Newsletter - Bettina Settles Realty, LLC - The Premier Real Estate Website for Central Indiana

April/May/June 2009

Taking the mystery out of buying a Home.

Quick word from Bettina,

(I could not resist to put my two cents in)

Today's market is a buyers market. In matter to take advantage of today's market you the buyer needs to do some prep work.

I have seen so many sales that are falling through due to the fact the buyer and the seller are not prepared.

Let's make certain you are prepared to buy a home, this will save you a lot of time, energy and headaches later.

Bettina Settles

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What is the difference between

pre-approval and pre-qualification?

Why do I need to know this and why is this important........

.....to know the difference and to have one over the other is maybe pending if a seller will accept your offer over another offer and to have a quick close.

..... many homes that are today on the market are either REO (bank owned) or pre-foreclosures/short sales and only an offer with a pre-qualification will be accepted.

Mortgage pre-approval:

The pre-approval letter will contain disclaimer information, but the disclaimer information is based on the home your will buy and not based on you formally apply for a mortgage and still have to go through credit check and verifying income.

By the time you will received this letter you will have done all this and you know exactly what you can afford and you are ready to shop for a home.

Mortgage pre-qualification:

The pre-qualification letter always includes varying type disclaimer information, such as:

Subject to a formal mortgage application and payment of an application fee, subject to verification of employment, subject to verification of assets, subject to credit review, subject to mortgage underwriting guidelines, interest rate to be the prevailing rate of interest for the mortgage type applied for, among many other "subject to"-like statements.

In other words, we will give you a mortgage when we see that the information you provided is correct and meets certain qualifying standards.

You also can find many Lenders require the buyer to provide proof of two years of work history, pay-stubs or income tax forms, copies of bank statements for source of funds verification and copies of charge card statements.

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Take advantage of the

First time Home buyer Credit

When you think of buying a home in 2009 and you want to claim the tax credit in 2010 here is what you need to keep in mind.

You qualify when...

...you did not own a home with in the last three years

...the house has been bought between January 1st and December 1st 2009.

The credit is 10 percent of the purchase price of the home and you do not have to pay it back. When you make more then $75,000 as a single filer or $105,000 as joint filler the tax credit will gradually phased out the more you make.

Disclaimer:

This information was taken from the IRS website and for more information please log into the http://www.irs.gov website and for any tax advice please consult your tax advisor. Information give here is not to be considered tax advice; it is only for informational purpose only.

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Newsletter Archive

Know what you are looking for

Before you are going to shop for a home make yourself a list of what you are looking for in a home. I have listed a few to get you started.

Garage yes, no, 1 car, 2 car, 3 car
How many bedrooms
How many bathrooms
Do I want to cut the grass or do I let someone do the cutting for me?
Do I need office space
Do I like to cook and need a large kitchen
Do I need more then one dining rooms or is one enough
Do I want a one level or two level home

For a convenient home buyer check list, contact us at the office.

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Indiana Market Stabilization Buyer Program

There was just a great announcement made at the Indiana state house. The Market Stabilization Program.

This program is ran through the IHCDA and you can receive up to$15,000 (not to exceed 20% of purchase price) in assistance to buy or rehab a foreclosed residential property located within an area of greatest need.

Adjustable rate or sub prime mortgage products will not qualify for this assistance. Home buyers may use these funds for closing costs and down payment assistance related to the purchase of a foreclosed home or residential property that will be used as the primary residence.

The home you buy has to be a foreclosed home and you need to life in the home no less then 10 years. When you plan on selling sooner of refinance the home before the 10 years are over, you will have to repay all or a portion of the loan.

To receive this funding you have to meet certain income limitations and you need to participate in 8 hours of pre-purchase education provided.

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Buyers rights and responsibility

the links below will take you to the HUD website

Mortgage Borrowers' Rights

RESPA - Real Estate
Settlement Procedures Act

Predatory Lending

Buying a Home

PDF- HUD Home buyer guide

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Bettina Settles Realty LLC

Office Phone: 317-508-0627,

Fax: 317-883-0830

E-Mail +

Website: www.BettinaSettlesRealty.com

Disclaimer: Any of the links mentioned on this page are just for informational purposes only. Bettina Settles Realty LLC is in no way shape or form responsible for any claims made by a third party service provider and we are not receiving any moneys from the below mentioned Service providers, this is just for informational purposes' only!!!

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