Financing
Pre-Approval - Your first step when buying a home!
The first and one of the most important steps in buying a home is finding out just how much you can really afford. Whatever your reasons for buying, getting pre-approved by a lender will prevent disappointment down the road. Pre-approval is based on your employment, income, assets, liabilities, and available down payment to close on your home. Some Sellers will not accept offers from Buyers who have not been pre-approved.
Five Great Reasons to Be Pre-Qualified By a Lender:
- Know your payments in advance
- Save time on not searching for homes you cannot afford
- Select the best loan package without feeling pressure
- Satisfy the seller's concerns
- Peace of mind
Financing
A Mel Foster Co. real estate expert can and will show you various financing options for buyers that you may not be aware of and will discuss the likely impact of each alternative on the sale of your property. Depending on the price of the home and/or the amount of your down payment, there may be several options that fit your personal situation:
- VA (for military veterans only)
- FHA (Federal Housing Administration)
- Conventional
- Other Creative Financing including Owner Finance, First Time Home Buyer Programs, Loan Assumptions, and Lease Purchase.
Information your real estate professional or lender will ask (the information provided is confidential with your lender):
- How much of your savings will go towards your down payment and closing costs, if any?
- Your annual gross income (before taxes)?
- Length of time with current employer and previous employer for the past two years?
- Monthly long term debt payments (such as car payment) and credit card balances?
- Child care expense and/or alimony?
- Any credit issues or bankruptcy?
Mortgage CalculatorsMel Foster Co. offers a variety of calculating tools that can help you determine:
Davenport NOWProperty owners in Davenport, Iowa will have their own stimulus package for purchasing or improving a home or expanding or relocating a business. The Davenport NOW program is designed to enhance neighborhoods and grow the city through a tax-rebate program.
Anyone who constructs a new, owner-occupied home or a new commercial structure, except rental properties, will be eligible for a 50 percent rebate of the city's portion of property taxes for 10 years. Participants can choose from tax rebates each year or an upfront, lump sum rebate at the project's completion. Rebate good until December 2011.
Contact your Mel Foster Co. REALTOR® for more information or start looking at a neighborhood today!
Tax Credits: MAY STILL BE AVAILABLE TO MILITARY, EX-MILITARY AND GOVERNMENT WORKERS WHO'VE BEEN OUT OF COUNTRY IN THE LAST FEW YEARS. THIS TAX CREDIT PROGRAM EXPIRES APRIL 30, 2011. CALL ME FOR MORE INFORMATION.
Military Tax Credit Extension
The Worker, Homeownership and Business Assistance Act of 2009 has added additional benefits for members of the military and other federal employees. Military personnel and certain other federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and qualify for the $8,000 first-time homebuyer credit or the $6500 tax credit for repeat home buyers. An eligible taxpayer must buy or enter into a binding contract to buy a principal residence on or before April 30, 2011. Once a contract is entered into, they will have until June 30, 2011, to close on the purchase. Members of the uniformed services, members of the Foreign Service and employees of the intelligence community are eligible for this special rule. It applies to any individual (and, if married, the individual's spouse) who serves on qualified official extended duty service outside the United States for at least 90 days during the period after December 31, 2008, and ending before May 1, 2010. For more information on this new addition please contact me.
Rock Island Homebuyer Programs
Are you ready to make the move to Rock Island? Or perhaps you are renting in Rock Island and are considering purchasing a home? To support homeownership in Rock Island, Rock Island Economic Growth Corporation (GROWTH) offers many incentives that simply aren't available anywhere else. GROWTH offers a variety of homebuyer assistance programs for individuals or families wishing to buy a home anywhere within the city limits of Rock Island. GROWTH can provide funds to help with down payment, closing costs, and even improvements to the home after you buy it. Under the housing and neighborhoods section, you can find a lot of information about homes and living in Rock Island including new resident guide, homebuyer programs, new construction incentives, types of neighborhoods, what is under construction, and types of housing. Get more info at www.liveri.com
Remember, the new tax credit programs include a number of details and qualifications. For more information or answers to specific questions, please contact me. www.jolmsted.com
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