Sunday, May 30, 2010

Home Buyer Tax Credit Extended For U.S. Military.

By Troy Corman,

I think Memorial Day weekend is a great time to announce that the U.S. government home buyer tax refund has been extended through 2011 for qualifying members of the United States military. If anyone deserves an $8,000 tax credit, it's definitely these brave men and women who put their lives on the line to fight for our freedom.

To qualify, military personnel must have served at least 90 days (official extended duty) outside of the United States between December 31, 2008 and May 1, 2010. "Qualifying service members" eligible for the tax credit include members of the military, members of the Foreign Service of the U.S., and members of the intelligence departments.

A person who is forced to return to the U.S. prior to 90 days of service due to medical reasons also qualifies. To qualify for this extended military tax credit, an executed contract must be in place by April 30, 2011 and the transaction must close by June 30, 2011.

To honor the service men and women, t2 Real Estate is offering an additional  $1,000 closing cost credit so please tell your family members and friends in the military. And please remember what Memorial Day is really about.

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Friday, May 28, 2010

30-Year Fixed Mortgage Rate Below 5% - But Experts Expect It To Rise. Story Summarized By Troy Corman,

The Greek and European debt crisis helped drive down mortgage rates in the U.S. In fact, rates are near record lows. But according to Stephen Stanley, chief economist for Pierpoint Securities LLC, an improving economy will force government leaders to raise interest rates.

Telltale signs continue to point to an improving economy. Both American Express and Target reported fewer credit delinquencies as Target reported it's lowest delinquency rate in 2 years, while American Express delinquencies declined 34% from last year.

As you can see from the chart above, rates are about as low as they've ever been. A 30-year mortgage for $250,000 at 5% equates to a monthly payment of $1,342 while a 6% rate results in a monthly payment of $1,498, or an additional  cost of $156 month. Over 30 years, that 1% mortgage rate increase results in an additional cost of $56,456 in interest payments.

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Wednesday, May 19, 2010

Visit to shop Dallas-Fort Worth foreclosures and get special financing for both owner-occupants and investors.

Fannie Mae provides a search site for homes pre-qualified for their Homepath Mortgage and possible financing of the renovations for owner-occupants and real estate investors. Here are some of the highlights:
  • Low interest rates for fixed-rate, adjustable-rate, and interest only loans.
  • 3% down payment, and can be borrowed money.
  • No appraisal fees.
  • No mortgage insurance (higher rates).
  • Companion Homestyle Renovation Mortgage product for investors.
Start searching Dallas-Fort Worth area foreclosures now at Troy Corman, a Dallas realtor and investor, who has bought and rehabbed numerous Dallas foreclosures, can help you avoid mistakes.

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