of $25,000 on the appraised value of their home from property taxes on a single family residence, regardless of their income. The income limits under the former program have been eliminated.
The new law became effective July 1, 2007. Applicants can apply for Homestead Exemption in the year they turn 65 as long as they own and occupy the house as of January 1 of the year they file. The deadline to file is the first Monday in June (June 7th).
The requirements under the new program for proof of age include a photocopy of a picture ID such as drivers license, State of Ohio ID card, or a current or expired passport. For more information call 740 223-4020, an application can be found here.
If you are enrolled in the Homestead Exemption Program and your status from the previous year has not changed, you do not need to renew or reapply.
A few weeks ago, right about New Years Eve actually, I set out with these hopes of blogging several times a week. Little did I know that about that same time there were multiple first time home buyers lurking in the shadows, waiting for the holidays to pass. Since the week of New Years my phone has been crazy setting up showings, writing offers, scheduling home inspections and now awaiting closings!!
After working with my current buyers I feel it nessecary to remind everyone about the deadline that is approaching for the First Time Buyer and Existing Home Owner Tax Credits. Both of which require that the buyer have a purchase agreement contract made by April 30th, 2010 and closed by June 30th, 2010.
The details of the tax credits can be found at IRS.GOV, here are the basics from their website:
- You must buy – or enter into a binding contract to buy a principal residence – on or before April 30, 2010.
- If you enter into a binding contract by April 30, 2010 you must close on the home on or before June 30, 2010.
- For qualifying purchases in 2010, you will have the option of claiming the credit on either your 2009 or 2010 return.
- A long-time resident of the same home can now qualify for a reduced credit. You can qualify for the credit if you’ve lived in the same principal residence for any five-consecutive year period during the eight-year period that ended on the date the new home is purchased and the settlement date is after November 6, 2009.
- The maximum credit for long-time residents is $6,500. However, married individuals filing separately are limited to $3,250.
- People with higher incomes can now qualify for the credit. The new law raises the income limits for homes purchased after November 6, 2009. The full credit is available to taxpayers with modified adjusted gross incomes up to $125,000, or $225,000 for joint filers.
- The IRS will issue a December 2009 revision of Form 5405 to claim this credit. The December 2009 form must be used for homes purchased after November 6, 2009 – whether the credit is claimed for 2008 or for 2009 – and for all home purchases that are claimed on 2009 returns.
- No credit is available if the purchase price of the home exceeds $800,000.
- The purchaser must be at least 18 years old on the date of purchase. For a married couple, only one spouse must meet this age requirement.
- A dependent is not eligible to claim the credit.
Dan and Linda Downs of Pine Acres Reaineer Farmin LaRue will be hosing the annual Reindeer Owners & Breeders Association (ROBA) Conference from March 25th, 26th & 27th. They have a new building on the farm complete with conference room and kitchen to accommodate this event.
